EuriskoFX Scalping System discussion

Recently I've been trying to develop a scalping system based on a few indicators, I'm even having an alert system developed on it, but I seriously need some new ideas, I've been playing around with the indicators and template, but I have such a headache right now, I'm all out of ideas!! ...terrible

So I'm turning to the community, the trading system is based upon another system located here.

The main indicator is PJ-RSI, I'm using four of PJ-RSI (14, 21, 28 and 35) with overbought and oversold levels at 50, when all of them are red then its a sell, when all are green its a buy.

But this produces a lot of signals, problem is to determine which trades to take and avoid.

I've been playing around with the system on M5 chart, using OsMA, even Waddah Attar Scalping indicator (I like how waddah can determine when not to trade with no green or red bars).

The system could be used as a breakout system, after price action ranged and the bollinger bands come together. You could then trade in the direction of of the signal based on Waddah, OsMA and PJ-Over.

Note: This system could be used for the market open of London and New York.

I really need some help with this, if I can get some solid ideas, and work it into the alert system I will share it on the trading systems thread.

Want my honest opinion... you don't need all those indicators, take them off. Just look at a chart. In fact, you don't even need that.

I don't even need the chart?

Heh, to me this looks like headache, too.

I was never able to accomodate to M5 (or M30 for that matter), the indicators seem not to work well with this one.
I use M1 and M15 side-by-side (literally), and check back with higher TFs (H4/D1). I also rely mostly on two indicators: RSI (period 4 and median price HL/2), and Bollinger bands (period 10, deviation 2), and I also put up the EMA(50).
If you like watch them for a while working them magic.. With the RSI(4) the relevant levels are 90/10, peak to trough (and vice versa) almost always a winner. Yeah almost: I'm especially watching the ratio of the RSI being above vs below its median (50).
The Bbands also frame the price very well. Remarkably: even on M1 at times price respects EMA 50 well to the pip.
If you like put up Bbands with period 50 and EMA as MA (instead of EMA 50 alone), with deviation set to 3. AFAIK price wont't break that one.
(Though I'm not trading with MT4; and said only valid for EURUSD)

All you need to know is price.

yeah...you know what I'm just got to forget about it. I must realize, that I was making it much harder then it should have been. I will stick to what I know works and stop trying to "reinvent the wheel" ...haha