10 pips a trade

[misterboy]

Heres a system that I’ve used a few times and has worked really great for my 10 pip target/trade

It might sound awfully similar to other strategies but what the heck

Here it is:

Long :- buy when the price closes above the 50 EMA on hourly chart (I think 15 min will also do) and RSI is above 50, stochatistics (10,3,3) is pointing up and MACD is gaining strength.
Short:- sell when the price closes below the 50 EMA, RSI is below 50, stochatistics on its way down and MACD weakening or going into negative.

I don’t really have a stop loss. I would exit if after entering, a bar closes back below/above the 50 EMA before hitting my TP of 10 pips.

If you people have any tips or additions, let everyone know. I am still in the learning process and Im sure a lot of us are. :clap:

 

[shadowninja]

Just 10 pips??? I suppose you're going on momentum given what you have said, but I would expect more than 10 pips when using the hourly chart on forex.

 

[BBPI_FXTrader]

hm, i also would expect more than 10 pips from the hourly chart. however, if this system works for you great. 10 pips is good to make on a daily basis. in a few years, with compounding , you will be very rich, just keep it up

 

[misterboy]

You guys are right. I am still demo trading so just looking at various options. I am also looking at a bollingerband system right now with the same profit target but on a 15 minute chart.