NickB's 4H Scalping Method

[phil838]

I'm going long at 159.20.

I didn't like it at first because it didn't retrace enough for my tastes, but I think the double bounce makes it an excellent line now.

Also, for any traders new to the system, I always have a 5 pip buffer past the actual scalp line before I enter the trade. That helps to filter out the fake breaks like the one we had on the 12:00GMT candle.

I should probably have put that in the rules...

[phil838]

Originally Posted by phil838

I'm going long at 159.20.

I didn't like it at first because it didn't retrace enough for my tastes, but I think the double bounce makes it an excellent line now.

159.20 broke and was a winner!

It flew past the 50 pip mark and I got out for +60.

Anybody else make any pips on this one??

[lavaman]

Originally Posted by phil838

159.20 broke and was a winner!

It flew past the 50 pip mark and I got out for +60.

Anybody else make any pips on this one??

I entered an order for this one several hours ago, then came home from a concert and turned on my platform to see the last few minutes of the trade giving me 50 pips, nice! Two successful scalp line trades this week. I didn't see anything about it in Nick B's ebook, but I also decided I better give a 5-7 pip buffer to weed out some of the bounces, working well so far.

Does anyone know of another pair that is somewhat unrelated to the GBP/JPY (so they don't end up with similar scalp lines) that would work well with this method. I'm just curious. Does the GBP/JPY have a better track record with these types of trades?

[phil838]

Originally Posted by lavaman

I entered an order for this one several hours ago, then came home from a concert and turned on my platform to see the last few minutes of the trade giving me 50 pips, nice! Two successful scalp line trades this week. I didn't see anything about it in Nick B's ebook, but I also decided I better give a 5-7 pip buffer to weed out some of the bounces, working well so far.

Does anyone know of another pair that is somewhat unrelated to the GBP/JPY (so they don't end up with similar scalp lines) that would work well with this method. I'm just curious. Does the GBP/JPY have a better track record with these types of trades?

One of the guys over at Nick's site, Metalhawk, has been demoing scalp lines on USD/CAD. He just started doing it on a live account and is using an 8 pip buffer and a 35 pip SL/TP.

The overall trend and big moves on USD/CAD are inversely correlated to GBP/JPY, but if you look closely the scalp lines are completely different.

I've never traded it personally, but Metalhawk is a very conservative trader and if he says it works I trust him.

[tonymand]

Originally Posted by phil838

If price is moving fast I'll let it go a little, I get and extra 10-30 pips quite often, and more on occasion.

Thanks Phil

[ThePhoenix]

Originally Posted by phil838

159.20 broke and was a winner!

It flew past the 50 pip mark and I got out for +60.

Anybody else make any pips on this one??

Damn, I entered and then deleted the exact same trade because I wasn't going to be around to watch. O well always another trade.

What do you think about 153.44 ?? I'm hanging in for that one myself.

[jvolkova]

I'm not sure if anyone has been trading JPY pairs today using this strategy...
GBPJPY - swing low - 156.86 broke - short trade - took profit of 100 pips
NZDJPY - 62.03 broke - short trade - took profit 100 pips

Stil have positions open -- all +++

[pipmeplease]

I've just come across this system and im unsure on a few things. do we set up an order on the new candle after we see that the last 4hr has left a large wick. Or on the same candle? Do you set up orders right at the end of the wick/spike? thanks

[phil838]

Originally Posted by ThePhoenix

Damn, I entered and then deleted the exact same trade because I wasn't going to be around to watch. O well always another trade.

What do you think about 153.44 ?? I'm hanging in for that one myself.

I don't see a line around 153.44. Could you post a picture?

I've got 160.45 on the long side and 143.00 on the short. A possible new line is forming at 155.67 but it's not ready yet.

[Max99]

Does anyone have a link to Nick's pdf? I searched but can't find it.

Thanks,
Max