Scalping system #10 (Capture M30 direction - xx.00 xx.30 strategy)

It's really simple. All you need is M5 chart. xx.00 is for example 6.00 candle on chart (could be 7.00, 8.00 etc.), xx.30 may be 6.30 7.30 8.30 candle etc. Sl stays for stop loss and tp is take profit. Offset means you add 2 pips to high and low of the xx.00 or xx.30 candle. These are your buy or sell stops. Pivots is helpful sometimes so it's better for us to leave them on charts, same thing with sweetspots: xx.50 xx.00 (those grey lines). Assume you start at 6:00 GMT (ibfx time), on ss below is this candle and entries for buy and sell, buy wasn't hit but sell was executed at 1.2771.

Hi Paul,

"M30 candle" means 30 min bar.

"xx.00 and xx.30" means any hour that ends on .00 or .30. For example, 4.30 am, 5.00am, 10.30pm, 11.00pm etc. (xx stands for "any")

What do we do with 30 min bar? Nothing, actually. We do not need to look at 30 min chart, instead we focus our attention on 5 min chart, and simply keeping in mind the idea that we will be trying to capture the direction in which a new 30 min bar will trade.

"2 pip offset" is a price 2 pips above the certain level and 2 pips below the certain level, or you can also say +2 pips for Long orders, -2 pips for Short orders.

"SL" stands for stop loss.
"TP" stands for take profit.

Daily range and Pivot lines do not relate to this strategy. They just happen to be a part of the screenshot.

My sketch is not based on any particular trade from the chart.

Regards,
Edward

Hi Edward

I guess I am too dense , but I am really confused.

What is the significance of Daily Range and Pivot dotted lines on the first chart ?

Can you give me ( us ) some examples showing exactly where your sketches relate to some specific trades on the chart ?

Sincerely,
Paul

Hello Edward :

Assume M30 means 30 min. bar , but what do you do with it ?
What does xx.oo xx.30 mean ?
I can not correlate your sketches with the bars on chart. Please give some examples.
What is a 2 pip offset ?
What do the letters sl and tp mean ?
Thanks .

Nils

Oh, you're right :) I've updated the sketch above.

"Example from today.." Did you try to attach a screen shot? I'd need a link to it (pasted into the comment), otherwise I won't be able to find the image.

Regards,
Edward

Actually we want to take 7:30 candle on M5 because it's the first one in new M30 candle. Same thing if we get five candles from 7:30 to 7:35 on M1 chart and mark high and low (sort of little box). Second sketch is great and correct :) Don't trade at night, i use ibfx charts so it may be different. Example from today

Great strategy, shakin23! Thanks a lot!

I've made my own sketch to make sure everyone understands the strategy.
I tried my best :), please correct me if I've misinterpreted the rules.
Thank you.

Best regards,
Edward