GBP/USD hourly fib scalp ideas

It's funny how things are evolving lately. I discovered the 4 hour volatile scalp as a way to catch the tail end of a big momentum with good probability of success (more important that it's successful than catching a million pips per trade).

Then I discovered a way to get in earlier with the hourly V-M hybrid momentum based volatile scalp that catches the tail end of a similar big move, with a lot more setups possible and still high probability of success.

Then I tweaked that by going down to M5 at times to see when such a volatile hourly move actually begins to retrace and give a high/low fib break out at a better price before the hourly close - again high probability of success given the way the setups are decided from type of momentum appearance and suitable pip range to trade from.

And today I think I've found a way to get in on THAT even earlier. It's just a thought for now and I'm doing the chart analysis to see if it's feasible, but it's a combination hourly-M5 again, using ways of analyzing the hourly momentum including the previous day (sort of like I've discussed recently), judging sentiments of trend bias, then when a decision is made, look for a setup and get in earlier than ever before so far on these scalps.

If it works out as I hope, the risk:reward might possibly be 1:2 instead of 1:1 as it is now in the 60 - 38 + 38 scalp

Stay tuned.

First V-M scalp of the week. Yesterday had some "large" candles but they were either out of the trading session or not clearing recent congestion areas.

Although this scalp method usually is intended to have a fixed 38.2% target due to expected random behaviour after that point, on trades like this one where it takes over an hour to get anywhere near the target there are lots of opportunities to analyze M5 and start trailing a stop when it can be done for break even, then some profit, more profit, etc, and hook a big one like this.

This setup closely matches an old fashioned pre-London break out scalp that would have gotten in a little sooner during the volatile candle as it passed through the consolidation. That would have been the fib low of the old scalp methods.

I like the certainty of the V-M method though. There will be failures but when I see that volatile break I feel a lot more confident. When taking a blind straddle break I never really knew what to expect.

Still evolving.
The blue box is a recycling bin to hold all the dormant activity after 12pm est up to 12am pre London. A fib across this as the pre-London range can be used with the break out bias starting as the direction of travel in establishing the box. In this case it went from high to low so the bias is short. A test of 61.8% failed to break 3 times and then the short came and hit 38.2%. If a retracement had gone above 61.8% closing/opening while still in the box I'd call it a long bias.

Hi Thexder,
It looks like you are returning to your original 1Hr chart swing Fib scalping that you did last year. Only now you are putting on the correct Fib numbers.
Do you think you can tweek it to squeeze out more pips?

Interested as always,
Ian

I'm not sure yet, still researching past data. I have found that like any other system things can change in certain months and I'm working on combatting that. And for squeezing out more, I am wondering if it's best to always take fixed targets like the very first scalp or try to maximize profits by trailing stops like the newer generation scalp. Often the trail would cause premature exits where a fixed target would be met and so when a +100 trail occurs is it really better? We'll see.