DislikedHi,everyone !I just finish analyse the set up with the historical chart and it good set up work with any MA but need to combine with the candlestick pattern. The following are the setup rules:
Portfolio: GBP/USD
Time frame : 30 minutes chart
Entry Session: London Session (7am-11am GMT)
New York (7am-1pm EST)
a)Trend following for long position:
1. 20 wma must cross 30 sma.
2. Candlestick must close and touch 20 wma.
3. Place entry order 4 pips above the close candlestick. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
4. Place entry order 4 pips above the close candlestick after it touch 30 sma for buy dip option. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
5.
b) Trend following for short position:
1. 30 sma must cross 20 wma.
2. Candlestick must close and touch 20 wma.
3. Place entry order 4 pips below the close candlestick. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
4. Place entry order 4 pips below the close candlestick after it touch 30 sma for buy dip option. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
c) Trend reversal for short position:
1. 30 sma must cross 20 wma.
2. Candlestick must close at the same time 30 sma cross 20 wma.
3. Place entry order 4 pips below the close candlestick. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
d) Trend reversal for long position:
1. 20 wma must cross 30 sma.
2. Candlestick must close at the same time 20 wma cross 30 sma.
3. Place entry order 4 pips below the close candlestick. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
Risk Management
1. ONLY enter trade using the above setup rules.
2. Money management and profit projection can be applied based on individual risk appetite.
3. Set minimum profit projection using limit order.
4. DO NOT chase the trade.
5. DO NOT enter trade 30 minutes before the economic data out.
Suggestion
In order to prove the consistency of this system I would like to suggest you to demo trade this system for at least 1 month. Place 15 to 25 pips or lower profit projection and record the consistency of the profit projection. You can use this system as forum daily discussion so it can be improve. I may not use this system the fact that I prefer to use my own system but I’m happy to give some idea. All the best!
Zul
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