This ichimoku based trading system uses RSI to time the entry. Trailing stop is adopted to liquidate the position. The system takes infrequent trades and it is among the most conservative trading system we have ever published. It was tested on over 13 years of historical data (tick) confirming its potential and profitability. The strategy has a high profit factor and relatively low draw down.
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Complex ichimoku indicator is used to identify the trend. To stay on the side of long term trend, higher calculation period is used. The strategy has a high profit factor and relatively low drawdown. Even though extremely conservative, it can be made more aggressive by testing it, and adapting on smaller scale timeframes (5 min and 15 min). Therefore, the strategy is provided with free expert advisor by theforexkings – enjoy.
Used forex tools and indicators
Ichimoku kinko hyo (90,260,1040) the main tool used to establish the trend. Once we do so, we will be looking only for the entry in confluence with that trend.
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Relative strength index(RSI 10) RSI is used to time the entry. Full RSI signal completion is required to trigger trade (RSI returning back to neutral zone after initial signal.
Trailing stop – advanced, trailed behind every candle high/low with additional distance 90 pips is applied.
Forex strategy rules
The upper cloud edge, (Cloud consisting of span B and span A line) is above the price.
Span B is above the span A.
Kijun sen (blue line) trends above tenkan sen (red line).
We wait for RSI to rise above the RSI 70 line. Once it closes back below it, we enter the trade short on new candle open.
Trailing stop is placed above the high of last closed candle + extra 90 pips deviation above.
The bottom cloud edge, (Cloud consisting of span B and span A line) is below the price.
Span B is below the span A.
Kijun sen (blue line) trends below tenkan sen (red line).
We wait for RSI to fall below 30 RSI line. Once it closes back above it, we enter the trade long on new candle open.
Trailing stop is placed below the low of last closed candle - extra 90 pips deviation below.
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Disclaimer: Expert advisor was tested for profitability on historical data. All screen shots provided are displaying real results of the test. However past data will never guarantee future success. Every expert advisor needs to be tested properly on demo account. LIVE use only on your own risk. Read full disclaimer. TheForexKings Team does not give any financial advice. TheForexKings does not take any responsibility for any user’s investments and investment decisions. All rights reserved. Strictly for personal use.