Range bar cloud scalping method - MT4/MT5 resources
Hello everyone.
I would like to share a method that I have been using successfully (in the demo) to scalp 5 pips a day from Dax trading.
I've been working on this since December while being sidetracked by several other projects, but it's only recently that my investment has dropped and I've been able to consistently make a profit.
Before I introduce the method, I want to explain my thoughts on scalping and what works for me. I'm sure this is not an original idea and I'm not trying to appease any ownership or be a guru. I just share.
I currently only trade Dax. I started trading at the open in Frankfurt and waited for the first signal. When the setup comes, I place the trade with a ratio of 1:1, stop loss of 6 pips and take profit of 6 pips. Once the trade reaches +5 pips, I close the trade, close my laptop and call it a day.
If the trade fails, I wait for the next setup and continue the trade until it goes up 5 points and then close the trade for the day. Usually I finish it right before or shortly after the London Open.
When I first started trading with this method I hoped to gain 50+ pips per day, and trust me, it usually works to achieve that goal, but setting goals that are too high often leads to overtrading, chasing losses, and taking risks.
Setting a goal means you can reduce the stress of trading by winning just one more trade per day, and this has been my key to consistency so far, especially using a method that is over 70% accurate.
OK, continue with the method...
Honestly, whatever works for you is the best way. Just win more than you lose and when you hit gold level you quit, but that's what worked for me
The range bar is set to 3 points (300) If you don't know how to set the range bar, please use the search tool Pingjianzu
3 separate MA ribbons forming a cloud
The cloud shows dynamic areas of support and resistance, which are also non-trade areas. I only want to take long positions when price is above the cloud and short when price is below the cloud, and only trade after a pullback!
Rules... follow them and you can't go wrong (I put this here both for my own benefit and for the benefit of others!!!)
The setup for the longs is when price is above the cloud, the red candle has retraced and closed within the cloud, and then takes the first white candle to close above the cloud.
The green part of the cloud must be at the top, with the green line on the outside.
Price can bounce off any part of the cloud (green, orange or red).
Once the price breaks out of the red part of the cloud, the trend is likely to change, but only a pullback will confirm it. You can now start looking for short positions that are essentially the opposite of the long setup.
Stop Loss 6 pips Take profit at 6 pips, but stop trading at 5 pips.
Screenshot(64).png
Avoid trading when the market is volatile, usually within a range the price will bounce from one side of the cloud to the other, if there is no pullback there is no trade so you are safe, but if you do find yourself losing a few trades and it is clear that a range has formed then wait for the high or low of that range to be broken and then pull back to confirm the new trend before taking any new trades.
Screenshot(65).png
That's it. I use fairly high leverage, about 5% per trade. I don't recommend this. Always stick to what you feel comfortable with and only trade in demos until you get the hang of it.
Once you are online, you can expand your account, once the account is large enough, 5 points a day will be enough!
MA Ribbon Filling 2 x 14.ex4
scopecloud.tpl
I would like to share a method that I have been using successfully (in the demo) to scalp 5 pips a day from Dax trading.
I've been working on this since December while being sidetracked by several other projects, but it's only recently that my investment has dropped and I've been able to consistently make a profit.
Before I introduce the method, I want to explain my thoughts on scalping and what works for me. I'm sure this is not an original idea and I'm not trying to appease any ownership or be a guru. I just share.
I currently only trade Dax. I started trading at the open in Frankfurt and waited for the first signal. When the setup comes, I place the trade with a ratio of 1:1, stop loss of 6 pips and take profit of 6 pips. Once the trade reaches +5 pips, I close the trade, close my laptop and call it a day.
If the trade fails, I wait for the next setup and continue the trade until it goes up 5 points and then close the trade for the day. Usually I finish it right before or shortly after the London Open.
When I first started trading with this method I hoped to gain 50+ pips per day, and trust me, it usually works to achieve that goal, but setting goals that are too high often leads to overtrading, chasing losses, and taking risks.
Setting a goal means you can reduce the stress of trading by winning just one more trade per day, and this has been my key to consistency so far, especially using a method that is over 70% accurate.
OK, continue with the method...
Honestly, whatever works for you is the best way. Just win more than you lose and when you hit gold level you quit, but that's what worked for me
The range bar is set to 3 points (300) If you don't know how to set the range bar, please use the search tool Pingjianzu
3 separate MA ribbons forming a cloud
The cloud shows dynamic areas of support and resistance, which are also non-trade areas. I only want to take long positions when price is above the cloud and short when price is below the cloud, and only trade after a pullback!
Rules... follow them and you can't go wrong (I put this here both for my own benefit and for the benefit of others!!!)
The setup for the longs is when price is above the cloud, the red candle has retraced and closed within the cloud, and then takes the first white candle to close above the cloud.
The green part of the cloud must be at the top, with the green line on the outside.
Price can bounce off any part of the cloud (green, orange or red).
Once the price breaks out of the red part of the cloud, the trend is likely to change, but only a pullback will confirm it. You can now start looking for short positions that are essentially the opposite of the long setup.
Stop Loss 6 pips Take profit at 6 pips, but stop trading at 5 pips.
Screenshot(64).png
Avoid trading when the market is volatile, usually within a range the price will bounce from one side of the cloud to the other, if there is no pullback there is no trade so you are safe, but if you do find yourself losing a few trades and it is clear that a range has formed then wait for the high or low of that range to be broken and then pull back to confirm the new trend before taking any new trades.
Screenshot(65).png
That's it. I use fairly high leverage, about 5% per trade. I don't recommend this. Always stick to what you feel comfortable with and only trade in demos until you get the hang of it.
Once you are online, you can expand your account, once the account is large enough, 5 points a day will be enough!
MA Ribbon Filling 2 x 14.ex4
scopecloud.tpl
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