4hr - 1hr Scalping Method
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Thread: 4hr - 1hr Scalping Method

  1. #1
    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

  2. #2
    Hello Jump,

    I am unable to Browse the notes on the chart. Is it safe to presume you are taking both positions, and letting the market take the direction? You are simply allowing for a 16 pip spread between buy and sell orders. You could get hit by a whipsawing market, and be stopped out on both orders.

    Regards,

  3. #3

  4. #4
    I think you need to exchange right at the beginning of the London Open or New York open (the closest candle) and place the stop loss to possibly 20 and let the TP be higher, possibly 80 or so in order for this to work. For every few losses that it would hit.

    I do not understand why you call it scalping. Looks more like breakout trading. Might be worth a great forward evaluation!

  5. #5
    I appreciate the comments up to now. This is a method I had been thinking over here of late, although I really don't know if I had made it clear or not.

    I believe I think there could be some rethinking required in regards to this stop loss and goals I had previously stated.

    I shall post later today as to what has unfolded for myself. Look to newspaper and demo and post my results.

    Right now I have been looking at the hour and then zooming down to the 15 min chart to determine how price action transferred through that four hour period to determine if both buy and sell here struck and the way the profit and stop loss would get the job done.

    I do enjoy the comments up to now.

    Due

  6. #6
    hi jumpmanz5....

    What pairs do you typically trading with this system...
    particularly for 12 pips SL....

    Thx in advance

  7. #7
    This is an intriguing system I have been toying with an idea close to this but rather depending on the daily candles,I had been affected mainly after studying SRDC I in january, a system like this may be very profitable as time passes, I really wish somebody would make an ea for this based on the EUR/USD 4hr candles.

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