FOREX 5 MINUTES STRATEGY

What will you prepare for 5 minutes strategy forex ( free for all currency trade )

1. Prepare your metatrader and if you donot have it, you can download it free here.

2. Set EMA period to 20 at your metatrader platform. you can find EMA ( exponential moving average ) at navigation bar.

3. Set MACD with this setting first EMA = 12, second EMA = 26, Signal EMA = 9, all using the close      price.

4. Set the time frame chart to 5 minutes

TIMES TO DECIDE WHETHER LONG OR SHORT

A. LONG

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

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

B. SHORT

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