5min EUR/USD mini trendline breaks
EUR/USD
5 minute chart
25SMA
10SMA
Optional: RSI 9.
The 10 SMA is below the 25 SMA. Looking for shorts only.
The 10 SMA is above the 25 SMA. Just look for longs.
Short example:
smas gives you a direction. We await a callback. Then wait for the mini trendline to break. The candle must close after the breakout. The entry point is 1 pip from the candle that breaks the trend line.
Trade management is up to you. All I did was enter 2 batches. I use a fixed 20 pip stop loss. My first trade closed at +20 pips. Then I move the second batch to break even and track it as best I can. RSI 9 does a good job of spotting divergences on the 5-minute chart. I used it to help with my second batch withdrawal. If I see strong disagreement, I will close my second batch. Sometimes, if I'm happy with the points, I'll close the second batch. It's up to you.
That's it. Simple. This is something I've been trying for years and seems to be quite successful. This has been done before in many forms. There's nothing exciting or new about it, but it works and hopefully it can help those who may be struggling with Forex trading. I work weird hours so can't be around all the time, so feel free to post what you like and take it wherever you want. Please be helpful rather than negative. I have tried almost every system on Forex Factory and still love trying new ones that pop up. However, this is how I currently trade. There's a really good thread here called Trend Flag Trading and that's pretty much the credit I get from that thread.
Good luck.
5 minute chart
25SMA
10SMA
Optional: RSI 9.
The 10 SMA is below the 25 SMA. Looking for shorts only.
The 10 SMA is above the 25 SMA. Just look for longs.
Short example:
smas gives you a direction. We await a callback. Then wait for the mini trendline to break. The candle must close after the breakout. The entry point is 1 pip from the candle that breaks the trend line.
Trade management is up to you. All I did was enter 2 batches. I use a fixed 20 pip stop loss. My first trade closed at +20 pips. Then I move the second batch to break even and track it as best I can. RSI 9 does a good job of spotting divergences on the 5-minute chart. I used it to help with my second batch withdrawal. If I see strong disagreement, I will close my second batch. Sometimes, if I'm happy with the points, I'll close the second batch. It's up to you.
That's it. Simple. This is something I've been trying for years and seems to be quite successful. This has been done before in many forms. There's nothing exciting or new about it, but it works and hopefully it can help those who may be struggling with Forex trading. I work weird hours so can't be around all the time, so feel free to post what you like and take it wherever you want. Please be helpful rather than negative. I have tried almost every system on Forex Factory and still love trying new ones that pop up. However, this is how I currently trade. There's a really good thread here called Trend Flag Trading and that's pretty much the credit I get from that thread.
Good luck.
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