After a long time, I update the simple forex system in this blog. The following is a really basic and simple Forex system to determine trend and reversal. All indicators required are available freely on your chart. You can use any free chart from any broker or use the standard MT4.
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Time interval : 1 hour or 4 hours
Indicator :
Exponential Moving Average ( EMA) period : 5 Shift : 0 apply to : close
Exponential Moving Average ( EMA) period : 10 Shift : 0 apply to : close
(Set the color of the lines whatever you like).
Slow stochastic with setting as follow :
%K Period:10
%D Period: 5
Slowing: 5
Price Field : Close/Close
MA Method :
Exponential Fixed minimum : 0
Fixed Maximum : 100
Now is the system :
EMA 5 and EMA 10 cross are used to determined the current Trend while the Stochastic is to see whether the trend is strong or weak.(reversal) If the line is touching 80 the price might be rebounded and the trend might change.
-Always open position with the current trend. You can check time frame 1 hours,4 hours and 5 minutes. They all should indicate same trend. Use 15 minutes chart to execute your open.
- For TP and SL use the last higher high or higher low or fixed stop. You can use Pivot or Fibonacci. Just experiment with them. Don't be lazy. ;)
Check the picture out :
Picture
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