Forex Trading System - Flying Buddha System

Forex Trading System Introduction

Creator of this trading system only trade short position. however, since it works very well for sell then it will also obviously work well for buys.

Forex Trading System Setup

1. 10 EMA applied to close, exponential
2. 5 EMA applied to close, exponential

Forex Trading System Rules

Entry Rules

• Enter long if:
• The candle stick closed below the 5 EMA with hard stop loss at the top of the candle.

• Enter short if:
• The candle stick closed Above the 5 EMA with hard stop loss at the bottom of the candle.

Stacking Rules
While the flying buddhas are in effect, stack positions at 50% fib of the 'previous candle' mostly
from buy/sell limit orders. Stop loss for the new position is set at above the high of the previous candle (including the wick) with little bit more space.

Circles are entries, lines are his hard stop loss. X is loss from entering 50% fib and hitting the hard stop loss above.

Exit Rules for Short Position

• If short
• Close a portion of stacking position at the first sign of reversal which is when price closes above the previous down candle open price. Hold onto the remaining positions and if the price continues down trend will continue stacking positions again at 50% fib of the previous candle.

• If long
• Close a portion of stacking position at the first sign of reversal which is when price closes below the previous up candle open price. Hold onto the remaining positions and if the price continues up trend will continue stacking positions again at 50% fib of the previous candle.