Trading off of 5 minute charts

I don’ understand the “5 day price” - was this 5EMA traded on the Weekly TF?

The number one profitable trading strategy was a[B] 5 day[/B] exponential
moving average going long on the [B]5 day[/B] price crossing the EMA, and
selling short when the price retraces below the EMA.

Day means DAILY. That would be D1 on MetaTrader.

Have to love those 5 minute scalps!

Thank you for the clarification. d

I’ve been scalping off a 5 minute chart. Since I started keeping track of my stats here’s what I have:

Wins - 24
Loses - 11
Win Rate - 68.57
Pips Won 240
Pips Lost 157

Now I’m just trying to figure out what’s the best money management strategy. Right now I’m doing a 10TP 20SL. And please, if you’re just going to reply based on the assumption that the current setting is a failure, don’t. When you figure in winrate and size of position, you can come out ahead despite.

I’ve been working with a system called the 4xrazor and it has been treating me well. It uses a minute and five minute chart and four indicators, the macd, rsi, stockastics and ADX. It’s pretty simple and i’m in and out in less than a few minutes.

It’s been working.

Is there anyone else that is trading that system?

A

Lemme summarize for you.

“I’m selling a system for $99. Wanna buy it?”

Give the poster a chance to post the method/system/indicators BEFORE you make accusations.

So let’s see the system.

Post a chart with explanation.

hey mastergunner,
what system are you trading?

Feel free to make use of the very recommendation you give to us all so freely.
A simple google search will expose that poster’s intentions for what they truly are.

Slope direction and watching price action. No strict set of rules.

Guns,
That is not a good scalping system I say aim for less pips and pull that SL in a bit. What is the exact setup your using. I can try to help you out a bit. But 10 pips is kinda large goal to scalp.

10 pips can be gained scalping.

Depends on currency and time of day.

hey pablopluto, so what do you recommend as sl and tp?

I dont recommend any TP or Sl thats up to you to decide whats your risk levels and profit levels. Now I can tell you what I use on different currencies but that my own personal preference.

sorry wrong way to formulate.
being completely new i am just trying to get different strategies at work.

so what do you use.

i have just decided to try eurusd cos smller spread…
and since 10 pips is my goal im trying 10 pip(+2 spread) TP and 20 sl.

my thinking is that since i go with h1 my sl should only be there to accomodte nomral movement or prevent a reversal…

My apoligies. I dont use the H-line trading but 10: 20 is extreme. 10:15 might be the max I would go. Its up to you dont make yoy stops too tight though. On the Euro Usd I mostly use a 6: 8

Thats 6.9(.9 spread) and 7.1(.9spread)

AHA, an OANDA trader! lol :wink:

I am playing with a 6 (TP) and 10-12 (SL) scalp on the EUR:USD on 5min charts :smiley:

steve :slight_smile:

ok thank you both for answers… ill experiment with those as well…

:slight_smile: :slight_smile:

sorry guys, but can someone explain me what is scalping??