Trading off of 5 minute charts

[superdupe]

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

[4xfanatic]

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, it’s hard to stop so if you can control yourself I think you should be in good shape.

[alphapip]

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.

[parsush]

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.

[blackcotton]

Originally Posted by 4xfanatic

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, it’s 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!

[pristen]

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 you’re ahead

[professorx]

Not to bgrag but i just had a lot of fun.

[berlinlife06]

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!

[topgun]

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.

Originally Posted by berlinlife06

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!

[ramzu]

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.