this is a trend following system, meaning that you get chopped up in a sideways market as the moving averages. Most of the time you are looking for a price action along with that moving average to back up your trading decision. The lines above or below the body are called shadows or tails. Set 3, bUY orders 7 pips above the high (high 7 pips). There is an untold amount of trading strategies available using moving averages, and quite frankly it is a topic that can be endless. You dont need any indicators, just a charting tool in your trading platform and a simple calculator. It takes a lot of psychological wherewithal to hang onto these systems over the longer-term. I believe that moving average trading strategies do work and they are very good over the longer-term. Submit by JanusTrader, the 100 pips Daily- Set Forget system is a very easy set and forget system where you dont have to watch the market day and night. Because of this, the trader is always in the market. ( you can trade the system manually of course.).
Visit our Forex Forums. One of the other major cons of these systems is also they are typically discovered early in your trading career. For example, the 200 day moving average is often used as a trend finding tool, and also recognized as significant support or resistance, especially on the daily chart. Those new traders tend to jump from one system to the other, so they wont stay in the same system long enough to realize the gains. You dont have to monitor your trades. This is a very simple and proven to be profitable manual set and forget system. As with all things, there are both pros and cons.
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