I get 70%+ Success rate when i do 1.5/1 Risk/Reward ratio. Therefore I do 10pip TP with 15 SL. To lock at-least 50% of the profit I also do Trialing stop when i hit 5pip profit. This works pretty well with the Mt4 Indicators I mentioned above so i'm using the below indicators with Tradingview so that I can even trade with my tablet as MT4 Mobile version doesn't allow custom indicators.
Heiken Ashi (CM_Modified_Heikin-Ashi_TrendBars) - Thanks to Chris Moody
Trend (FX Sniper: T3-CCI Strategy) - Thanks to HPotter
RSIEMA (CM_RSI_EMA) - Thanks again to Chris Moody
ATR - Indicator
Heiken Ashi (Trend Bars) is Green +
Trend is Green +
crossed up 21 and > 60 +
ATR Above 5
Exit: When Heiken Ashi (Trend Bars) Turns Red / Cross Below 21
Heiken Ashi (Trend Bars) is Red +
Trend is Red +
crossed down 21 and < 40 +
ATR Above 5
Exit: When Heiken Ashi (Trend Bars) Turns Green / Cross Above 21
As you can see i'm using ATR as well apart from the original indicators mentioned in the link above. This helps me to make sure that there is good in the market to hit my target.
Only Trade Tuesday to Thursday
Only Trade with Max 2.5pip Spread Currency Pairs Like EURUSD , USDJPY , GBPUSD
Only Trade During High Session Overlaps (Asian/European Overlap & European/American Overlap)
Only Trade During the First 2 Hours of the Session Open
Do Not Trade 30mins Before & After news event
Do Not Trade in Abnormal Market Conditions: http://forexwinners.ru/forex/market-cond...
Hope this helps anyone who would like to do short term scalping (1m/5m/15m). Any suggestions are welcome :-). Good Luck with Scalping!!!
Thank you for sharing
As you can see 7-8GMT & 12-16GMT is the most volatile and PA moves in the same direction when the session opens (Most of the times) so when you are in a high volatile market you can achieve the target so quickly.
Hope this helps