Iconoclast1978
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Hi all. Basically I don't know about you but I've been struggling with the markets from a swing trading point of view.
Everything is either so high you daren't go long but it keeps getting higher (USD/JPY) or the opposite; so I've gone back to scalping.
This system seems to work well both in real life and back testing.
15 min scalp with the trend
- Wait for engulfing or big candle
- Wait for pull back candle
- If RSI is above 50 for long position and chart is trending above 200ma for 15 min then enter.
I shoot for 7.5% and risk 7.5% so 50/50
Once target is 80% acheived I set a stop loss in the green at about 70%
Seems to work for more choppy range bound action as well as trending. Need to keep an eye on the charts to get a few scalps in per day.
There are some exceptions to the rules which can also be confirmations of the rules if in you favour like head and shoulder patterns etc.
Everything is either so high you daren't go long but it keeps getting higher (USD/JPY) or the opposite; so I've gone back to scalping.
This system seems to work well both in real life and back testing.
15 min scalp with the trend
- Wait for engulfing or big candle
- Wait for pull back candle
- If RSI is above 50 for long position and chart is trending above 200ma for 15 min then enter.
I shoot for 7.5% and risk 7.5% so 50/50
Once target is 80% acheived I set a stop loss in the green at about 70%
Seems to work for more choppy range bound action as well as trending. Need to keep an eye on the charts to get a few scalps in per day.
There are some exceptions to the rules which can also be confirmations of the rules if in you favour like head and shoulder patterns etc.
