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Senin, 27 April 2009

FREE Forex Simple Setting Strategy

Meta Trader-4
Setting up chart:
- Chart type: Candlesticks
- Timeframe: Daily.
- Currency: Any pair. Prefer: EUR/USD, GBP/USD, USD/JPY
- Indicator:
o Relative Strength Index RSI period 8.
o Exponential Moving Average
Entries:
Step 1: Set up RSI (8).











Step 2: Set up EMA(8) in the same window with RSI by dragging
the Moving Average icon onto the RSI window, then choose Apply
to: First Indicator’s data












You will see something like this:


















Enter short when:
The RSI crosses its moving average from above.
Enter long when:
The RSI crosses its moving average from below.

Example a) Long Order


















The RSI crosses its moving average from below

Example b) Short Order


















The RSI crosses its moving average from above.

Stop
You should only risk 1% of your account (maximum 2%).
Stop loss is the low/high of the previous bar. I move S/L to break even if
the price moves greater than 40 pips in my direction. After the initial 40 pip
move I use a trailing stop for exits (25 pips).
Caution: Don’t trade on news release days such as NFP
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