3 EMA's forex system is used to find low risk to reward entry points in a trending currency market.
Chart Setup
Moving Averages: (EMA34 High, EMA34 Close, EMA34 Low)
Stochastic Oscillator (5,3,3)
Trend confirmation: bullish and bearish candlestick patterns
3 EMA's Forex Trending System EUR/USD 5 Min Chart
How it works
1. Determine the trend: Are the 3EMA's pointing up, down or flat? DOWN. (we enter no trades in a flat market)
2. As a result, we will only look for possible sell entries in the euro/dollar.
3. We wait for a rally back toward the 3 EMA's for the best possible entry (low risk).
4. Rally back towards the 3EMA's? Check the stoch oscillator (Is it overbought, value +80)? If yes,
5. Now check for a bearish candlestick pattern to pinpoint your short entry in the market.
6. The picture above shows where we entered short the EUR/USD (3EMA's down, Stoch overbought, bearish pattern).
7. Set stop loss above the bearish candlestick pattern and use risk to reward 1.5 or better
---- by : fxstp ---------
Thursday, February 24, 2011
3 EMA's Forex Trading System
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Forex Trading System
6 comments:
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