The System
The four-screen "Price Action Scalper" is a Forex trading strategy that does not use any indicators. It offers the potential for a steady income as well as a good chance of profit with appropriate risk management. This all-purpose system can be applied to both a typical day of trading longer trades and a very brief scalping trading session. We will go over the strategies for scalping and regular day trading, including when to place orders, take profits, and set stop losses. Based on a 4-screen system, the "Price Action Scalper" employs the H1, M5, M15, and M30 time frames; protective stop orders with take profit levels, a stop loss, and a trailing stop.
To put the system into place, simply open four windows with the currency pair (for instance, in your trading terminal). EUR/USD) for H1, M5, M15, and M30 timeframes. The four terminal screens in Metatrader 4 will be arranged in adjacent windows in the correct order if you select "Vertical" from the "Window" menu.
Sample:
How it Works:
A robust current trend serves as the foundation for the "Price Action Scalper" system.
confirmation entry signal, which is easily visible on the four windows (charts) of your trading terminal. Every hour, or nearly every hour, you will receive a signal.
You don't have to sit and watch the market all day to use this system; simply prepare at the last minute of the current hour and, if there is a signal, place a trade; if not, you have the next 59 minutes to trade. (You can open five or six pairs simultaneously, with four timeframes for each, if you want more signals.) Easy and practical
BUY ENTRY:
Await the closing of a current hour candle. If the last four candles (M5, M15, M30, and 1H) all closed in "green," wait for the price to rise three more points above the close before placing an immediate buy order.
From the screenshot above:
1. On 1H chart - a 9:00 candle closed green at 10:00
. 2. On M30 chart – a 9:30 candle closed green at 10:00
3. On M15 chart – a 9:45 candle closed green at 10:00
4. On M5 chart – a 9:55 candle closed green at 10:00
5. The price goes another 3 pips above the close.
If all the above conditions met – place a BUY order at current price:
It is very important to wait until the price moves another 3 pips above the close – it is your double confirmed entry signal.
ATTENTION: Do not enter a trade if, within the first five minutes of the hour, the price does not break three pip above your entry level! Simply bide your time until the start of the next hour for another trading opportunity.
Keep your take-profit and stop-loss orders extremely tight if you want to use the system as a scalper. Below, we'll go over each scalping and/or longer day trading entry. See the sample below for a great and quick profit (the take profit and stop loss for this trade will be explained below).
An opposite rule for a SELL entry.
SELL entry:
- Wait for a current hour candle to close-
If all 4 last candles (M5, M15, M30 and 1H) closed in “red” – wait for the price to go another 3 pips below the close and instantly place a SELL order.
For example:
1. On 1H chart - an 11:00 candle closed red at 12:00.
2. On M30 chart – an 11:30 candle closed red at 12:00
3. On M15 chart – an 11:45 candle closed red at 12:00
4. On M5 chart – an 11:55 candle closed red at 12:00
5. The price goes another 3 pips below the close.
Place a SELL order at the current price if all of the aforementioned requirements have been satisfied!
It goes without saying that this example is ideal. A candle, such as M15, may actually be closed green. We will have to wait for the next candle in this instance because the other candles are red.
STOP LOSS and TAKE PROFIT
3 options
1. Set a fixed stop loss at two points below the previous one-hour candle's low for a buy trade, or two points above the previous one-hour candle's high for a sell trade. The greatest choice for a short-term scalping trade is this.
2.Set a fixed stop loss 20 pip's from where you entered the market:
The stop loss moves to breakeven when the price hits 15 pip.
The trailing stop may be used, depending on your trading style.
3. Position your stop loss order close to the key resistance and support levels, as well as the major highs and lows. Strict adherence to the guidelines is necessary for the "Price Action Scalper" system to succeed. Always aim for a take-profit that is two to three times larger than the stop loss.
A fixed take-profit should be placed 30–40 pip distance from your entry point:
Typically, 75–80%+ of your trades will turn a profit.
Note for this system: avoid trading right before, during, or right after significant news events.
IMPORTANT: The "Price Action Scalper" should be set up as follows:
I advise using the system simultaneously on a few pairs.
You will need to open four charts for each pair—M5, M15, M30, and 1H—in order to trade five or six major pairs simultaneously.
You will receive many signals each day from this setup, and 75–80% of them will be profitable.
The four-screen "Price Action Scalper" is a Forex trading strategy that does not use any indicators. It offers the potential for a steady income as well as a good chance of profit with appropriate risk management. This all-purpose system can be applied to both a typical day of trading longer trades and a very brief scalping trading session. We will go over the strategies for scalping and regular day trading, including when to place orders, take profits, and set stop losses. Based on a 4-screen system, the "Price Action Scalper" employs the H1, M5, M15, and M30 time frames; protective stop orders with take profit levels, a stop loss, and a trailing stop.
To put the system into place, simply open four windows with the currency pair (for instance, in your trading terminal). EUR/USD) for H1, M5, M15, and M30 timeframes. The four terminal screens in Metatrader 4 will be arranged in adjacent windows in the correct order if you select "Vertical" from the "Window" menu.
Sample:
How it Works:
A robust current trend serves as the foundation for the "Price Action Scalper" system.
confirmation entry signal, which is easily visible on the four windows (charts) of your trading terminal. Every hour, or nearly every hour, you will receive a signal.
You don't have to sit and watch the market all day to use this system; simply prepare at the last minute of the current hour and, if there is a signal, place a trade; if not, you have the next 59 minutes to trade. (You can open five or six pairs simultaneously, with four timeframes for each, if you want more signals.) Easy and practical
BUY ENTRY:
Await the closing of a current hour candle. If the last four candles (M5, M15, M30, and 1H) all closed in "green," wait for the price to rise three more points above the close before placing an immediate buy order.
From the screenshot above:
1. On 1H chart - a 9:00 candle closed green at 10:00
. 2. On M30 chart – a 9:30 candle closed green at 10:00
3. On M15 chart – a 9:45 candle closed green at 10:00
4. On M5 chart – a 9:55 candle closed green at 10:00
5. The price goes another 3 pips above the close.
If all the above conditions met – place a BUY order at current price:
It is very important to wait until the price moves another 3 pips above the close – it is your double confirmed entry signal.
ATTENTION: Do not enter a trade if, within the first five minutes of the hour, the price does not break three pip above your entry level! Simply bide your time until the start of the next hour for another trading opportunity.
Keep your take-profit and stop-loss orders extremely tight if you want to use the system as a scalper. Below, we'll go over each scalping and/or longer day trading entry. See the sample below for a great and quick profit (the take profit and stop loss for this trade will be explained below).
An opposite rule for a SELL entry.
SELL entry:
- Wait for a current hour candle to close-
If all 4 last candles (M5, M15, M30 and 1H) closed in “red” – wait for the price to go another 3 pips below the close and instantly place a SELL order.
For example:
1. On 1H chart - an 11:00 candle closed red at 12:00.
2. On M30 chart – an 11:30 candle closed red at 12:00
3. On M15 chart – an 11:45 candle closed red at 12:00
4. On M5 chart – an 11:55 candle closed red at 12:00
5. The price goes another 3 pips below the close.
Place a SELL order at the current price if all of the aforementioned requirements have been satisfied!
It goes without saying that this example is ideal. A candle, such as M15, may actually be closed green. We will have to wait for the next candle in this instance because the other candles are red.
STOP LOSS and TAKE PROFIT
3 options
1. Set a fixed stop loss at two points below the previous one-hour candle's low for a buy trade, or two points above the previous one-hour candle's high for a sell trade. The greatest choice for a short-term scalping trade is this.
2.Set a fixed stop loss 20 pip's from where you entered the market:
The stop loss moves to breakeven when the price hits 15 pip.
The trailing stop may be used, depending on your trading style.
3. Position your stop loss order close to the key resistance and support levels, as well as the major highs and lows. Strict adherence to the guidelines is necessary for the "Price Action Scalper" system to succeed. Always aim for a take-profit that is two to three times larger than the stop loss.
A fixed take-profit should be placed 30–40 pip distance from your entry point:
Typically, 75–80%+ of your trades will turn a profit.
Note for this system: avoid trading right before, during, or right after significant news events.
IMPORTANT: The "Price Action Scalper" should be set up as follows:
I advise using the system simultaneously on a few pairs.
You will need to open four charts for each pair—M5, M15, M30, and 1H—in order to trade five or six major pairs simultaneously.
You will receive many signals each day from this setup, and 75–80% of them will be profitable.
