robwin
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On the 5 minute chart things can happen fast and practice is needed to spot valid S/R levels quickly but what’s even more important is not to see something that isn’t there as that can be very costly! S/R lines need to line up precisely with a minimum of three touches and the more touches the more valid the level.
robwin
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Surfing the wave
Entry rules
The long trade.
My chart shows a 50 ema channel and the rule is to only buy when the price is above the channel.
The blue 15 ema line also needs to be above or just about to leave the channel.
The price must first close above the channel then retrace back towards the channel creating a high.
A pending buy order or a manual buy entry would be 1 pip + spread above that high
The stop loss would be just below the channel or a maximum 30 pips.
The closer the entry to the channel the better as this means a closer stop loss and less risk to the bank.
The MACD coloured Histogram.
The MACD at the bottom of the chart is simply an indicator that shows what’s happening on a higher time frame in this case the 15 minute. There is a horizontal zero line in the widow and as the price rises above its channel on the 15 minute time frame the line in the histogram rises above the zero line and turns green indicating a higher probability trade on the 5 minute time frame.
Entry rules
The long trade.
My chart shows a 50 ema channel and the rule is to only buy when the price is above the channel.
The blue 15 ema line also needs to be above or just about to leave the channel.
The price must first close above the channel then retrace back towards the channel creating a high.
A pending buy order or a manual buy entry would be 1 pip + spread above that high
The stop loss would be just below the channel or a maximum 30 pips.
The closer the entry to the channel the better as this means a closer stop loss and less risk to the bank.
The MACD coloured Histogram.
The MACD at the bottom of the chart is simply an indicator that shows what’s happening on a higher time frame in this case the 15 minute. There is a horizontal zero line in the widow and as the price rises above its channel on the 15 minute time frame the line in the histogram rises above the zero line and turns green indicating a higher probability trade on the 5 minute time frame.
Last edited:
robwin
Active member
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Entry Rules
The short trade
My chart shows a 50 ema channel and the rule is to only sell when the price is below the channel.
The blue 15 ema line also needs to be below or about to leave the channel.
The price must close below the channel and then retrace back up towards the channel creating a low.
A pending sell order or a manual sell entry would be 1 pip below that low.
The stop loss would be just above the channel or a maximum 30 pips.
The closer the entry to the channel the better as this means a closer stop loss and less risk.
The MACD at the bottom of the chart is simply an indicator that shows what’s happening on a higher time frame in this case the 15 minute. On our chart there is a horizontal zero line in this widow and as the price drops below its channel on the 15 minute time frame the line in the histogram falls below the zero line and turns red indicating a higher probability trade on the 5 minute time frame.
The short trade
My chart shows a 50 ema channel and the rule is to only sell when the price is below the channel.
The blue 15 ema line also needs to be below or about to leave the channel.
The price must close below the channel and then retrace back up towards the channel creating a low.
A pending sell order or a manual sell entry would be 1 pip below that low.
The stop loss would be just above the channel or a maximum 30 pips.
The closer the entry to the channel the better as this means a closer stop loss and less risk.
The MACD at the bottom of the chart is simply an indicator that shows what’s happening on a higher time frame in this case the 15 minute. On our chart there is a horizontal zero line in this widow and as the price drops below its channel on the 15 minute time frame the line in the histogram falls below the zero line and turns red indicating a higher probability trade on the 5 minute time frame.
price777999
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looks like a decent method ...........how's your account doing ?.........are you rich yet ?
do you not look at any higher time frames ?
do you not look at any higher time frames ?
