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  1. #1
    Junior Member Jenny-D's Avatar

    Scalping forex strategy !!!

    I found the following video describing an interesting scalping forex strategy based on only 2 indicators(actually 3 , but I didn't understand the use of pivot points).

    https://www.youtube.com/watch?v=AFiSOEA24cY

    Do you guys think it can work in binary options?

  2. #2
    Legendry Member Okane's Avatar
    Quote Originally Posted by Jenny-D View Post
    I found the following video describing an interesting scalping forex strategy based on only 2 indicators(actually 3 , but I didn't understand the use of pivot points).

    https://www.youtube.com/watch?v=AFiSOEA24cY

    Do you guys think it can work in binary options?
    It can work, but I am guessing he was using it on the daily charts I don't know.
    Maybe you can adapt it to hourly charts.

    Here is one pivot point indicator:
    http://www.earnforex.com/metatrader-indicators/TzPivots

    There are more, but you have to first consider which pivot point calculator you want.
    Daily weekly, hourly?

    Pivot is basically average price and he was using it as either support or resistance.
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  3. #3
    Legendry Member Okane's Avatar
    I moved your thread here because it is about a system and a strategy!
    In future please post strategy related threads in this room or the tools room
    if it is about an indicator.
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  4. #4
    Junior Member Jenny-D's Avatar
    He is using 1 minute charts I think.In the introduction he says that he gets out of the trade in 10-15 minutes.

  5. #5
    Junior Member Jenny-D's Avatar
    By the way , sorry for the trouble Okane.

  6. #6
    Legendry Member Okane's Avatar
    Quote Originally Posted by Jenny-D View Post
    By the way , sorry for the trouble Okane.
    No problem, don't worry about it.

    I didn't see the entire video but I looked again and he says he uses
    the M5 charts.

    Ok I just set the strategy up on my charts and looked at the M5.
    I don't recommend using standard settings for Stochastic because
    by the time the SAR shows you the dots stochastic will show the opposite
    signal and it will confuse you. Set it to (15: 3 :3) it works better for this strategy.

    I will try and find a good Pivot point calculator for M5, try Google too maybe
    you find one before I do. Then we'll take a look again.
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  7. #7
    Legendry Member Okane's Avatar
    I use Fibopiv_v2 but it I would rather take the trades on the
    M15 rather than M5.

    Here take a look:

    Notice my Stochastic is set to 15: 3 :3.


    In these two scenarios; (see arrows) the price is making lower highs so it is falling.
    Hence, you would want to take puts only. The dotted lines are Support and Resistance lines that
    Fibopiv_v2 draws for you automatically. Notice also, that you would have to wait for the SAR dots to appear
    and price already moves a bit in the desired direction and therefore you can end up taking a trade right in
    a retracement. But in these two scenarios it would've worked fine as the price kept dropping.
    Click image for larger version. 

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  8. #8
    Junior Member Jenny-D's Avatar
    I still haven't understand what pivot points do in this strategy.My guess is that in Forex type trading they will play a role but in binary options they don't really matter.An additional filter could be a 50 moving average and taking only the trades that are with the trend(if the price is under the MA only puts and if it is above the MA only calls).
    Can you give me the auto-fibo indicator?

  9. #9
    Legendry Member Okane's Avatar
    Quote Originally Posted by Jenny-D View Post
    I still haven't understand what pivot points do in this strategy.My guess is that in Forex type trading they will play a role but in binary options they don't really matter.An additional filter could be a 50 moving average and taking only the trades that are with the trend(if the price is under the MA only puts and if it is above the MA only calls).
    Can you give me the auto-fibo indicator?
    No no, the pivot points are acting as support and resistance and they
    do indeed play a role in the strategy.
    In fact I would say they are the most important part because
    otherwise you would be trading blindly relying only on indicators.
    Look at the picture I showed you above, the candles come up and
    get near to or touch the dotted lines = resistance in this case, "pivot points".
    That's why we enter the trade there and not anywhere else.

    Here:
    http://www.indicatorsmt4.com/tag/fib...2-mq4/?lang=sv

    You can add a 50 EMA and use it as support and resistance too and for
    identifying trends, sure.
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  10. #10
    Legendry Member willyw's Avatar
    Quote Originally Posted by Jenny-D View Post
    I still haven't understand what pivot points do in this strategy.My guess is that in Forex type trading they will play a role but in binary options they don't really matter.An additional filter could be a 50 moving average and taking only the trades that are with the trend(if the price is under the MA only puts and if it is above the MA only calls).
    Can you give me the auto-fibo indicator?
    What Okane says is correct. It would better to draw Fibbo lines manually. Sometimes the auto fibo lines might not be accurate.

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