5M Channel Scalping - 100pips \ week

[M256]

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:

[M256]

Trading plan for next week:
3 Set-ups in the making, if a pullback will occur I will enter.

[forexsys3]

Hope that we can yield few percents. Thanks...

[M256]

Update:
Anyone who had traded the set-ups I posted would have made the easiest 3% ever.

Check out the attached chart..

[M256]

Another setup I traded yesterday, made 2% - that's +5% on equity in one day!

[M256]

A setup from today, that was 'legally' OK, but the Risk:Reward ratio was 1:1 and thus unsatisfying. I didn't enter. Another rule you should mind...

[M256]

EUR\USD Potential Trade:


Wait for pullback to occur, take profit = 60 pips.

[M256]

Originally Posted by M256

EUR\USD Potential Trade:


Wait for pullback to occur, take profit = 60 pips.

Anyone who had taken this trade, made 70 pips in 1 hour :-)

[M256]

I have added a video guide to the system, to illustrate how I trade it:
Michael's Forex Trading: 15M Channel Trading: How-To video

[M256]

HEY GUYS!

After a lot of time of no updates, I am back with many analysis, trading plans and signals. For those who remember, I started the thread about the 5Min Channel Scalping...

Anyway, my trading plan for the next week:
Some nice patterns I have noticed:


In the GBP\JPY, there's a nice wedge which also confirmed with an 61.8 retracement. I expect the GBP\JPY to go up, breaking the wedge and continue, passing the 100% of the trend. There's a possibility of a gap at the opening.


Also, a wedge in the EUR\USD, which is expected to break down. Do not enter at the pullback, this usually not a profitable entry.





The Wedge seems to be a big player these days. Another one at the AUD\USD. Note that this one also looks like channel, so in case of breakout I will trade short on the pullback to the support line. Expect a gap -> pullback very shortly after.

All trading plans and analysis is also posted at my blog. I do this for no profit, so this is not any kind of advertising or something of that kind...

GOOD TRADING!!!