Simple Scalping
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  1. #1
    Trader
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    999

    Simple Scalping

    Welcome to my contest Thread. I am really happy to participate this contest. Here are my contest details...


    Data Account

    Type of CopyFX account : Trader
    Name of CopyFX Trader : BDprofitnkhan2810
    Account number : 5255891
    Investor Password : Robocon2018
    Account type : CopyFx MT4 Pro-Cent
    Account currency : USD
    Leverage : 1 : 200




    Strategy Parameters

    System ......... Trend
    Difficulty ......... Medium and High.
    Time ......... M1, M5, M15, M30, H1, H4, Daily
    Trading pairs ......... Any Pair that suits my strategy.
    Tools and indicators ......... No indicators.
    Chart type .......... Candlestick and line chart.
    Risk and reward ratio ......... 1:1 primary but can be changed with time
    Type of entry ......... Mostly manual with some pending orders.
    Type of exit ......... Mostly manual with some TP or SL hits.



    Strategy Descriptions

    It is really a simple strategy I am going to use here for scalping. I have used it here too. I'll use only candle movement to open a trade which makes it simple and easy to understand. I will find out three consecutive and almost even(almost same length) candles moving in same direction on candle chart of M5, M15, M30 or H1 of any currency pair. Then I'll wait for 4th or/and 5th candle to complete. If I find 4th/5th candle is in the same direction or less than 40% retrace is seen based on those 3 candles I'll put order in the same direction of previous 3/4 candles.






    I'll set probable SL point just 10 pip below the open price of 1st candle. TP will be set around half or same of the SL level. I mean if SL is set at 40 pips from open price then TP will be set at 20/40 pips from open price. If needed trades might be closed manually. In case of strong trends TP might be adjusted or set for higher profit. I'll always use fixed lot size for moderately volatile pairs.



    Special Note: For XAUUSD, XAGUSD, USDTRY and USDZAR I'll use 50% smaller lot size and will double the pips to set SL.


    Explanation:

    On the screenshot I have indicated the 1st candle and 4th candle. Entry point and possible SL and TP are also shown on the candle chart here for currency pair. For simplicity I'll indicate in the same way when I'll test my strategy.

    Money management:

    I will expose maximum of 5-10% of my invest in a single trade with a target of 5-10% profit. In order to give some room for trade I might double the length of SL as if I have opened a new position at earlier SL. Similar things can happen to TP if strong trend is seen.

    Once trading starts many things will be much more clearer. So I with your questions regarding my trading. Wish a lot of queries from you. And I am looking forward to it.

    Thank you very much.

    Comment moderator

    1. ContestFX
    2. Strategy confirmed
    Last edited by ContestFX; 10-10-2018 at 12:33 PM.

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