Forex setups scalping

This system is based on the fact that most of the time you won't find same size candles for 2 consecutive days on a daily chart. What does this mean for us — only one thing: If the price bar including shadows is less than 90 pips long we will not open new trades the next day. If the previous day bar turns out to be an Inside bar. While an Inside bar candle implies a good breakout opportunity the following day, it can also be a dual whipsaw breakout - a break in both directions - the most unwanted scenario for our trading system.

Put your stop loss order for a Long entry at the lowest price of the previous day -3 pips. These additional pips for entries and stops can setups be adjusted once you learn the behavior of a chosen currency pair over the time. Now, when one of the orders is filled — stay setups the trade for the whole day.

Rewarding is a very powerful tool, use it. Close you current open positions with either profit or loss if a daily candle becomes a Setups candle or is almost a Doji. Also close your open trades if you've met a Shooting Star candlestick in an uptrend or a Hammer candlestick in a downtrend.

On May 1st at We set our orders both Buy forex Sell according to the previous candle April 30th. The same day our Sell order gets filled. The day has passed and the price made some further progress down. Also we reset our Buy order which is now going to be just above the highest high of the May 2nd candle.

This system also gives an opportunity to be constantly in a trade and at the same time it requires very little observation and takes only 5 minutes a day to set all positions and forget about Forex till the next midnight.

You will see losing trades with this system from time to time — it is a part of any trading, but the overall result will be very positive. The second candle is also an Inside bar, so if we decide to trade, we should keep in mind that our risks at this stage will be higher. Choosing a profit target for the day becomes easier when you know a daily range average for a particular currency pair.

On 4 decimal platform no adjustments needed. By the end of the day we reevaluate the charts and it is a setups time to set new forex. At midnight we set new orders again. We will have systems that will be able to easily allow trades running their positions further relatively safe, but for this one it is important to lock your profits at least partially — the reason is that we move our stop order every day.

Decide per your own risk appetite. At midnight set new pending orders. We stay in a trade. One day later it'll become profitable and so on I scalping get this strategy to make sense. It says to place a buy at setups high of the previous day plus 5 pips. Does this make sense? To place a trade at a price which is higher than the current price? Same is true for the sell order.

With this scalping strategy we are not trying to predict where the price will go the next day. We take the easiest way - trading on the breakout of the previous day scalping highs or lowest lows. Let's look at it this way. The day has set its highest and lowest bounds. If the next day breaks through any of those bounds it has a great potential to make it even further.

By placing a buy order higher than the previous high we are making sure that this breakthrough has happen before our order gets filled. As I understand, stop loss in this system is a whole previous day trading range. That's a lot - isn't it? If the trade is a success and it goes our way, do we cash-in when we get to pips profit or you just "let it setups and just move forex. How do you determine daily range under which you don't trade for a currency pair?

How do we calculate it for other pairs? If a trade forex a success, I do take my pips scalping. After all there is always another day to enter again. Regarding a stop loss rule, yes, the stop required is usually quite far away, but this is also a very secure option to go with.

Of course only if a scalping money management is in place. As a rule if the price decides to change its direction it usually does it slowly, not in one day. As we move our stop every day we are able to bring the trading risks to a safe minimum before the price actually turns against us.

Another option would be to set a stop loss equal or slightly higher than the Daily average Range. You may use the indicator to help forex with this. I would suggest taking a half of the daily range average for a chosen currency pair as your approximate target. Thank you for sharing your strategy. I use a similar method, but on a one hour chart at the opening of the London Market.

I would welcome the opportunity to discuss this with you further. WHEN YOU SAYS LOCAL TIME. DO YOU MEAN MIDNIGHT PACIFIC TIME WHEN THE NEW DAILY BAR STARTS FORMING? MY DAILY Scalping IS EST TIME. IT'S ME AGAIN EDWARD. I AM STILL CONFUSED WITH THE 'MIDNIGHT SET-UP' FOR EXAMPLE THE PREVIOUS BAR HIGH IS PLEASE CORRECT ME IF I AM WRONG WHEN SETTING UP.

HOPEFULLY THIS PART I GOT IT RIGHT. NOW, 'SELL STOP IS PREVIOUS HIGH MINUS 5 PIPS? OR PREVIOUS LOW MINUS 5 PIPS THIS IS THE ONLY PART I Forex STILL BAFFLED.

THANK YOU IN ADVANCE AND LONGING FOR YOUR ANSWER. HAVE AN EXCELLENT DAY. Active traders Poll - share your live experience or read what others have to say. Forum What is Forex? FXCM App Forex Trailing stop EAs MT4 Forex Scalping Tips and Facts Forex Brokers Scalping systems Forex systems with MT4 custom indicators Systems in development Create own Forex system Forex Trading Tips Forex indicators Forex Polls - results FSR Forex Forum.

Who's online There setups currently 7 users online. Submitted by Edward Revy on April 29, - Ready to dedicate your midnight hour to Forex trading? This strategy can be your winner. If the previous day bar turns out to be an Inside bar, be cautious about entries the following day. Below is an example no screen shot to illustrate how we navigate in time: Next is a detailed candle-by-candle explanation of the trading on the chart above.

We will number candles starting form 1, so number 1 is a circled candle. We set entry orders. I can't get this strategy to. As I understand, stop. If a trade is a success. Hi Edward, Thank you for. Hi Edward, Thank you for sharing your strategy.

Go with EST time the time. Go with EST time the time your daily chart gives you. DailyFX Dukascopy Saxobank InstaForex FSR Forum. Free e-books Currency Index Forex bonus Video course.

How To Double The Account In 1 Scalping Home Advanced system 1 Midnight setup Submitted by Edward Revy on April 29, - DailyFX Dukascopy Saxobank InstaForex.