Items Tagged With h trading system

This is where I will put all information pertaining to my production trading system called the h-system. I won't give the specific details of this trading system NOT because I don't want to share but mostly because I don't feel like giving it out will be of any help to anyone for the following reasons:

1. It is important for everyone to create a system that fits their personality and trading style. I'm not a successful trader yet but I've heard that doing so can lead one closer to success.
   
2. I don't want to feel responsible for someone using this system and then losing money because of it.
   
3. I am using real money to trade this system and I've spent a lot of time backtesting and forward testing. Since I just started trading it for real, I still don't feel confident that this system will be a success (see #2)

What I will say is that this system has very simple rules. It uses technical analysis but nothing that anyone hasn't heard of. Here are the rules I will state:

1. Trade the GBP/USD only
2. Trade using the 30min chart
   
3. Trade during the hours of 2am EST and 11am EST only
4. Always enter with 3 lots at the same entry price (unless slippage occurs)
5. Always exit 2 lots after 30 pip profit each (60 pip total)
6. Once the 3rd lot reaches 30 pip profit, trail the stop using the last candle high (if in a short position) or the last candle low (if in a long position)
7. Place stop loss at the 34 low EMA for all 3 long positions on entry and place stop loss at the 34 high EMA for all 3 short positions on entry. Adjust the stop loss every 30 minutes if the 34 EMA high or low has changed.
8. If trade was opened right before a hot zone (economic announcement), get rid of the stop loss and use a mental stop. If 1 minute after the economic announcement the price is below the stop loss in a long trade or above the stop loss in a short trade, exit. This rule is to allow the emotion to clear before exiting a position that may reverse.
9. DO NOT TRADE DURING MAJOR ECONOMIC RELEASES.  (RED RELEASES FROM Forex Factory)
   

The entry is just on price with only 1 confirming indicator. I'm looking into using an additional indicator for confirmation but as of yet, it hasn't proved to be useful.