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The Dragon Fly
These are the indicators that the dragon fly system uses:
- MACD (5, 15, 1)
- DSSBressert (8, 13)
- RSIOMA II
- Ribbon
For LONG entry:
- DSS Bressert blue arrow,
- MACD must be greater than 0
- RSIOMA must cross up,
- Ribbon is green.
*Do not open position when DSS or RSIOMA is in Overbought.
For SHORT entry:
- DSS Bressert red arrow,
- MACD must be less than 0.
- RSIOMA must cross down,
- Ribbon is Red.
*Do not open position when DSS or RSIOMA is in Oversold.
Rules on when to exit position:
- When the dot of DSS changes color from red to blue to red or blue;
- When the Rsioma Crosses in opposite direction;
- When Ribbon Change color.
For 5 min chart we prefer when The RSIOMA crosses in opposite direction and take profit.
Stop loss in a 5 min chart should be 3 pips below or above the entry point.
Target profit in a 5 minute timeframe for EURUSD is 8 pips, 10 pips for GBPUSD and 6 pips for AUDUSD.
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