I’m a newbie looking for some help and maybe you can help me out a bit so I can learn from you.
I’m thinking about the following strategy:
BUY when: 1M chart is trending down and 5M, 15M and 1H chart is trending up
SELL when: 1M chart is trending up and 5M, 15M and 1H chart are trending down
I want to take small profits on the 1M time frame
What do you think…which indicators should I use? Moving average (which one)?
What will be an exact entry point? And exit point?
And/or use other indicators for confirmation?
Please let me know what you think about it so I can learn…
regards - tuffietoffie:31:
In scalping strategy you need to know the direction of the trend and develop your entry point. It also require to have quick exit strategy because one big loss can erase the many small gains a trader work nard to achieve. A scalper is successful while keeping higher the number of winning trades than losing trades.
First you won’t be scalping my friend, think of it as low and/or high frequency day trading. Find a Price Action thread and learn the techniques, it’s the same for all time/tick frames as the same price action makes every chart.