Analysing System on Zulutrade (2)

Since I have already been trialling the nirvana forex system, I might as well try to figure out its strategy. We knew that it is a system based on S & R, Fib during the trend following & range periods. But, what support and resistance levels are being used, on which time frame and how many positions will be opened based on one setup?

From what I have observed so far, I might have some clues about the system:
1) The use of 5-min chart
2) The use of 50, 100 and 200 EMAs (hence 1st, 2nd and 3rd sup/res levels)

Below are some examples:
1) Short GBP/USD (yesterday's setup)
The trend was down. Price retraced to 50EMA (blue). Short at 2.0334. Price retraced further above 100 (red) and even 200 EMA (gold). Short again at 2.0369. Finally, the down trend resumed, yielding 29 and 63 pips on each position. The trade paid off!


2) Short EUR/JPY (today's setup)
The trend was down. Price retraced to 100 EMA (red). Short 2 times at 165.13. Price retraced further to 200 EMA (gold). Short the 3rd time at 165.35 and 10 mins later short the 4th time at 165.41. These trades are still open at this point of writing. Current price and drawdown: 165.85 and -250 pips!!! Updated: Short the fifth time at 166.19. Current drawdown: -380 pips.


I have no ideas about its exit strategy yet.

I will be trialing the most successful system on zulutrade - fx millionaire next.

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