Trading off of 5 minute charts
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  1. #1
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    Default Trading off of 5 minute charts

    I've been playing around on a 5min candlestick charts and have been scalping 10 pip moves with relatively easy success. Iíve only toyed with the idea of scalping but I want to know if itís really this easy or if Iím just having some beginnerís luck. Comments?

  2. #2
    4xfanatic is offline Newbie
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    I've scalped on a 5 minute chart with just a 10 ema, buying above it and selling below it..that kind of thing.

    Problem is I usually end up breaking even at the end of the day. I never know when to stop! My only concern is that when you win like 3-4 trades in a row, itís hard to stop so if you can control yourself I think you should be in good shape.

  3. #3
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    I've also used a 5 minute chart before. It works well in a strong trending market as we've seen recently with the majors and the whole dollar sell-off......You might want to pick and choose your spots on when to scalp, rather than doing it everyday.

  4. #4
    parsush is offline Senior Member
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    this would come very handy.
    http://www.forexfactory.com/index.php?page=calendar
    Scalp High or Medium (red or orange) impact events.
    the more (at the same time) the better.

    oh yeah, and don't forget to change the GMT+ to where you're at.

  5. #5
    blackcotton's Avatar
    blackcotton is offline Newbie
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    Quote Originally Posted by 4xfanatic View Post
    I've scalped on a 5 minute chart with just a 10 ema, buying above it and selling below it..that kind of thing.

    Problem is I usually end up breaking even at the end of the day. I never know when to stop! My only concern is that when you win like 3-4 trades in a row, itís hard to stop so if you can control yourself I think you should be in good shape.
    Set a daily pip goal, 10-20 pips, stop wnen you`re there!

  6. #6
    pristen is offline Newbie
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    The biggest downfall of scalping is over-trading. However, if you can find a good entry price with a tight stop and let your profits run, then your risk reward will be the bomb. Once you win, you should STOP. Like in a casino, you have to know how to quit while youíre ahead

  7. #7
    professorx is offline Newbie
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    Not to bgrag but i just had a lot of fun.
    Attached Images Attached Images  

  8. #8
    berlinlife06 is offline Newbie
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    This sounds like an interesting way of investing, but I don't know if I would have the guts to do it... maybe I need some more time to think about it. But nonetheless, congrats! It requires a special kind of investor to be on the trenches of daytrading!

  9. #9
    topgun's Avatar
    topgun is offline Senior Member
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    Maybe I'm wrong but can you even put "Investing" and "daytrading" in the same sentence? I never consider any FX trades that I make investing since I never hold them past Friday and most of the time there closed by 5pm. Just my opinion.


    Quote Originally Posted by berlinlife06 View Post
    This sounds like an interesting way of investing, but I don't know if I would have the guts to do it... maybe I need some more time to think about it. But nonetheless, congrats! It requires a special kind of investor to be on the trenches of daytrading!

  10. #10
    ramzu is offline Junior Member
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    just proceed with the lower ema setup for scalping with one indicator setup , the indicator you need to analysis by your self which one suite for that currency . when you are familiar with the indicator setting then the scalping will be easier for you. and only refer to 1 min chart for scalping. For the bigger move u can refer to 5 min chart ( can profit up to 30 pips in few hr). depending on the movement and just enter or exit on 1 min chart.

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