Few days ago Hilton Moore from Hawaii emailed me regarding the 5 minute intraday trading strategy . He had been using the system for about 3 weeks trading during London session. The result was quite impressive, 17 pips to 50 pips a day.
I use your technique of trading the 5 minute gbp/usd with the 50 SMA, 10 EMA and 21 EMA. I have noticed that I get a signal every single day and that I normally get anywhere from 17 pips up to 50 pips per day with your strategy while I trade during the London session. I have been using it for 3 weeks now.
My question is, does this technique work every single day during the London session since the London session is the biggest session in the world to trade?
Actually the email was about to confirm me regarding the trading time, but I was impressed firstly with the trading result. I had never heard anyone reporting any result from this system before.
As for the trading time, London session is the best time for Gbp/Usd trading, regardless your trading system.
By the way, I don’t trade this week so there won’t be any forex signals either. The crude oils price has gone crazy recently and Poundsterling is usually very sensitive with oils price. I’m going to wait until next week.
I actualy used it some months ago but maybe was not used well as didnt work for me. A proper trend indicator should be used.
The main problem I have encountered is that if the pair decides to change direction you wouldnt know and your position would go to a SL. Thus trend status needs to be known well before entering a trade. Also the SL if its too close might hurt!
Only my views of course and am willing to retry it on demo again.
isn’t the 20 sma angle meant to define trend? however I think the system is much more a price action based then a trend based.
yes the 20sma angle defines trend, but on the 5min setup the direction changes in just a second and hitting your SL as you think its retracting within your ‘buy’ zone and in reality the movement into the ‘buy or sell’ area would be just a direction change
think its risky unless we work on a trend identifier that works better