NickB's 4H Scalping Method

phil838 · July 19, 2009, 5:38pm

I don’t trade S+R lines the NickB way (just scalp lines) but here’s a picture of my current GBP/JPY chart anyway.

The area between the blue lines are what I call S+R zones. If you want single S+R lines, like Nick uses, just pick the strongest point out of my zones and you’ll have good, single-point S+R lines!

benji533 · July 19, 2009, 5:47pm

Hi phil,
Thanks a lot. I appreciate your help

Ben

mumpips · July 19, 2009, 7:47pm

HI Ben, you can refer to NickB’s last week video posted on his blog. He showed SR lines and scalp lines.

Happy Trading.

benji533 · July 19, 2009, 8:03pm

Hey guys,
Do you think that the main uptrend of the GBP\USD will continue, or it’s time for a reversal in the main trend? Although it’s a bit struggling there, the last low was still a higher low, and also the high was an higher high…
I will wait in the meantime to see if it can continue and brake the 50.000 fiboracci line and he above S+R line in my chart…it all ready broke the pink trend line, and I can see some good price action.
In addition, we can see that the two lowest candles in thr 4H chart have long lows…so this can be a good combination of candlestick patterns, S+R lines and price action.

[B]Main trend:[/B]

[B]Closer zoom:[/B]

Ben

benji533 · July 19, 2009, 8:24pm

Thanks mumpips, I will check it for sure

Ben

cprao · July 19, 2009, 10:59pm

Phil, Can you please tell me whether your scalp lines for long or for short ?
For ex - 155.34 should be played for long or short ?

phil838 · July 19, 2009, 11:37pm

Scalp lines are only good once, so whichever way they cross is the right way.

So 155.34 would be long trade. It just got really close to breaking a few minutes ago, but I won’t trade a scalp line break before Monday morning London time. In my opinion the volume is just too low. If it breaks in the next couple hours I’m going to skip it.

s050399b · July 19, 2009, 11:56pm

So you would trade it when it’s GMT1100 (London 12pm)? Or after GMT0800 (London 9am)?

phil838 · July 20, 2009, 12:05am

I’d trade it after 8am GMT.

s050399b · July 20, 2009, 12:09am

scribbles down somewhere - trading scalp lines only after GMT8am on Mondays

s050399b · July 20, 2009, 12:19am

[B]Daily Habits of a professional Trader[/B]

[ Monday ]

GMT0 (10am) – draw and trade Sunday Breakout
GMT8 (6pm) – place and trade scalp lines

[ Tuesday ]

idle

[ Wednesday ]

idle

[ Thursday ]

idle

[ Friday ]

GMT1200 (10pm) – remove scalp lines
collect winnings

benji533 · July 20, 2009, 5:16am

It ended as a good long trade and I made some profits out of it

The price bounced up after it broke the 5.000 fiboracci level.

Ben

phil838 · July 20, 2009, 5:19am

Good job Ben!

I stayed out because it broke too early in the week for my tastes, but I’m glad you got some pips!

benji533 · July 20, 2009, 5:34am

Thanks Phil!
Your S+R zones helped me to spot a good entry for that trade (I have entered around the blue line there where your S+R zone is…the fiborraci wasn’t enough for me alone). so thanks

Ben

tonymand · July 20, 2009, 7:49am

Although tongue in cheek you have hit the nail on the head. Your approach needs to match your intended lifestyle otherwise you are swapping one master for another

s050399b · July 20, 2009, 7:59am

haha! that’s the life I’m dreamt about, I still need to work on it! haha!

bacoazul · July 21, 2009, 8:14pm

hello,
i have top line at 156.426 and bottom line at 152.379, its that right?

phil838 · July 21, 2009, 10:14pm

Yep, that’s right!

pirateboy · July 22, 2009, 5:46am

duh. 152 didn’t break 50 pips.

phil838 · July 22, 2009, 5:56am

Nope, broke by two pips and bounced off.

Hopefully it will turn into a good reversal and we can make our money back, plus a little profit.

Just my luck too. The scalp line I don’t trade this week wins, and the one I trade loses…