Hi All,
I am starting this thread (and hope to continue) for learning and commenting purposes.
The idea to generate cash flows for a non day trader person who has a day job but he can monitor trades on hourly basis.
I believe most of the systems (non option) works well on trending days/times. So my endeavour is to fund trending stocks/commodities. I want to check how MCX Copper responds to my system and feedback from other traders.
I am a big fan of simplicity so this system (well system name itself looks complicated) so lets call it as method, it is nothing but a moving average cross.
Most of us believe that MA based systems will give a lot of whips, I am no different. So I want to check that if this method works on copper (which I believe is a trending commodity with less tails).
Method parameters:
1. Fast average = 8 EMA
2. Slow average = 21 SMA
3. Time Frame = 60mins
4. Commodity = copper
5. Make use of supports/resistance/pivots for profit booking entry and SLs
6. Buy after a strong downtrend and sell after a strong uptrend on MA cross
7. Keep SL below the previous pivot or last 2 bar high/low depending on your risk appetite
8. Book profit using trailing SL or after a good move
Remember guys this is not the most scientific system, I never traded this and I am just checking if this works or not.
Please do not ridicule or laugh at me for posting such simple method as I do not use AFL and I don’t understand complex stuff.
I am starting this thread (and hope to continue) for learning and commenting purposes.
The idea to generate cash flows for a non day trader person who has a day job but he can monitor trades on hourly basis.
I believe most of the systems (non option) works well on trending days/times. So my endeavour is to fund trending stocks/commodities. I want to check how MCX Copper responds to my system and feedback from other traders.
I am a big fan of simplicity so this system (well system name itself looks complicated) so lets call it as method, it is nothing but a moving average cross.
Most of us believe that MA based systems will give a lot of whips, I am no different. So I want to check that if this method works on copper (which I believe is a trending commodity with less tails).
Method parameters:
1. Fast average = 8 EMA
2. Slow average = 21 SMA
3. Time Frame = 60mins
4. Commodity = copper
5. Make use of supports/resistance/pivots for profit booking entry and SLs
6. Buy after a strong downtrend and sell after a strong uptrend on MA cross
7. Keep SL below the previous pivot or last 2 bar high/low depending on your risk appetite
8. Book profit using trailing SL or after a good move
Remember guys this is not the most scientific system, I never traded this and I am just checking if this works or not.
Please do not ridicule or laugh at me for posting such simple method as I do not use AFL and I don’t understand complex stuff.