We are looking at EURUSD 15mn chart. Many traders use different different time frame charts to trade.
Idea is to follow the trend and be on the side of price action.
1. Trade only When price closes above or below, both blue lines.
2. Exit half quantity when price closes above or below the first blue line in the opposite direction of the trade
3. Keep half quantity in trade until price is above or below second blue line in the opposite direction of the trade.
4. One can use White ema to decide up on bigger trend and can keep trading in the direction of bigger trend only.
5. Stop and target can be set to 1:3 or suitable to trader if you don't want to be in trade until point 2 and 3.
Please backtest the system before starting to trade with it. Be careful while investing real money.
Traders can use the same system with different settings for various instruments. Multiplier setting needs to be changed according to time frame and instrument. Traders will have to find out best suitable combination for their instrument.
