FREE FOREX STRATEGIES

Scalping system #17 (Scalping, long term trading)


Submitted by trader.

Ok Here It goes...
This strategy is for scalping and for long term... How?

Open an account on a broker that gives you a high leverage and a micro account and microlots...
for instance I use a account with 100 usd...


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I honestly don't see possible ways to illustrate it quickly and make it readable at the same time... Except if to illustrate every single step, then it's possible, but I'm not ready to do that, may be later. Alternatively, you can try to illustrate each step the way you see it, and in this case I'll be glad to help you figure out the rest.

Best regards,
Edward

Could you ilustrate it ? I still have some doubts about it.....

Let me try to re-phrase it, although I don't guarantee that my version would be 100% accurate. But I'll do my best:

We use micro-lots, where 1 micro lot = 0.01 standard lot.

1. Open two pending orders at the closest price levels that end on 0 (if you use a platform with 4 decimal price quotes) or on 00 (for 5 decimal price quotes) as follows:

Buy Stop order(above the price) = 0.02 lots.
Sell Stop order (below the price) = 0.02 lots.

When one order is triggered, immediately cancel the opposite order.

(For example, if we working with 1.3250 and 1.3240 range, there is only 10 pips in between Buy Stop and Sell Stop orders that we will place).

1b. So we have the first order triggered. The other is canceled.
At this point you need to set another pending order, opposite to the one that's been currently running. Distance: 10 pips away, lot size this time = 0.04 lots.

Let it sit there. In case the price goes against your first entry order, you'll be stopped out 10 pips down with this "sitting order" of 0.04 lots, which will cancel out 0.02 lots you kept open and at the same time put opposite 0.02 lots in.

2. We look to gain +10 pips on our first entry, after that move the Stop loss to breakeven and set an automated trailing stop to 6 pips. Let it run until stopped.

3. If those +10 pips aren't reached, then look at step 1b.
Once those 0.04 lots have been triggered in the step 1b, you need to set another opposite pending order 10 pips away. Order size = 0.04 lots.

4. So it closes the circle, where you always have 0.02 lots open and 0.04 lots sitting out as pending orders, which will be ready to reverse your position if needed.

Hope my version helps a bit.

Best regards,
Edward

hello there
honestly i didn't get most of the system clearly..
does the lot size goes higher on each trade or same on 0.04?if it does, on what increment?
because he/she mentioned about 0.5 lot size!!!im confused..
thanks in advance.

Hi

Please explain me in details, when one side BUY Order get trigger. then start explaining your strategy on one direction only with price figers, other side price direction example we will calculate according thaty to vice versa rules

Please mail me on my ID – dpanchawala(at)yahoo.com

Thanks & Regards
Deepesh Panchawala


 

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