Scalping using trending candles - Page 132
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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. #1311
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    I agree once i also scared from doing scalping in the best way we always have to make our trade plan very well to build our strategies and in scalping price moving fast up and downside so that will make us scared about trade so it is not natural to trade sometime , if we have enough knowledge about market movement so we easily select our way for trade .

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  3. #1312
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    Quote Originally Posted by ajagbeolegba View Post
    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.
    I like this simple trade system which is valuable for working so using the candles with the other strategies is a simple phenomena and to work with them by having the good understanding and knowledge properly will give us the right place to open the trade and gain the powerful winning rates from it so we must carefully work with patience .

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  4. #1313
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    Quote Originally Posted by mudassor View Post
    I like this simple trade system which is valuable for working so using the candles with the other strategies is a simple phenomena and to work with them by having the good understanding and knowledge properly will give us the right place to open the trade and gain the powerful winning rates from it so we must carefully work with patience .
    Analyzing the market is not a simple phenomenon but a complex job and its more difficult to study the market for the next few minutes. So due to the negativity that scalping carries in its self and its tendency to give bad results it is better to stay away from it. It is stated again and again that trend is king and trend is best, so why not focus on trading trend with some very strong strategies.

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