No1 Forex System is trading strategy that is designed to trade in the forex market. Due to the wide range of scope of technical analysis, this technical system or strategy can be used in wide varieties of markets. The No1 Forex system is a simple forex trading strategy and it does not contain any complex algorithms, indicators and formulas that will make it hard to understand. The system uses only three indicators which are very popular in the trading industry around the globe. Though the system is very simple you need to practice it everyday in order to be used to it. It requires high level of self discipline to be able to make money consistently. It is not the case only with this system. Self discipline is a universal quality that is needed in a trader to become a successful trader.
This system consists of three technical indicators. Two exponential moving averages of period 80 and 40 are used. And there is a CCI indicator at the bottom of the chart. When the No.1 forex system is correctly installed on your trading platform your chart should look like this:
- Exponential moving Average
Exponential moving average is a kind of moving average which gives weight to the most recent data unlike the simple moving average.
- 80 EMA: It is orange in color and it is the slowest moving average used in this trading system.
- 40 EMA: It is blue in color and it is the fastest moving average used in this trading system.
These two moving averages are used to figure out the major direction of the market and even to buy/sell using the crossovers of these two moving averages.
Buying Conditions Using No1 Forex System.
- Price should be above the both moving averages (EMA 40 and EMA 80).
- EMA 40 (blue moving average) should cross above the 80 EMA.
- CCI indicator should be in the positive territory.
- You should place your stop just below the recent swing low.
- You should take your profits when the price falls back to touch the EMA 40.
Selling Conditions Using No1 Forex System.
- Price should be below the both moving averages (EMA 40 and EMA 80).
- EMA 40 (blue moving average) should cross below the 80 EMA.
- CCI indicator should be in the negative territory.
- You should place your stop just above the recent swing high.
- You should take your profits when the price rises back to touch the EMA 40.
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