354# Trade Channel Scalping System

Doda Stochastic indicator scalping system

 

Submit by Joy22 16/06/2013

 

Thisscalping System is based on two indicators: Trade-Channel indicator and Doda Stochastic indicator

Timeframe:

The Trade-Channel scalpin system can be traded on almost every timeframe available starting from 1 min and 5 min chart

Currency Pairs:

Every currency pair can be used,

 

Indicators:

1. Trade-Channel indicator

2. Doda Stochastic indicator

 

Buy

1. Price must touch or go below the Lower trade-channel Band.

2. Doda Stochastic must decline below the 30 level and then cross back up.

3. A bullish candle must close above the Lower Trade-Channel Band.

4. When the above conditions are met, place a buy order.

5. After that, set the stop loss just below the most recent Swing low.

6. Set the take profit equal to the stop loss (1:1 risk to reward ratio).

7. Another exit option is closing the trade when there’s a reversal signal. In this

situation, we will not be setting a take profit level. Instead, when price moves in

our favor at the same amount as the stop loss, we need to move the stop loss to

break even. Then we wait for reversal signal before closing the order. This way,

we can get the maximum profits from strong trending markets.

Other exit position are: on the level of the channels or when Doda stochastic reverse position.

Another option for stop loss is 3 pip below lower band

 

Sell

1. Price must touch or go below the Lower trade-channel Band.

2. Doda Stochastic must decline below the 30 level and then cross back up.

3. A bullish candle must close above the Lower Trade-Channel Band.

4. When the above conditions are met, place a buy order.

5. After that, set the stop loss just below the most recent Swing low.

6. Set the take profit equal to the stop loss (1:1 risk to reward ratio).

7. Another exit option is closing the trade when there’s a reversal signal. In this

situation, we will not be setting a take profit level. Instead, when price moves in

our favor at the same amount as the stop loss, we need to move the stop loss to

break even. Then we wait for reversal signal before closing the order. This way,

we can get the maximum profits from strong trending markets.

The chart below shows long trade conditions being met.

Other exit position are: on the level of the channels or when Doda stochastic reverse position.

Another option for stop loss is 3 pip below lower band

trade channel scalping system 5 min chart
trade channel scalping system 5 min chart
Trade Channel scalping system
Trade Channel scalping system:This scalping System is based on two indicators: Trade-Channel indicator and Doda Stochastic indicator.
Trade Channel scalping system.rar
compressed file archive 4.7 KB

 

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Comments: 2
  • #1

    Henri Steffen (Friday, 19 July 2013 02:50)

    This is a very very excellent tool. Tried it for 6 weeks with result a ton of money.

  • #2

    neil (Tuesday, 25 March 2014 10:12)

    firstly THANKS FOREXSTRATEGIESRESOURCES
    henri also seems to me an excellent system, if someone could share their experience with this fantastic tool would be great, a greeting

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