Twinblade 5 Min Trading System for Scalping

I recently came across this strategy, it works relatively good. This is great system for people looking to Scalp the market for short gains 10-15Pip's with 10-15SL max. OK 1st thing you may know, Japan yens have a correlation, especially with the Euro-Yen and Pound-Yen. So we are going to use these 2 pairs together since they really act like twin sisters.

Entry/Exit rules for Buy trade

Buy Entry - Wait for blue Heineken Ashi candle + green dot + make sure the green RSI is crossed over the Pink base line.
Buy Exit - If red Heineken Ashi candle forms or if Pink dot appears or if Green RSI crossed below the Pink Base Line.
Entry/Exit rules for Sell trade
Sell Entry - Wait for red Heineken Ashi candle + Pink dot + make sure the
Green RSI is crossed below the Pink base line.
Sell Exit - If Blued Heineken Ashi candle forms or if Green dot appears or if Green RSI crossed above the Pink Base Line. 
Stoploss & Targets
No recommendation for stoploss, thats is up to you. For Targets, If you want you can wait for the exit terms and eat the whole pie or if you want you can hit n run 10-20pips on every trade signal and take bites, its all up to you.

FOREX NEWS: EUR/USD DOWN ON ECONOMIC DATA

The Euro was lower against the U.S. Dollar on Friday after the release of U.S. data on Federal Budget Balance. EUR/USD was trading at 1.4345, down 1.14% at time of writing. The pair was likely to find support at 1.4323, today’s low, and resistance at 1.4696, Tuesday’s high. Earlier in the day, official data showed that The U.S. federal budget balance fell less-than-expected to a seasonally adjusted -57.6B last month from -40.4B in the preceding month whose figure was revised up from -40.5B. Analysts had expected U.S. federal budget balance to fall to -125.0B last month. Meanwhile, the Euro was down against the British Pound and the Japanese Yen, with EUR/GBP shedding 0.33% to hit 0.8837 and EUR/JPY falling 1.22% to hit 115.19.

Euro dollar possibilities:
Continues its downfall many hours after Trichet's press conference.The split in Europe around a solution for Greece is just huge and time is running out. In the meantime, signs of a slowdown come from Germany and France. How will the week end? Here's a quick update on technicals, fundamentals and what's going on in the markets.

EUR/USD DAILY FUNDAMENTAL ANALYSIS OUTLOOK

The EUR/USD moved heavily on Thursday as investors finally heard the magic phrase from Trichet, yet to the surprise of many was the euro’s strong downside move on the signaled rate hike! The euro sustained the gains most Thursday until the press conference following the decision. The ECB did in fact leave rates steady at 1.25% while Trichet signaled a move in July with the infamous phrase “strong vigilance”. We saw the common currency spike only instantly on the remark and then surrender the gains. The downside move was pressured by a number of factors, yet the dominant theme is that Trichet did not provide a strong motive for gains other than a rate hike almost fully priced in the market. Investors started to rationalize the move with the downgraded outlook for growth and inflation and for the expectations that the ECB will not continue the rapid monetary tightening. Yet truth be told, the euro has been moving higher the past two weeks on those expectations and ignored all the ongoing instability and the debt crisis. On Friday the focus will remain on the euro’s move and how much correction does it still need as the currency now returns to hover in a Greek-centric-mode until next week’s Ecofin meeting. Investors will keep eyeing the Greek developments especially as the German lower house is expected to draft the guidelines accepted for Merkel and the finance minister to discuss as part of the Greek aid. Yet all in all, the volatility will remain high. From Germany we have the final CPI estimate for May at 06:00 GMT and expected unrevised at 2.4% annual gain in EU harmonized terms and with 0.2% monthly drop. From the United States we await the slightly effecting import price index at 12:30 and expected down 0.7% in May from 2.2% rise. As for at 18:00 GMT we have the Monthly Budget Statement for May and expected with a widening deficit to 150 billion from 135.9 billion. The volatility is to be seen with the end of the week trading and after the strong move on Thursday. Investors will also be cautious as the market opens to many banking holidays in Europe and ahead of the Ecofin meeting that is expected to discuss the second Greek bailout and accordingly the EUR/USD might continue to fluctuate heavily and even with the euro’s losses we still see overall room for gains.