i couldn’t resist the temptation to make this sound like a scam…
WARNING This is not a system, you will have to do some analysis to avoid fake outs.
ok to business.
draw support and resistance lines on the 5 min chart and wait for a convincing break to enter long or short. simple right? well yeah, but since its on the 5 min chart its prone to fake outs, so everyday before i start trading i take a directional bias as to what side of the market ill be on. whack on your favourite oscillator to provide some guidance. thats it done!
i use this method mostly on the eur/usd and the usd/jpy, just because of the low spread from my broker.
my take profit is 10 pips and my stop is 5 pips.
oh and i tend to avoid the end of the session with this method, low volume
flames, comments and suggestions welcome