M-Golden Scalper : A Brief Overview
The M-Golden Scalper is an automated trading system designed for scalping in the forex market. It operates based on specific technical indicators and aims to capture quick profits from short-term price movements. It leverages moving averages and price action to identify entry and exit points.
Recommended Settings
- Minimum Deposit:
- While there’s no fixed minimum deposit, it’s advisable to start with at least $500 to $1,000. This ensures sufficient capital for effective scalping.
- Timeframe:
- The M-Golden Scalper operates best on the M5 (5-minute) timeframe. This allows it to capture short-term price fluctuations.
- Currency Pairs:
- The M-Golden Scalper can be applied to various currency pairs, but it performs well on major pairs like EUR/USD, GBP/USD, and USD/JPY. These pairs tend to have higher liquidity and tighter spreads.
Strategy
- EMA Direction:
- Confirm the EMA direction on the H1 chart (long if EMA8 > EMA21, short if EMA8 < EMA21).
- Fan Pattern:
- Check for the fan pattern (EMA21 > EMA13 > EMA8 for short trades, and vice versa for long trades) on the M5 chart.
- Trigger Bar Confirmation:
- Validate trigger bars based on the conditions mentioned earlier.
- Execute Trades:
- Enter as per the recommended settings.
- Set SL and TP levels accordingly.
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