You’re right. I’m not the sharpest knife in the drawer.
Anyone else take the long at 161.30?
I am not really sure if it can be described as a Scalp line break or a break of the Mother/Master candle high on the 4 HR chart.
My initial target was 161.80 and it has been hit, holding on but there seems to be some good resistance at 162.00.
Good Call! Looks like that one worked out for you, if you stayed in for +50. I missed it:mad:
It wasn’t a scalp line, but it was a valid Master candle break.
Good job! 
Possible reversal around 161.24, Phil?
I don’t like it. I like a reversal to have bounced off some type of S+R line, or at the very least a scalp line. This one is just out in the middle of nowhere.
Although, now that I look closer, it is bouncing off an upper trendline.
I’m still going to sit it out though…
It wasn’t a scalp line
maybe im confused coz to me 161.28 is a bonafide scalp line. It has nice trending leading up to it and it has held price back for 6 4h candles (broke on the 7th) Phil can you tell me why it is not a tradable scalp line.
thanks, john
So, are you looking at anything else besides a 154.85ish short?
It did have a great trend up to it, but there was no real trend away from it. Price only moved 150 pips away from it and for the next 16 hours just bounced around in a range 40-150 pips away from the line. I line to see a trend away from the line with at least a day’s worth of pips and a day’s worth of candles for a valid scalp line.
In my opinion the good break above 161.28 wasn’t because it was a scalp line, but because it was a 16 hour price consolidation area (aka Master Candle setup).
Nope, I’ve got nothing else on my charts and probably won’t take any other trades for the rest of the week.
thanks phil i appreciate the quick response and also all the effort you have put into this thread.
You’re welcome, Johnny. I’m making money now because people helped me when I was new… Just trying to repay the favor to others.
Just to state the obvious – there are a lot of iffy trades being posted here, by which I just mean ones not strictly adhering to the Nickb “scalp line” strategy, so the results may or may not match those of the original strategy. Nick’s claimed 80% win rate, my own 70% win rate, and I think Phil’s 70%, are based on a closer following of Nick’s strategy, so just be aware that jumping at all these other trades might net you more pips here and there, but could also end up hurting the overall expectancy of your trades. Same goes for changing the SL and TPs.
Also, I don’t believe Nick has posted any actual stats for his master candle strategy. My own backtests didn’t show me anything that made me want to pursue those.
Hey pizal I did catch that one for 22pips, it didn’t look like a scalp line, but was a high for the year so I kept an eye on it and it was a nice trade.
Ill have to agree with you on that point orpips, I also backtested the master candles a little bit, and am not to impressed myself, the reason I took the 161.30 trade wasn’t because of a master candle, it was because it was the new high for the year, and I watched price wanting up for awhile.
Congrats, it was a good trade!
But yeah, I just think it always bears repeating that people feel compelled to change systems, even pretty well-proven ones, without having done nearly enough testing (back-, demo, or live) to possibly have any idea if they are actually improving it or not. We have fairly credible stats from several sources now putting this method at at least 70% success with a 1:1 risk/reward. That is damn good, and one should ask himself how likely it is to be improved upon, especially without having tested it over a significant time period.
I was just going over nickb’s e-book again. I was reading the part about targets and ADR. I just took his word for it on the numbers.
Where in mt4 do you find the ADR? So, I can figure targets myself for pairs.
Ug, just chatted with IBFX, they don’t have ADR in their MT4. They have it listed on a webpage. And frankly it’s total garbadge. Gives me a black line and then yellow bars, saying area of high probability. Dammit I just want to know the ADR.
Can someone tell me how to figure it manually and correctly from my MT4 charts?
Ug, just got off another chat. They don’t even list the ADR, just a side graph with numbers and the pair has a large black line through it. I guess you are supposed to guess the number.
The rep said, “If the ADR was 80 and you used 78 instead for a calculation would it matter?” OMG, yes it’s a target calculation moron!!!
MT4 doesn’t have a built in ADR. I just use the ATR indicator that MT4 has. It’s a slightly different formula than ADR but it’s still an accurate gauge of a pair’s volatility.
Just remember to put it on a daily chart. If you put it on your 4H charts you’ll be getting bad results.
If you really want ADR you’ll have to track down a custom indicator for it.