#2. SYSTEM: Power Band Trading System

Welcome to the Power Band Trading System, you are going to be lucky enough to discover something I have been using recently to profit from the Forex markets.



Trading Setup
• Enter Trade on 4hour or Daily Chart.
• Trade ONLY GBP/USD, GBP/JPY, EUR/USD, USD/JPY, USD/CHF, USD/CAD.
• Add Bollinger Band, set to Period 20 Deviations 2
• Add Stochastic Oscillator set to %K 9 period %D 3 period Slowing 3

Trading Rules
If we had a Touch of the Upper Bollinger Bands we would be looking to SELL and therefore need the Stochastic indicator to be OverBought and Over the 80 Line.
If we had a Touch of the Lower Bollinger Band we would be looking to BUY and therefore need the Stochastic indicator to be OverSold and Under the 20 Line.

NOTE: Once both of these conditions are met, YOU look for Entry Confirmation, which is a Candlestick Formation, if YOU Don’t see one then wait Until YOU do. If the trades takes off without YOU then wait for the next one.
StopLoss are placed behind the recent high / low and always moved to break even as soon as possible.
Never risk more than 2% of your account on any one trade
.
Candlestick formations are used to identify the underlying physiology of the
market, usually with a reasonable accuracy.


NOTE: I have found the engulfing and pin formations to be the most reliable so when I see this formation after the system conditions are met I have great confidence in my trade.





Exits
Everybody exits their positions differently depending on their personality and risk
level, so it is very difficult to know what exit method will work best for you.
If you are an aggressive trader then you may wish to move your stop to break
even and hold the full position for as long as possible to cash in on a big move
when it develops.
If you are a conservative trader you may prefer to get your stop to break even as soon as possible and take profits early at a predefined area of support and resistance.
The main things to keep in mind are your win %, if you take profit at the same
amount you risk you have to achieve a 50% win-loss ratio to break even. If you
take profit at half the amount you risked you have to achieve a 66% win-loss
ratio to break even.
I personally try to get my stop to break even as soon as possible and close most
of my position at around the same amount I risked on the trade, this is not a set
value as it depends on where the support and resistance areas are. Sometimes if
I think the move is strong I will leave some of my position on and target the
opposite side of the Bollinger bands.

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