5 min Momo Forex Trader

5 min Momo Trader

• Moving average set to period = 20.

• MACD true by Swingman – goes in your indicators folder.

• FFCal doesn’t go on the chart but must go in your indicators
folder.

• Use
the 5 minute momo
template from the templates zip to do the setting up for you.

Here is the system:

Rules for a 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 have crossed into positive territory no longer than 5 bars ago

3) Go long 10 pips above the 20-period EMA

4) For aggressive trade, place stop at swing low on 5 minute chart. For
conservative trade,

place stop 20 pips below 20-period EMA

5) Sell half of position
at entry plus amount risked, move stop on second half to breakeven

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6) Trail
stop by higher of breakeven or 20-period EMA
minus 15 pips

Rules for a Short Trade

1) Look for currency pair to be trading above
the 20-period EMA and 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 have crossed into negative territory no longer than 5 bars ago

3) Go short 10 pips below the 20-period EMA

4) For aggressive trade, place stop at swing high on 5 minute chart. For
conservative trade, place stop 20 pips above 20-period EMA

5) Buy back half of position at entry minus amount risked, move stop on second
half to breakeven

6) Trail
stop by lower of breakeven or 20-period
EMA plus 15 pips

Share your opinion, can help everyone to understand the forex
strategy.

  • Platform: Metatrader4
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • How to install MT4 indicator?
  • 1. On the desktop, double-click to open the MT4 trading platform software you installed.
  • 2. Click on “File” – “Open Data Folder” in the upper left corner, double-click the MQL4 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT4, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window
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