Scalping Technique Made Easy - MT4/MT5 Resources
As promised, I'll attach some images of the technique of capturing PIPS O' after a move has been identified. This method is similar to others outlined in other threads in this HAS forum, but better and more mechanical.
Start with the longest TF you want to trade. In fact, you can start with the monthly Tf and use it as a reference for scalping some huge swings. I recommend you start with a 4 hour Tf as it is a good compromise for stability and enough PIPS can be extracted from the ATM.
So start with 4 hours TF. In this example we want to go short (red candle). Confirmation that the currency is trending. Now you should know how to identify a trend, such as having only one color on the 4 hour Tf line. If the higher TFs such as daily, weekly and monthly also have the same color, then you are in a good long-term trend that offers lower risk.
Now switch to a lower TF, in this case 1 hour. Look for colored bars that are opposite to the main trend color. I switched to 1 hour and didn't see the blue "4TF HAS BAR" candle, so I switched to 30M again. I see a blue area, so I pay attention and wait patiently for the next bar to turn off to red.
After identifying the first closed red candle (30M), I went short on the opening price of the next 30M candle. If I don't find any blue candles on 30M, I switch to 15M and look for blue candles.
Remember, this applies to any combination of TFs. The approach is sound. The higher the TF, the more PIPS are generated. Lower TF generates fewer points and lasts for a shorter time. How you want to profitably exit is your decision. I don’t want to talk about the timing and paper of withdrawal. There are endless…
Please report how you handle this. If you want to donate money, my favorite charities are those involving animals.
Start with the longest TF you want to trade. In fact, you can start with the monthly Tf and use it as a reference for scalping some huge swings. I recommend you start with a 4 hour Tf as it is a good compromise for stability and enough PIPS can be extracted from the ATM.
So start with 4 hours TF. In this example we want to go short (red candle). Confirmation that the currency is trending. Now you should know how to identify a trend, such as having only one color on the 4 hour Tf line. If the higher TFs such as daily, weekly and monthly also have the same color, then you are in a good long-term trend that offers lower risk.
Now switch to a lower TF, in this case 1 hour. Look for colored bars that are opposite to the main trend color. I switched to 1 hour and didn't see the blue "4TF HAS BAR" candle, so I switched to 30M again. I see a blue area, so I pay attention and wait patiently for the next bar to turn off to red.
After identifying the first closed red candle (30M), I went short on the opening price of the next 30M candle. If I don't find any blue candles on 30M, I switch to 15M and look for blue candles.
Remember, this applies to any combination of TFs. The approach is sound. The higher the TF, the more PIPS are generated. Lower TF generates fewer points and lasts for a shorter time. How you want to profitably exit is your decision. I don’t want to talk about the timing and paper of withdrawal. There are endless…
Please report how you handle this. If you want to donate money, my favorite charities are those involving animals.
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