Trading on the Philip nel system is not bad its essence I will not describe because it already exists)
Here's another strategy. Forex strategy "Giancone for 5 minutes" – for trading on this Forex strategy, I recommend that you first download and read the "tutorial on pin bars", and then start learning this Forex trading tactic.
A good Pin bar should have:
- long nose (compared to the body)
- stand out very forward
- pin opening and closing must be close to each other
Technical side of the Forex strategy:
To trade on the Forex strategy "Giancone for 5 minutes", you will need to adjust the price chart a little, namely:
1) Set the RSI indicator(6)- it will be used to find the divergence.
2) Set the Bolinger Bands indicator (18.2), which is used to find the trend in the market. You can also trade from its borders if there is a sideways trend and if there is a pin.
3) Set the Moving averages of 50 SMA and 21 EMA-needed to determine the trend in the market.
I recommend trading on the following currency pairs: eurusd, eurjpy, gbpusd, usdjpy.
Timeframe - 5 minutes (M5).
Forex strategy "Giancone for 5 minutes" consists of 2 fairly simple signals. However, you should always keep in mind that the best Forex deals are those that follow the trend.
1) the FIRST trading signal is the PIN bar itself and the presence of a trend. If there is a divergence, this is an even better option for making a deal.
2) the SECOND trading signal is called CT-counter trend-i.e. "against the trend". Again, everything is very, very easy: divergence + Pin Bar. Look at the price chart: if there is a pin bar and divergence-it's just a Great deal!
Desired Take profit: + 15 pips, when making a trade against the trend, the main good goal is 21 moving average.
The stop loss should usually be set a few pips lower or higher than the pin. Either behind the support or resistance line.
A good helper in this Forex strategy will be a Trailing stop from 1 point, which will quickly move the stop loss to breakeven and will move it in the profitable area even in the range from 1 to 15 points (but I remind you that this value depends on the trading conditions of your chosen Dealing center).
However, remember that you don't need to make deals if your profit-to-loss ratio is less than 1 to 1, or even better, 2:1.
You should also note that the pins should be located at the top or bottom, and not in the middle of the price jam.
And most importantly-do not BREAK the RULES !
(strategy4you.ru)