Hi all.
I wanted to talk about a method I have been using successfully (on demonion ) to scalp 5 pips each day by the Dax.
I have been working on this since December whilst getting side tracked by a couple of different jobs but it's only been recently that the penny has dropped and I've been in a position to make this always profitable.
Until I get into the method I wanted to clarify my ideas on scalping and what is working for me. I am sure this isn't an original idea, I am not calming any possession or to be a guru. I'm only sharing.
I only trade Dax at the moment. I begin trading at Frankfurt open and wait for the first signal. When the installation comes I take the transaction, its a 1:1 using a stop loss of 6 pips and a take profit of 6 pips. As soon as the transaction hits 5 pips I shut the trade, shut my laptop and I am done for the day.
When the trade loses I wait patiently for the next setup and keep taking trades until I am 5 pips upward then shut up for the day. Before London open usually I'm completed.
When I first started trading this method I was wanting to get 50 pips per day and trust me it can often reach that target but with high goals often leads to overtrading, chasing losses and accepting risks.
Having a target that means you only need to win an additional transaction a day than you shed takes the stress out of trading and so much has been the secret to my consistency, especially with a method that is over 70% accurate.
OK to the method...
to be truthful whatever works for you is the ideal way. Provided that it wins more than it loses and you quit when you are one up your golden but here is what has been functioning for me
Range pubs put to 3 pips (300) in case you do not understand how to set up range bars then please use the search facility
Heiken ashi
3 separate MA ribbons that compose a cloud
the cloud reveals lively areas of support and resistance it is the NO TRADE ZONE. When price is above the cloud I only want to take long positions and once it is under only brief and only ever take a transaction following a pullback!!!
Rules... adhere with them and you cant go wrong (I am putting this here as much for my benefit as anyone else's!!!)
Installation for Long is when price is above the cloud, red candles have dragged back and shut inside the cloud then take the first white candle to shut up both and above the cloud.
The green part of the cloud must be at the top with all the green line on the outside.
Price can rebound from any component of the cloud, green, orange or crimson.
After price has broken through the red part of the cloud that a trend change is quite likely but is only supported by a pullback. Now you can begin looking for positions that are short witch are basically the reverse of long setups.
Stop reduction 6pips take profit at 6 pips but stop trading when you are 5 pips upward.
prevent trading once the market is ranging, generally at a range price will rebound from 1 side of the cloud into another and when there's no pullback then there's absolutely no transaction so that you are safe but if you do find yourself losing a couple of trades and it is apparent that a range has formed then await the low or high of the range to be broken and then to get a pullback to validate the new fad prior to taking any new transactions.
that is about it. I use quite large leverage, roughly 5% each trade. I really don't suggest this. Always adhere to what you are comfy and only exchange this in demo until you have it down.
Once you are live, grow your account and once its large enough five pips every day will be a lot!!
MA ribbon filled 2 x https://www.forexsoutheast.asia/atta...5189693643.ex4
https://www.forexsoutheast.asia/gene...115-swaps.html
https://www.forexsoutheast.asia/atta...1825851680.ex4
https://www.forexsoutheast.asia/atta...1285228937.tpl