Golden 5 Mins White-Crows Strategy
The Golden five minutes White-Crows Strategy is a five minutes time frame strategy. This strategy is a price action strategy that is suitable for traders that loves to scalp XAUUSD (Gold). No indicator is needed for this strategy and the best time frame is the 5 minutes time frame.
Basically, for scalpers to use the Golden 5 minutes White-Crows strategy, the five minutes time frame must be monitored for the formation of Three White Soldiers and Three Black Crows.
Trade Entry Point:
The trade entry point for this strategy is the close (closing point) of the third candle. However, if the third candle is a reversal candle (that is, doji, pin bar, harami), do not enter the trade.
Stop Loss Point:
Technically, when three bullish candles (Three White Soldiers) are formed on the 5 minutes chart, stop-loss may be placed at the low (lowest point) of the first candle at the base.
On the other hand, when three bearish candles (Three Black Crows) are formed on the 5 minutes chart, the ideal point for stop-loss will be at the high (highest point) of the first candle at the top.
Take Profit Point:
The take profit point is determined by the amount of pips spacing between the Trade Entry Point and The Stop Loss point.
X = Pips Spacing between Trade Entry Point and Stop-Loss Point
Y = Pips Spacing between Trade Entry Point and Take Profit Point
X = Y
For example, if X is 20 pips, then Y must be 20 pips. This implies that the Risk Reward ratio for the trade is ratio 1:1.
Moving Stop-Loss order to the Trade Entry point may also be considered when Take Profit order is about to be triggered for more profit.
-This strategy is suitable for scalpers and the best time frame is the 5 minutes time frame.
-Best trade entry points are always at the point where 3 White Soldiers or 3 Black Crows are formed across or against key Support or Resistance levels.
-Another best trade entry point is at the point where 3 White Soldiers or 3 Black Crows are formed across or against key Fibonacci levels. In this case, the Fibonacci Retracement lines are plotted against the longest trend on the 1 hr time frame.
-If the total pips spacing for X is less than 10 pips, such trades may be ignored (where X is the Pips Spacing between Trade Entry Point and Stop-Loss Point).
-Scalpers who are willing to use this strategy to trade Gold must be patient and discipline must be maintained throughout the trading period.
XAUUSD 5 MINS CHART 14TH JUN 2019 (FRI 19:07 GMT): TODAY’S RESULT.
XAUUSD 5 MINS CHART 13TH JUN 2019 (THUR 18:27 GMT): THE WHITE SOLDIERS DOMINATED TODAY!!!