Hey guys, I have been in search of a scalping strategy, something that is simple and requires minimal indicators, I am just looking to take 2 pips profit per trade, I got a spread of 0.3 and $7 per lot charge, so I still profit with 2 pips.
I have been testing with fractals and the TMA indicator.
I have backtested this a good bit on EURUSD on M1 charts and 99% of trades turn out winners, and I have been forward testing it for the past week with success.
Here is my setup.
TMA Madlen - Settings 56, 6, 2.5
Bill Williams Fractals
[B]EURUSD M1 Only[/B]
Red arrows indicate a sell. I only do sell orders by the way, no reason, I just feel more comfortable selling…
Img Link: http://puu.sh/51XrE.png
- Fractal formed outside TMA band
- Open sell on break of candle AFTER fractal, so Fractal candle, signal candle, then open candle (3rd candle is the candle we open on).
What I would like to know is how can I make this better, how can I gain more pips, say we hit a 5 pip run, is there any other indicator I can use to tell me how big the move could be or the strength of the move? Maybe that is asking for the holy grail, but any ideas would be appreciated
TP is 2 pips
SL is above previous fractal (I know that may be 6 pips, but, it very rarely gets hit, and I can get about 10 - 15 trades per day with this, making about 20-30 pips daily.