trading eurusd/gbpusd M5

Quoting damonl

Disliked

Wow....I have been loving trading and moving with the market on the M5 chart. For anyone who is not trading using a lower TF, I think you are missing just how boring trading can be .

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 Attachment - default settings

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

Strategy

The 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

1. 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)
2. 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)
3. place order 1 pip above the bar where both criteria were met

Short Entry

1. 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)
2. 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)
3. plave order 1 pip below the bar where both criteria were met

Exit points

" 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......

Ignored

Quoting teodosy87

Disliked

Hello great system and thanks for sharing how long have you been using this system and what are the results till now if is not a secret to tell

Ignored

Quoting JerryFx

Disliked

Hey Damon,
Thanks for sharing your system, I have been setting a chart and I will test it out.

Question:
- Did you suggest to set a level of 50 or (-50) on Willians %?
- Are you trading with this system on a live account?
- The change of color on the damon nonlag indicator could be a exit point?

- Could you please post a chart with your entries and exits and result? (I'm asking you this, because I did set the EU 5min chart, and I saw that entries when the criteria was met, almost half of the times was late for the trade.

We'll appreciate if you can post some examples and one more time thanks for share this system, and I hope to work with it.

Jerry

Ignored

Quoting mohan

Disliked

Hey damonl,

what's happen with ur Parabolic SAR and Fractal system...are u still trade with that method????

For this system could u pls post some chart....thanks

Ignored

Quoting damonl

Disliked

please post a link to the system ur talking about....i will post charts after i make a trade or there abouts

Ignored

Quoting parsfx

Disliked

Is it correct signal?

Ignored

Quoting damonl

Disliked

these are all correct trades, and there is even one more after your loss.....

let's take a closer look at this chart.

1. if you would decide to have a s/l of 15 pips and a t/p of 15 pips, using a 3% risk, your 1st 3 trades would have been winners, your 4th a loser and your 5th a winner.

this means that after your 1st 3 trades, you would have been up 45 pips and 9% for the day. a very good day in my evaluation and time to go back to bed and get some sleep.

you will lose some trades with this system, but if you play until you are up in profit, you will get there everyday. my suggestion would be that after you are up 4-6% for the day, go spend the rest of the day with your family knowing that on a 10K account you just made $900 for the day and i don't know about you, but i only need $125 per day to live, $200 a day to live and have some fun and $300/day to do what i want when i want which leaves plenty of money for compounding

like i said practice taking profit, figure out what your daily expenses are and try to double that everyday. eurusd and gbpusd move a large amount everyday, you will eventually get the pips that you need to earn your keep for the day and the more you have in your account the eeasier it will be to achieve those daoiy profit targets.

I also suggest that you calculate your lot size risk and trade the whole session with that risk whther you win a trade or lose a trade, then recalculate your risk on the next trading day

Ignored

Quoting bksujal

Disliked

i agree with you 45 pips a day is too good for a living. Why many traders lose is they either overtrade or don't have a good strategy or even if they have one don't follow money management.

Ignored

Quoting mohan

Disliked

Hi Sujal,,

where are you from????? me from malaysia...

namaste

Ignored

Quoting bksujal

Disliked

I live in dubai but I'm from India

Ignored