price. I applied 1 period Simple Moving Average (SMA) on the candlesticks. Identify the highest high before the retracement and mark it with a horizontal line. Buy/Long Trade Rules On the EUR/USD 5 Minute chart, wait for price to enter an area of interest, such as previous support/resistance or round numbers. I use the market orders to enter trades. I trade with the, eurusd a lot because of low spreads. For you to trade successfully with the system, apply what you learned on a demo account for a long time until you know what youre doing and you have some confidence. Please dont forget to watch the videos in the members area as Im sure you will be able to learn more about my system from there as well. The trigger candle appeared when a bearish formed. 5 min Forex Scalping Strategy with Parabolic SAR and macd.
Support Resistance Support and resistance levels also play an important role in my system because they can give me a clue of whether or not the price will continue moving in a certain direction. For the chart set up, you simply need the. Follow your plan, accept your losses and dont overtrade when you lose. I try to find places where price may reverse, so I pay close attention to price when it is near previous levels of support and resistance or round numbers (ending in 00). Price makes a low.12146 before retracing (and confirmed with psar switching below price). Set the take profit 1:1 based on the stop loss level. Sell at the low, confirmed by macd making a bearish crossover. On the indicator windows, you can see that I drew lines ( A and B ) connecting the highs as well, but this time, they are pointing down. Stop losses and take profit targets included on each asset. All you need to do is read carefully, watch the videos and practice trading the system. Buy Rules, identify a strong uptrend. Which signals will cause you to exit early?