I thought that I would like to contribute with a simple scalping system that I came across. It seems to work very well and can be used to make 10 pips a day or even more! Any help to improve this strategy is appreciated.
The price usually make a small retracement almost everytime a candle opens above/below the 5 EMA when the market is [B]not[/B] in a trend, this strategy works best when the market is ranging. This usually happens before a trend starts and when a trend ends.
Let’s get to it!
Any pair, I prefer EUR/USD
Time frame: 5 Min
5 EMA High
5 EMA Low
(See attachments for the Template)
Entry sell: If a candle opens ABOVE the 5 EMA high SELL
Entry Buy: If a candle opens BELOW the 5 EMA BUY
Take profit: 5 pips or take what you can get!
Stop loss: I use 8 as stop loss but i’m unsure on this one, any suggestions would be appreciated!
Please read all posts before you start trading, there’s alot of usefull information!
[B]Entry example, result example, template and an optional indicator to see time left on each candle is attached below[/B]
Note: I did not take all the trades in the Result example, it’s just an example of trade opportunities
Template and candletime indicator.zip (2.38 KB)