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Forex Trading Daily Chart System

Sunday, October 4, 2009 , Posted by forex trading at 3:23 PM

In this daily chart, it seems that from candle 1 to candle 8 , no trading conditions are available .
On the close of candle 1,Stochastics are in the overbought zone, and from candle 2 till candle 7, the stochastic lines are oriented downwards.
Entry conditions became valid at the close of candle 8.
EMA(34) is over SMA(150) and the daily candle crossed
EMA(34) and closed over it while stochastic lines became oriented upwards and not in the overbought zone, so we put an entry order 10 pips above the candle's high
I.E entry is at : 1.3670+10=1.3680
Stop loss: 92*70%=64.4 rounded to 65
Stop is at 1.3680-65=1.3615
Closing position is at the close of candle 15 because of the stochastic lines crossover downwards
close is at 1.3881
gain= 1.3881-1.3680=201 pips .
hint: Do not hesitate to move stop loss day by day in the way that suits trader's desire.

Another entry is done depending on Double CCI by using trend continuation pattern.
At the close of candle "a" ,EMA(34) is still above SMA(150) and CCI(50) is over ZL level and CCI(14) crossed this ZL
Stochastic lines are upwards
Entry is done 10 pips above the candle's close high
I.E entry is at: 1.4170+10=1.4180
Stop=89*70%=62.3 rounded to 63
Stop is at: 1.4180-63=1.4117
Close is at the close of candle "h" 1.4292 as stochastic lines crossed downwardsGain= 1.4292-1.4180=112 pips

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