This ea to trade on aud/usd and nzd/usd
4 hour time frame only
Indicators to be used are 7 EMA
and the MACD with settings (12,33,9)
Positions: each trade is always entered with 2 separate positions
Entry: A short (sell) signal is generated as soon as the MACD crosses below the signal line and the 7 EMA crosses below the other three EMA's by at least 6 pips ,don't wait till candle close ,as soon as cross below the other 3 EMA's by 6 pip's or more open trade.
Entry: A long (buy) signal is generated as soon as the MACD crosses above the signal line and the 7 EMA crosses above the other three EMA's by at least 6 pips , same as above no need to wait for candle close as soon as cross happens by 6 pip's or more open trade
NOTE: the MACD has to cross the signal line BEFORE the 7 EMA crosses the other EMA's . Price action may cross before or after the MACD cross.If the 7 EMA crosses before or simultaneously as the MACD crosses the signal line the trade is considered invalid.
Stoploss: The initial stop loss for both positions is set at 30 pips behind (above/below) the three EMA's ( the EMA that is furthest away from the price action). If the first target is hit, the stoploss of the second position is immediately to be moved to breakeven
Targets/Exits: The target for the first position is always 30 pips. If second position not stopped out at breakeven the second position is closed as soon as the 7 EMA crosses the other 3 EMA's in the opposite direction by 6 pip's (which if MACD has crossed already would be a valid signal to take new trade in opposite direction.