Day Trade Setup System is a forex trend-based trading strategy. Recently, it got widely popular to EMA following intraday traders. It has been developed to help newbie forex trend following traders so that they can detect the right trend and carry out the market entries according to the trend direction with proper timing.
Day Trade Setup System can be used to trade all kinds of forex currency pairs at the market. Moreover, you’ll also be able to fit this useful forex trading strategy with any timeframe chart available at your MT4 trading terminal.
EMA Set: It is a set of Exponential Moving Averages from 6 to 21-day periods. Lower day-period EMAs are greater than the larger day-period EMAs and price closing above all EMA levels signal the bullish trend of the market. An exact opposite scenario of the above condition confirms the bearish trend of the market.
RSI: One of the most popular forex momentum indicator at the market. Its value near the 30 level signals the oversold condition of the market. On the other hand, it reaches near 70 means the overbought condition of the market.
MACD: An widely used momentum based indicator. It turns negative means the current momentum is bearish. Conversely, MACD with positive value confirms the current momentum as bullish.
Day Trade Setup System: Buy Parameters
Lower day-period EMAs are greater than the higher day-period EMAs
Price is closing above the EMA Set levels
RSI bounces upwards from its oversold condition
MACD turns positive
Buy triggers when all of the above conditions are met
Set stop loss below the EMA Set levels
Exit long/take profit whenever price closes consecutively inside the EMA Set area
Day Trade Setup System: Sell Parameters
Higher day-period EMAs are greater than the lower day-period EMAs
Price is closing below the EMA Set levels
RSI jumps downwards from its overbought condition
MACD turns negative
Sell triggers when all of the above conditions are met
Set stop loss above the EMA Set levels
Exit short/take profit whenever price closes consecutively inside the EMA Set area
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Arun Lama
I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.
Risk Warning: Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected. Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable. The past performance of a strategy is not the indicative of future performance. Trend Following System will not accept any kind of liability or damage caused by trading the strategies published on this website.
Hi Thanks for the super system
Best Regards
Rossen Dimitrov