I have a 10 PIP system with very litte draw down that has been profitable for me.
I would like to share it with you in hopes that someone can help me create an indicator for.
First off I use a 5 minute candle chart with an Exponential Moving Average of 10.
The rules for entering a trade...
I have to sit at my computer and watch for:
1. Three or more consecutive candles to close either above (for a LONG trade) or below (for a SHORT trade) the 10 EMA. These three or more consecutive candles bodies and wicks included MUST NOT touch the 10 EMA line.
2. If the 1st criteria is met, The bodies (only the bodies not the wicks) of these three candles must equal 10 or more pips before I consider entering the trade. These candles can be any color (bullish and bearish combined is ok, Color of the candles DOES NOT matter) so long they are not touching the 10 EMA and they equal 10 or more pips.
If you do not have three consecutive candles whose bodies are equal to 10 pips then you must wait for the next candle to close to accumalate 10 or more pips before entering a trade.
Example: If the first candles body is 4 pips and the second candles body is 2 pips and the third candles body is 2 pips that is only 8 pips total so you must wait till the next candle closes, lets say the next candle closed at 3 pips now you have a total of 11 pips. All candles bodies and wicks MUST NOT touch the 10 EMA line. If all of these requirements are met then a trade can be entered. Long if candles are above 10 EMA or Short if candles are below the 10 EMA.
Take Profits at 10 PIPS. You may ride the trend for as long as each candle opens in the direction of the trend. eg. long trend candle opens bullish short trend candle opens bearish, and candle is above or below the 10 EMA.
Personally I DO NOT ride these I take profit at 10 PIPS.
STOP LOSS is set 10 pips above or below the highest lowest candles wick. eg. Long position look for the lowest candles body or wick to the 10 EMA line add 10 pips to that to get your stop loss.
That is it that is my System.
So I guess what I am asking for is for someone to program an indicator for me basically to let me know when three or more candles close above or below the 10 EMA line (not touching the line) so that I can look for a possible entry.
I am not sure if this is possible or not.
Any questions are welcomed.
Thanks in advanced
Alden
I would like to share it with you in hopes that someone can help me create an indicator for.
First off I use a 5 minute candle chart with an Exponential Moving Average of 10.
The rules for entering a trade...
I have to sit at my computer and watch for:
1. Three or more consecutive candles to close either above (for a LONG trade) or below (for a SHORT trade) the 10 EMA. These three or more consecutive candles bodies and wicks included MUST NOT touch the 10 EMA line.
2. If the 1st criteria is met, The bodies (only the bodies not the wicks) of these three candles must equal 10 or more pips before I consider entering the trade. These candles can be any color (bullish and bearish combined is ok, Color of the candles DOES NOT matter) so long they are not touching the 10 EMA and they equal 10 or more pips.
If you do not have three consecutive candles whose bodies are equal to 10 pips then you must wait for the next candle to close to accumalate 10 or more pips before entering a trade.
Example: If the first candles body is 4 pips and the second candles body is 2 pips and the third candles body is 2 pips that is only 8 pips total so you must wait till the next candle closes, lets say the next candle closed at 3 pips now you have a total of 11 pips. All candles bodies and wicks MUST NOT touch the 10 EMA line. If all of these requirements are met then a trade can be entered. Long if candles are above 10 EMA or Short if candles are below the 10 EMA.
Take Profits at 10 PIPS. You may ride the trend for as long as each candle opens in the direction of the trend. eg. long trend candle opens bullish short trend candle opens bearish, and candle is above or below the 10 EMA.
Personally I DO NOT ride these I take profit at 10 PIPS.
STOP LOSS is set 10 pips above or below the highest lowest candles wick. eg. Long position look for the lowest candles body or wick to the 10 EMA line add 10 pips to that to get your stop loss.
That is it that is my System.
So I guess what I am asking for is for someone to program an indicator for me basically to let me know when three or more candles close above or below the 10 EMA line (not touching the line) so that I can look for a possible entry.
I am not sure if this is possible or not.
Any questions are welcomed.
Thanks in advanced
Alden