30 MINUTE MASTER STRATEGY ~ good forex trading books
This great strategy is provided by Peterfibonacci:Here is my strategy.
On a GBP/USD and EUR/USD M30 time frame:
Indicators:
8 EMA applied to Open
5 EMA applied to Close
Fibonnaci pivots to show the resistance and the supports.
Signal Line period of 45
2MA Crossover signal Indicator (to alert when a cross over has happened)
RSI 14
Stochastics (10,3,3)
MACD (5,15,9)
Long Entry:
Enter immediately when the MACD, Stochastics, RSI show a long position and the 5MA has crossed over the 8MA from below.
Place the stop loss a few points below the recent low with a take profit of 70 pips and a trailing stop of 30 pips.
Short Entry:
Enter immediately when the MACD, Stochastics, RSI show a short position and the 5MA has crossed over the 8MA from above.
Place the stop loss a few points above recent high with a take profit of 50 pips and a trailing stop of 30 pips.
This strategy seems to work best in a horizontal market. Sometimes one has to work with the resistance and support points to determine the proper Take Profit level, because its not always 50 pips.
This strategy also works well with the H1 time frame. I personally like the H1 because the candlestick patterns are move evident and sometimes one can see entry and exit points before the alert(which is the EMA cross)!
Above and below a chart has been provided for your study, so that you can obtain a better grasp of this strategy. If you left click your mouse on the chart, you will have the options at the very top of that menu that says view image. If you click view image, it will provide you with a larger, better view of the chart.
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