Dislikedi was just wondering if anyone is an active scalper on the EUR/USD? The reason i ask is because i am and i trade off the 1 and 5 min charts and i was wondering if i could compare notes with any other traders on what indicators they use for an entry and exit as well as if they use stop losses. I look forward to hearing from everyone that has input both good and bad!
Thanks,
Mike
oh... i use MA's, a TRIX and SAR's for entryIgnored
I scalp using MA's & MurreyMath Indicator. To learn more about Murrey math, you can go to : http://www.forexfactory.com/showthread.php?t=159471
It's an excellent thread and Karthik is very helpful I must say.
The way I do it is very simple: 2 TFrames : 5 min and 15 Min
On the 5 min chart
Plot 50 EMA (close)
Plot 5 EMA (close)
Plot 14 WMA (close)
Plot MMLevels
On the 15 Min TF
Plot MMLevels
Plot 50 EMA (close)
Plot 5 EMA (close)
Long entry for example:
1) On 15 TF PA above 50 EMA
2) On 5 TF:
- PA above 50 EMA
- Wait for candle to close above 14 WMA
- Wait for 5 EMA to pierce through MMLevel from the bottom
- Wait for price to retrace back to 5 EMA before pulling the trigger
Target is the next MMLevel
Opposite for shorts.
I hope this helps. If you need anything, let me know.
Cheers !
Pahadi