Scalping using trending candles
Page 1 of 94 123451151 ... LastLast
Results 1 to 10 of 931

Thread: Scalping using trending candles

  1. #1
    Rookie
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    984
    Promo (¢)
    40
    Thumbs Up
    Received: 186
    Given: 193

    Scalping using trending candles

    Name of the Strategy: Scalping using trending candles

    Account Information:

    Account No. : 2188626
    Investor password: asd123
    Server: Roboforex demo
    Trading Style: Scalping
    Time Frame: Any preferably M5, M15, M30, H1
    Currency Pair: Major and Cross Pairs and sometimes metals

    Description:

    It is another simple strategy I am going to use here for scalping. 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 of the SL level. I mean if SL is set at 40 pips from open price then TP will be set at 20 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.

    new strategy.jpg

    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 2-3% of my invest in a single trade with a target of 1-2% 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.

    Not allowed!
    Last edited by nkhan2810; 06-04-2014 at 09:59 PM.

  2. #2
    Rookie
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    984
    Promo (¢)
    40
    Thumbs Up
    Received: 186
    Given: 193
    My 1st Order:

    Currency Pair: CHFJPY

    Order Type: BUY

    Order No. : 69496612

    Open Price : 114.440

    Take Profit: 114.590

    Stop Loss: 114.140

    Lot Size: 0.5 (first up)

    Time Frame: H1

    Profit Target: Following my strategy I set my TP at such a level that is near to half of the SL level. Here I set a profit target of 73$. I might move it to 100$ to 150$ level if I see a trending movement.

    chf.jpg

    Explanation: On the H1 candle chart I have point out the 1st candle I consider with 1 and 4th candle I consider with 4. I opened the trade on 5th candle. Length of first 3 candle are about 20 pips(avoiding fractional pips). I set SL around 30 pips away from open price. TP is set around 15 pips away from open price.

    Money management: The SL is set for this trade at such level if it hits it will cause me around 146$ which is about 1.46% which well fits with my strategy. I might move the TP level to higher position. At least for this trade I am not going to close it manually.

    Not allowed!
    Last edited by nkhan2810; 06-05-2014 at 12:48 PM.

  3. #3
    Rookie
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    984
    Promo (¢)
    40
    Thumbs Up
    Received: 186
    Given: 193
    Quote Originally Posted by nkhan2810 View Post
    My 1st Order:

    Currency Pair: CHFJPY

    Order Type: BUY

    Order No. : 69496612

    Open Price : 114.440

    Take Profit: 114.590

    Stop Loss: 114.140

    Lot Size: 0.5 (first up)

    Time Frame: H1
    My first trade hit the TP. Though it it is relatively small profit of 76.10$ but I'll take it first up. I am little bit lucky I can say to hit my TP. Whatever profit is profit. I hope in next trades I'll target at least 1% profit. If this strategy works well I'll definitely get the profit amount.

    Not allowed!

  4. #4
    Rookie
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    984
    Promo (¢)
    40
    Thumbs Up
    Received: 186
    Given: 193
    My 2nd Order:

    Currency Pair: EURUSD

    Order Type: SELL

    Order No. : 69552104

    Open Price : 1.36130

    Take Profit: 1.36030

    Stop Loss: 1.36330

    Lot Size: 1

    Time Frame: M1

    Result of Other trades: I have no other trade open now.

    Profit Target: I have set a profit target of 1% or 100$ from the trade. I placed the TP at 10 pips away from open price.

    eu.jpg

    Explanation: I have used M1 chart for scalping here. I opened the trade at 5th candle and here 1st and 4th candle are indicated with 1 and 4 respectively. TP level and SL level are also indicated on the M1 candle chart of this pair.

    Money management: Here in this chart length of the 1st three candle were about 10 pips. Another 10 pips are added to set SL at 20 pip away from open price. That is why the total risk of the trade is 200$ or 2%. If required I might move the SL to another 10 pip then total risk will be 3%. I hope it will not be required. I might move the TP position if I find trending candles approaching TP quickly.

    - - - Updated - - -

    Quote Originally Posted by nkhan2810 View Post
    My 2nd Order:

    Currency Pair: EURUSD

    Order Type: SELL

    Order No. : 69552104

    Open Price : 1.36130

    Take Profit: 1.36030

    Stop Loss: 1.36330

    Lot Size: 1

    Time Frame: M1
    As price of EURUSD going up I modified the SL to another 10 pip higher at 1.36430. At this point total risk is 3%. I made the decision when I saw current price is just 9.5 pips away from being hit the SL. I wanted to give the trade little bit of room so that any oscillation might be covered.

    Not allowed!

  5. #5
    Rookie
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    984
    Promo (¢)
    40
    Thumbs Up
    Received: 186
    Given: 193
    My 3rd Order:

    Currency Pair: USDTRY

    Order Type: SELL

    Order No. : 69561019

    Open Price : 2.09611

    Take Profit: 2.08834

    Stop Loss: 2.10859

    Lot Size: 0.5

    Time Frame: M15

    Result of Other trades: Last trade of EURUSD hit SL and net loss of 302$(when I am writing this post).

    Profit Target: As this pair is extremely volatile and spread is big I had to set TP at such level so that if it hit I would get profit of 185$ which is 1.85$ of initial invest.

    try3.jpg

    Explanation: Trade is opened at 5th candle. I indicated from where I started that is 1st candle and where I take decision, 4th candle. TP and SL also shown in the M15 chart.

    Money management: I set SL for this pair which might make loss of 297$ if hit. I might not change the SL position too. If the profit is over 1% I might close the trade manually.

    Not allowed!

  6. #6
    Rookie
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    984
    Promo (¢)
    40
    Thumbs Up
    Received: 186
    Given: 193
    My 4th Order:

    Currency Pair: EURJPY

    Order Type: SELL

    Order No. : 69589868

    Open Price : 139.743

    Take Profit: 139.640

    Stop Loss: 139.948

    Lot Size: 1

    Time Frame: M30

    Result of Other trades: Order no. 3 is active.

    Profit Target: Initially I set the profit target of 1% or 100$. Keeping this in my I set the TP level.

    euj.jpg

    Explanation: All the 1st candle, 4th candle, TP and SL level are shown on the chart. I opened the trade on the 5th candle which also indicated.

    Money management: SL is set around 20 pips from open price. I might move it to 30 pips if required. In that case the total loss I might take is about 3%.

    Not allowed!

  7. #7
    Rookie
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    984
    Promo (¢)
    40
    Thumbs Up
    Received: 186
    Given: 193
    Quote Originally Posted by nkhan2810 View Post
    My 4th Order:

    Currency Pair: EURJPY

    Order Type: SELL

    Order No. : 69589868

    Open Price : 139.743

    Take Profit: 139.640

    Stop Loss: 139.948

    Lot Size: 1

    Time Frame: M30
    The trade hit the TP and I got profit of 100$. It is 1% profit only. But it is good to get after a loss trade of 3%. My other trade is still active and in the midway of hitting SL. I can close the trade manually if market is slow or it is going to hit the SL very soon.

    Not allowed!

  8. #8
    Rookie
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    984
    Promo (¢)
    40
    Thumbs Up
    Received: 186
    Given: 193
    My 5th Order:

    Currency Pair: USDCHF

    Order Type: BUY

    Order No. : 69599118

    Open Price : 0.89294

    Take Profit: 0.89428

    Stop Loss: 0.89026

    Lot Size: 1

    Time Frame: M15

    Result of Other trades: Order no. 3 is active and after long time I see some profit on the trade.

    Profit Target: Profit target from the trade is about 1.5%. So I set the TP at the level mentioned above.

    usdchf.jpg

    Explanation: The first candle I choose is indicated by white 1 on the chart. 4th candle is with 4 and opened the trade on the 5th candle in the same direction. SL and TP are also shown on the chart.

    Money management: This pair has pip value of almost 1.1 times of other pair. So I focused on the monetary value of for setting SL level. I set 3% level for maximum loss from the trade. And profit is set around 1.5% level. If market goes slow or before important news release I might close the trade manually of course with at least 1% profit.

    Not allowed!

  9. #9
    Rookie
    Join Date
    Aug 2013
    Location
    Undercover
    Posts
    984
    Promo (¢)
    40
    Thumbs Up
    Received: 186
    Given: 193
    I want to give you good news. Both of my open trades hit the TP. I got profit 189.88$ or 1.89% from my 3rd order of USDTRY and got profit of 149.84$ or almost 1.5% from my last order. So end of last five trades I have net profit of 215.31$ or 2.15%. It is not a bad start for a scalper with very low risk. Here is the screenshot of my trade results.

    trade results2.jpg

    Not allowed!

  10. #10
    Registered user
    Join Date
    May 2014
    Posts
    211
    Promo (¢)
    5
    Thumbs Up
    Received: 1
    Given: 0
    [lang=ar]my intention here is to record my daily trades win,loose .

    im scalping anything from break even to whatever i feel i can get.

    my method is pretty much pa ,market flow or whatever other technical names are out there,but basically im watching 4 charts 1min,5min,15min and 1 hour.i take reference from 4 hour and daily for areas of price i want to monitor.

    once i know my price i switch to my trading platform and study the prices at these areas and make my decision on entry based on the reaction of price at the given area.[/lang]

    Not allowed!

Page 1 of 94 123451151 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •