Since I’m getting a lot of questions regarding the rules for my 15mn Scalping system, I thought another trade example (with chart) plus few comments might help to cover all the questions in detail, here it goes:
- I’m using ProRealTime charting Package which is provided by my CFD Broker, although you can use it for Free by registering at ProRealTime.com, you will only get the DailTF with the Free Account. They also have paid subscription options too which will give you access to all other smaller timeframes
- However, there is nothing that is special about this particular package, this all can be achieved with any other platform as long as the rules are followed properly
- I trade certain things during certain hours, such as I concentrate on HangSeng, ASX200, Nifty (Indian Futures), Gold and Silver during the Asian hours. FTSE100 and the major FX Pairs during the London hours and NASDAQ100, DJIA and Crude Oil (as well as other Commodities) during the NY hours
- My charting package also comes with an Alerting system based on certain pre-defined conditions. Of course, I’m looking for Kumo Breakouts for this sort of Scalping
- Although I sometimes trade against the higher timeframe trend, I would still advise you to trade only in the direction of 1H if you’re scalping on 15mn charts
- Its always a good idea to set the TP quite far from the current price and then keep moving SL in the trend direction (as shown in chart below)
- The good thing about Heikin-Ashi DOJI is that it saves you from exiting your trade too early. As you can see in the chart below, I moved my SL down to 20248 (the original entry was 20502) because that was HIGH of Doji candle . If that DOJI was validated the Index should have moved higher than this level and would have closed our trade. This never happened and we continued to stay in the Trade, should look for next Doji now .
blogwalking.....
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