Simple Forex System Trading

Sharing some trading systems I found today.

via Dolly Forex System Version 13 | Free Daily Forex Signal – Get 50 Pips Profit per Day!.

Last night, shortly after London open, Euro Yen changed course of action.  After failing to break higher than 105, actually it didn’t even come close, it headed south.  After the huge run up yesterday, it spent most of day trading between 104.38 and 104.7.  So when I saw the zigzag confirming the downtrend at around 8 AM GMT, I decided to place the sell stop order.  At that time, the price was at around 104.60.  I placed the sell stop at 104.39.  Granted.  It was not the correct sell top by the book.  It was supposed to be below 104.38.  But I thought during most of the Asian session, the price was above 104.44.  So I gave it a 5-pip buffer; hence, 104.39.

After the order was filled, the price went down to 104.25 or so and took a break.  I moved the stop loss to break even and set take-profit @ 104.09.  30 pips.  Then I went to bed.  I was dead tired as it was almost 2 AM in the west coast.

Woke up this morning, checked the order, 30 pips of profit were pocketed.  Excellent.

Again, the strategy I use is very simple.  Williams’ Percent Range.  When it dips below -70, sell; breaks above -30, buy.  Wait till the next candle to confirm that previous candle closes either above or below the threshold.  I normally enter a limit order and wait for 50% retracement.  I leave the order pending for about 15 minutes.  If it’s not filled, then I cancel it and no trade.   I set the take profit target at 20 pips.  Stop loss depends on the change of trend.  Trailing stops is 10 pips.   I also don’t trade every signal.

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