Here is the start of my journey to the world of scalping. Just be scalping the EU from M5 and M1 charts.
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Setup is easy
Straightforward Moveing Average (3 place to close)
Smoothed Moving Average (8 place to close)
MT4-LevelStop-Reverse-vB0-4 (Refered also as SAR from here on out)
Trade style 1 for M5 (Basic Entries)
When candle is above SAR go long
When candle is below SAR go brief
Trade Style 2 for M5 (Uncommon Entries, but nevertheless legitimate entries)
LONGS-
1)When candle is above SAR WAIT for 3ma crosses 8ma to the upside move long (conservative entry)
two )Input when candle is above SAR and re enter when 3ma crosses 8ma to the upside (re-entry)
SHORTS-
1)When candle is below SAR WAIT for 3ma crosses 8ma to the disadvantage go brief (conservative entry)
two )Input when candle is below SAR and re enter when 3ma crosses 8ma to the disadvantage (re-entry)
Trade Styles 1 and 2 operate hand in hand.
Trade Style 3 to M1
Check M5 chart and decide direction then switch to M1 chart and enter according to above criteria.
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Additional Entries (Risky)
Wait for trade setup on M5 chart and enter, switch to M1 chart and enter when M1 chart meets criteria for a commerce
Additional Intitial Entries (Very Risky)
When inputting a trade put a Limit Order every 10 pips before the SAR. So if price retraces the postion will be entered in by it.
Example-
-Signal 1.4430 to go long
-SAR stop loss is at 1.4390
Input Long at 1.4430
Set a Buy at 1.4420
Set a Buy at 1.4410
Set a Buy at 1.4400
Place SL in SAR (1.4390)
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Initial Stop Loss
Set SL in the SAR stage at which the candle crosses the SAR line.
Take Profit
There is no set TP. Rather once the trade is in PROFIT trail the 8MA by what ever you like, this way you give it the space to breath while also protecting your gains.
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