Forum transfer: Submitted by Alex on September 18, 2007 - 16:36.I use this scalping method
http://forex-strategies-revealed.com/sc ... ips-gbpusdWell, RSI... I don't like this tool
, but you may try standard RSI(14).
For Stochastic settings, just make sure they aren't "looking back" at more than 3-8 price bars, something like Stochastic (5,3,3) should be just fine.
Moving averages are good for identifying a trend. Use them for confirmation purposes only, EMA 20 tells trend direction quite well.
Also talking about EMAs this Forex scalping system is worth attention:
http://forex-strategies-revealed.com/scalping/ema-bandsThere is absolutely no limit as to how many trades you can execute per day. The cost of each trade for you is going to be the spread cost, that vary from pair to pair from broker to broker.
When you open a new position you have already paid a spread cost and need to cover the negative balance before you can start making money. For example, if a spread cost for EUR/USD is 2 pips, once you open a position you will be -2 pips. You then need to cover those 2 pips to be break even and after that each pip you earn is yours.
Alex