5m scalp system

Hi, I'm a fairly new member here and I would like to share one of my systems. The objective of the thread is to improve the system and hopefully put a EA together.

Here it goes:

Tools
5 minutes EURUSD chart
PWR
Candle range

Rules

PWR determines the trend, positive = bulish, negative = bearish
Do not trade when the candle is bigger than 15 pips

Long

PWR positive
Candle as a higher hi and higher low than the previous one.
Place a pending order at the high + spread with the stoploss on the candle's low and takeprofit at tha candle's size. R:R 1:1

Short
The exact opposite, of course.

Cancel your pending orders when they dont get hit after 3 candles.
After a order is activated no other order can be placed, until it hits tp or sl.


Trading times:
8.00 am to 18.00 pm Central European Time (CET) or London time +1 (GMT+1)

Important info on the second chart. (which I use, only because I tested it like that, it's profitability is yet to be determined)

Here's a typical trading day using this system. Each trade correspond to 2% of my account.

Looks like a nice simple system. Just wanted to know what you mean by pwr being positive? Thanks!

Above 0, blue if you use my template.

And something I forgot, I only trade from 8.00 to 18.00.

First two trades today, the 1st got hit and was profitable, the second got canceled because it didnt activated the pending order after 3 candles.
2% profit.

Is that your 3rd order on the image?

Whats the green box mean?

The green box is the 1st trade I took today, "green" means profitable.
The black dashed line is a "signal candle", all conditions to enter in the market were there, but the pending order didnt got hit after 3 candles so I canceled it.
The 3rd order was at the 16.10 candle (broker time, Alpari Uk), it was profitable to.
The 4th order was at 16.55, I missed this one, but it would have been profitable as well.

The 17.25 candle is too big for me to trade.

Here's another profitable one.

I still can't understand the signals!

Buy

1. Candle is smaller than 15 pips
2. Pwr indicator is positive (above 0)
3. The candle has a higher high and a higher low than the previous one

- Place a pending order (buystop) at the high of the signal candle
- Stoploss at the low
- Takeprofit, using the signal candle length (R:R 1:1)

Reverse for sell

Cancel if the the pending order don't get hit after 3 candles

I hope I was clear enough.

So you are looking at the bodies of the candles only, correct? Also, in you previous chart, why didn't you take the buy signal 2 candles earlier? Seems everything was there. Is there something I missing on that one?

Here's a clear signal.

Bodies and wicks.
I did not took the trade because the candle was 26.4 pips, bigger than 15.

This last one was a loss.

Bad trade, taken after 18.00, my mistake.
Following the rules for trading times I would have 3 losses and 9 wins.

Hi, 0002097

30 pips Not so bad isn'it

BBF

Hi, no trading for me today, last night party was too hard.
Here's how your trading day should look like:
3 losses
8 wins

Hello,

I was wondering if you could zoom in on your last chart and show us the first trade that was a loser. I tried to go back on my chart and I actually ended up with two losses in that first orange box. This could be due to broker differences but the candle right after the vertical dotted line, according to my clarifications of your rules was a valid long entry that failed to reach it's profit target. Then there was the loss that came a few bars later, which you have displayed in the first orange box. So according to my understanding, there were 4 losses rather than 3, which is fine but I just wanted to see if you could explain why you did not take the first long signal which was presented with the first bar after the vertical line.

I hope what I'm asking makes sense.

Thanks

Sorry for my previous post. I see where I went wrong. Sorry for the confusion.