Cowabunga Forex Trend Following Strategy

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Cowabunga Forex Trend Following Strategy

This is a trend following system that works on any currency pairs. You can also refer to a 4 hour and 15 minute chart.

Forex  Indicators:

  • 5EMA, 10EMA,
  • RSI (14),
  • Stochastic (5,3,3),
  • MACD (12,26,9),

 

if 5 EMA above 10 EMA, trend is up,

if 5 EMA is below 10 EMA Trend is down.

For Buy Entry:

  • 5 EMA must cross above the 10;
  • RSI must be greater than 50;
  • Stochastic must be headed up and not in overbought territory;
  • MACD Histogram must go from negative to positive or MACD Histogram must be negative and start to increase value.

For Sell Entry:

  • 5 EMA must cross below the 10;
  • RSI must be must be less than 50;
  • Stochastic must be headed down and not in oversold territory;
  • MACD Histogram must go from positive to negative or MACD Histogram must be positive and start to decrease value.

Put SL around 20-30 pips.
Take profit at the ratio of 1:3.

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