Forex Scalp Retracement Trading System
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Time Frame 5min
Pairs: GBP/USD EUR/JPY
Indicators:
55EMA
MACD (4,9.6)
Long Entry:
The Closing price must be above 55EMA on The Hourly Chart;
The closing hourly candelstick must be a bullish candelstick;
MACD bar mus show a positive divergence or show a higher low bar.
If all of the conditions above agree,
switch to a 5-min chart.
Scenario A: look out for 38% or 50% Fibonacci retracement (support) from the recent swing low on hourly chart. Open long position if the candelstick went below but closed above the retracement level (eigther 38% or 50 %); set stop loss at 61,8% or recent swing low if your risk per trade allows.
Scenario B: if the price action does not retrace to 38% level, open long position at the break of the previous hourly candle's high; set stop loss at 61,8% or at recent swing low.
Short Entry:
The Closing price must be below 55EMA on The Hourly Chart;
The closing hourly candelstick must be a bearish candelstick;
MACD bar must cross lowe the Signal EMA on the hourly chart and color must be red.
If all of the conditions above agree,
switch to a 5-min chart.
Scenario A: look out for 38% or 50% Fibonacci retracement (resistance) from the recent swing high on hourly chart. Open short position if the candelstick went below but closed above the retracement level (eigther 38% or 50 %); set stop loss at 61,8% or recent swing high if your risk per trade allows.
Scenario B: if the price action does not retrace to 38% level, open short position at the break of the previous hourly candle's low; set stop loss at 61,8% or at recent swing high.