Monday, March 17, 2008

Another trading system for the charts

I suppose alot of you already know of Imran saits 5 min g/j scalping method...

I use this one on occasion when I get a bit bored. Its a fantastic system for grabbing a few pips providing you really analyse your charts rather than entering blind off the indicators.

http://www.forexfactory.com/showthread.php?t=48926

There are many details for the system in that thread.

The basic indicators (Stoch his, laguarre and macd traditional) are great for a system, but you should always refer to pivots and fibs for an entry, as well as having a good view of the trend.

I am using an indicator called fibo_Zigzag.mq4 which automatically draws zigzags and updated fib lines. I find it very useful with this system, as I dont have to constantly redraw fib points.. It also gives me good entry signals, entering off fib points and targeting fib points.. Keeps things clean.

If I am not mistaken Imran (the creator) is using trend lines + his system, which is just as good, although I am not a fantastic trendline drawer (I get lazy with them).

It is definently a system worth trying out on demo at least.


P.S Don't forget to sign up for the free trading competition at www.forexcup.com

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