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M5 USDJPY Scalping System in 3 steps

  • #21
  • Jan 10, 2018 11:05pm Jan 10, 2018 11:05pm
Do you follow the usd and jpy indexes?
  • #22
  • Jan 11, 2018 12:05am Jan 11, 2018 12:05am
Hi FXMD, and thank you so much for sharing your very simple system. I know you said you trade this only on U/J, I'm curious if you have tested this on any other low spread pairs, to see whether or not, you get a similar high percentage win rate as U/J? Green pips to you sir!
“The waiting is the hardest part” Tom Petty
  • #23
  • Jan 11, 2018 6:36am Jan 11, 2018 6:36am
Thanks for sharing, I love scalping so will be testing this system. I drop to 1 minute to see the candles react on the line =) Only one problem I find here is risk reward ratio, always upside on that one (usually not much but still on the bad day can add up).
  • #24
  • Jan 11, 2018 6:37am Jan 11, 2018 6:37am
Hi FXMD, Thank you for starting this thread and sharing your idea. Very interesting.
Perfidious Pips
  • #25
  • Jan 11, 2018 9:47am Jan 11, 2018 9:47am
Quoting HeavyT
Do you follow the usd and jpy indexes?
I dont
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  • #26
  • Jan 11, 2018 9:51am Jan 11, 2018 9:51am
Quoting SirViver
Hi FXMD, and thank you so much for sharing your very simple system. I know you said you trade this only on U/J, I'm curious if you have tested this on any other low spread pairs, to see whether or not, you get a similar high percentage win rate as U/J? Green pips to you sir!
EURUSD with levels 1.20100, 1.20200, 1.20300 etc instead, but, it is not very consistent
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  • #27
  • Jan 11, 2018 9:52am Jan 11, 2018 9:52am
Quoting taksistalo
Thanks for sharing, I love scalping so will be testing this system. I drop to 1 minute to see the candles react on the line =) Only one problem I find here is risk reward ratio, always upside on that one (usually not much but still on the bad day can add up).
thats right, thats why I wait for a retracement, take it 1-2 pips away from the level or let it pass if these conditions were not met
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  • #28
  • Jan 11, 2018 2:21pm Jan 11, 2018 2:21pm
HI Fxmd

Which broker do you use when trading your system ?

/Alf
  • #29
  • Jan 11, 2018 3:12pm Jan 11, 2018 3:12pm
Quoting stocktorp
HI Fxmd Which broker do you use when trading your system ? /Alf
Its clearly stated in the post
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  • #30
  • Jan 11, 2018 6:15pm Jan 11, 2018 6:15pm
hello Fxmd.
I have a question. How much is the allowable spread?
My broker's spread is about 1pips~1.5pips(10~15point)
  • #31
  • Jan 11, 2018 8:13pm Jan 11, 2018 8:13pm
Quoting busted
hello Fxmd. I have a question. How much is the allowable spread? My broker's spread is about 1pips~1.5pips(10~15point)
I would suggest less than a pip so you will have better risk reward ratio
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  • #32
  • Jan 12, 2018 2:13am Jan 12, 2018 2:13am
Very interesting. Tried your rules during the Asian session today and while it's not a very large sample size (only 3 trades), it was a 100% success rate so far.

EDIT:
I missed the 4th trade as I was typing this reply but that was also a winner
  • #33
  • Jan 12, 2018 2:35pm Jan 12, 2018 2:35pm
Quoting BSFilter
Very interesting. Tried your rules during the Asian session today and while it's not a very large sample size (only 3 trades), it was a 100% success rate so far. EDIT: I missed the 4th trade as I was typing this reply but that was also a winner
Wish you a lot of pips. Keep your money management in check always.
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  • #34
  • Jan 12, 2018 2:41pm Jan 12, 2018 2:41pm
To everyone who likes this system and wants to follow it, realize I dont give any rules like 2% risk per trade, I will quit if I face 3 lossers in a row for the day, etc thats up to you. As with any other system, money management is more important then the strategy itself.

I also have a system for higher timeframes H4/M15 for long term trades. I might release it later on depending on how this thread goes and if traders are interested lets see how this one goes till the end of this month.
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  • #35
  • Jan 12, 2018 4:56pm Jan 12, 2018 4:56pm
Subscribed
  • #36
  • Jan 13, 2018 8:45am Jan 13, 2018 8:45am
Dear FXMD
I tested just a day ,1 lost and 1 BE. However I think this strategy is very simple and have a great potential.
I'd like to confirm about RR.
If I place buy order at 100.020, TP is 100.100 and SL is 99.000. Is it correct?
in this situation, ratio is not 1:1. right?
  • #37
  • Jan 13, 2018 10:16am Jan 13, 2018 10:16am
How do you cope with consolidation? Because it happens a lot that price consolidates at those levels. Besides of that is the forex market very volatile on small time frames and in my opinion quite random if there is no direction (in other words when there is no trend). Yes of course there are good examples to cherry pick when the trend is clear. But in times of consolidation all (eventual profit) will be taken away.

I've been trying this strategy for a long time and for me it's too time intensive because sitting behind the computer always is just impossible and for that reason it's likely to miss opportunities, especially on the 5M time frame. I don't want to be rude, I'm just critical, because with strategies like this it's easy to cherry pick the examples.
  • #38
  • Jan 13, 2018 10:48am Jan 13, 2018 10:48am
Quoting busted
Dear FXMD I tested just a day ,1 lost and 1 BE. However I think this strategy is very simple and have a great potential. I'd like to confirm about RR. If I place buy order at 100.020, TP is 100.100 and SL is 99.000. Is it correct? in this situation, ratio is not 1:1. right?
SL one level below and TP one level above (if buy. Opposite for sell). I wait for retracement to get better R:R(1:1)
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  • #39
  • Jan 13, 2018 11:01am Jan 13, 2018 11:01am
Quoting larsdr
How do you cope with consolidation? Because it happens a lot that price consolidates at those levels. Besides of that is the forex market very volatile on small time frames and in my opinion quite random if there is no direction (in other words when there is no trend). Yes of course there are good examples to cherry pick when the trend is clear. But in times of consolidation all (eventual profit) will be taken away. I've been trying this strategy for a long time and for me it's too time intensive because sitting behind the computer always is just...
Its clearly stated in the system

  1. What times to trade (avoid consolidation)
  2. Only one trade at a time
  3. The use of an indicator that will send mobile notification when there is a signal to avoid sitting in front of the computer all day and night.

Maybe this will help you in life

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  • #40
  • Jan 13, 2018 11:06am Jan 13, 2018 11:06am
Quoting Fxmd
{quote} Maybe this will help you in life https://link.springer.com/article/10.1007/BF02653756
lol
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