Free Forex Systems (MT4), Trend Following Systems

Day Trade Setup System

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.

Day Trade Setup System Overview:

After the installation of Day Trade Setup System at your forex MT4 terminal, your trading chart will appear like the following image: 

Day Trade Setup System Overview

Time Frame Currency Pairs Indicator Factors Ratings
Any Any 3 9.8/10

Must Use: CAP Channel Trading Indicator

Day Trade Setup System Anatomy: 

Day Trade Setup System Anatomy

  • 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

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

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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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.

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About Trend Following System

Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

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.
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