Suggestion Manual M5 and M15 Scalping Strategy + 4 Great Indicators, all FREE

Hi Everyone,

I have attached a .zip which includes a template I use for scalping on M5 or M15. Feel free to download and see if it works for you. Even if it doesn't, this zip has great indicators in it including:

TMA True - Shows a NON-REPAINTING TMA channel and it can be widened/narrowed based of an ATR multiplier. The middle line can be a great place to take some or all of your profit.

T%C Wonders: Shows the Highs and Lows but be CAREFUL, it repaints cuz it's based off zigzag. The previous arrow plus/minus 2-3 pips is where you can put your stop loss.

Peak: A great indicator from this site. A peak that starts descending with the T%C wonders arrow on the previous bar is your sign to make an order.

Auto Fibonacci: an Fibonacci that automatically draws at the end of your chart based off the previous number of bars that you determine.

When price moves outside of the orange or red channel, then crosses back into the channel place an order if: 1 the white T&C arrow is still on the previous bar and the peak signal draws a descending line once the bar closes.

Target to take profit is when price touches the TMA centerline (the blue line). You can wait for a signal in the opposite direction but taking profit at the blue line is the safest. Average pips per trade on M5 is around 10 pips and 20 pips for M15. It work well on most currency pairs and works better when it is NOT trending strongly.

Feel free to use and modify the system to way that fits your style. This is just one example of a system that is working for me.

Thanks and Happy trading!

 

Thank you for sharing.

 

It seems to have good utility.

 

doest the arrow indicator repaint?

 

Seems good for scalping, but I am rarely trade based on scalping
btw thankyou to share this great template indicator, might help other

 

Yes, the arrow repaints. It's based off the ZigZag. Use it for confirmation with the Peak indicator before taking the trade.

 

Peak indicator also a repaint indicator.

 

The peak indicator will repaint the level of the peak but not the peak itself since it waits until the bar is closed to paint it. I'm not a big fan of repaint indicators either but I do like the peak indi.

Also, be careful, in this strategy your usually trading the pullback against the trend as that is what the peak indicator usually really displays. So don't use it in a strongly trending market. Ranging pairs are better.

 

This is my review for this thread:
Which good system has 4 of 4 repainting indicator? Why did you call these great?

 

If you don't like them, don't use them. Certain indicators work for certain people.

 

Yes i agree...but don't use GREAT word

 

are you familiar with the phrase, "you're just splitting hairs"?

 

This is my review for this thread:
Great Thread

 

Good service.

 

GREAT hair spliter [emoji3]

Sent from SoeHoe.ID mobile apps

 

interessting, thx for sharing!

 

Does the arrow redraw?

 

Yes, unfortunately it does. I actually have stopped using the arrow and use a peak in CCI instead. I'm still working that system out though. The arrows I'm using can be downloaded from Russ Horn's website for free.
http://www.forexmastermethodevolutions.com/forex-profit-nexus/

 

Sounds good, doesn't work