5M Channel Scalping - 100pips \ week
So like I said I am going to post the system here....
First of all, the main thing is theentry.
My entries are based on pullbacks, so we are going to start by learning how to identify a pullback.
Pullback occurs when price retests a level it broke in the past. So if you look at the chart I attached.
We see that price had broken through a support line, and tested it.
If price goes down (a bearish candle was formed) I will enter the trade.
For longs the story is a bit more complicated, so please be patient...
How exit is calculated:
First of all, calculate the channel size - Decide on a price point, and subtract the price of support from the price of resistance.
Look at the chart I provided to learn how I calculate channel size.
These are the basic rules. More tips about this strategy and extended rules are available here.
Trading plan for next week:
3 Set-ups in the making, if a pullback will occur I will enter.
So like I said I am going to post the system here....
First of all, the main thing is the entry.
My entries are based on pullbacks, so we are going to start by learning how to identify a pullback.
Pullback occurs when price retests a level it breaked in the past. So if you look at this chart:
We see that price had breaked through a support line, and tested it.
If price goes down (a bearish candle formes) I will enter the trade.
For longs the story is a bit more complicated, so please be patient...
How exit is calculated:
First of all, calculate the channel size - Decide on a price point, and subtract the price of support from the price of resistance.
For example, in this chart the size is :
These are the basic rules. More tips about this strategy and extended rules are available here.
Trading plan for next week:
3 Set-ups in the making, if a pullback will occur I will enter.
Hi,
Do you draw the channel yourself, or if not what type of channel is it.
thanks
Verey nice idea .. Good luck
hi
thanks for sharing your system here M256 , yes the old school theory about resistence and support is the basic of this business and it's absolutely works 
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Thank you all.
BTW, The set-ups I posted have yielded 3% this night - check this out!
Please use the forum to upload the images.
No Problem Mr. Admin :-)
Update on the trade:
Got to target, made +70 pips in 1 hour, or +2.4% on equity.
I hope you took the trade with me 
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A strategy I have been trading for a month now... Works great.
Its stupidly simple, but it works.. So I don't mind =]
Basically - I trade only high-probability setups, usually with channels.
I focus on tight stop loss, reasonable Risk:Reward ratio and pre-calculation of take profit. I don't use indicators nor trailing stop loss of any kind. I like 'Fire and forget' type of strategies - Enter and go back to sleep hahaha.
I will write a thorough guide later, with instructions of the exact place to enter, how to determine Stop Loss and Take Profit.
Meanwhile.. Enjoy these examples: