Wow, this is a first! This month's Best Forex Trading System contest actually has two winners: salt-n-pipper's "Breakout System X-treme" and donnapinciotti's "The Trend is Your Friend" system. Let's take a look at each one.
Breakout System X-treme (BSX) by salt-n-pipper
BabyPips.com Forum user salt-n-pipper believes there are very few things that you can be certain in forex trading. Because of this, as traders, we should only take advantage of setups that are high probability. These high probability setups come in the form of breakouts after a long period of consolidation.
The BSX doesn't use indicators and relies heavily on simple price action. It's all about finding those days when price is ranging and then buying or selling on the break. Here's a neat chart with a sample setup:
To know more about the system, you can check out salt-n-pipper's discussion thread by clicking this link: Breakout System X-treme by salt-n-pipper.
The Trend is Your Friend System by donnapinciotti
Garnering the same number of votes is forum user donnapinciotti's "The Trend is Your Friend" system. This self-confessed newbie uses EMA and RSI to make the most pips from trends. If you ain't a big fan of jumping in on reversals, the system may just tickle your fancy!
Now, don't think that just because it's a trend-following system, you'll miss out on the excitement of catching a reversal. With the "Trend is Your Friend" set on the 1-hour timeframe, you don't have to worry about not getting your fair share of signals!
Donnapinciotti also takes into consideration candlesticks (i.e., price action) in her system. Find out how by checking out the thread!
Well, that wraps up another month of pure awesomeness with BabyPips.com forum users showcasing their brilliant trading systems. I can't wait to see what we have in store for us in September! Make sure you don't forget to send in your entries, ayt? Who knows, your system may just be the next big thing in the forex community!
If you don't have a system on hand yet, head on over to the School of Pipsology and learn which indicators would go well together to make up a piptastic system!
Source : Babypips.com
ForexTrendy is an innovative software capable of detecting the most profitable continuation chart patterns. It scans through all the charts, on all time frames and analyzes every potential breakout.
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