Forexbio Day Trading Method FX10
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5 minute Chart Set-up
Description: An intra day trend following trading method, using the following indicators:
• 10 period WMA (Weighted Moving Average
• 20 period SMA (Simple Moving Average
• Slow Stochastic (10,6,6 (exponential)
• RSI (28
• MACD (24/52/18 (exponential)
Rules: Only take trades between 8AM-12PM EST and/or 2AM-4AM EST. Why? click here
BUY the exchange rate when the 10 WMA crosses up past the 20 SMA and the Stochastic is signaling up (fast line above the slow line), RSI > 50 and the MACD histogram >0 and MACD averages crossed up.
SELL the exchange rate when the 10 WMA crosses down past the 20 SMA and the Stochastic is signaling down (fast line below slow line), RSI<50 and the MACD histogram <0 and MACD averages crossed down.
Try and take profits at or near key levels: Try and take profits at exchange rates ending with 00, 20, 50, 80 e.g. EUR/USD 1.1980
Stop-Loss Level: discretionary
Screen shots: EUR/USD Bu y signal. [below]
GBP/USD S el l signal. [below]
10 Minute Chart Set-up
To set this method up with 10 minute charts, simply use the same rules above, but change the indicator values to the following:
• 5 period WMA (Weighted Moving Average
• 10 period SMA (Simple Moving Average
• Slow Stochastic (5,3,3 (exponential)
• RSI (14
• MACD (12/26/9 (exponential)