The is a simple and free system put together based on the Nononsense approach to forex trading.
Risk & Money Managment
use max 1-2% per each trade
set your stop loss to 1.5 times the ATR (average true Range 14) Due to the limit of 3 indicators it is not added to the chart
Buy when price crossed above the Moving average and volume spiked above the Line on the Waddah attar explosion indicator
set your first take profit to 1 times the ATR and close half of your position upon completion. Move stop loss to break even
Set a trailing stop of 1 times the ATR. Exit when price crosses below moving average or changes direction on the absolute strength indicator
Sell trade is the inverse of a buy
System Includes
ATR - For Money and trade management
Baseline - 21 Period exponential moving average
1 st Confirmation - absolute strength oscillator
2nd Confirmation - Wadda Attar Explosion
Volume - Wadda Attar Explosion
Exit - Absolute strength & moving average
Due to the limitation of the free membership from Trading-view only 3 indicator can be loaded on a chart at once. The system has space for improvement in the future.
Happy trading folks
-Macklean
Risk & Money Managment
use max 1-2% per each trade
set your stop loss to 1.5 times the ATR (average true Range 14) Due to the limit of 3 indicators it is not added to the chart
Buy when price crossed above the Moving average and volume spiked above the Line on the Waddah attar explosion indicator
set your first take profit to 1 times the ATR and close half of your position upon completion. Move stop loss to break even
Set a trailing stop of 1 times the ATR. Exit when price crosses below moving average or changes direction on the absolute strength indicator
Sell trade is the inverse of a buy
System Includes
ATR - For Money and trade management
Baseline - 21 Period exponential moving average
1 st Confirmation - absolute strength oscillator
2nd Confirmation - Wadda Attar Explosion
Volume - Wadda Attar Explosion
Exit - Absolute strength & moving average
Due to the limitation of the free membership from Trading-view only 3 indicator can be loaded on a chart at once. The system has space for improvement in the future.
Happy trading folks
-Macklean