Welcome! I will trade my long-term trading system in EUR/USD and GBP/USD here. I wish I started a couple a days ago. Then I would sit on a 2+500 pips profit. The rules are very simple: 1. Use a 30 min chart. 2. Use RSI 50 3. Use MA 50. 4. Buy or sell the cross over of the MA 50. 5. Use a 10 pips filter. 6. Use MA 50 as your s/l. 7. Use RSI 50 as a filter. Be carefull to buy if the RSI is over 55 - and be carefull to sell if the RSI is under 45. Depending on the market. 8. When you have a 20 pips profit, you move s/l to breakeven. 9. When you have a 30 pips profit, you move stop to 10 pips away from entry. 10. After that you gives your position a free ride. Depending on the market. Let's see what happens now.
The first two signals came sooner than expected: 1. Bought EUR/USD at 1.2229, when it broke the cross. Flat again in 1.3000 with a nice 71 pips. Did'nt used the filter because this was a move caused by the terrorist attack in Madrid. 2. Bought GBP/USD 1.7972. Out again in 1.8100 with a nice 28 pips profit. Now I am looking forward to todays US eco reports.
There was a new signal in GBP/USD, but I did'nt took the trade (sell) because the cross was not confirmed by the RSI 50.
New buy signal in GBP/EUD, which I took without filter at 1.8025, because RSI was under 45. Took profit in 1.8055 for at nice 30 pips profit because of the coming US eco reports. I want to be flat when they arrives.
Baruch, Can yopu give us a background on broker you use and what software. Also, what are the spreads typically. Thanks
I trade Globex forex futures. I don't like big spreads. With futures you can - sometimes - buy the bid and sell the ask with limit orders. I use the charts from Saxo Bank.
A new buy signal in GBP/EUD: 1.8020 without filter (because of the eco numbers). Took profit in 1.8045: 25 nice pips.
I know you don't like large spreads, neither do I, but what do you typically see with Globex, say for the Eur/USD...2 pip, 3 pip? Thanks