In the meantime while there's not much happening on the main system I've been looking into a scalping system using 1 pip renko bricks.
Get renko charts here http://www.forexfactory.com/showthread.php?t=189584 . I recommend using the ea version at it seems to be the only one that works 100%.
Set the renko brick pip size to 1. This means that the chart only paints a brick when the price moves either up 1 pip or down 1 pip from the high or low of the previous brick. Take a while to watch the chart and you will see how they work.
The advantage of using renko over normal charts is that it takes the time factor out completely and it only shows you the actual price action. This makes it easier to spot s/r levels and this is what I trade.
First set up your chart as in the link above. Then put a 25 pip grid on it. Then a 10 ema of the close and a 20 ema of the close.
The rules for a buy are to wait for the 10 and the 20 ema's to be moving up with the 10 above the 20. Watch for a s/r level to form. This could be just one rejection or a series of rejections at the same price level. Once a brick is painted above that level then enter. Exit when a brick forms below the 20 ema.
Reverse the above for a short.
In the pic I realise I have put sma, it should read ema.
You can use the 25 pip round number levels to inform your trades like I did in the example. If the price is floating around one of those levels but the price is trending up then the smallest s/r break is enough to take a trade. Price tends to bounce around between these levels but try to only trade in the direction of any overall trend.
This is still very much a work in progress so have a play with it and enjoy but don't bet the farm, as always!
New candle alarm is useful if you are only watching one pair, it sounds every time there is a new candle formed. Don't put it on too many charts at once or you will go deaf! I am watching eurusd, audusd and gbpusd at the moment.
Get renko charts here http://www.forexfactory.com/showthread.php?t=189584 . I recommend using the ea version at it seems to be the only one that works 100%.
Set the renko brick pip size to 1. This means that the chart only paints a brick when the price moves either up 1 pip or down 1 pip from the high or low of the previous brick. Take a while to watch the chart and you will see how they work.
The advantage of using renko over normal charts is that it takes the time factor out completely and it only shows you the actual price action. This makes it easier to spot s/r levels and this is what I trade.
First set up your chart as in the link above. Then put a 25 pip grid on it. Then a 10 ema of the close and a 20 ema of the close.
The rules for a buy are to wait for the 10 and the 20 ema's to be moving up with the 10 above the 20. Watch for a s/r level to form. This could be just one rejection or a series of rejections at the same price level. Once a brick is painted above that level then enter. Exit when a brick forms below the 20 ema.
Reverse the above for a short.
In the pic I realise I have put sma, it should read ema.
You can use the 25 pip round number levels to inform your trades like I did in the example. If the price is floating around one of those levels but the price is trending up then the smallest s/r break is enough to take a trade. Price tends to bounce around between these levels but try to only trade in the direction of any overall trend.
This is still very much a work in progress so have a play with it and enjoy but don't bet the farm, as always!
New candle alarm is useful if you are only watching one pair, it sounds every time there is a new candle formed. Don't put it on too many charts at once or you will go deaf! I am watching eurusd, audusd and gbpusd at the moment.
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