I have a new system that I want to test and develop. I create the thread help me keep track of the trades and most importantly to help me keep it up.
The system:
Time Frame: 5 minutes
Pairs: GBP/USD and EUR/JPY
Indicators: 13 EMA, 21 EMA and 50 SMA
Entry:
First wait until all the MAs are close to each other. Then wait for the price "explodes" away from the MAs.
Now measure the distance between the price and the 13EMA, if it is greater than 20 pips and less than 50 pips, then get ready.
Now wait for about 30 minutes (plus and minus), if the price retrace back to the space between 13 EMA and 21 EMA within the 30 minutes.
Finally, you open the a trade with the trend.
SL: 20 pips
TP: 30 pips
No trailing stop.
MM:
Risk 5% of the capital.
I look for 1 or 2 trades per day. I will never look for more than 2 trades per day, I will loose focus and make mistakes after 2 trades.
I will post some charts later.
BTW, I am testing this strategy with my demo account. So DO NOT trade it with real money!
The system:
Time Frame: 5 minutes
Pairs: GBP/USD and EUR/JPY
Indicators: 13 EMA, 21 EMA and 50 SMA
Entry:
First wait until all the MAs are close to each other. Then wait for the price "explodes" away from the MAs.
Now measure the distance between the price and the 13EMA, if it is greater than 20 pips and less than 50 pips, then get ready.
Now wait for about 30 minutes (plus and minus), if the price retrace back to the space between 13 EMA and 21 EMA within the 30 minutes.
Finally, you open the a trade with the trend.
SL: 20 pips
TP: 30 pips
No trailing stop.
MM:
Risk 5% of the capital.
I look for 1 or 2 trades per day. I will never look for more than 2 trades per day, I will loose focus and make mistakes after 2 trades.
I will post some charts later.
BTW, I am testing this strategy with my demo account. So DO NOT trade it with real money!