gbp usd LONG trade scalping strategy
H1, trending up, price above the EMA, 8 and 21 EMA nicely fanned out
M5 - waited for price to pullback to the 8 EMA. The candle that touched the 8 EMA is called the trigger bar.
From trigger bar, i counted 5 candles back and identified the highest level. I placed a buy stop 3 pips above this highest of the 5 candles from the trigger bar.
I placed a stop loss 3 pips below the trigger bar.
Proper lot sizing done
TP1 is 1:1
TP2: is 1:2
When TP 1 is hit, I will move my stop loss to break even. Then I will be in a risk free trade.
Hope this works out!
M5 - waited for price to pullback to the 8 EMA. The candle that touched the 8 EMA is called the trigger bar.
From trigger bar, i counted 5 candles back and identified the highest level. I placed a buy stop 3 pips above this highest of the 5 candles from the trigger bar.
I placed a stop loss 3 pips below the trigger bar.
Proper lot sizing done
TP1 is 1:1
TP2: is 1:2
When TP 1 is hit, I will move my stop loss to break even. Then I will be in a risk free trade.
Hope this works out!
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