4 Hr Scalping Method
Aloha to everyone at FF.
I have read several different methods overtime during my education of learning the Forex. Many systems offer great incite into learning a trading system. However, I guess I am just a bonehead and do not catch on very quickly.
Therefore, I have decided to post my own trading method, which is still in the early stages of testing, but I thought I would share and see what others though of it. All comments are welcome.
The system is quite simple in my opinion and could be used on the 4hr and even the 1hr charts. Its base solely on price action itself and since it is a scalping method. I am going to small profits. However, as you will see potentials for some nice pips to take home.
You look at the current 4hr bar or candle stick. What you are waiting for is the close of the bar or candle.
Long Position:
From the close price, you would put a buy order 8 pips above the close price with a 12-pip stop loss.
Short Position:
From the close price, you would put a short order 8-pips below the close pricing with a 12-pips stop loss.
I propose trading 2 lots. First lot with a profit projection of 10 pips. Stop loss would be moved to breakeven with a trailing stop of 20 pips.
Not all filled positions would make the additional pips, but once you banked the first 10 and set the stop to breakeven. You good.
I feel this system lends itself to both the 4 and 1 hour charts. I myself will begin testing it on the 4hr chart.
I have attached and example of my strategy with a what if trade just to show the concept.
I think this would be a great EA. However, I have no programming skills at all.
Any comments or suggestions would be appreciated.
I plan on starting this tomorrow and keeping it up to date as much as possible. I do have a full time job.
Thanks
Jump
Aloha to everyone at FF.
I have read several different methods overtime during my education of learning the Forex. Many systems offer great incite into learning a trading system. However, I guess I am just a bonehead and do not catch on very quickly.
Therefore, I have decided to post my own trading method, which is still in the early stages of testing, but I thought I would share and see what others though of it. All comments are welcome.
The system is quite simple in my opinion and could be used on the 4hr and even the 1hr charts. Its base solely on price action itself and since it is a scalping method. I am going to small profits. However, as you will see potentials for some nice pips to take home.
You look at the current 4hr bar or candle stick. What you are waiting for is the close of the bar or candle.
Long Position:
From the close price, you would put a buy order 8 pips above the close price with a 12-pip stop loss.
Short Position:
From the close price, you would put a short order 8-pips below the close pricing with a 12-pips stop loss.
I propose trading 2 lots. First lot with a profit projection of 10 pips. Stop loss would be moved to breakeven with a trailing stop of 20 pips.
Not all filled positions would make the additional pips, but once you banked the first 10 and set the stop to breakeven. You good.
I feel this system lends itself to both the 4 and 1 hour charts. I myself will begin testing it on the 4hr chart.
I have attached and example of my strategy with a what if trade just to show the concept.
I think this would be a great EA. However, I have no programming skills at all.
Any comments or suggestions would be appreciated.
I plan on starting this tomorrow and keeping it up to date as much as possible. I do have a full time job.
Thanks
Jump
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