The Forex Wave Trading System also called as EMA Wave Trading System is a forex trend following strategy.
Main concept behind this system is to trade on pullbacks during strong trends.
Characteristics of the system:
- Currency pairs: majors, any.
- Timeframes: M1, M5, M15, M30.
Indicators involved:
- 34 EMA High (green)
- 34 EMA Low (Red)
- 34 EMA close (White)
- 161 EMA
- Pivot
- Stochastic (8,3,3)
- RealMACD (5, 15,5)
How to trade with the Forex Wave Trading System?
Open BUY order when:
- The price retraces into the wave from above the wave;
- Wait for a candle that closes above the wave;
- Stochastic should be greater than 50;
- MACD should be greater than 0.
Open SELL order when:
- The price retraces into the wave from below the wave;
- Wait for a candle that closes below the wave;
- Stochastic should be lesser than 50;
- MACD should be lesser than 0.
Settings for the M30 timeframe:
Stop Loss and Take Profit suggestions:
- Set SL for short at 2 pips above 34 EMA close.
- Set SL for long at 2 pip below 34 EMA close.
- Take profit target is on the level pivot or 35 pips.
Forex Wave Trading System free download:
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