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Originally Posted by MidnightRun
Hi OzFx,
Entering on the open of the candle is not quite clear: a candle may open above 200 SMA (or AC) and then sharply go up/down. Do you enter while the move is still in progress the moment your system's conditions are met?
I read about the 3 ducks system somewhere - it is somewhat similar, the only indicator is 200 SMA, you watch 4hr, 1hr and 5 min charts. the setup: price is above 200 SMA at both 1hr and 4 hr charts. Enter long as soon as price goes above the 200 SMA at 5min. Opposite for short trades.
Do I get it right that you use the system to trade all pairs, provided the setup terms are met, or do you think it works on some pairs and does not on others?
Looking forward for you further explanation of the system (as mentioned in your 1 post). Thanks.
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At 7PM EST when the new candle comes out we look at indicators, if the indicators give signal to enter then we enter right awaay, almost at the open price of the new candle.
I avoide GBP/JPY and AUD/NZD and trade rest all others.
There is more explaination on my blog and some links on signature also cover those topics