Rules
For intraday trade between the hours of 06:00GMT and 16:00GMT.
Firstly, we only BUY if the 40EMA is above the 80EMA ...and we only SELL if the 40EMA is below the 80EMA.
If the 40EMA is above the 80EMA we look to buy when:
The CCI indicator crosses from below 0.0 to ABOVE 0.0.
Like this:
If the 40EMA is below the 80EMA we look to sell when:
The CCI indicator crosses from above 0.0 to BELOW 0.0.
Like this:
Stop Loss:
5-min 10 – 15 pips
15-min 15 – 20 pips
30-min 15 – 25 pips
Hourly 20 – 35 pips
4-Hour 30 – 50 pips
Daily 50 – 150 pips
Take Profit
The take-profit strategy that I ended up sticking with is just taking profit at 3:1. if my stoploss is 25 pips ...then I will set my take profit at 75 pips.
However, once price reaches 2:1 – To move stoploss to break-even so that if the trade reverses against.
Share your opinion, can help everyone to understand the forex strategy.