34EMA High Low scalping

[dsugums]

Simple strategy based on 34ema high low band. Not my original strat but worth sharing.

Set-up:

34EMA (high)

34EMA (low)

200EMA

Time frame: 5m

Trading time: Tokyo open to London close

Long set-up: PA above 200EMA

PA close above 34EMA high

SL PA close below 34EMA low

TP: 20-30pips or nearest pivot line

Short set-up: PA below 200EMA

PA close below 34EMA low

SL PA close above 34EMA high.

TP: 20-30pips or nearest pivot

Thats it. This 5m trading, Dont expect more than 30pips. Rinse and repeat the above set-up until London close.

[denozi]

Dear Sir,

Very interesting simple strategy for FX beginner like me. Will you so be kind enough to share me the link to download indicators together with the template.

Best personal regards
DenOzi

[SteveHopwood]

Nice one dsugums. Thanks for posting it.

[rudy]

seems like a good strategy from looking at some history on the eurusd do you have any preferred pair?

[SteveHopwood]

I knew I wanted to automate this as soon as I read it, but today was the first chance I have had. The bot is at http://www.stevehopwoodforex.com/phpBB3 ... 469#p31469

[garyfritz]

dsugums, do these trades look right?

dsugums.gif

I wrote up a test in Tradestation. For simplicity I only used a fixed TP -- no pivots.

In the last year it's lost slowly but pretty steadily, losing about 500 pips (before costs/slippage/spread/commissions) in almost 2000 trades.

I looked at TPs from 5 to 50 pips. I also looked at profits by time of day. The period from 01:00 to 04:00 MST (08:00 to 11:00 GMT, London morning) was very slightly profitable before costs. Even that period would have lost after costs.