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Great ema schalping system

  • #1
  • First Post: Edited Jan 31, 2010 11:39pm Jan 27, 2010 1:03am | Edited Jan 31, 2010 11:39pm
I have a great system which can produce many pips each day but it just need one thing and i though maybe we could help each other and then we can all benefit from it.

I only trade it on the eur/usd and gbp/usd 5 minute chart. The indicators:

5 ema applied to the high- colour green
5 ema applied to the low- colour red
Rsi- 9 period with 70 and 30 levels

Enter buy if rsi below 30 and the new candle open below the red ema line.

Sell if rsi is above 70 and the new candle open above green ema line.

Make sure move back into the chanel cover at least youre spread and 3 more pips. Now take profit until the price is back into the chanel. Between 3 and 7 pips.

Only problem i have with the system is where to put my sl because one cannot trade without a sl.

I have attached the template for the system

All credit of the original system goes to Tmac

Intresting post page 7 post 96 of lilelisi

http://mibbit.com/?channel=%23Scalpi...irc.mibbit.net is the link to the chatroom during the londen session
Attached File(s)
File Type: tpl template_name.tpl   1 KB | 872 downloads
  • #2
  • Jan 27, 2010 1:06am Jan 27, 2010 1:06am
Recent swing low or nearest point of support?
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  • #3
  • Jan 27, 2010 1:08am Jan 27, 2010 1:08am
But how long does you go back on resent swing low

Quoting PipSqueeze
Recent swing low or nearest point of support?
  • #4
  • Jan 27, 2010 1:26am Jan 27, 2010 1:26am
Quoting Neller
But how long does you go back on resent swing low
If you're scalping, then I'd suggest you don't go too far back. Everything you're doing is short term so you need to be sensitive to short term S & R as well. But give your trade a little room... with the noisy, volatile nature of scalping you could easily get stopped out by a sudden spike - even if the broker wasn't hunting your stops.
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  • #5
  • Jan 27, 2010 1:31am Jan 27, 2010 1:31am
Twee will be hunting you with that link
  • #6
  • Jan 27, 2010 1:47am Jan 27, 2010 1:47am
Yes but that is where the problem is how far so that the one looser dont eat youre profit?

Quoting DennisTM
If you're scalping, then I'd suggest you don't go too far back. Everything you're doing is short term so you need to be sensitive to short term S & R as well. But give your trade a little room... with the noisy, volatile nature of scalping you could easily get stopped out by a sudden spike - even if the broker wasn't hunting your stops.
  • #7
  • Jan 27, 2010 1:58am Jan 27, 2010 1:58am
What is your aim for profit? You need to keep a reasonable R:R factor.
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  • #8
  • Jan 27, 2010 2:02am Jan 27, 2010 2:02am
my profit aim with the system is 5 pips and 30 pips a day

Quoting PipSqueeze
What is your aim for profit? You need to keep a reasonable R:R factor.
  • #9
  • Jan 27, 2010 2:09am Jan 27, 2010 2:09am
Is that before or after spread?

I don't have much experience with scalping so can't help out too much but would say you'd need at least a 10 SL after spread so in reality 8 pips before the spread. What success rate are you achieving?
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  • #10
  • Jan 27, 2010 2:12am Jan 27, 2010 2:12am
Sucsessrate will be determined by youre sl so it is hard to say. Looking for 5 pips profit after spread

Quoting PipSqueeze
Is that before or after spread?

I don't have much experience with scalping so can't help out too much but would say you'd need at least a 10 SL after spread so in reality 8 pips before the spread. What success rate are you achieving?
  • #11
  • Jan 27, 2010 2:13am Jan 27, 2010 2:13am
yes sorry typing error

Quoting davidb
Should the second of these be sell rather than buy?
  • #12
  • Jan 27, 2010 2:32am Jan 27, 2010 2:32am
Just tell me if anybody is testing the system with me?
  • #13
  • Jan 27, 2010 2:57am Jan 27, 2010 2:57am
im scalping...with MVA s i recommend a profit at 4-5 pips and about20-40 sl
StopLoss is for none belivers... Trust the Gurus..
  • #14
  • Jan 27, 2010 5:42am Jan 27, 2010 5:42am
and how many trades do you take each day and does the one loss make upi at the end of the day

Quoting lillelise
im scalping...with MVA s i recommend a profit at 4-5 pips and about20-40 sl
  • #15
  • Jan 27, 2010 5:58am Jan 27, 2010 5:58am
it sure does....i guess i take between 10-50 trades a day..
ofcourse you need a fine hitrate
StopLoss is for none belivers... Trust the Gurus..
  • #16
  • Jan 27, 2010 6:22am Jan 27, 2010 6:22am
Quoting Neller
[...]
5 ema applied to the high- colour green
5 ema applied to the low- colour red
Rsi- 9 period with 70 and 30 levels

Enter buy if rsi below 30 and the new candle open below the red ema line.

Sell if rsi is above 70 and the new candle open above green ema line.
[...]
[
Hi Neller and All,

I am a bit surprised with the method as I have allways read 'buy strong and sell weak'. Your set up is 'buy weak and sell strong'.

I explain: if the candle opens below the ema, it means that it is weak. In addition, if the RSI is below 30 then it is a confirmation of its weakness. In fact, I expected to read 'sell if rsi below 30 and opening below the red ema'. The same for the sell side.

But there is only one way of checking this. I will have a look at the graphics and tell you, I hope during this day.

Kind regards and Happy Pips.

Gonso
  • #17
  • Jan 27, 2010 6:34am Jan 27, 2010 6:34am
yes reason for that rsi is overbough over sold indicator. Ema forms a trading band which price retrace back into. If you start using this please post youre results for today i have made 50 pips with sl of 20.

Regards

Quoting gonso
Hi Neller and All,

I am a bit surprised with the method as I have allways read 'buy strong and sell weak'. Your set up is 'buy weak and sell strong'.

I explain: if the candle opens below the ema, it means that it is weak. In addition, if the RSI is below 30 then it is a confirmation of its weakness. In fact, I expected to read 'sell if rsi below 30 and opening below the red ema'. The same for the sell side.

But there is only one way of checking this. I will have a look at the graphics and tell you, I hope during this day.

Kind regards and...
  • #18
  • Jan 27, 2010 6:41am Jan 27, 2010 6:41am
Quoting lillelise
im scalping...with MVA s i recommend a profit at 4-5 pips and about20-40 sl
Are you kidding? I seriously hope so. 1:8 R:R...that is incredibly risky and silly. One bad day wipes out a boat load of wins.
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  • #19
  • Jan 27, 2010 6:43am Jan 27, 2010 6:43am
I will try this system tomorow on 15 pip sl and on friday with 10 pip sl and only looking for 15 pips a day from monday with this system

Quoting PipSqueeze
Are you kidding? I seriously hope so. 1:8 R:R...that is incredibly risky and silly. One bad day wipes out a boat load of wins.
  • #20
  • Jan 27, 2010 6:47am Jan 27, 2010 6:47am
Quoting PipSqueeze
Are you kidding? I seriously hope so. 1:8 R:R...that is incredibly risky and silly. One bad day wipes out a boat load of wins.
im not kidding at all....heres a demo statement from the last few day...almost identical with my own live trades....

my livetrading use a bit bigger lots...the demo is just for a freind im helping..

ps. theres not holy grail..and not just only one way to make it here in forex...
Attached File(s)
File Type: pdf statement26.pdf   96 KB | 944 downloads
StopLoss is for none belivers... Trust the Gurus..
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