5_EMAs.pdf

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Copyright Information
REPRODUCTION AND OR TRANSLATION OF ANY PART OF THIS WORK BY
ANY MEANS ELECTRONIC OR MECHANICAL INCLUDING PHOTOCOPYING
BEYOND THAT PERMITTED BY COPYRIGHT LAW WITHOUT PERMISSION OF
THE PUBLISHER IS UNLAWFUL.
Copyright © 2006 Oleg A. But & 5emas-forex-trading-system.com
Revision 2.12: February 2007
Author : Oleg Alexandrovich But
Publisher : Adam Burgoyne
NOTE ABOUT CURRENCY :
Unless otherwise stated in this book, all numbers preceded by the “$” sign
refer to an amount in U.S. Dollars.
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TABLE OF CONTENTS
Copyright Information
i
Disclaimer and Risk Warnings
1
U.S. Government Required Disclaimer
2
PREFACE
3
WHAT IS FOREX?
4
FOREX (FOReign EXchange Market)
4
Currency Symbols:
4
Currency Exchange Rate
5
Leverage
6
How a Transaction Is Carried Out
7
Swaps
8
The Reasons for the Popularity of FOREX
10
Liquidity
10
Flexibility
11
Lower transaction costs
11
Price stability
11
Margin
11
Classification Features of the FOREX Market
12
By the type of operations
12
By the territorial feature
12
THE MAIN MARKET PARTICIPANTS
13
Commercial banks
13
Companies making foreign investments
14
Central banks
14
Currency exchanges
15
Currency brokerages
15
Private persons
15
THE MAIN CONCEPTS OF THE FOREX MARKET
16
Bid
17
Ask (or offer)
17
Spread
17
Margin trading
17
Margin
17
Leverage
17
Currency Rate
18
Lot
18
Storage
18
MINI-FOREX – FOREX TRADING WITH $100 DEPOSIT
18
WHAT WE NEED TO ACCESS THE MARKET AND TRADE IT
20
We Need an Internet Connection
20
We Need a Brokerage
21
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We Need Specialized Software to Access the Market
22
Types of software for working in financial markets
22
Types of Orders
23
Market Order
23
Pending Order
24
Stop Loss
25
Take Profit
25
Speed of Order Execution
26
HOW TO FORECAST MARKET BEHAVIOR
27
Fundamental Analysis
27
Common detailed Fundamental Analysis for an index:
30
Explanation of the elements of the forecast:
32
Technical analysis
33
Complex Trading Systems
35
Trading Systems created by advanced traders
35
The basic advantages of this approach are:
36
The basic disadvantages of this approach:
37
Trading Systems offered by financial companies
37
5 EMAS FOREX SYSTEM
38
Description of the system
38
The purpose of using this system
39
General Money Management Rules for the 5 EMAs FOREX System
41
Lot management for medium risk/aggressive traders:
43
The risk for various currency pairs:
43
Examples of multiple exit points for different pairs
43
What Tools Are Used In This System?
48
Description of Technical Indicators used in the System
48
Support and Resistance
48
Supply and demand
50
Traders’ remorse
51
Resistance becomes support
52
Moving Averages (MAs)
53
Exponential Moving Average (EMA)
54
(MACD) Moving Average Convergence/Divergence
56
(RSI) Relative Strength Index Technical Indicator
59
Ways to use Relative Strength Index for chart analysis:
59
Williams’ Percent Range Technical Indicator (%R)
60
BROKERAGE AND TRADE TERMINAL
61
Recommended Brokerage
61
Link to Recommended Brokerage
62
ABOUT METATRADER 4
63
Downloading and Installing MetaTrader 4
64
Downloading MetaTrader 4
64
Installing MetaTrader 4
64
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Configuring MetaTrader 4
64
Starting MetaTrader 4 for the first time
65
Opening a demo account
66
Adjusting the workspace of MetaTrader 4
68
Setting up Chart Windows and Indicators
71
TRADING RULES FOR THE 5 EMAS FOREX SYSTEM-“DAY-TRADING”
79
The Main Set of Rules (fundamental)
79
The Main Rules (technical)
80
Entry Rules for Short Positions:
80
Entry Rules for Long Positions:
81
Exit Rules for Short Positions
83
Exit Strategy №1 (Trailing Stop 1)
84
Exit Strategy №1 (Trailing Stop 2)
85
Exit Strategy №2 (Moving Averages)
87
Exit Strategy №3 (Using Divergences)
88
Exit Rules for Long Positions
90
Exit Strategy №1 (Trailing Stop 1)
91
Exit Strategy №1 (Trailing Stop 2)
92
Exit Strategy №2 (Moving Averages)
94
Exit Strategy №3 (Using of Divergences)
95
Ideal technical conditions for opening positions
97
Ideal technical conditions for short positions
97
Trade 1 (USD/CHF)
98
Trade 2(USD/CHF)
98
Trade 1 (USD/JPY)
99
Trade 2 (USD/JPY)
100
Trade 1 (EUR/USD)
101
Trade 2(EUR/USD)
102
Ideal technical conditions for long positions
103
Trade 1 (USD/CHF)
103
Trade 2 (USD/CHF)
104
Trade 1 (USD/JPY)
105
Trade 2 (USD/JPY)
106
Trade 1 (EUR/USD)
107
Trade 2 (EUR/USD)
108
When Not To Enter the Market (“No Trade” Rules)
109
The exceptions based on fundamental events (news)
110
Trade 1 (EUR/USD long)
111
Trade 1 (description)
111
Trade 2 (USD/CHF short)
112
Trade 2 (description)
112
The exceptions based on technical conditions
113
Trade 1 (USD/JPY short)
113
Trade 2 (USD/CHF long)
114
Classic example of when you should not open a position.
114
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