Power trades | Scalping EA download - MT4/MT5 resources - MetaTrader 5 resources
A friend introduced me to this very profitable system and thought I would share it in order to improve it and further develop it into a better system. This is a very simple (KISS) scalping system based on a 5 minute time frame and uses a 15 minute time frame for confirmations. We like to trade in the direction of the trend.
You need to open 2 charts. One on the 15 minute TF with the CCI8 indicator using CCIperiod set to 6. This will help confirm the direction of the trend. If the CCI is red, we only wear shorts. If it is blue, we only go long. (Above or below the zero line)
Now open the 5 minute chart with Stochastic set to 5/3/3; Low/High; Index. If the 15 minute CCI is blue (look for bulls) and the Stochastic drops below the 20 line and rises above the 20 line, then this is a safe entry point. For shorts using 80 threads, the opposite is true.
Assuming the 15-minute CCI is still blue (above the zero line), the most likely entry opportunity is to place a trade when the stoch breaks below the 50 line and recovers. Again, the opposite is true with shorts.
As for the stop loss and take profit prices, I use a stop loss of 15 pips and trade half the trade at +10 and then have the other half trade using a manual trail of about 15 pips.
I currently only trade the EURUSD currency pair, but this system should work on almost any currency pair as it uses the power of trends to earn pips.
Now to explain the charts, the first two charts are high probability power trades with 15 minute confirmations. The next two charts are 15 minute confirmed safe power trades.
If anyone would like to write an EA that sends you reminders via email so you can still trade manually, please feel free.
You need to open 2 charts. One on the 15 minute TF with the CCI8 indicator using CCIperiod set to 6. This will help confirm the direction of the trend. If the CCI is red, we only wear shorts. If it is blue, we only go long. (Above or below the zero line)
Now open the 5 minute chart with Stochastic set to 5/3/3; Low/High; Index. If the 15 minute CCI is blue (look for bulls) and the Stochastic drops below the 20 line and rises above the 20 line, then this is a safe entry point. For shorts using 80 threads, the opposite is true.
Assuming the 15-minute CCI is still blue (above the zero line), the most likely entry opportunity is to place a trade when the stoch breaks below the 50 line and recovers. Again, the opposite is true with shorts.
As for the stop loss and take profit prices, I use a stop loss of 15 pips and trade half the trade at +10 and then have the other half trade using a manual trail of about 15 pips.
I currently only trade the EURUSD currency pair, but this system should work on almost any currency pair as it uses the power of trends to earn pips.
Now to explain the charts, the first two charts are high probability power trades with 15 minute confirmations. The next two charts are 15 minute confirmed safe power trades.
If anyone would like to write an EA that sends you reminders via email so you can still trade manually, please feel free.
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