Oh Crap! another S/R scalping strategy

Here's a little strategy I Unimaginatively call "In and Out 3.1"

Works best served up on m15 but you can use higher Timeframes if you wish. Havent tried it on lower timeframes.

Entry Rules:

1.Wait for MACD signal. (no need to watch charts)
2.Check chart and see if it is Finishing up a sizable retrace against the trend and banging up against a lot of support/resistance indicated by confluencing Channel lines and or S/r lines. Smaller retraces=smaller profits.

More lines confluencing= greater probability of a bounce away and back into the trend.

3. Wait for price to turn away from S/R line(s) and cross over nearest Moving Average (alarms on by default template you can turn them off if they annoy you.) and close on other side.
4. Check BB RSI and see if RSI is crossing center Bollinger Band line in direction of trend. If candle is about to close then you do not have to wait for candle to close if RSI is crossing centerline of BB.
5. Check session time to see if pair is in an active period or heading into one soon.
6. Check FF cal for news
7. Check recent strength currency power for extra confirmation.
8. Pull trigger in direction of trend indicated by slope of MAs. Blue buy/ red sell

Exit rules
For Eur/usd set stop 6 pips plus spread and trail stop pip by pip into positive territory as price moves in your favor to Break even. helps to have draggable stop loss lines. FXCM trade station has these. Have not found draggable Stop loss and Take profit scripts for metatrader that work.

Once you reach break even Trail stop to nearest S/R level as indicated by price until you are stopped out.

Stop loss is always dragged forward into profit. Never backward.

Other pairs may require bigger stops. Higher volume sessions may require bigger stops also. I usually zoom into m1 and drag my stop to nearest s/R as indicated by price history.

Instructions and explanations are given in PDFs and word docs in file.

Have fun.
http://i7.photobucket.com/albums/y28...DOUTSAMPLE.jpg

Works good in ranging markets too. this was my live account from a few nights ago.

Then I tried trading some news and ate up all my profits. Need to stay away from NFP. I always get trampled. Too fast for my taste. Like the pace of Asia session better. LOL.

http://i7.photobucket.com/albums/y28...inandout-1.jpg

Oh crap is right!

I do not have a live account with Broco. And I wasn't aware of this lawsuit with them. I'll have to investigate this further seeing how short the thread you linked to is. Thanks!

They have the greatest amount of pairs on demo as well as futures and other commodotiies. Thats why I use them. Most amount of Asian crosses on demo. My live account is with FXCM.

anyway back to the method......
I find a bar clock to check the time left for a bar comes in handy for this method if RSI has crossed BB centerline but candle has not closed. Add this to your template. I think the template also does not have the MACD show up for clarity reasons. But you can put the MACD (default settings) in the template for a further visual cues as to which way the mACD alert is breaking. MACD can be easier to read than price itself sometimes. I have it on my template.

I do not put a whole lot of weight on the current strength currency power indicator. I mainly use it as oscillator if one or more of the currencies gets way outside the middle and starts heading back like Stochastics. I found the crossing method to be lagging. Mainly use this for extra confiramtion but if both currencies are just meandering in the center the trade will still probably be ok.

Remember we are looking for sizable retraces against the 4h trend indicated by the blue SHI channel. If the MACD alert is signaling a break against the trend this is NOT a valid signal. Go do some laundry or something.

I designed this so I could do other things instead of staring at charts all day.

Here's a glossary of the lines
Red=daily Support and resistance
Blue= h4 support and resistance
Green=hourly support and resistance
yellow= 15m support and resistance (no yellow shi channel)

Session times:
Green=asia
red=europe
blue=North America

Session times overlap leaving mixed colors. Small boxes are where news events for sessions most likely occur. Session high and low is indicated by the top and bottom of a box. these are also Support and resistance lines.

You will have to adjust your times on the market-hours-indicator to get it to fit right. template is GMT-2 for FXDD.