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The Only Method that worked for me-Fibonacci retracement |
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By robby2007
The system is very mechanical but needs human intervention on making a desition.
The Rules:
1)Only Trade the 4H chart
2)I only use one indicator – MTF Moving Average (only to have a visual of the current daily trend), the settings are as follow: TimeFrame 1440, MAPeriod 50, Shift 0, Method 1, Price 0
3)Find the latest movement that has not been retraced to the 38.2 yet
4)Draw a fib on that movement
5)We are interested only on the 38.2 and 61.8
6)If the market is short, when it starts to retrace you put a pending short on the 38.2 fib line with the SL on the 61.8, plus another pending short on the 61.8, with a 100 pip SL
7)Always look at the MTF Moving Average and try to enter only on the same direction, if you enter in opposite, I sugest you use a smaller TP
8)I put a trailing stop of 75 pips on the regular pairs and let it run until it closes on SL or the TS, and for the volatile pairs I use 100 p
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Last Updated ( Sunday, 08 February 2009 )
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Scalping Strategy by Nick Stoles |
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Scalping in order to attain small profits is considered to be one
of the popular strategies that are used for Forex trading Generally,
scalpers rely on regular trading and consistently getting small profits
Scalping
in order to attain small profits is considered to be one of the popular
strategies that are used for Forex trading. Generally, scalpers rely on
regular trading and consistently getting small profits. Most of the
time, they liquidate their trades within the same day. Nevertheless,
the problem with the scalping strategy is that it brings about the
tendency to transform you to a obsessive gambler, most especially if
you?re a beginner.
Efficient Scalping
For you to scalp efficiently, there are a couple of things that you
should keep in mind. For instance, you should first determine the day?s
direction. This could be done by simply taking a look at the current
daily chart.
It would also be helpful to utilize trendline, pivot points or
candlestick studies before you enter any trade on the hourly chart. You
should also take note that for those mentioned above, you should learn
to use them altogether with enough support and resistance.
You should also take note that trading via continuous trend would
usually give you a higher probability in attaining success. Also, if
you?ll be going for contrarian trading, keep in mind that you should
always enter at better filled prices. You could also average your lot
size before you enter the trade
Scraping It Off
On the other hand, if ever you do not feel comfortable, especially
after your point of entry; always remember that you could always scrape
your trade. In fact, this is recommended, even if you feel a tad bit of
awkwardness with what you?re doing. You should also do this if it?s
taking too long for your trade to course into your direction.
There?s Always Time To Stop
As said earlier, short term trading has a high tendency to be
addicting. Hence, it is important that you learn to control yourself
when doing this strategy. Learning to stop would probably be one of the
hardest and most important skills to master. Ideally, experts advise
that you should temporarily halt trading for the day once you?ve
already had three losses in a row. This is one good signal that it
would be the right time to rest; doing this can be very helpful. It
could actually be one good way of preventing you to losing more within
the day.
Three Important Factors To Look For
There are three important factors that act as the base of the scalping
method, namely: liquidity, volatility, and time. If you?ll be going for
scalping, you should always keep your eye out for these three.
As for liquidity, you should understand that the more liquidity a
market has, then the more does it become attractive in the eyes of a
Forex scalper. This is because such kind of markets could guarantee
more profitable trades for any given period.
In the case of volatility, you should keep in mind that only stable
markets are the ones that seem attractive to scalpers. If you?ll be
scalping, you wouldn?t want any kind of big movement. This is because
stability offers you the chance to have a number of small profits
coming from a lot of different trades.
Last but not the least, you have time. A successful scalper wouldn?t
always start trading during the start of the day. Although it is real
that the longer you need to trade then the more you could make;
however, patience is still the key. This is because it?s entirely
pointless trying your best to scalp if the market conditions aren?t
right. This is true for periods of huge economic uncertainties.
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30 Min. PA System Slingshot |
Pairs- EUR/USD, GBP/USD, USD/CHF, USD/JPY
TF- 30M
Trade times - 7:00 GMT - 20:00 GMT
In the descriptions below, the "previous bar" must have a H-L range of, at least, 15 pips.
Long entry-
Bar goes below the Low of previous bar.
Then
Goes above the Close of the previous bar.
Enter 1pip + spread above the Close of previous bar.
SL- 1 pip below Low of current bar.
Exit at close of current bar.
Short entry-
Bar goes above the High of previous bar.
Then
Goes below the Close of the previous bar.
Enter 1pip below the Close of previous bar.
SL- 1 pip + spread above the High of current bar.
Exit at close of current bar.
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