With that said, I have been really looking for a way to effectively trade the M5 TF, and I wanted to introduce to you all what i have discovered.
Please leave any feed back that you may have and I am always looking for ways to make this better.
TF
M5 - eurusd and gbpusd
H4 - gbpjpy
Indicators
eurusd
damon_nonlag
williams% set to "10" with a level at -50
6 SMA set to close
gbpusd
same as settings for eurusd
gbpjpy
damon_nonlag as above
williams% set to "48"
20 SMA set to close
please note that i do not actively trade this pair, but I have a trade I am trying to get out of
StrategyThe strategy is quite simple really......
Trading Hours
5 GMT until you need to get some sleep
Entry Points (please note that i place all orders real time)
Long Entry
- williams% closed above level 50 (i like to see a good break above level 50, not a question of whether it is or isn't, but i will take a close call if criteria #2 is met)
- nonlag has closed above SMA 6 (i like to see a good break above the SMA 6, not a question of whether it is or isn't)
- place order 1 pip above the bar where both criteria were met
Short Entry
- williams% closed below level 50 (i like to see a good break above level 50, not a question of whether it is or isn't, but i will take a close call if criteria #2 is met)
- nonlag has closed below SMA 6 (i like to see a good break below the SMA, not a question of whether it is or isn't)
- plave order 1 pip below the bar where both criteria were met
" a successful trader will exit the market after the trend has turned against him and not when the trend is still giving him pips" - I don't know
work on taking profit, but this will get you in and keep you in some long nice runs. the best scenario is to close an order when the next one is placed, but you should set s/l 's for what you are comfortable with. 15 pips for eurusd and 30 pips for gbpusd might be some ideas.
it also might be a good idea to set a t/s at a certain poing and a take profit at a certain point. remeber, with such little risk, you only need 20 pips/day with eurusd and 40 pips per day with gbpusd to double your money every 60 - 90 days.
I hope that you all enjoy and leave your feedback, as i think this is the best M5 scalping system i have ever seen, so let's make this thing rock......Please skip to post #38 by using the link below....
http://www.forexfactory.com/showthre...t=94775&page=3