Scalping channel - 1 minute limited mart (Scalping channel - 1 minute limited mart)
Let me start by pointing out that this trading method is far from perfect. That's why I'm sharing it here - to improve it together. So don't use it on a real account, only use it on a demo account (for now).
It does not bring anything new and probably many experienced traders already use it to one degree or another. I just discovered it and since it almost worked for me I decided to share it here. Like I said, hopefully we can improve it together.
Okay, let’s get to the point.
main idea
...most of the time, the price will deviate 100 pips or pips from the current price in either direction (they still confuse me), and 1 out of 3 times you flip a coin you should win. Start with a demo account of $200 and trade 0.01.
what you must do
Now we have two possibilities: either we win, the price reaches the target price and the trade is closed, or not. If not, and the price goes in the opposite direction, wait until it is about 100 pips away from the (already) losing trade. Then open another trade (double to 0.02) with the same 100 pip spread TP and drag the TP of the first trade (0.01) onto the second TP so that they are closed together. Again, there are two possibilities: the price moves in the desired direction and hits the target price; at this point you make $0, but at least you don't lose anything. If the price moves in the opposite direction, wait until it is again 100 pips away from the second trade and open a third trade, this one at 0.04 (twice the previous one). Move all 3 TP 100 points away from the third transaction. This would be the last trade unless you want to risk betting on the martingale and you have enough money to do so. Otherwise, stop and prepare to close all losing trades. However, statistically, this deal has the potential to win. But keep an eye on the "Close All" button, just in case.
I'll upload some screenshots later, hope you can understand them - I only have Paint to edit them, no professional image editing software.
One more important thing: please don't stick to my 100 pip trading distance - also check the Signal Channel indicator. In fact, I think we have to adjust: exit (TP) and lot size.
Signal Channel Indicator -
Exit Trading Expert Advisor -
Update: No more 2 EMAs, now only 1 EMA (89). Check the example here.
Update: Update in a nutshell here: I now open up to 5 trades (if the trend goes in the opposite direction), starting at 0.01 and ending at 0.16 (so the last trade should be about 400 pips different from the first trade). Also managed to attach my trade browser, but Pepperstone deleted the demo account after 1 month, so... that's how old it is.
It does not bring anything new and probably many experienced traders already use it to one degree or another. I just discovered it and since it almost worked for me I decided to share it here. Like I said, hopefully we can improve it together.
Okay, let’s get to the point.
main idea
...most of the time, the price will deviate 100 pips or pips from the current price in either direction (they still confuse me), and 1 out of 3 times you flip a coin you should win. Start with a demo account of $200 and trade 0.01.
what you must do
- Identify trends on higher frames (D1, H4, H1) - Very important, we only trade trends. If you are not 99% sure about the trend, don't place a trade, just change the chart.
- Be prepared to close all trades, regardless of profit or loss - this is also very important.
- Do not trade during/close to news releases.
- Initially, trade only on one chart and do not start multiple trades - this is scalping and it is difficult to monitor multiple charts. Plus, it’s all about timing.
what do you need
- To identify trends, I check all timeframes, starting with daily and working my way down. However, daily and H4 are the most important and should point in the same direction. In my fourth screenshot you can see the JJN-Infobar indicator in the upper left corner - I can't remember where I got it from, search for it and use it when unsure of a trend, it's a good indicator.
- For trades that I want to close (all at once, mind you), I use an EA called ExitTrades. It displays a "Close All" button in the upper right corner of the chart - one click to close all trades.
- Stochastic (5,3,3) - helps to find the right entry points.
- Signal Channel indicator, can't remember where I got it from but I use it with stochastic to enter trades or alone to exit trades. I didn't notice the arrow.
- I also use the 89 EMA to confirm trade entries/exits on M1 as well as major trends on higher timeframes. The price moves higher from EMA89 into buying and vice versa into selling.
How to trade You must identify the trend and enter - depending on the trend - when price hits the upper/lower limits of the signal channel indicator; use the 89 EMA for confirmation and/or the stochastic indicator.
Example: The trend is down. Open selling when the price hits the upper limit of the channel, the stochastic moves downward from the 80 level and the price rebounds downward from the 89 moving average or is already below this level. The opposite of opening a buy position. Check the screenshot.
Now we have two possibilities: either we win, the price reaches the target price and the trade is closed, or not. If not, and the price goes in the opposite direction, wait until it is about 100 pips away from the (already) losing trade. Then open another trade (double to 0.02) with the same 100 pip spread TP and drag the TP of the first trade (0.01) onto the second TP so that they are closed together. Again, there are two possibilities: the price moves in the desired direction and hits the target price; at this point you make $0, but at least you don't lose anything. If the price moves in the opposite direction, wait until it is again 100 pips away from the second trade and open a third trade, this one at 0.04 (twice the previous one). Move all 3 TP 100 points away from the third transaction. This would be the last trade unless you want to risk betting on the martingale and you have enough money to do so. Otherwise, stop and prepare to close all losing trades. However, statistically, this deal has the potential to win. But keep an eye on the "Close All" button, just in case.
I'll upload some screenshots later, hope you can understand them - I only have Paint to edit them, no professional image editing software.
One more important thing: please don't stick to my 100 pip trading distance - also check the Signal Channel indicator. In fact, I think we have to adjust: exit (TP) and lot size.
Signal Channel Indicator -
Exit Trading Expert Advisor -
Update: No more 2 EMAs, now only 1 EMA (89). Check the example here.
Update: Update in a nutshell here: I now open up to 5 trades (if the trend goes in the opposite direction), starting at 0.01 and ending at 0.16 (so the last trade should be about 400 pips different from the first trade). Also managed to attach my trade browser, but Pepperstone deleted the demo account after 1 month, so... that's how old it is.
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