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 GBPJPY Daily Trend Method

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mary



Membership NO : 3
Posts : 576
Join date : 2011-04-12

PostSubject: GBPJPY Daily Trend Method   Sat May 28, 2011 2:49 pm

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GBPJPY Daily Trend Method
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Hello everyone,

I’ve been working tirelessly over the course of the last few months to
develop a system that I could be proud of and I believe I have finally
completed my work. I’m bringing it to Forex Factory because I am of the
opinion that its membership includes the best and brightest retail Forex
minds in the world! I would appreciate all of your thoughts, comments
and CONSTRUCTIVE criticisms as we move forward and attempt to perfect the following method.

Please do not post any additional indicators without
valid back test results. The results should be posted for everyone to
see. Similar to the results I have posted below.


I would like this thread to accomplish two goals:

1) Educate new and experienced traders on the use of my trading method/system.
2) Optimize the method until it reaches its maximum potential.

Now that we have the formalities out of the way I’ll go ahead and
explain the method. I have attached all of the necessary components.

Pair: GBP/JPY (we may be able to add more pairs in the future)
Time Frame: M30

Indicators:



  • 20 period RSI with the 50 level clearly defined
  • 14 period ADX with the 25 level clearly defined
  • Custom Trend with default settings
  • Forex Off Trend with default settings


I will explain the entry and exit parameters in the next few posts.

Please read post #250 after you have read posts 1-4.
Just a reminder, if you have
not signed up for the trade signals via Yahoo IM or Skype please send
me a PM with you user ID and I will add you to the list ASAP. It is
much faster and easier to communicate with you all on IM. There will be
additional content available to those who join such as updates to the
system, a new and more aggressive system, videos and much more.
Those
who sign up for IM or Skype will get updates and trade alerts long
before the forum will see them. For those viewing the thread who are
not members, my Yahoo IM ID and Skype ID is: fxtakeover

Feel free to add me and I'll return the favor!




Real Money Doubling Forex Robot Fap Turbo - Sells Like Candy!
ORDER NOW


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mary



Membership NO : 3
Posts : 576
Join date : 2011-04-12

PostSubject: Re: GBPJPY Daily Trend Method   Sat May 28, 2011 2:51 pm

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Alright, let’s get to it. We are only
concerned with three bars. The bar that starts at 9:30 AM EST and ends
at 10:00 AM EST, the bar that starts with 10:00 AM EST and ends at 10:30
AM EST, and the bar that starts at 10:30 AM EST and ends at 11:00 AM
EST. On my MT4 with forex.com these bars are: 13:30, 14:00, and 14:30.


Buy Signal:

If the following parameters are “TRUE” at the close of any of the bars mentioned above we will BUY at the market price.

1) Custom Trend must be blue (teal)
2) RSI must be above 50. Any reading above 50 is acceptable.
3) ADX must be above 25. Any reading above 25 is acceptable.
However, the ADX is more of a "Condition" than a trigger. If it is not
above 25 at the close of the first bar there is no trade for that day.

Stop Loss = 100 pips (plus spread)
Break Even = Multi-purpose trade manager should move stop to break even at plus 100
Take Profit = 125 pips

Exit Buy Signal:

1) When Take Profit or Stop Loss is reached
2) If, on the following morning, you receive a signal in the opposite direction.
3) If you are stopped out at break even.
4) I will explain add-ons at a later point in time.


Please look at the screen shot(s).













Attached Thumbnails





Sell Signal:

If the following parameters are “TRUE” at the close of any of the bars mentioned above we will SELL at the market price.

1) Custom Trend must be red.
2) RSI must be below 50. Any reading below 50 is acceptable.
3) ADX must be above 25. Any reading above 25 is acceptable.
However, the ADX is more of a "Condition" than a trigger. If it is not
above 25 at the close of the first bar there is no trade for that day.

Stop Loss = 100 pips (plus spread)
Break Even = Multi-purpose trade manager should move stop to break even at plus 100
Take Profit = 125 pips


Exit Sell Signal:

1) When Take Profit or Stop Loss is reached
2) If, on the following morning, you receive a signal in the opposite direction.
3) If you are stopped out at break even.
4) I will explain add-ons at a later point in time.


Please look at the screen shot(s).













Attached Thumbnails





Add On Signal:

If your first trade hasn’t reached its take profit by the next morning
and you receive a new signal in the same direction, add on to the
position. If the first trade has 50-100 pips of profit move its stop to
break even. The take profit for the first trade should now be placed at
the same price as the add on trade.













Attached Thumbnails




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