Scalping strategy to finish the year strong

Trading Systems Free Forex Trading Systems
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Settled at 3.

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I have been testing this over the past few hours and like the simplicity of it. I like MA based strategies


Question
What’s your criteria for re-entry? Say I set a 15 pip TP and it gets hit, but the trend continues motoring. What do you look for to get back in? Bounce?

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Getting back in is risky. If the white 5 EMA has not turned in the other direction and there is room before hitting the next resistance zone, You can reenter. But I consider it outside the strategy because the stop loss is invalidated and the win rate is compromised.

If possible, before the original trade hits your TP, you can move your SL to break even or to lock in a few pips profit and then let it run.

If you can’t watch the trade play out. Take the 15 pips and wait for another signal. That’s a nice win.

If you have read the posts about our trading days last week, you have seen that I, and others, have reentered on that bounce if the price candle has not closed on the wrong side of the 6 EMA .

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I agree, I like the middle of the road 15 pip TP. I normally monitor and lag a stop below price in profit, but occasionally I have to set and forget. Was just curious. Thank you.

There’s more than enough time in the day for another cross set up. Nice work.

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I was testing getting back in like this. Thanks. I like it.

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Thanks.

Sound to me like you have a good handle on it already.

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Another good London open.

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London open signals
London open signals1916×616 53.7 KB

EMA signals good. PSAR signal was good also.

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Buy order triggered
 Yessss

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Now I am a little confused, I don’t see how are EMA signals good for a buy entry, there is no crossing. What am I missing?

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I used the Level 2 indicator which showed a strong Bid number of 60 just before 14 broke into channel.

A tiny gamble on my part.

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On my chart 14 is still out of the channel

kép
kĂ©p1031×750 50.5 KB

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Comon!

Fire up the printing press! We are printing $20s this morning.

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My broker is closed today :smiley:

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Ooh. Sorry to hear that. I wasn’t certain mine would be open either.

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Spike scared me so I closed my initial entry for 5 pips. Second entry still running.

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Other thing, as I look at your chart, it looks a little different. What was the lowest price in the last 2 hours? 1.06605? There you draw a blue line? At my chart it’s 1.06629

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Just now PSAR has changed, 6 and 14 are in the channel

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My horizontal blue is an updated support zone taking into account the most recent low. The diagonal blue line is the trend line for the 15 minute chart.

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Stop loss hit on second entry. -8 pips.

1 Like