You would not short, unless you saw a reversal pattern at the line, you would not short just because it bounces away from it.
Yes, I consider 158.57 to be a very strong scalp since since the the triple bounce.
Like I said a few posts back, scalp line placement is more an art than an exact science. I agree with Nick 90% of the time, but sometimes he takes lines I donāt like, and sometimes I take lines he doesnāt like. Neither of us is right or wrongā¦ I do suspect heāll probably take this line now that it has 3 bounces though.
As for the 156 area, Iām not seeing any lines around there. I have 160.45 and 158.57 on the long side, and 154.88 and 143.00 on the short side.
I originally didnāt like 154.88, but Iāve changed my mind now thatās itās been away from the line for a couple days.
Did you get in on the reversal, Phoenix? I couldnāt resist it after the triple bounce. I got in at 157.73 (5 pips below the previous candle) and got +70 pips.
I like this method so far. The four hour time frame is what I like about it. Simple and easy. Pretty easy to follow the reversals if you study Candlesticks. I recommend Steve Nison for anyone wanting to really learn about reversals.
Nice method, Iāll definitely be putting it to use.
hey guys 155.52 looks like a really nice scalp line, nice trend down followed by a nice up trend.
Iām seeing higher lows within 158.570 and 154.880 which could possibly lead to a break of the 158.570, and if not and retraces again, could be a nice scalp. So I think 152.520 kind of interferes with that range IMO. But it is definitely support.
Itās too close to the 154.88 line for me to consider it a good scalp line. Thereās usually some resistance before a line is broken, and in this case the resistance to the 154.88 line could get in the way of the 155.53 line break.
However, I will be going short there based on other reasons (4H Master candle with a double bounce). I think that will push it straight through the second line.
Iām hoping it turns around and goes up to 158.57 though. I have a much better feeling about that line than the lower one.
I agree. I predict that itās gonna break and move up or down a couple hundred, if not more, pips in one direction or another within the next few hours.
Sorry for the typo on 152.520 I meant 155.520.
Bulls just checkmated the previous down candle, what may happen? Only time will tell.
Thatās the beauty of this trading styleā¦ The way it ends up going doesnāt matter. Weāll make money either way.
Well, 70% of the time weāll make money. 
ā¦And there it goes through the 158.58 line!
Haha. Yeah I am pretty hooked I must say.
Looks like it pushed through. Very nice momentum from what I see.
Sweet.
Did you call meā¦lolā¦just kidding 
Yup I got on that break for 30 āsweetā pips on my live accountā¦and thatās a wrap for tonight.
Thanks NickB for the system ā¦(and to Dr Phil for putting the thread up 
)
Hey, Phil, would you like the sp_range indicator without the extra digit?
Youāre welcome!
Iāve gotten used to the extra digit, it doesnāt bother me anymore. It drove me crazy at first thoughā¦
Iād probably get confused if it was gone now.
Now thereās an image I didnāt need to see before bedā¦(shudder)ā¦I knew youād have that ready in waitingā¦lol
Haha. Maybe. I see you are from BC! Awesome.
I snagged a few pips also, Iām quick to move my stop to break even because I am obsessive about keeping my profits, it retraced quite a bit so one would of had to of been quick on the trigger. Looks like it will once again close below the resistance.
Weāll see what this next candle can bring us.
Kudos to all, thanks Phil for sharing this method. I will be testing it for awhile see if I can bring it into my arsenal.
I stayed in and ended up getting stopped out for -50.
No big deal, this one just happened to be one of the 30% that lose.
Itās not uncommon for the price to break the line, move up to 20-30 pips profit in a matter of seconds, and then retrace to below the line before coming back up.
Iām betting thatās whatās going to happen here, it just retraced a little too much and stopped me out.
Either that or a reversal. Iām seeing a nice shooting star on the H1 and a possible sign of reversal on the 30M/15M. May not move much though, could just be pulling back, to turn around to the upside and retest the break. Iām not here to predict or talk analysis though, I do not have any idea. My only goal is to be on the right side of the move as much as I can. This system looks like it has a high rate of that.
I look forward to testing this more. Thanks.
Sweet Pip - well done on catching some pips there.
I on the other hand, lost out on this one, and I would very much appreciate othersā input so I donāt make this mistake again.
As soon as I saw the price go through 158.58 and placed my trade. 70 pip TP and 50pip SL, which in hindsight was a little too eager.
Of course, the price fell and I got stopped out.
What do you all think? Should it not have been traded, or were my TP and SL just wrong?
Rich.
You didnāt do anything wrong. This system wins 70% of the time, and this one just turned out to be one of the 30% that looses.
Iāve won my last 3 trades, so we were due for a loss. No big deal, there are always more trades!
I personally think a 70 pip TP is too much (I use 50), but thatās not the reason the trade failed. Also, you might consider getting in 5 pips or so after the line break to help filter out any fake breaks that may occur.