168# Price Action Candle Scalping
Submit by William Trader http://www.forexstrategiesresources.com/scalping-forex-strategies-ii/168-price-action-candle-scalping/
indicators Forex strategy. It gives a good chance of profit, with proper risk
management - and the possibility of a stable income.
well as for a regular day of trading longer trades. We will discuss both
methods (when to place orders, take profit, set a stop loss) for both scalping
and normal day trading.
M5, M15 and M30 time frames; protective stop orders including a trailing
stop, a stop loss as well as take profit levels.
In order to implement the system – all you have to do is to open (in your
trading terminal) four windows with the currency pair (for example
EUR/USD) timeframes of H1, M5, M15, M30. If you choose "Vertical" in the
"Window" menu Metatrader 4 four screens in the terminal will be placed in
adjacent windows in order.
How it works:
confirmation entry signal which is very easy to see on your trading terminal –
4 windows. You will get a signal once per hour (every hour). To use this
system you don’t need to sit and watch the market all the time – just get ready
at the last minute of the current hour – if there is a signal – place a trade, if
not – you are free again for the next 59 minutes until the next trading
opportunity. Simple and convenient!
BUY entry:
- Wait for a current hour candle to close
- If all 4 of the last candles (M5, M15, M30 and 1H) closed in “green” – wait
for the price to go another 3 pips above the close and instantly place a BUY
order.
From the screenshot :
1. On 1H chart - a 9:00 candle closed green at 10:00.
2. On M30 chart – a 9:30 candle closed green at 10:00
3. On M15 chart – a 9:45 candle closed green at 10:00
4. On M5 chart – a 9:55 candle closed green at 10:00
5. The price goes another 3 pips above the close.
If all the above conditions met – place a BUY order at current price:
An opposite rule for a SELL entry.
SELL entry:
- Wait for a current hour candle to close
price to go another 3 pips below the close and instantly place a SELL order.
For example:
1. On 1H chart - an 11:00 candle closed red at 12:00.
4. On M5 chart – an 11:55 candle closed red at 12:00
5. The price goes another 3 pips below the close.
If all the above conditions have been met – place a SELL order at the current
price!
green. In this case, other candles being red, we will have to wait for the next
candle.
1 komentar:
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