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Thread: Scalping using trending candles

  1. #1
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    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.

    Attachment 10749

    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.

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    Last edited by nkhan2810; 06-04-2014 at 09:59 PM.

  2. #1301
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    Quote Originally Posted by Killer_Queen View Post
    which time frames you are using for scalping this candlestick pattern sir? because i mostly found my trending candles for swing purpose through high time frames starting from h4 to higher. i do not use such information to be done with scalping because i prefer getting more profits at the cost of waiting for another hours even some days. as long as i keep following the trending patterns, i can hold my trades as long as possible without limiting it only for scalping.
    For scalping we need to watch out for very short term movements in the market and so we can prefer M1 or M5 and for swings H1 and above can be good. We have the sole consent for trading with the style that we prefer but what ever way we trade we should do it meaningfully. But in my view certain times can be good for scalping and so we can keep scalping as a small part of our trading activities.

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  3. #1302
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    It is much better idea to leave scalping along and look for things that are very superior like we can choose to trade the market trend. I think trendline is a trend indicator and not an indicator for scalping, if we want to use scalping indicators, the good one that we can use is ATR. To earn with a trend first of all we need a strong analysis to understand the market conditions. Further we need to take decisions with clear thinking.

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  4. #1303
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    First of all, the scalping method is not what I think I will want to make use of ever again, being that I have had a bad experience making use of it, now, I would want to trade in a more different way, being that I be able to make use of more of the long term trading, making stronger analysis and following the market way more effectively.

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  5. #1304
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    We all need to choose the best trading strategy and candlestick trading strategies are the best way to find the market trend. Scalping strategy with trend line is very risky and dangerous but if we can properly make it then we can get successfully trad and make good profit. Keep in mind that trading with candle sticks can be quite profitable and the fact that you are following the direction of this candle improves chances of success.

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  6. #1305
    Trader Rylai's Avatar
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    Quote Originally Posted by Nova View Post
    We all need to choose the best trading strategy and candlestick trading strategies are the best way to find the market trend. Scalping strategy with trend line is very risky and dangerous but if we can properly make it then we can get successfully trad and make good profit. Keep in mind that trading with candle sticks can be quite profitable and the fact that you are following the direction of this candle improves chances of success.
    Trend line and candlestick patterns are better to use for swing or long term trading not for scalping. traders who use this kind of strategy are misunderstanding the purpose of the strategy they use because the accuracy is never be enough to fulfill with scalping. i know less methods about scalping but trending candles are better to apply with high time frames for bigger possibility of reward.

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  7. #1306
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    There are so many traders who are scare of scalping the market simply because they do not understand how well and how well to do so.Looking at some of the trades that you have sited here as part of your examples, it is very clear that scalping can be good if we do have the right approach and good trading system that can be followed most time to scalp the market .One major problem which a lot of traders are still yet to overcome is scalping the market when there is high volatility .

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  8. #1307
    Trader J_C_Anderson's Avatar
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    I`m also agree with the idea that trendlines and candlestick patterns are mostly for daytraders and swing traders, while scalpers should rely on indicators. That is why sometimes it could be a bit difficult to create and test scalping strategies using demo account because such process would be very time consuming. Another point is that the results of demo testing would be substantially influenced by trader`s psychology. Thus, it would be better to use special backtesting software like Forex Tester to get the information on the performance of the strategy itself. In fact, if the strategy is profitable, it could be used as a basis for EA. It could be difficult to make swing trading EA, but scalping strategies are perfect for trading automatization. In fact, many large institutional players already use trading algorithms to execute trades (mostly to execute large orders).

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  9. #1308
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    Overall when we talk about trend trading it become profitable for us but in my opinion doing scalping to follow the market and is not a good idea as you know that these days market just move like zigzag and trap traders in wrong direction so we have need to stay away from this type of trading style.

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  10. #1309
    Trader Yayami's Avatar
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    Quote Originally Posted by glory3 View Post
    There are so many traders who are scare of scalping the market simply because they do not understand how well and how well to do so.Looking at some of the trades that you have sited here as part of your examples, it is very clear that scalping can be good if we do have the right approach and good trading system that can be followed most time to scalp the market .One major problem which a lot of traders are still yet to overcome is scalping the market when there is high volatility .
    i'm not scare of it at all, scalping just can't give me enough profits i always want to make and for other reasons, i don't like trading with it because i prefer to trade by holding my positions quite longer for hours at least and make few trades in a day and in a week basis. i can't always participate with market all the time for small pips like what scalping tells us to do and being aggressive to market isn't really my style.

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  11. #1310
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    Quote Originally Posted by Rylai View Post
    Trend line and candlestick patterns are better to use for swing or long term trading not for scalping. traders who use this kind of strategy are misunderstanding the purpose of the strategy they use because the accuracy is never be enough to fulfill with scalping. i know less methods about scalping but trending candles are better to apply with high time frames for bigger possibility of reward.
    It is a good idea to trade trendline with candlestick, it is one of the trading systems i had built during my training sessions. I believe that the traders that can build such trading approach can scalp the market, use the swing or trade with the long term depending on the choice of that trader. To trade the market with this kind of purpose is all with the best interest of traders.

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