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For this system I only trade EURUSD, EURJPY and GBPNZD.
*Trade filter for bias:
5 day EMA & 40 day SMA:
Take buy setup only if 5 day above 40 day and reverse for sell
*Trade entries is Bb band (96) M15 TF
---Take note of the numbers #1 to #6 below (will use it for trade reference and examples below)---
For Sell bias:
#1. Price is below 40 day sma on daily
#2. 5 day ema is also below of 40 day sma.
#3. When price pulls back to or above 5 day ema switch to M15 tf
M15 conditions trade entry:
#4. Price breaks above the lower band (96) = break means candle close
#5. This has to happen below the 5 day ema if not then no trade | if it happens below 5 day ema then:
#6. Wait for price to pullback to upper band to sell (on M15 candle close: price doesnt need to close above upper band, if just touches it or creates a wick, if price closes above upper band its still a sell)
TP is only 50% move from the short term low
SL is same as TP (so risk to reward is only 1:1
Reverse for buy:
Photo #1 (picture below)
Purple ma is 5-day ema
Light blue ma is 40 day sma
Condition was right but this is for sell. So we switch to m15:
Photo #2 (picture below)
Yellow MA is 480 period ma (which is the 5 day ema for reference, 480 cos number of candles in m15 per day is 96 x 5 days = 480)
Blue box represents price reaching the 5 day ema coming from below: trade condition #3
Red box represents price breaking below the lower band ema and it happened below the 5 day ema (yellow ma): trade condition #4 & #5
Black box: Wait for price to pull back to upper band to short (black box): trade condition #6
TP is only 50% of the short term low before price pullsback to upper band.
SL distance same with TP (1:1 risk to reward ratio)
