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Showing results for tags 'gold futures'.
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Hi All. I have been trading this system the last 6months with great success and feel like I should share it. I'm not taking credit for the system seeing as I didn't come up with the basic rules. It goes like this... On a daily chart add a 10 and 20 EMA to indicate daily trend. Be sure to only trade long when trend id up, and short when trend is down. On 60min chart ad 10/30EMA and a Will%R with period of 3. Place lines at overbought/sold levels(-20,-80). When the daily and hourly trend are in sync, meaning both are up or down, Gold is in play. In an up trending market, wait for Gold to sell off enough to get the Will%R oversold. As soon as candle closes with Will below -80 wait for a break of a previous candles high. This can take one hour, it can take 5. Enter on break of any high of a candle and set stop loss at that candles low(the one which high was broken). We will call this candle the signal candle. RULES:(for long entry, reverse for short) Never enter if the signal candle closed below 30EMA. Signal Candles range must be less than $5.(50 pips if geared 1:10) Take profit is double the range on top of your entry price. If EMA's cross before high is broken, THE TRADE IS NO LONGER VALID. As I said, I have personally traded this for a while and make great profits. NJOY!!!
