Scalping the Rainbow | Scalping EA download - MT4/MT5 resources

Hi everyone, I saw some posts on this forum about rainbow trading but nothing clear on how to trade so I started my own system. I'm just at the beginning of development of it and I start this tread in hope that others would contribute to it and would be open source, so good ideas would be included and tested and we will have a good solid system. Some software is developed this way, and the products are great, and it's the result of a lot of people working together. That is, opening up Solaris , Linux , Firefox ...
I'm getting really good results so far and I'll start publishing them.
Here's how the system has progressed so far:

1. Euro 1 minute chart with WMMA Rainbow
2. Euro 5 minute chart with WMA(12) and trendline
3. Determine the best trading times (good volatility). Do not trade during news hours; wait 10 -15 minutes after news is released.
4. Determine 5 min trend (ie. trend line up & higher highs & higher lows & price retracts and then passes the first peak (resistance) & price on top of WMA(12) = trend up)
5. On the 1-minute chart, price (thin white line) moves into the moving average
6. When the price moves back from the red, trade in the direction of the 5-minute trend with 1 mini lot for every $500 in the account. and SL20, TP10; this is a 4% risk because the system win rate is over 80%.
7. Sit back and relax.