I keep a number of trading systems on file as backups if the one I'm currently using goes haywire and I need to shift strategies. At some point, I may also start trading with one of these backup systems concurrently with my main system to spread out my risks a bit, so I have fewer trades in one basket. Trend follower devised one of these trading systems I've always thought highly of, a trader who used to frequent the MoneyTec forums (and maybe still does, haven't checked lately).
You will get briefly summarize how it works. The Trend follower system looks for a cross of the STARC band below the Bollinger Band for short trades and the STARC band above the Bollinger Band for long trades. STARC bands are an indicator you don't see enough of; in my opinion, they're not available on all charting platforms.
I know GFT's Deal Book software has them, as does Oanda's system; if they're anywhere on Meta Trader, I haven't found 'em yet. STARC is an acronym for Stoller Average Range Channels, and you can read more about STARC bands in this Investopedia article.
Here's a picture of a trade specified by this system, which took place over about 2 months (!):
I won't detail how the system works since Trend follower’s explanation tells you everything you need to know.
But here are some of the things I like about it:
It uses a multi-day or even multi-week timeframe, which means you don't have to spend hours every day staring at your charts or making trading decisions on a minute-by-minute basis. As Trend follower puts it, "The nice thing about trend trading is that you don't need to be at the computer all day long. Three looks a day is enough."
It uses a very straightforward entry signal. So, there's no ambiguity as to whether it's happened or not.
It has very clearly defined exit strategies
It uses Bollinger Bands, one of my favorite indicators, and STARC bands, an exciting indicator in the same genre as Bollinger’s, since they also form a statistical envelope around the price trend.
Trend follower says he traded with this system successfully for 3 years, which I consider a pretty good track record.
It gives you the option of trading several different currencies without worrying too much about spread costs since the trades are large and fairly infrequent. To quote Trend follower again: "Because of the long-term nature of my trades, pip spreads are not important to me, so I look for new trend breaks amongst 17 odd currency pairs." This means that your "inventory" of potential trades to choose from is quite substantial.
So if you're looking for a trading system that doesn't require constant attention, high spread costs, lots of short-term trades, and all the stress that ensues, this might be the one for you. Good luck if you trade with it!