My Trading System

My forex trading sytem is to trade on 1 min time frame using two systems: FX prime initially developed by Canadian Dude and Scalping using lag indicator by Imrait Sait at Forex Factory Forum. Due to unfortunate circumstances both threads have been placed in the recycle bin and the two of them are banned to participate in the Forum.

The basis of the two systems has been explained in my previous postings. Imrain Sait rely on the lag indicators, the 60 and 200 EMA, pivot point, MACD, stochastic histogram and Bollinger Band. Canadian Dude’s FXprime initially based on CCI indicators but further development by contributors in the forum it is more on moving averages cross and technical filter known as FXprime filter that incorporate CCI, RSI and stochastic. The system basically relies on the cross of 6 and 12 EMA and 50 SMA. A smoothed Heiken Ashi indicator is also employed for exit.
I combined both systems to determine my entry point. Basically it is the cross of 6 and 12 EMA. As I trade in 1 min time frame, i checked the general trend by scanning through the 15 min TF and 1 hr TF. The lag indicators are used to determine either the market is overbought or oversold.

My exit is based on price pattern, price position on the Bollinger Band, support and resistance especially at pivot point.

My stop loss is set 10 pips at entry with target price at 20 pips or more if entry is trend trade. For counter trend i take what the market give...sometime as low as 5 pips.

Currently, I only concentrate at one currency cross only; USDJPY. Since my trading style is scalping with 1 min TF, my concentration to trade USDJPY in early Asian session-23:00 GMT to 02:GMT and during New York morning session i.e. 12:00 GMT to 16:00 GMT.
I normally avoid trading 30 min before and after major news.

My target is make 30 pips per session or 60 pips per day.