rading SCALPING on the Daily Chart

Simple and high accuracy trading SCALPING on the Daily chart system – Scalping is a trading strategy designed to profit from small price changes, with profits on these trades taken quickly and once a trade has become profitable.

Scalpers are usually technical analysis traders, as opposed to fundamentals traders.

• Time Frame: D1 (Daily)
• Currency Pairs: GBPUSD, EURUSD, and GBPJPY

 

Open your trading chart and switch to daily (D1) time-frame.

• Scenario one: Perfect Bullish candle (price close above Open).
  • Ignore the Low of the Day and Closing Price High of the Day 0.6733 Open Price 0.6684.
  • Draw the line on High (0.6733 as Resistance) and draw the line on Open (0.6684 as Support).

 

• Scenario Two:  Perfect Bearish candle (price close below Open)
  • Ignore the High of the Day and Closing Price Open 1.6276 Low 1.6212
  • Draw the line on Open (1.6276 as Resistance) and draw the line on Low (1.6212 as Support)

 

• BUY Rule: Enter the trade when the 5-minute bar penetrates and close higher than the Resistance level.
• SELL Rule: Enter the trade when the 5-minute bar penetrates and close lower than the Support level.
• Stop-Loss: Exit the trade when the 5-min bar closing price is greater than your stop-loss value.
  • For example, if your stop-loss on EUR/USD is about 20 pips and if it closes more than that, exits the trade.
• Take-Profit: My risk-reward ratio is 1:1 so if I set my SL to 20 pips, my TP would be 20 pips.

 

• If you want to make more pips than that, I recommend entering with 2 or more lots and then exit the first TP target of 20 pips then move your SL to break even in order to let the winner runs.
• Recommended Stop-Loss and Take-Profit target
  • EUR/USD – 20 pips
  • GBP/USD – 30 pips
  • GBP/JPY – 50 pips