Orbit Trading Method for any pairs
I added the following indicators and RSI set at 8 with Values added 55 and 45. Buy over 55 and sell under 45. Pluss support and resistance Barry and ABHA for TP levels
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Hi All
I would like to introduce this sweet little trading system to the forum. It is yet another simple system which can always be handy in the trading toolbox. The system will work with and pairs and any timeframe... from minute to monthly... so the choice of the pair and the timeframe totally depends on your personal taste. However, it does pretty good on the hourly charts.
The system uses the Center of Gravity (COG) indicator to determine price overbought or oversold status and uses the cross of moving average 5/13 to determine an entry. You should download and place the custom indicator 'Center Of Gravity' attached to the end of this post and place it in your metatrader folder. The moving averages indicator comes default with your platform
Setting up the charts
1. Place a exponential moving average with period of 5
2. Place another exponential moving average with period of 13
3. Place the Center Of Gravity indicator on that chart
This is it... After following these 3 steps, you are good to and and your chart are fully setup and should be look as this one:
When to BUY
When the price has moved below the BOTTOM GREEN line of the Center of Gravity indicator and the bar has CLOSED, you should become alert and wait for the EMA 5 and EMA 13 to cross UP. EMA 5 should cross and go on top of the EMA 13. As soon as the EMAs crossed, you can open a BUY position.
When to SELL
Wait for the price to move above the TOP GREEN line of the Center of Gravity indicator and the bar to CLOSE. After this happens, you need to wait for the EMAs 5 and 13 to cross. EMA 5 should cross and go below the EMA 13. As soon as this happens, you can open a SELL position.
What STOPLOSS and TAKEPROFIT?
You can use a fixed stoploss or a trailing stop, again this part is totally dependant on your own personal liking. You can also move the stops manually each and every time a new support or resistance level develops. If you are using a fixed stoploss, you should give the trades enough room to develop and breathe. Keeping the stoploss too tight can bring more losses as they will be triggering too early most of the time.
For the Takeprofit, you can use a fixed Takeprofit level, you can calculate this based on the risk:reward ratio based on your stoploss level. You can keep it 1:2... for example, if you are using a stoploss of 25, you can put a takeprofit of 50. You can also use no takeprofit levels at all and let the trades run... closing them when you have an opposite trade signal, this will bring you some more pips.
As you may have seen, this is a very easy simple to learn and trade with. Take some time and practice it on a demo account to gauge its strength and weaknesses. You will also come to know whether this system suits your needs or not. After that, you can decide whether to trade your real account with it, or abandon it.
You should also not restrict the system to be as it is, for you can always tweak it to add new filters etc in an attempt to fine tune and bring it to your desired level of perfection. Please feel free to comment and post back your ideas and suggestions.
Good Luck