The strategy of "Momo-style 5m chart trading" is momentum searching, also known as Momo on the 5M time frame. Use 2 indicators, EMA20 and MACD histogram (in MT4, you can use the OSMA indicator which is MACD histogram). The parameter for MACD is the default, ie 12,26.9

This trading tactic will wait for the trade to reverse but only enter the order when the momentum supports it to create a large movement.

Rules for buying:

1. Price is below 20 EMA and MACD is negative

2. Wait for price to cut EMA 20 and MACD also change from negative to positive or turned positive but not more than 5 candles before the price cuts EMA 20 up.

3. Buy 10 pips away from the 20 EMA

4. It is possible to place SL 1o pips below the bottom of the previous trough on the 5M chart or place the SL 20 pips away from the 20 EMA.

5. Close ½ order when the price goes the right distance SL (Risk reward ratio is 1: 1), that is if SL 10 pips and price moves in the right direction 10 pips, close ½, ½ the rest moves to breakeven.

6. Drag the SL following the 20 EMA which is 15 pips

The selling principle is the opposite

Let's see a few examples:

Note when trading with this method should avoid periods of price moving sideways in too narrow or too wide areas. During less exciting hours, prices also fluctuated around the 20 EMA and MACD histogram also jumped over and over to the 0 zone and created false signals. Finally, if you apply this strategy to a pair with wide volatility, it is also susceptible to SL before reaching profit-taking.