210# Spike Forex Scalping
Submit by joy22 23/04/2012
What is an spike?
A comparatively large and sharp rise or fall of a price in a short period of time.The Body of the candle must be smaller than the spike.
When the prices reach the previous support or resistance, wait for the current candlestick to form a long spike but return to it’s starting point. When the candle closes above an support or below an resistance you can scalp in the opposite directions of the spike.
Stop Loss: 2 pips above or belove the spike.
Profit target 6 -9 pips ( Aud/USD 6 pips, EUR/USD 8 pips, GBP/USD 9 pips, GBP/JPY 11 pips, EUR/JPY 9 pips)
Support and Resistance (Barry).rar
compressed file archive [665 Bytes]