FxWhileYourWork trading system
This trading system was created by American trader Dan Roberts for those who combine Forex with the main activity and cannot trade intraday. It’s literally “Forex while you’re working”. The system provides for trading on daily and four-hour charts. For the daily chart it is enough to analyze the market once a day, and for the four-hour chart two or three times. However, FxWhileYourWork is also fully functional on smaller timeframes. It is clear that one should control the situation in such cases much more often. Currency pairs are not limited here, trading time is also any time. The trading strategy is based on following the trend on rebounds from the SMA200 middle line and candlestick models. Therefore, you will need a minimum knowledge of candlestick analysis, although the system has an indicator for this.
The analysis uses a 200-period moving average. The reason for this is that many banks, hedge funds, analysts and private traders use this line. Therefore, a lot of orders are collected in the area of its passage, so 200SMA is of great importance. The system chart uses this moving average with three values: closing price, maximum and minimum
Example of logging in to shopping. The 200 SMA is up, and the price has returned to this line. The signal for buying is the formation of a bullish absorption model near or on the high line or closing 200 SMA. The stoploss is below the minimum line of 200 SMA or 10-20 points below the minimum of the signal candlestick. Take Profit is the last local maximum before the price returns to the moving average. Although that’s not a prerequisite. You can also close a position when there are signs of a local trend reversal
At sales of 200 SMA it is directed downwards. The position opens when the price returns to the moving average and the bearish absorption model is formed. The stoploss is set above the signal candlestick and the take profit is at the level of the last local minimum
Transactions do not open in situations where 200 SMAs are placed horizontally, although patterns of absorption patterns appear. When crossing the middle line downwards, we start looking for sell signals, and when crossing upwards, we start looking for buy signals.
Signals on this system do not appear often. Therefore, we need to analyze a large number of currency pairs and wait for the right time to enter.
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