4 Hr Scalping Method
Aloha to everyone at FF.
I've read several diverse methods overtime through my eduion of studying the Forex. Many systems provide incite into studying a trading platform. I guess I do not ch on and am a bonehead.
Therefore I have decided to place my own trading system, which remains in the early stages of testing, but I thought I'd share and see what others though of it. All comments are welcome.
The system is quite simple in my opinion and may be used on the 4hr as well as the 1hr charts. Its base entirely on price action itself and since it's a method. I am going to little profits. Because you may see potentials for some nice pips to take home.
You look at the current 4hr pub or candle stick. What you're waiting for is the close of candle or the bar.
Long Position:
In the closing price, you'd set a buy order 8 pips above the close price with a 12-pip stop loss.
Short Position:
In the closing price, you'd set a short order 8-pips below the close pricing with a 12-pips stop loss.
I propose trading 2 lots. First lot with a profit projection of 10 pips. Stop loss would be moved to breakeven with a trailing stop of 20 pips.
Not all filled positions would make the further pips, but after you banked the first 10 and set the stop to breakeven. You great.
I think this system lends itself to both the 4 and one hour charts. I myself will begin testing it on the chart.
I've attached and example of my egy with a what if commerce simply to show the idea.
I think this would be a fantastic EA. I don't have any programming skills.
Any comments or ideas would be appreciated.
I plan on starting this tomorrow and keeping it up to date as far as possible. I really do have a full time job.
Thanks
Jump