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Key Takeaways The five-minute momo strategy is designed to help forex traders play reversals and stay in the position as prices trend in a new direction. The strategy relies on exponential moving averages and the MACD indicator. As the trend is unfolding, stop-loss orders and trailing stops are used to protect profits. As within any system based on technical indicators, the 5-Minute Momo isn't foolproof and results will vary depending on market conditions.
What's a Momo? The five-minute momo looks for a momentum or "momo" burst on very short-term five-minute charts. First, traders lay on two technical indicators that are available with many charting software packages and platforms: the period exponential moving average EMA and moving average convergence divergence MACD.
EMA is chosen over the simple moving average because it places higher weight on recent movements, which is needed for fast momentum trades. While a moving average is used to help determine the trend, MACD histogram , which helps us gauge momentum, is used as a second indicator. This strategy waits for a reversal trade but only takes advantage of the setup when momentum supports the reversal enough to create a larger extension burst. The position is exited in two separate segments; the first half helps us lock in gains and ensures that we never turn a winner into a loser and the second half lets us attempt to catch what could become a very large move with no risk because the stop has already been moved to breakeven.
Wait for price to cross above the period EMA, then make sure that MACD is either in the process of crossing from negative to positive or has crossed into positive territory within the last 25 minutes five bars or less on a five-minute chart. Go long 10 pips above the period EMA. For an aggressive trade, place a stop at the swing low on the five-minute chart. For a conservative trade, place a stop 20 pips below the period EMA.
Sell half of the position at entry plus the amount risked; move the stop on the second half to breakeven. Trail the stop by breakeven or the period EMA minus 15 pips, whichever is higher. Wait for the price to cross below the period EMA; make sure that MACD is either in the process of crossing from positive to negative or crossed into negative territory no longer than five bars ago. Go short 10 pips below the period EMA.
For an aggressive trade, place stop at the swing high on a five-minute chart. For a conservative trade, place the stop 20 pips above period EMA Buy back half of the position at the entry price minus the amount risked and move the stop on the second half to breakeven. Trail the stop by either the breakeven or period EMA plus 15 pips, whichever is lower. Although there were a few instances of the price attempting to move above the period EMA between p.
We waited for the MACD histogram to cross the zero line, and when it did, the trade was triggered at 1. We enter at 1. Our first target was 1. It was triggered approximately two and a half hours later. We exit half of the position and trail the remaining half by the period EMA minus 15 pips. The second half is eventually closed at 1. ET for a total profit on the trade of The math is a bit more complicated on this one. The stop is at the EMA minus 20 pips or The first target is entry plus the amount risked, or It gets triggered five minutes later.
The second half is eventually closed at ET for a total average profit on the trade of 35 pips. Although the profit was not as attractive as the first trade, the chart shows a clean and smooth move that indicates that price action conformed well to our rules.
We see the price cross below the period EMA, but the MACD histogram is still positive, so we wait for it to cross below the zero line 25 minutes later. Our trade is then triggered at 0. As a result, we enter at 0. Here, I will present a 1-minute scalping trading technique that you can use for your Forex trading. You may use any currency pair that involves majors for this strategy. The indicators that will be used in this trading strategy are Bollinger bands 18 period and the RSI indicator.
Entry You should be using a 1-minute chart with this strategy. You may enter the trade in either of 2 ways — with a long entry or with a short entry. With the long entry, you must wait for the 3EMA to cross above the 18 Bollinger bands middle line.
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My own experience with 1MD is probably similar - winning and losing days, but if you were wanting to fix-something-that-ain't-broke, you could look at trading fewer of the wide-range days of the Asian session, and focus on the more narrow-range days. For those of you who have the system, you will note that narrow-range days means smaller profit targets, but stronger breakouts generally.
Consequently some research using different pairs will reveal some interesting stats. I'm not going to post my findings here, because it is a work in progress, and very subjective really. But I would like to alert owners to the fact that some pairs offer bigger rewards following narrow-range days in the Asian sessions.
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