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FOREX INCOME BOSS
Presents
SRT Profit System
Forex Income Boss ©
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site.
System 2
Forex Income Boss
1.
Introduction
Welcome to SRT System.
SRT stands for Support, Resistance and Trendlines. These techniques are
old-school, but to this day have remained extremely powerful and
consistent.
I have had an indicator built that will take the old concepts of support,
resistance and trendlines to a new level, and from that, we can easily make
trading much more simple to identify, and in turn, way more profitable.
With the SRT indicator, areas of support and resistance will be pointed out
to you, and because of this, the SRT indicator is also able to draw trendlines
for you!
The SRT system will include the powerful SRT indicator that you can use on
its own, but will also include a couple of additional filters.
It works on all timeframes, although I’d recommend you skip the 1 minute
timeframe.
...It also works on all currency pairs.
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2.
Forex Income Boss
Downloading and Installing the
Indicator
1. First make sure you’ve downloaded the file.
2. After you’ve downloaded the file, locate it on your hard drive (it’s
usually in your Downloads folder). Double click to open it or right click on
it and choose “Extract” from the drop down menu.
3. After you opened the downloaded zip file, you’ll notice the Indicators
folder and you will also see the autoinstaller.exe file. This file is the autoinstaller file.
4. If you don’t have WinRar or similar application installed, you might be
prompted to extract or run the file. Choose “Run”.
5. Once you run the autoinstaller.exe file, the auto-installation wizard will
appear. On the first screen, choose “Next”.
6. Read the license agreement on the next page and check “I accept the
agreement” if you accept it, then click “Next”.
7. You can choose the platforms for which the system indicators will be
installed. If you have several platforms installed, they will all show up here
and you can check some of them or all. After that click "Next" to continue.
8. After the installation is done, you can also click “Next” to continue.
9. After the successful installation, the final screen will appear. You can
click “Finish” here.
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If you’d like to automatically open the platform too, you can check “Run
this MetaTrader application after install” and from the dropdown menu
choose which platform you want to open.
3.
Loading the Custom Indicators
Now that you have the software installed on your MetaTrader 4 trading
platform you can apply the FIB - SRT indicator to any chart.
Alternatively, you can apply the SRT template and have the complete SRT
system on your chart.
You'll find the SRT indicator in your indicators folder called FIB - SRT.
You will also find a template in your templates folder called
SRTProfitSystem.
Apply the SRTProfitSystem template to your chart and yours will look like
the one in this manual.
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4.
Elements Of The System
There are three main elements of the SRT system:
1. SRT indicator
2. 8 Simple Moving Average (SMA)
3. OsMA
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SRT Indicator
The SRT indicator is the main indicator in this system. It will continuously
monitor the charts for you and mark the levels of support and resistance
and then plot the most recent bullish and bearish trendlines.
The levels of support will be pinpointed by a blue diamond and then from
there a red dotted line will emerge out to the right until a new level of
support is found.
The levels of resistance will be pinpointed by a red diamond and then from
there a blue dotted line will grow out to the right until a new level of
resistance is found.
A blue bullish trendline will be formed connecting the last 2 points of
resistance. The first point must be higher than the second point.
A red bearish trendline will be formed connecting the last 2 points of
support. The first point must be lower than the second point.
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8 Simple Moving Average (SMA)
The 8 SMA will serve a couple of purposes.
First, it will provide a filter as to the trades we can take. Price must close
above the 8 SMA for a long trade and below for a short trade.
Second, the 8 SMA will give us an initial stop loss level (for the trendline
trades) and trade management points. As the trade progresses, we can
move our stop loss along the 8 SMA.
Click here to get the full Forex Income Boss system
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OsMA
The OsMA is a kind of momentum indicator and we will be using it to
further filter our trades.
For a long trade, the OSMA should be above the red 0 line, and for a short
trade, the OsMA should be below the red 0 line.
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5.
Rules of the System
BUY RULES
RESISTANCE BUY RULES:
1.
Price closes above blue level of resistance.
2.
Price has closed above the 8 SMA.
3.
OsMA is above the red 0 line.
4.
Enter long position when all of the above criteria are met.
5.
Stop Loss goes few pips below the 8 SMA of the entry candle.
6.
Take Profit is set to 1:1. (If stop loss is 20 pips, profit target will then
also be 20 pips).
7.
Manage the trade by moving your stop loss along the 8 SMA for each
new candle that opens. (I generally only begin to move my stop loss
when a candle closes higher than my entry price.)
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First, the price closed above the blue level of resistance.
Our next condition, that price closes above the 8 SMA, is also met.
And lastly, the OsMA indicator is above the red 0 line at the close of the
signal (entry) candle.
Since all the conditions are met, we can enter the trade at the close of the
first candle that closed above the level of resistance and meets all of the
other conditions.
Our stop loss goes few pips below the 8 SMA directly under the signal
candle.
Our Take Profit will be 1:1 (the same number of pips as our stop loss).
As the trade progresses, we will move our stop loss up along the 8 SMA for
each new candle that opens. (Never directly on the 8 SMA, but a couple of
pips below it).
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TRENDLINE BUY RULES:
1.
Price closes above blue downward-sloping trendline.
2.
Price has closed above the 8 SMA.
3.
OsMA is above the red 0 line.
4.
Enter long position when all of the above criteria are met.
5.
Stop Loss goes few pips below the most recent level of support.
(Because entries using a trendline can happen quite close to the 8
SMA, we will use the recent level of support to place out stop loss,
this gives the trade room to breathe.)
6.
Take Profit is set to 1:1 (If stop loss is 20 pips, profit target will then
also be 20 pips).
7.
Once the trade starts moving in your favor, manage the trade by
moving your stop loss along the 8 SMA for each new candle that
opens.
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First, the price closed above the blue trendline.
Our next condition, that price closes above the 8 SMA, is also met.
And lastly, the OsMA indicator is above the red 0 line at the close of the
signal (entry) candle.
Since all the conditions are met, we can enter the trade at the close of the
first candle that closed above the trendline.
Our stop loss goes few pips below the most recent level of support.
Our Take Profit will be 1:1 (the same number of pips as our stop loss).
As the trade progresses, we will move our stop loss up along the 8 SMA for
each new candle that opens. (Never directly on the 8 SMA, but a couple of
pips below it).
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Forex Income Boss
As the trade moves in the correct direction and we get candle closes higher
than the entry, we will start to move our stop loss along the 8 SMA for
every new candle that opens.
This move of the initial stop loss from the level of support to the 8 SMA will
dramatically reduce our risk on the trade almost immediately.
Click here to get the full Forex Income Boss system
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System 2
Forex Income Boss
SUPPORT SELL RULES:
1.
Price closes below red level of support.
2.
Price has closed below the 8 SMA.
3.
OsMA is below the red 0 line.
4.
Enter short position when all of the above criteria are met.
5.
Stop Loss goes few pips above the 8 SMA of the entry candle.
6.
Take Profit is set to 1:1 (If stop loss is 20 pips, profit target will then
also be 20 pips).
7.
Manage the trade by moving your stop loss along the 8 SMA for each
new candle that opens. (I generally only begin to move my stop loss
when a candle closes lower than my entry price.)
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First, the price below the red level of support.
Our next condition, that price closes below the 8 SMA, is also met.
And lastly, the OsMA Indicator is below the red 0 line at the close of the
signal (entry) candle.
Since all the conditions are met, we can enter the trade at the close of the
first candle that closed below the level of support.
Our stop loss goes few pips above the 8 SMA directly over the signal
candle.
Our Take Profit will be 1:1 (the same number of pips as our stop loss).
As the trade progresses, we will move our stop loss up along the 8 SMA for
each new candle that opens. (Never directly on the 8 SMA, but a couple of
pips above it).
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TRENDLINE SELL RULES:
1.
Price closes below red upward-sloping trendline.
2.
Price has closed below the 8 SMA.
3.
OsMA is below the red 0 line.
4.
Enter short position when all of the above criteria are met.
5.
Stop Loss goes few pips above the most recent level of resistance.
(Because entries using a trendline can happen quite close to the 8
SMA, we will use the recent level of resistance to place out stop loss,
this gives the trade room to breathe.)
6.
Take Profit is set to 1:1 (If stop loss is 20 pips, profit target will then
also be 20 pips).
7.
Once the trade starts moving in your favor, manage the trade by
moving your stop loss along the 8 SMA for each new candle that
opens.
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Forex Income Boss
First, the price closed below the red trendline.
Our next condition, that price closes below the 8 SMA, is also met.
And lastly, the OsMA indicator is below the red 0 line at the close of the
signal (entry) candle.
Since all the conditions are met, we can enter the trade at the close of the
first candle that closed below the trendline.
Our stop loss goes few pips above the most recent level of resistance.
Our Take Profit will be 1:1 (the same number of pips as our stop loss).
As the trade progresses, we will move our stop loss down along the 8 SMA
for each new candle that opens. (Never directly on the 8 SMA, but a couple
of pips below it).
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As the trade moves in the correct direction and we get candle closes lower
than the entry, we will start to move our stop loss along the 8 SMA for
every new candle that opens.
This move of the initial stop loss from the level of resistance down to the 8
SMA will dramatically reduce our risk on the trade almost immediately.
Click here to get the full Forex Income Boss system
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Forex Income Boss
6.
Conclusion
This system has proven over and over to be very profitable if used correctly
and by the rules.
It is not complicated, however its filter mechanisms allow me to find reliable
entry points and setups on all timeframes.
There is always a trade nearby, you don't have to wait very long to see some
action.
It's ability to trade with the trend and also against the trend makes it an
extremely flexible trading system, and you will always be finding profitable
trading opportunities with it.
Enjoy the SRT system!
www.russhorn.org
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