Hi guys I want to share my system with you. VERY very simple - use the attached indicators (Pivots/Scalp indicator). NOTE this is not to scalp though - it doesnt work for that.
Ok so use the 4HR chart - on the scalp indicator red means sell yellow means buy, BUT we dont just use that. We need an edge.
If you have a new candle and a new colour ie yellow turns red then theres a sell opportunity. Now make sure market flow agrees ie its down. Now check the market volatility - if its tiny dont bother, if there is movement then we have 3 reasons giving us the edge to set up the sell.
S/L I use 50 pips, if you want to catch more trades have it at the previous candles high. However risk is higher then - aim for 1% risk.
Now for the TP target - set this at 5-10 pips before the next pivot line. (dailypivots indicator). This protects from reversals. Ive traded this on demos and tweaked over time and starting trading it on a real account in October and made profits. Loosing trades are minimal.
You can see my validated results here: http://www.myfxbook.com/members/benb...litrade/173778
Please do not try and resell this as I did create the strategy and did not intend it to be a profit maker - I aim to help people. Please respect this.
and please comment
Ok so use the 4HR chart - on the scalp indicator red means sell yellow means buy, BUT we dont just use that. We need an edge.
If you have a new candle and a new colour ie yellow turns red then theres a sell opportunity. Now make sure market flow agrees ie its down. Now check the market volatility - if its tiny dont bother, if there is movement then we have 3 reasons giving us the edge to set up the sell.
S/L I use 50 pips, if you want to catch more trades have it at the previous candles high. However risk is higher then - aim for 1% risk.
Now for the TP target - set this at 5-10 pips before the next pivot line. (dailypivots indicator). This protects from reversals. Ive traded this on demos and tweaked over time and starting trading it on a real account in October and made profits. Loosing trades are minimal.
You can see my validated results here: http://www.myfxbook.com/members/benb...litrade/173778
Please do not try and resell this as I did create the strategy and did not intend it to be a profit maker - I aim to help people. Please respect this.
and please comment
Attached File(s)
Daily Pivot Lines.ex4
16 KB
|
190 downloads
freescalpingindicator.ex4
4 KB
|
194 downloads