An easy to follow forex scalping system that consists of two exponential moving averages and one trading oscillator. We will be using the two EMA’s for trend direction and the oscillator to pinpoint the entry point.
Indicators: 48 period EMA, 16 period EMA, laquerre
Preferred time frame(s): 5 min
Trading sessions: London, US
Preferred Currency pairs: low spread pairs (EUR/USD, USD/JPY, GBP/USD, AUD/USD)
Example: EUR/USD 5 Min Chart
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- EMA 16 above EMA 48 (short-term bullish)
- Closing price above the EMA 16
- Laquerre oscillator above 0.8 level
==> Go long at the open of the next candlestick.
Stop-Loss: Place a low risk stop below the most recent swing low or 20-30 pips below the entry point.
Price Objective: Close 50% of the trade at 20 pips profit. Close the remaining half when the EMA 16 crosses the EMA 48 from above (short-term bearish).
- EMA 16 below EMA 48 (short-term bearish)
- Closing price below the EMA 16
- Laquerre oscillator below 0.2 level
==> Open sell order at the open of the next candlestick.
Stop-Loss: Place a low risk stop above the most recent swing high or 20-30 pips above the entry point.
Price Objective: Close 50% of the trade at 20 pips profit. Close the remaining half when the EMA 16 crosses the EMA 48 from below (short-term bullish).
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Source : ForexLeaks.info