Lucky Spike System | Scalping EA Download - MT4/MT5 Resources

Short introduction:

No one can say I don’t have determination.
Have started a few threads and met some great people...
Oh my gosh, I learned so much!
Developing an EA like anything really gives us insight into what works and what doesn't.
ea is actually pretty good. But it's not good enough to actually put money into.
Then research other areas. Learn more about what to look for and what to avoid.
Found several very good, free, consistent winners that passed 10 years of backtesting with flying colors, with a win rate of 80%. 120%/year. You know I have them attached to my account now.

But for this post, I want to introduce a very, very simple scalping strategy that I discovered while researching online.
Very interesting. This strategy makes perfect sense.
I've been using it recently for trading demos with good results.
The "Lucky Spike" is a great example of how to trade candlestick patterns. This is an easy pattern to spot.
We will also use other candlestick patterns as well as the adx cross indicator.

Correct description of the basic candlestick pattern:
http://en.wikipedia.org/wiki/Candlestick_pattern

So here we are:

"Lucky Spike".

http://t0.gstatic.com/images?q=tbn:A...dylDVv9FZ-WciR

bullish signal
1. The downward trend is strong.
2. Lucky flash sale, buy it!
3. Place your stop loss below the Lucky Spike shadow.
4. Take profits at the close of the next candlestick.
http://img401.imageshack.us/img401/534/spikeh.png
bearish signal
1. The upward trend is strong.
2. Lucky Spike, for sale!
3. Place your stop loss above the Lucky Spike shadow.
4. Take profits at the close of the next candlestick.
http://img59.imageshack.us/img59/6117/spike2.png
The peak is usually followed by a longer candlestick - bullish after a strong downtrend, or bearish after a strong uptrend. It doesn't happen every time, but it happens a lot more often than it doesn't. Regardless of whether the trend reverses or not, you can make a few pips of profit by trading just one candle. This is easier and more effective than chasing trends or watching how the next candle goes against you.

You can use the smallest time range as well as daily, weekly or even monthly time ranges. You trade no more than one candlestick. Enter when the market opens and exit when the market closes.

Indicators and templates are here : http://www.forexfactory.com/showpost...&postcount=161