116# Slingshot Scalping
Submit by Janus Trader
Time Frame 5 min or higher.
Currency Pairs: all.
Indicators:16 EMA, 34EMA.
Rules
We first wait for a cross of the 16-EMA and 34-EMA:
- When the 16 crosses above the 34 then we only look to buy on pullbacks.
- When the 16 crosses below the 34 then we only look to sell on pullbacks.
Long Entry
A BUY Slingshot™ setup occurs when price goes quite far below the EMAs quickly (but the EMAs do not cross) and starts rising again.
Short Entry
A SELL Slingshot™ setup occurs when price goes quite far above the EMAs quickly (but the EMAs do not cross) and starts falling again.
Stop Loss
Below low pullback (for buy or above high of pullback (for a sell).
Take Profit
Two take-profit strategies:
1 – Exit when take-profit is equal to the number of pips you risked on your stoploss (i.e. take profit at 1:1).
2 – Exit on first close below 16-EMA (for a buy) or first close above 16-EMA (for a sell).
In the pictures Slingshot Scalpingforex system in action.
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Write a comment
Romy (Wednesday, 05 April 2017 21:53)
Perfect pullback strategy.
steve (Saturday, 30 March 2019 17:44)
comment
Hakan hukumdar (Tuesday, 21 May 2024 20:56)
cok iyi bir sistem