Thanks a lot Phil. It clears my doubts. Btw, I can’t see the attachment…
HI Phil, Thanks, tat’s fast. Btw, what should i do with this attachment. sorry for the trouble
It’s no trouble…
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Download the zip file and extract the files.
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Copy the files to your MT4 “\experts\indicators” folder, the location of which will vary depending on your broker. On my computer it’s “C:\Program Files\Interbank FX Trader 4\experts\indicators”
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Restart MT4
The indicator will now be under “Custom Indicators” in the MT4 navigator.
- Copy the files to your MT4 “\experts\indicators” folder, the location of which will vary depending on your broker. On my computer it’s “C:\Program Files\Interbank FX Trader 4\experts\indicators”
what I like to do is,
right click on your mt4 icon in your desktop
click open file location
click experts
then when you have the folder called indicators you can take phil’s atr after you have extracterd it and right click it,
then click copy
then move your mouse over to the indicators folder
right click
then click paste
then restart mt4
Anyone trading 158.50 as a scalp line? Looks like it moved far enough for me.
I’m not sure about 158.50 because of the move up to the level, even though it retraced pretty well, and it would be pretty close to my line at 159.63. I’m looking at 154.03 though; a good move down to and away from the line plus the fact that 154.00 should be a strong psychological level.
Cody
True, they are almost 100 pips apart. But for me, the combination of it being right on the border of the ideal distance between scalps and the fact that the run up to the line wasn’t too strong, I’m not too sure about it yet.
I’m sure it’s definitely tradeable, but I’d want to keep an eye on it and unfortunately I tend to rely on limit orders for my scalp line trades because of work obligations. I’m not sure I’d want to take this one on automatically.
Cody
In my opinion, you don’t need both scalps. 158.52 just negates 159.60. My question was more about the move from the recent low at 154.04 being a large enough move, followed by the drop to 155.92 in the current candle.
I believe Nick’s e-book says to take the farther of the 2 when there are 2 possible scalps, but I think the distance price has moved and the number of candles between the scalps at 158.52 and 159.60 would allow me to trade the lower price instead of the higher. If the break does happen and 159.60 becomes resistance, I will easily grab 50 pips anyway.
Phil? Nick? Am I in the ball park here?
That’s a valid point about being able to hit a TP of 50 if you take the break of the 158.52 line. You probably wouldn’t start seeing the effect of resistance from 159.60 until price got beyond your TP.
I’m interested to hear what others think.
Cody
I don’t like that line. The move up was good, but the move down was less than 300 pips and only consisted of two candles, one of which ended up moving up overall. The .50 round number lends it some extra credibility, but as far as the pattern itself goes, I don’t think it’s very good.
I agree with Orpips. 158.52 hasn’t had a strong, or long, enough retrace for me. It may turn out to be a good line in the future, if price goes down some more, but as of now I’m not trading it.
As for it being 100 pips from the 159.60 line, I think that’s fine. That’s pretty much the minimum distance I like to see between lines, but it’s good enough for me. I still won’t be trading it yet because of the short retracement though.
Thanks Phil. Where is your nearest long scalp line at the moment?
My next lines are 159.60 on the long side and 154.04 on the short.
And, to anyone trading real money, consider reducing your lot size for a while. We’re having an unusual losing streak so I’m only trading with half my normal position until things turn around. 
Good call on the lot size thing. It can’t last long.
Thanks Phil and Johnny,
You guys are really helpful.
Appreciate
I like to see 5-6 candles and at least a full days worth of pips, but I’m a little more conservative than most people.
I’ve seen Nick take lines with only a 2 candle retrace, but that’s too risky for me.
Hi Phil,
can you show me a chart of 5-6 candles as mentioned? It helps to give a clearer picture.
Thanks
Hi Phil,
Thanks for showing the chart. As far as I know the 2nd line is appears at the no man’s land, will you enter your trade if the momentum is high?
Regards