by onisuk » Wed Nov 14, 2012 2:38 pm
ok great cheers ! here goes...quite simple...
ENTRY CRITERIA (LONG)
20 EMA bounce:
a. 20 EMA is above 50 EMA
b. Daily low is lower than the 20 EMA
c. Daily open and close price is higher than the 20 EMA
OR
50 EMA bounce:
a. 20 EMA is above 50 EMA
b. Daily low is lower than the 50 EMA
c. Daily open and close price is higher than the 50 EMA
ENTRY CRITERIA (SHORT)
20 EMA bounce:
a. 20 EMA is below 50 EMA
b. Daily high is higher than the 20 EMA
c. Daily open and close price is lower than the 20 EMA
OR
50 EMA bounce:
a. 20 EMA is below 50 EMA
b. Daily high is higher than the 50 EMA
c. Daily open and close price is lower than the 50 EMA
Now placing of the entry and stops may be tricky, as I'm only swing trading on the daily time-frame. If I get a long entry candle for example, I'll place my entry "a few pips" above the entry days candle and my stop "a few pips" below the candle. This could be anything from 5 pips to 12 depending on the currency pair. but basically I just make sure there is a visible gap above and below the candle !
thanks for any help in advance !