Oh crap! Another S/R scalping strategy (Oh Crap! another S/R scalping strategy)
Here’s a little strategy I unimaginatively call “In and Out 3.1”
Works best on m15, but you can use higher timeframes if you prefer. Haven't tried this on a shorter time frame.
Entry rules:
1. Wait for the MACD signal. (No need to look at the chart)
2. Check the chart to see if it has completed a large retracement of the trend and broken out of the substantial support/resistance indicated by the channel line and/or S/r line confluence. Smaller retracements = smaller profits.
More lines converging = greater chance of rebounding and getting back into trend.
3. Wait for price to deviate from the S/R line and cross the nearest moving average (the default template turns on alerts, you can turn them off if they annoy you.) and close on the other side.
4. Check the BB RSI and see if the RSI crosses the Bollinger Bands centerline in the trend direction. If the candle is about to close and the RSI crosses the BB centerline, you do not have to wait for the candle to close.
5. Check the session time to see if the pairing is active or about to become active.
6. View FF cal news
7. Check recent currency strength for additional confirmation.
8. Pull the trigger in the direction of the trend indicated by the MA slope. Blue buy/red sell
Exit Rules For EUR/USD, set a stop loss of 6 pips, plus a spread and trailing stop, and move pip-by-pip into positive territory as the price moves in the direction of your breakeven. Helps to set draggable stop loss lines. FXCM Trading Station has these. No draggable Stop Loss and Take Profit scripts found for Metatrader yet.
Once you reach your breakeven point, trail your stop to the nearest S/R level as indicated by price until you are stopped.
Stop loss is always dragged into profit. Never fall behind.
Other currency pairs may require larger stops. Periods with higher volume may also require larger stops. I usually zoom in on m1 and drag the stop to the nearest s/r (as shown in the price history).
Instructions and explanations are provided in PDF and Word documents.
have fun.
http://i7.photobucket.com/albums/y28...DOUTSAMPLE.jpg
Works best on m15, but you can use higher timeframes if you prefer. Haven't tried this on a shorter time frame.
Entry rules:
1. Wait for the MACD signal. (No need to look at the chart)
2. Check the chart to see if it has completed a large retracement of the trend and broken out of the substantial support/resistance indicated by the channel line and/or S/r line confluence. Smaller retracements = smaller profits.
More lines converging = greater chance of rebounding and getting back into trend.
3. Wait for price to deviate from the S/R line and cross the nearest moving average (the default template turns on alerts, you can turn them off if they annoy you.) and close on the other side.
4. Check the BB RSI and see if the RSI crosses the Bollinger Bands centerline in the trend direction. If the candle is about to close and the RSI crosses the BB centerline, you do not have to wait for the candle to close.
5. Check the session time to see if the pairing is active or about to become active.
6. View FF cal news
7. Check recent currency strength for additional confirmation.
8. Pull the trigger in the direction of the trend indicated by the MA slope. Blue buy/red sell
Exit Rules For EUR/USD, set a stop loss of 6 pips, plus a spread and trailing stop, and move pip-by-pip into positive territory as the price moves in the direction of your breakeven. Helps to set draggable stop loss lines. FXCM Trading Station has these. No draggable Stop Loss and Take Profit scripts found for Metatrader yet.
Once you reach your breakeven point, trail your stop to the nearest S/R level as indicated by price until you are stopped.
Stop loss is always dragged into profit. Never fall behind.
Other currency pairs may require larger stops. Periods with higher volume may also require larger stops. I usually zoom in on m1 and drag the stop to the nearest s/r (as shown in the price history).
Instructions and explanations are provided in PDF and Word documents.
have fun.
http://i7.photobucket.com/albums/y28...DOUTSAMPLE.jpg
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