Definately a judgment call that one has to make for themselves if scalp line is strong or weak. It does say in nicks e-book that the trend moving away can be just one candle. And that candle is a really big one. It forms a nice V. IMO, it’s a strong scalp line. The trend/candle away from the scalp line went almost as far halfway long, the amount price went short from 162.59
You’ll probably hit that one for an easy +50 while I watch in fear, clutching my blanket and sucking my thumb. But I’m making the difficult transition from reckless to conservative and I must stay the course.
The nickB method should be a good trainer for you in that respect then. The line trades take a while to set up, and are planned well in advance.
Now that 3 candles are closed I’m going to agree with Phoenix on this one.
I like to see 6 or more candles, but because this was such a large move up I think it’s a very good scalp line.
I’ve got a pending order set for it! 
Thanks for feedback. No not using a variation…but new to the method. When I was looking on the 4HR chart on 6/1 There were two spikes to 159.17 & 14. The body of these candles was about 158.87. I was using this approx 30 pip range as the scalp line. Along with the fast moving down trend at the time. I have got to learn how to post my charts!!!
Phoenix, I’m trying to work on identifing scalp lines. I’ve cleared my old ones off my chart and started them again…I get very close to yours 162.57, 156.45, 154.86. 2 questions - What does “recent” mean to you? and is there a rule on how close together the scalp lines can be? Also I need to reread the ebook to make sure I caught all the rules and I understand them
It’s probably easier than you’re making it out to be.
According to the method, lines older than a month get dropped.
A line is formed when there is a clear and strong move to a price and then a clear and strong move away from that price.
Here are the current three lines (as you can see from the last few posts, some people have one more that I do not).
Best think you can do is follow nickB’s blog and start out slow working off the lines he posts. The wider two lines were ones I got from his blog. While you do that though, read why he placed each line. You’ll then start to see where he is coming from.
I forget the rule he uses for how close the scalps have to be, you’ll have to look in his e-book.
The 156.45 line triggered then went back up to the SL. Now it’s going back down 
Ah well you win some you lose some. Hopefully the next few trader will be profitable.
The PDF says he likes to see 10 candles between the bounces. So I guess the scalp lines have to be 10 candles apart?
I’m keeping my faith and believing that I found this method at a bad time. Many claim to win 70% but I am 1 for 4. And the 1 I won was a bit of a rule breaker.
I’m starting to think my karma can ruine any system.
156.43 was a loser for me -50 pips. Went to bed and set a sl and tp for ±50 pips. Set entry at 156.40 3 pips past the line.
Had I not set a SL or set my SL to my, “o crap SL of -70,” it actually would have been a winner I think.
No more SL for me, I’m only going to set price alarms and have the computer get me up at the line so I can always watch price action and make a choice. I hate losing a trade because of set it and forget it.
I had an overnight loser on 156.43 as well. I had a winner though with USD/CAD 1.1374. I used Metalhawk’s target and stop of 35 pips (he blogs on the forex4noobs site for those who don’t know).
My SL was -50 and I still lost.
The high of the bounce was 157.17 with my broker, so you would have needed an SL greater than 77 with your entry…would you have had a good reason for staying in the trade that long, or just wishful thinking, hoping that it would turn back in your favor?
Just remember that any given losing trade “could” have been a winner if you did something different – but how would doing that same thing have affected your results over the long term? If you stayed in every loser until 80+ pips of drawdown, then would the few extra winners you have outweigh the fact that you have changed the r/r from 1:1 to 1.6:1? Always something to think about…
156.45 line triggered then went back up to the SL
my trade went to +50 which was my target. I didnt use a sl and i stepped out for a hour or so, so im going to say that was reckless of me but it is hard for me to shake my old no stop loss habit that I have formed over the past 4 years. if we notice alot of trades stopping out and then turning to profit then maybe we need to adjust our stops accordingly so im probably going to get killed by phil for suggesting a less than 1:1 win loss ratio but it seems to me that it might help us to give the beast a little breathing room.
anyway im just thinking out loud if anyone has any input it is certainly welcome 
Just to follow up on my own post above:
Going by my records for this year, using an 80 pip SL would indeed have resulted in lower profits for the year. A small handful of losers would have been winners, including all three of the past two weeks, but the skewed risk/reward means each winner would only return 62.5% of risk instead of 100%, and since this system already has many more winners than losers, the 40% reduction in profit for the winners would cost us more than the few more winners makes us.
In fact personally I am looking at tightening the SL. A 45 pip SL would not have cost us a single winner, but would have significantly increased profits for the year, by making each winner return 110% of risk. However, I don’t think 6 months of data is enough for me to put this into practice yet. The same goes for raising the TP; from my records a TP of 55 would keep all the winners, and a SL/TP of 45/55 would make each winner return 122% of risk (which, over a year, would mean a huge increase in profits over default 50/50).
My broker’s high is 157.3. Is it normal to have such a huge difference between brokers?
My mistake actually, I stated the bid price, whereas the drawdown for this short trade would use the ask price, which in this case with Oanda was 157.22 (83 pips drawdown). Yours is still 8 pips higher, which seems like a bigger than normal disparity.
Thanks, usually the numbers I get are within 2 pips. Not sure why this one has larger difference