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5 min momentum trade
FIVE MINUTE MOMENTUM TRADE
RULES FOR LONG TRADE
1 look for currency pair to be trading below the 20 period EMA and MACD to be negative
2 wait for price to cross above the 20 period EMA : make sure that MACD is either in the process of crossing from negative to positive or has crossed into positive territory no longer than 5 bars ago
3 go long 10pips above the 20 period EMA
4 for an aggressive trade, place stop at swing low on 5 minute chart, for a conservative trade, place stop pips below 20 period EMA
5 sell half of your position at entry plus the amount risked move the stop on second half to break even
6 trail the stop by higher of breakeven or 20-period EMA minus 15 pips
RULES FOR SHORT TRADE 1 look for currency pair to be trading above the 20-period EMA, MACD to be positive
2 wait for price to cross below the 20 period EMA : make sure that MACD is either in the process of crossing from positive to negative or has crossed into the negative territory no lone than 5 bars ago
3go short 10 pips below the 20 period EMA
4 for an aggressive trade, place stop at swing high on 5 minute chart, for conservative trade place stop pips above 20 period EMA
5 buy half of your position at entry minus amount risked move the stop on second half to break even
6 trail stop by lower of break even or 20 period EMA pips |
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This intel was contributed by annd
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May, 2012
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