Forex Bill Killer is a trading system that was originally developed to trade in the foreign exchange or forex market. This trading system is very popular among the forex traders because of its easiness to use and its accuracy level. The Forex Bill Killer is a very consistent system it provides you very consistent signals of buying and selling. Forex Bill Killer can be used in any time frames and in any currency pairs. Any kinds of trading style can be adopted while trading with Forex Bill Killer, however, aggressive scalping is not recommended with this Forex Bill Killer System.
Forex Bill Killer system is nothing but a combination of two simple moving averages and regular RSI divergence. The arrow pointing upward and downward at the regular RSI divergence indicator that is located at the bottom of the chart makes this forex trading system simpler and less messy.
When the Forex Bill Killer system is correctly installed on your trading platform your Forex Bill Killer system should look like this:
- Moving Averages
Moving Averages are the statistical tool that is used to forecast the trend of the market. There are different types of moving averages but it is not important list all of them here. One of the most common moving averages among us is Simple Moving Average (SMA). In Forex Bill Killer forex trading strategy two simple moving averages are used.
- SMA 9: It is the simple moving average of period 9. It takes the data from the past 9 candles. It is the fastest-moving moving average in this system. It is blue in color.
- SMA 200: It is the simple moving average of period 200. It takes the data from the past 200 candles. It is very smooth in comparison the SMA 9. It is red in color. SMA 9 can be used for buy/sell decisions and to figure out short term trends while the SMA 200 can be used for determining the major trend of the market.
- RSI Regular Divergence
It is a custom made indicator which shows the data on the basis of regular RSI divergence. Actually the signals are generated by Forex Bill Killer System on the basis of regular RSI divergence.
Buying Conditions Using Forex Bill Killer System.
- An arrow pointing upward should appear on the Regular RSI divergence indicator window.
- Major trend should be up. I.e. price should be above the 200 SMA.
- Place your stop just below the recent swing low.
- You should take profit when the price closes above the 9 SMA.
Selling Conditions Using Forex Bill Killer System.
- An arrow pointing downward should appear on the Regular RSI divergence indicator window.
- Major trend should be down. I.e. price should be below the 200 SMA.
- Place your stop just above the recent swing high.
- You should take profit when the price closes below the 9 SMA.
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