Scalping strategy to finish the year strong

This looks promising:
Been making adjustments and building on existing strategies.

EUR/USD only. 5M

White = EMA 6 (Close)
Upper green = 32 EMA set to High
Lower green = 32 EMA set to Low
Blue/Yellow EMA set to 14
(Close)
PSAR currently set to Step 0.06 / 0.07 Maximum

When White crosses both greens = ENTER
or, When Blue/Yellow crosses over lower Green, Buy/ Crosses below upper Green, Sell.

My system here has no definitive exit strategy beyond eyeballing it. Could maybe use the PSAR in a pinch.

Any thoughts or suggestions to optimize further?

If I could code, I’d make an indicator for this.

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You could exit when 6EMA goes back into channel. I have used a similar system with Keltner channel. I am not a coder but did try with 4XDev developers and the problem was - codes work on candle close, a problem I found with any crossover system. Just seems that you have to keep your eye on the ball. It’s a good system especially on 5min which I see you are using. Good luck :wink:

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Thank you, Johnny.

Yes. The candle closing issue is indeed a problem for all indicators I’ve seen.
I’d still rather eyeball the exit than forego so much profit by closing on PSAR change.

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thanks for your nice post , got some fine line have a very good journey from there.

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This is a money printing machine. Again today fantastic profits. I made another 10 pips in 10 minutes while I was driving. Look at the chart for the last hour and there were hundreds to be made with almost no effort.

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Update.

change PSAR settings to 0.02 / 0.5 to enhance possible exit strategy.

Another great trading day. I’m enjoying taking profits in the mornings and not having to check on trades all day and overnight. Less stress, more profits.

10 straight winning trades so far. I know a losing one has to be just around the next corner. But the other nice thing about this trading strategy is a much tighter SL. If you look at the entries where the Yellow EMA comes up from below and crosses the lower Green EMA - the SL is just below that Green EMA. No big losses that make you spend the next 3 days trying to recover before you can continue building your account…

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Good stuff.

Looks like you’re using the EMA’s for entry signals. What role is the PSAR currently playing, or are you just looking to use it as a close signal?

Right now, I’m still looking at different PSAR settings to see if I can make it be useful for close signal. Although it’s looking promising, I still eyeball the closing. Its so easy to just leave the trade open as long as price stays on the right side of the White (6) EMA.

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Friday - Nice wins this morning.
PSAR settings are 0.0009 / 0.3


Still no losses.

Could use PSAR with signals indicator to send push notifications.

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Have you tried this strategy on indices?
As I’ve said, I use a very similar strategy (never used PSAR though) and only do indices, mainly Dax and Nasdaq.
Yes, you have a very good strategy here! :wink:

No. I’m on IG and they are not an option. I do see many traders on Forex Factory using indices though. Is the volatility different?

BTW: Merry Christmas!

I have an IG account and they have indices, maybe it’s different I’m in UK, because we have spread betting.
Basically, you get more bang for your bucks with indices.
I’m in Tom Hougaard’s Telegram group and he has a lot of American traders in his group only trading indices. He recommends TD365 broker, they are Australian but have an off-shore set up (all regulated with escrow account at Barclays bank) and fixed spreads. Surely you can trade futures in US, same difference? All these daft rules must be very frustrating in US.
Merry Christmas!

They had a survey last year asking what other trading vehicles we want to have added. Haven’t seen anything yet. Maybe I’ll give them a call down the road.

Thank you so much for all the info.
Always appreciated.

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nice. as someone new to mt4 and EMAs in general can you share a screenshot of your settings so that I can set this up correctly? Want to give this strategy a go using demo account. Much appreciated

edit: I know how to set up the white and greens but as for the yellow and blue ema is it two seperate EMAs and if not how do you configure it to a blue/yellow combination
in your settings?

The Yellow/Blue is an indicator that changes color depending on trend direction. Its not necessary to use it. Just use a 14 EMA.

I’ve replaced the Yellow/Blue with a Yellow EMA in the last screenshot above.

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The settings I will be using on the 27th, 28th, 29th, 30th to finish off the year are a PSAR of 0.0092 / 0.07. These settings are for trades you expect to last no more than 10 - 45 minutes.

Here’s what the chart will look like using the free PSAR with Signals and Alerts indicator:

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I like this, It’s easy and seems effective so far. Also I am using the Stoch at 5/5/5 and when there is an upturn/downturn after it’s in the ob/os area it’s time to get outta the trade.
The Main indicator for TradingView came from a user called TraderOracle on Youtube. It has a lot of built in options.

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I honestly don’t understand how anyone could lose at the end of their trading day using my strategy. Any losses should be very small and there should be plenty of wins to far more than compensate. I’ll have to look into the stochastic as you suggested. Thank you for your input and advice.

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Another win at London open this morning. Will look for another signal after moderate USD news release at 9:00 EST.