Hello Traders,
I am a professional daytrader that uses an inner bar system on 5 minute charts. I have been demoing a quasi momentum system, but like all systems the exits seem to be a problem. It is difficult to know when to take a 20 pip profit or let it go for 100+. Also if anyone has any ideas of how to filter out false signals on this system would be appreciated. On this template you will see an osma, momentum indicator, and a 13 simple moving average applied to close. Using 5 minute charts. Basic rules I have been following:
1. Price must cross and close below 13 ma for sell and above for buy.
2. Osma must be below 0 for sell and above 0 for buy.
3. Momentum must be above 100 for buy and below 100 for sell.
Trading against the trend or during retracement can steal some pips but obviously with the trend you can catch some big moves early. I have been messing around with a 25 pip trailer with the trend. High risk trades against te trend using a 10 pip stop loss( plus spread) looking for 15-20. Please help......
I am a professional daytrader that uses an inner bar system on 5 minute charts. I have been demoing a quasi momentum system, but like all systems the exits seem to be a problem. It is difficult to know when to take a 20 pip profit or let it go for 100+. Also if anyone has any ideas of how to filter out false signals on this system would be appreciated. On this template you will see an osma, momentum indicator, and a 13 simple moving average applied to close. Using 5 minute charts. Basic rules I have been following:
1. Price must cross and close below 13 ma for sell and above for buy.
2. Osma must be below 0 for sell and above 0 for buy.
3. Momentum must be above 100 for buy and below 100 for sell.
Trading against the trend or during retracement can steal some pips but obviously with the trend you can catch some big moves early. I have been messing around with a 25 pip trailer with the trend. High risk trades against te trend using a 10 pip stop loss( plus spread) looking for 15-20. Please help......
Attached Image (click to enlarge)
