5M on 60 LWMA on Cobra style
I always say that making pips in FX is easy but we tend to complicate it too much.
Also fear and greed let us loose against the FX shark.
Here I explain the 60 LWMA 5M scalping method.
The 60 LWMA line works on the 5M and higher chart (at 30M and more I use the 60EMA) as a resistance or support line, here is how it works:
The PA breaks and retest the 60MA line, on the next candle confirmation of the direction we enter.
The SL is the last two candles that broke the line but no more than 20 pips, TP min is 30 pips or a clear reversal candlestick sign, so we have a risk reward of 1:1,5
The reversal sign may be the change of the color from the OsMA indicator, that depends on the strange, with the time you will get the feeling when to leave the trade.
Don't forget what I said related on the MM (money management) page.
Also don't forget the pivot and psych levels, if you don't know about it, visit the website of acumen.
The folder has also a colored RSI indicator that shows oversold or overbought areas, watch out for them!!!
You can use the setup also as a S&R overview:
scalping ain't easy