138# 5 min Momo Trader

Submit by Janus Trader (Written by Steve Hopwood's Boris Schlossberg)

 

Chart setup:

• 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

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

 

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