What if our take profit is not hit after the next candle?
Entry example, result example, template and an optional indicator to see time left on each candle is attached below Note: I did not take all the trades in the Result example, it's just an example of trade opportunities. Template and candletime indicator. Well you dont really know for sure but when the candle opens outside the the 5EMA the chance is big that the candle retraces back to the bands.
If you wait until it has closed you might already have missed out on your 5 pips. This will give you a more accurate signal but alot lesser trades. Forgot to mention though, if the candles rides the upper or lower EMA as in a up or down trend, stay away from a trade until the trend calms down. Thanks for putting this system on the forum!!!!!!! I have been having trouble with the one I was using and frustration had set in.
I know dedication is needed, and I stuck it out for a few months, but I just hit a wall. If I would have gotten out of bed earlier, I would have even more trades!!!! I use the MACD set at 5,8,1 for confirmation of the trend coming to an end and changing direction.
The next time I post I will put up some screenshots. I have to leave for my J-O-B right now. Nice to hear AmishBuggyFX and you're welcome! If the price moves far away from the 5 EMA close the price always seems to make a quick retrace back to the Close.
You might wanna lower your stop loss if you're just going for 2 pips. Keep us informed how it's working out for you! How do you tell the candle is green or red when it first opened? Sometimes it changes color in seconds even 1 or 2 seconds. The market might not fluctuate too much.
What if our take profit is not hit after the next candle? Should we wait or exit? We can't expose ourselves too long in the market, the direction might reverse any time, it is too risky since our take profit is too small.
Sorry for many questions asked. This is why i take only 2 pips BUT, i will stay way from the setup if it has long opposite wick. This method only works with broker that have atleast 2 pips spread Now Im still testing it for awhile and trying to get suitable sl for this method. You're right it might change in seconds but if we take an example; A candle opens above the 5 EMA and is green then you might not wanna take the trade just yet as it might continue to go upwards.
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Creating a Forex trading strategy does not have to be a difficult process. Today we will review a simple scalping strategy using the Stochastics indicator. Traders who are looking to peruse Scalping opportunities in the Forex market will benefit from having a completed trading strategy at their disposal. The number of variables that can be added to a strategy are limitless, and it is often good to have a simple strategy on standby.
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