167# Horizontal line Scalping
Line Scalping System
price action trading
Submit by Joker 29/12/2012 (Written Therumpledone)
TRADING IS SIMPLE.
There is an entire industry built around making you think it is complicated.
All you need is a HORIZONTAL LINE on your chart to be a profitable trader.
I bet you doubt me, don't you?
Go long when the price moves UP to a price ends in 00, 25, 50 or 75.
Go short when the price moves DOWN to a price ends in 00, 25, 50 or 75.
IT IS THAT SIMPLE!!
Look at the chart and see how many pips you can make when you trade with the H1 candle color.
You can do this with stocks, currencies, futures, etc.
Oh when to take profits? Where to place stops? Just DON'T BE GREEDY and use COMMON SENSE! Learn some money management.
Pick ANY candle on the chart.
1) identify the color.
2) let the candle close
3) if the next candle is NOT the same color then:
if the current candle is GREEN go LONG at the FIRST line it approaches
if the current candle is RED go SHORT at the FIRST line it approaches
When to exit? Usually, when price stalls.
Stop loss? If price crosses the previous candle's midpoint.
Does that help?
If H1 candle closes green then on next red candle go SHORT at the line.
If H1 candle closes red then on next green candle go LONG at the line.
Be patient. Don't rush the trade.
Don't be greedy and you can rack up the pips.
Let me answer the WHIPSAW protester before they even get started.
Of course, there will be price action around the x.00 and x.50 levels. That's
what we are looking for and that's the reason we trade with the color of the H1 candle rather than the M1candle ( M1 chart above ).
Just use a little risk management and money management.
Practice with 1 minilot or 0.1 minilot until you get the hang of it.
One of the things you want in trading is an "edge".
You are NOT going to win every trade.
So you want something that gives you a edge.
Casinos have edge in the range of 0.55 - 2%. That's all they need.
My statistics show this edge is much higher.
Choppy days? I love choppy days. So long as the average hourly range is over 25, that's all the edge I need. THINK ABOUT IT!!
You can look for situations where this doesn't work...
You can wait for the setup and walk away with a handful of pips.
IT'S ALL UP TO YOU!
The best trade is waiting for the reversal.
When to get out? If you have profit, get out when you want to. You can always exit part of your position. Move stop up to breakeven and let the rest ride!
Once again, the color of the previous candle makes no difference. YOU TRADE WITH THE CURRENT CANDLE COLOR. It is that simple. Don't make this simple trading method complicated.
Once again, waiting for a reversal is the "safe" trade.
You must trade in the moment. The past is over!
All that matters is what price is doing now!!
What would you do if all you had on your chart was the current candle?
If the current candle is green would you short?
If the current candle is red would you buy?
Does this make it clearer?
This is a safe trade for the new trader.
But, whether or not you use the previous candle to decide if you are going to trade the current candle, YOU MUST FOCUS ON THE CURRENT CANDLE TO DECIDE WHICH WAY TO TRADE.
Share your opinion, can help everyone to understand the forex strategy.
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Write a comment
jon (Saturday, 03 October 2020 21:14)
where can I get these lines?