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My Silver III Trading System

 
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FX-Bajan

My Silver III Trading System

My Trading System - Using Trend Line "Cross Over(s)"
This is the trading plan, which I plan to use on my Silver III stage to achieve consistent growth of my Equity Curve

My Chart Template

After I confirm the market direction on a pair that I plan to trade, I open a 60 Minute chart and load my "Trading System Template", which consist of:
- A 50 SMA, which is used to identify my Buy/Sell Zone
- A 21 EMA and a 8 EMA, which is used to help indentify my "Entry" and "Exit" areas.
- The "Bulls" indicator, which is used to indentify Bullish strength when Buying and the "Bears" indicator, which is used to identify Bearish strength when Selling.

My Trading Strategy

  1. Analyse the selected "Pair" on the Monthly chart to establish what is the most recent major market "Trend Direction".
  2. Go to the Daily chart to find a "Low Price" if the market is in an Up Trend or a "High Price" if the market is in a Down Trend.
  3. If the market is Trending UP, go to the 60 Minute chart and find the Low Price to start looking for a "Buy Entry".
  4. If the market is Trending Down, go to the 60 Minute chart and find the High Price to start looking for a "Sell Entry".
  5. Use the "Fibonacci Tool" to find a "Take Profit Target" at the "D" extension
  6. Calculate the "Stop Loss" and "Take Profit" to ensure that the trade offers a Risk/Reward ratio of 1/2 or higher.

My TRADING SYSTEM - Trading Swings on the 60 Minute Chart

  1. 1.     BUY Trade - Market Direction is Bullish and Daily Chart has a confirmed Low Price:

    - Wait for the market to have a candle close in the BUY ZONE [Above the 50 SMA].
    - Confirm that the 8 EMA has crossed above the 21 EMA and both are above the 50 SMA.
    - Confirm that the "BULLS" indicator is above the centre line and Buying strength is increasing.
    - Use the Fibonacci Tool to identify the next "D" extension as the Profit Target.
    - Identify the Stop Loss level as 10 Pips below the last Fib "A" [conservative] or last Pivot LOW [aggressive].
    - Calculate Risk/Reward to confirm that the Trade will provide a 1/2 R/R or higher result.
    - If all criteria are satisfied then Place Trade and let it go to the "Take Profit" target.
    - Continue to trade Up Swings on 60 Min till Daily Target is reached.
    - If market reverses and a candle closes below the 50 SMA, close the trade to protect profit.
  1. 2.     SELL Trade: Market Direction is Bearish and Daily Chart has a confirmed High Price

     -Wait for the market to have a candle close in the SELL ZONE [Below the 50 SMA].
     - Confirm that the 8 EMA has crossed below the 21 EMA and both are below the 50 SMA.
     - Confirm that the "BEARS" indicator is below the centre line.
     - Use the Fibonacci Tool to identify the next "D" extension as the Profit Target.
     - Identify the Stop Loss level as 15 Pips above the last Fib "A" [conservative] or last Pivot HIGH [aggressive].
     - Calculate Risk/Reward to confirm that the Trade will provide a 1/2 R/R or higher.
     - If all criteria are satisfied then Place Trade and let it go to the "Take Profit" target.
     - Continue to trade Down Swings on the 60 Min till the Daily Target is reached.
     - Place Trade and let it hit the "Take Profit" target.
     - If market reverses and a candle closes above the 50 SMA, close the trade to protect profit.

NOTES:

1. If market moves in a sideways channel for an extended period of time [6 - 8 Hrs], I will consider closing the trade and looking for another Pair that is trending to see if there is a better opportunity for making a profit.

2. If there is a major "Fundamental News Announcement" that could affect the Pair that I am trading, I will consider closing my trade and waiting to see how the news affected the market. If the trend of the pairs is confirmed, I will look to re-enter the market at the next Swing on the 60 Minute chart.

3. If the market is exhibiting very strong "Momentum" toward the Dailty target, I will consider making multiple "Entries" at the 60 retracements and let the profits RUN

PS: I am attaching a 60 chart showing a setup on the NZDUSD, which I have analysed to show that it is in a strong UP TREND. Now I am waiting for my Entry Criteria to be satisfied before I start Buying to the Daily D extension.

AttachmentSize
NZDUSD-60-Min-With-Notes[Nov-10-2018].png129.91 KB
Sat, 11/10/2018 - 9:22pm
 
traderbr549

sounds like you have a solid plan, stay with it and lets the hive know how it is working

 
dspry5554

Thanks for detailing this strategy. I'm going to try it on a simulated account and see if I can get it to work for me.

 
Jeffrey_7

Keep us posted on the results.