Trade only from 7:30 am EST to maximum 11:30 am EST Preferred day Tuesday to Friday.
Once both SAR are in agreement (the same buy or sell opportunity) enter with either 1 order (to get 5 pips and leave the trade) or 2 orders at once (to chase the market further).
A stop loss is adjusted upon entry to the last but one SAR dot on the chart. If at the
moment of the entry there is only one dot on the chart-set stop at this dot.
Profit target: 1st. 5Pips
2nd only when an opposite signal appears both SARs change direction or when the stop (by that time is usually a profit stop or at least a break even situation) is hit. If before that you feel that profits are already high to keep lock them earlier.
Want an even better entry? Then open an additional 1 min. chart with the same settings and once got a signal from 5 min. chart, look at 1 min. Does the price confirms/moves in your direction or it is going the opposite way. Wait until the price on 1 min. chart aligns with 5 min. chart.
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First class scalping strategy have used it all week and up over 150 pips.
I use it with pivot lines,bollinger bands and with trailing stop loss and target of 5/10 pips on eur/usd and gbp/usd
on indices i trade dax morning and wall st afternoons 10/20 pips
I’m trying to cut stop from 20 pips down to 10 pips in case market moves against me.
On profits i look to see whether resistance nearby but generally follow my gut instinct.
Scalping is not for everyone ,i have tried most systems but this suits me fine.
My very best wishes
I’m in my fifties and don’t have any expertise other than knowing when and how to click
trade buttons.
I live in Great Britain and tend to trade between 8am and 12 noon on
DAX ,CABLE AND EUR/USD in the afternoons 1pm on wall st ,cable and eur/usd
I trade around 40 times a day which i’m trying to cut down.
from experience 90% work well.
The remaining 10% you either would not trade as they are near a pivot or Bollinger Band
I trade with Intertrader as like their advanced chartsand their 1 to 2 pip spreads.
I’m trying to force myself only to trade useing this trading strategy and would welcome any
assistance.
From observation works on all pairs and indices.
I thought only EA’s worked on mt4 platforms which have wide spreads.
Happy to be proved wrong.
Thanks
I have used this system for the last week and cannot commend it enough.Made plenty of trades useing it and successfully.Its works better than when i overtrade useing my own gut.
I’m trying hard to only use this scalping method as it takes the emotion out of trading.
I’m morev than happy to prove it to Baby pips board or they can check it out themselves independently.
Why don’t you paper trade it yourself.As long as you have an account with a major fx company
etx,intertrader and a number of others have FREE advanced charts.
That way you can see if it works or not and won’t lose anything.
Good luck
Hi On the ADVANCED charts on intertrader
open a blank page
at top put 50 units 5 min
add pivots
bollinger bands
psar witho.1 and 0.11
This will appear on top chart
on indicator /backtest
add macd 5 8 9 settings
only red ,green and blue lines there (not psar)
When there is a change of direction on psar ie open up a wall st rolling daily 5m for 10/7
if you look at14.45 you can see 1st red psar i opened a sell trade at 12809 and sold at 12783 for 24 pips after 2 pip spread
i’m aware that i sold close to pivot and was happy
I waited for 1st green pip and this occured at 16.20 and bought at 12718 and sold at 12732 for 12 pips so very close
to my 40 pips a day target.
This system works i don’t get greedy,having lost a fortune in the past
Thanks for the reply… I’m not a newbie… but that still was not a very clear explanation… Please post a chart w/ pics of how you put psar over the macd… And what’s this about a wall st rolling daily? Was that apart of your system rules in post #1… Thanks in advance for providing greater clarity… I love scalping… Ready to try this out!!
hi
will try my best as i too love scalping.
I live in the Uk and use a spreadbetter intertrader but Ig and etx also have advanced charts
I use them as spreads are 1 pip eur/usd 2 pips on wall st 30 rolling index and gbp/usd
on psar you can’t put psar on MACD only on main chart.
During any day on each currency pair/index there are at least 20/30 psar signals
I narrow this down by ensuring macd and psar in same direction
i trade 8am to 11.30 am
1pm to 4pm
7pm to 9pm
This reduces number of psar trades to around 10/15 as during quiet times no movement and stops
limited trades.
I’m trying to work the best way to maximise profits and minimise losses
so this week have doing as follows
When trade entered 3 outcomes £10 a pip buy/ sell £7 at 5 pips remainder £3 x 15 total profit =£80 profit
£10 a pip 1st 5 pips £35 remainder loss 15 pips total =£10 loss
20 pip loss £200 loss
rolling index has smaller spread.
I use a trailing stop loss at 10 pips and target of 10/20 pip target.
Not sure whether to change sell 70 % at 5 pips or close 50 % and let other half run
as have missed out on some better profits
hi
No, i trade the system live and don’t necessarily taker every trade
i look at pivots and general resistance/support
I’m more than happy with 40 pips from checking for your benefit on the eur/usd gbp/usd ,dax and wall st
well over 500 pips were available.
I don’t need to look at screens all day
good luck
dummy trade if you want to see if it works
Further to my other comments i am trying to refine Trading ie
1, When at top or bottom of bollinger band the first change of psar gives good results
2, Try to avoid trading when markets are range bound as very little scope for 5 pip trades
3, On fx trades 10 pip trades are easier to achieve than 20 pips as markets often reverse
you can either set a target limit of 10 pips or use a trailing stop loss of 10 pips if expecting a
bigger move.
4,On indices i have noticed that by useing a trailing stop loss its possible to get some very large
moves by trading the 15 min chart.Signals are stronger but psar stop loss can be 50 pips or more away.
ie on wall st both created buy signal at 14.30 if trading on 5 min 10 pip trailing stop would have closed with + 125
if trading 15 min chart and closing at 8.55 pm total profit of 175 pips available.
5,This is more about trading style and access to trading screen.
6, I am experimenting on closing 50% of trade at first target and letting trade run until end on remainder
or whether 30% closing at first target and apply above works better or not
Hope all this helps and will give periodic updates