(12-31-2017 08:20 AM)EuroTrader Wrote: [ -> ]Here's a visual aid.
There is NOTHING wrong with simple approaches like this until you learn how to read price action (which is where all indicators -- including these Moving Averages -- come from).
That's a pretty chart and definitely if you were following it you would have made profit too.
System is old but still works.
As I said earlier, price action is the way to go.
Thanks @EuroTrader.
Hi Sunny, I just decided to test it out. Worked this time. Will continue testing. Got some confluence also and bounce on minor
![[Image: FJoie]](https://imgur.com/a/FJoie)
support/resistance level.
I think IF I were going to trade this strategy, I'd place either a 17 or 18 set of envelopes (Exponential - Shift 0 - Close - Deviation 0.10%) in between the 10EMA and the 26EMA.
Then on a downward trend, I would want to see a downward candle (after the retrace) break through the LOWER envelope before I jumped in with a sell trade.
On an upward trend -- just the opposite. A bullish candle would have to break through the upper envelope before I jumped in with a buy trade.
Just my two cents.
jack
In fact... I've just placed all this on my MT4 chart and after looking at it? I could probably delete the two moving averages and still make it work.
jack
Measuring out the pips with the envelopes on the 4 Hour chart? 30 to 40 pips would seem pretty easy. Just sayin'.
jack
So how did this guy fred actually make the $1M? Would have been nice to see a break down of how he achieved this ie starting balance lot size etc. Not saying it is not achievable but sounds like a made up story when you think that most profitable traders make between 10% to 50% a year.
Well, I have yet to make a million dollars but I do okay now... I started Forex two and a half years ago with $5K. I started trading one lot per trade until I had $10K. I upscaled my trades to 2 lots just like anything we do in Internet Marketing. When I made another $5K for a total of $15K trading account? 3 lots. On and on and on till today? 30 or 40 pips is a very nice pay day.
jack
+5 reps added. thanks for sharing.
You Might Consider Fibonacci Values For The Indicators . (8 Period EMA = Blue , 13 Period EMA = Green , 21 Period EMA = Red) Or ZeroLag Moving Averages . Same Fibonacci Values . 8 And 13 Are Almost EquiDistant From 10 Period MA And Would Provide TWO MA Crosses . Add 21 Period Bollinger Bands To Improve Results . Good Luck .