NickB's 4H Scalping Method

[phil838]

Originally Posted by bzltop

Phil, what broker do you use?

I have an account with IG Markets, do you know if they are any good?

I haven't had any dealings with IG Markets personally. I don't recall hearing any horror stories about them, and they are a regulated broker, so they should be safe and reputable.

I used Oanda and have had no problems with them.

EDIT: Right after I posted this their server went dead. I should say I've never had any major problems with them. Little things like this happen to all brokers every now and then.

[phil838]

Originally Posted by pipsrgood

My broker is Oanda, and they offer a 3-hour chart, but not 4-hours. Would this system work on a three-hour, or would I need to take the trades off my four-hour demo charts?

I'd trade off a 4H demo chart myself, but the scalp lines on a 3H chart should correspond to 4H lines at least 90% of the time.

If you wanted to do it I think it would be okay.

[lavaman]

Originally Posted by pipsrgood

My broker is Oanda, and they offer a 3-hour chart, but not 4-hours. Would this system work on a three-hour, or would I need to take the trades off my four-hour demo charts?

You could also place your trades in Oanda, but do your chart analysis elsewhere. I use a free non-expiring metatrader demo from FxPro, I think other brokers offer similar deals.

[jvolkova]

Hi Phil,

On GBPJPY I always go for atleast 100 pips ( with other pairs 50 works best).
and 50 pips stop loss would of worked no problem....

Also I tried this on 1h chart ... its works great...but I only try to trade during London session...



Julia

[phil838]

Originally Posted by jvolkova

Hi Phil,

On GBPJPY I always go for atleast 100 pips ( with other pairs 50 works best).
and 50 pips stop loss would of worked no problem....

Also I tried this on 1h chart ... its works great...but I only try to trade during London session...



Julia

You're right, Julia... I checked again and at a 50 pip SL that trade would have been a winner. I must have been looking at the wrong line or something...

I never though of restricting the 1H trades to the London session. That would help with the momentum problem!

Also, it's nice to see a female posting on these forums. I've never understood why this place is 95% male. There have to be more female traders out there??

[jvolkova]

I also find that with this strategy you can stay in the trade longer and make 700 - 800 pips per trade ...so it can be used perfectly for longer trades as well as short ..


and as for the females on this forum...they are all out lookin for the rich male forex traders hahahah j.k

[Sweet Pip]

Originally Posted by jvolkova

and as for the females on this forum...they are all out lookin for the rich male forex traders hahahah j.k

Check that...lol...from what I've seen we're doing ok and are better off getting rich for ourselves...95% of traders fail...and 95% on here are males...slim pick'ins!

[ThePhoenix]

Originally Posted by Sweet Pip

Check that...lol...from what I've seen we're doing ok and are better off getting rich for ourselves...95% of traders fail...and 95% on here are males...slim pick'ins!

LOL, burn.

[Pukey]

Originally Posted by jvolkova

Hi Phil,

On GBPJPY I always go for atleast 100 pips ( with other pairs 50 works best).
and 50 pips stop loss would of worked no problem....

Also I tried this on 1h chart ... its works great...but I only try to trade during London session...



Julia

Hi Julia. Are there any pairs that you don't trade with this method? It seems that USD pairs aren't mentioned here yet.

Everyone else's input is welcome here too.

[ThePhoenix]

Originally Posted by phil838

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.

Ok, well, I go with that since I'm new at using nickB's method.

My chart looks pretty much like yours at 153.44. So, that isn't support because price more or less moved sideways there?

To make it a stronger support line we'd want to see price move away AND THEN return and have a bounce off that line?