5 minute scalping system that is effective
1.Buy zone or sell zone is determined by the position of the Aqua coloured 13EMA in relation to the red coloured 100SMA
2. If the 13 EMA is above the 100SMA then it is a BUY zone and if it is below then it is a SELL zone
3.You have to wait then until price pulls back to the double yellow lines. It can go beyond the furthest of the yellow lines but as a minimum must actually pierce the inner line, not just touch it but actually pierce.
4. You also need the corresponding Arrow indicator. In the SELL zone you need an orange arrow and in the BUY zone you need the aqua arrow. These arrows "repaint and move" (similar to Semaphor indicator) as the price breaks the previous high/low and do have an alert which I have switched off because it will drive you nuts - every time the arrow moves or forms whether a buy or a sell arrow, it alerts. When you are watching two or three charts every five minutes you can get lots of alerts.
5.Setup is at the close of the first candle to close above the 13EMA in a BUY zone after the arrow and after the close of the candle below the 13EMA in a SELL zone.
6.Entry is as soon as the price breaks the "high/low" of the Signal candle NOT at the close of the candle.This entry condition combined with the candle closing above/below the 13EMA acts as a double filter.
7.In addition to the entry rules above do not take an entry if the "Signal" candle is quite large in comparison to other candles around it, or take entries during news releases.
8.Stop Loss is above/below the candle with the arrow. As this will be the recent highest point
9.TP is at minimum 1:1 and will quite often the price will go to the opposite side yellow lines.
You have to be aware that the yellow lines do move and recalculate, so whilst looking back later it might seem to have been an ideal setup, but at the setup time it may not have been so and the yellow lines will get pulled up quite substantially if price goes up strongly.
In addition you can add support resistance lines from maybe a higher time frame
1.Buy zone or sell zone is determined by the position of the Aqua coloured 13EMA in relation to the red coloured 100SMA
2. If the 13 EMA is above the 100SMA then it is a BUY zone and if it is below then it is a SELL zone
3.You have to wait then until price pulls back to the double yellow lines. It can go beyond the furthest of the yellow lines but as a minimum must actually pierce the inner line, not just touch it but actually pierce.
4. You also need the corresponding Arrow indicator. In the SELL zone you need an orange arrow and in the BUY zone you need the aqua arrow. These arrows "repaint and move" (similar to Semaphor indicator) as the price breaks the previous high/low and do have an alert which I have switched off because it will drive you nuts - every time the arrow moves or forms whether a buy or a sell arrow, it alerts. When you are watching two or three charts every five minutes you can get lots of alerts.
5.Setup is at the close of the first candle to close above the 13EMA in a BUY zone after the arrow and after the close of the candle below the 13EMA in a SELL zone.
6.Entry is as soon as the price breaks the "high/low" of the Signal candle NOT at the close of the candle.This entry condition combined with the candle closing above/below the 13EMA acts as a double filter.
7.In addition to the entry rules above do not take an entry if the "Signal" candle is quite large in comparison to other candles around it, or take entries during news releases.
8.Stop Loss is above/below the candle with the arrow. As this will be the recent highest point
9.TP is at minimum 1:1 and will quite often the price will go to the opposite side yellow lines.
You have to be aware that the yellow lines do move and recalculate, so whilst looking back later it might seem to have been an ideal setup, but at the setup time it may not have been so and the yellow lines will get pulled up quite substantially if price goes up strongly.
In addition you can add support resistance lines from maybe a higher time frame
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