94#Forex Soloist Method Trading System

Submit by Janus Trader (Written by Paul Evans)

 

This is a simple yet profitable trading system. The beauty of it lies in its simplicity of

using only two popular indicators: EMA and RSI

I am going to use 1H+ timeframe for this system and it can be applied to any currency

pair. I suggest you use it on EUR/USD, GPB/USD and USD/JPY.

OK, it’s time to get started now. We will set up the following indicators

80 EMA (exponential moving average)

21 EMA  (exponential moving average)

13 EMA  (exponential moving average)

13 EMA (exponential moving average)

5 EMA  (exponential moving average)

- 3 EMA  (exponential moving average)

RSI (21)

Trading rules

80 EMA indicates a major trend direction. When the price goes above 80 EMA, it implies an uptrend and if it goes opposite – downtrend.

· 21 EMA and 13 EMA give us a current trend direction.

· While 13 EMA stays above 21 EMA – uptrend occurs.

· If 13 EMA stays below 21 EMA – downtrend

· RSI (21) value is above 50 suggest an uptrend, below – downtrend


Entry Rules for long trade

We enter a long trade (buy) when

· 3 EMA crosses 5 EMA upward in an uptrend market

· Both 3 EMA and 5EMA cross a channel of 13 and 21 EMA

· RSI is above 50

· Both 21 EMA and 13 EMA are above 80 EMA

Exit Rules for long trade

We exit our trade when 3 EMA crosses below 5 EMA or RSI < 50

Entry Rules for Short Trade

We enter a short trade (sell) when

· when 3 EMA crosses 5 EMA downward in a downtrend market

· both 3 and 5 EMA cross the 13 and 21 EMA

· both 21 EMA and 13 EMA are below 80 EMA

· RSI is below 50.

 

Exit Rules for short trade

We exit our trade when 3 EMA crosses above 5 EMA or RSI > 50

Stop loss

For 1-hour timeframe: stop loss = 20 – 30 pips… depending on the volatility of the

currency pair. For more volatile pair, like GBP/USD, stop loss = 30 pips. For less volatile

pair, like EUR/USD, use stop loss of 20 pips.

If you use other timeframes, tweak the stop loss accordingly to fit your trading plan and

your risk tolerance.

Next, I am going to show you a few sample trades to help you understand more clearly

how to use this system.

 

Share your opinion, can help everyone to understand the forex strategy.

Comments: 0

Forex Method

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