The 5-Minute Forex "Momo" Trade

Beginner Questions
1

i have a few questions about this system so if you could please read about it.

The 5-Minute Forex “Momo” Trade

i am a little confused on when to enter and exit

what does it mean by

Go long 10 pips above the 20-period EMA.
Go short 10 pips below the 20-period EMA.

does the guide say enter on the trade 10 pips above the EMA once other conditions are met?

And i don’t understand its math to set the stops and the limits

Example:
We waited for the MACD histogram to cross the zero line and when it did, the trade was triggered at 1.2044. We enter at 1.2046 + 10 pips = 1.2056 with a stop at 1.2046 - 20 pips = 1.2026. Our first target was 1.2056 + 30 pips = 1.2084. It was triggered approximately two and a half hours later. We exit half of the position and trail the remaining half by the 20-period EMA minus 15 pips. The second half is eventually closed at 1.2157 at 21:35 EST for a total profit on the trade of 65.5 pips.

Why does it say the trade was triggered at 1.2044 but in the next sentence it says we enter We enter at 1.2046 + 10 pips = 1.2056 i thought the enter was on 1.2044

Could someone please clear this up thanks…

2

Go back to babypips school before asking simple questions like these.

3

This means the system they are using gave the indication that a trade was possible when the price was 1.2044 but by the time they actually were able to open the order the price changed to 1.2046. Hope that clears things up for you.

Way to be great support EmptyEternity. You should think about being of more help next time instead of attempting to harass a newcomer to our forum.

4

thanks for the reply that what i had thought but i just wanted to be sure, guess it makes since everything seems to move faster on a 5 min chart.

pilotalexander,
have you every use a scalping system like this do you think it will work?

5

I trade a system similar to this one called madscalper. You can find info on that thread in the free systems section.

6

Ok then next question

why they say

We enter at 1.2046 + 10 pips = 1.2056

Are they setting a entry at 1.2056 or are they entering at 1.2046? Because they way it reads with the equation is a little confusing…

and when it says

Go long 10 pips above the 20-period EMA.
Go short 10 pips below the 20-period EMA.

does it mean once you see the trade line up wait 10 pips above or below the 20 ema to happen before entering the trade?

Thanks

7

Sounds like they mean place a pending order so that if price crosses through a certain price it’s not just a phase but an actual trend so we give it 10 pips to ensure it will continue.