1. Trend Line
2. Horizontal Line
3. ZigZag Indicator (use default setting)
But first, you need to understand basic principal of this method and how it's works.
1st Step
Knowing the pattern
Fig 1
Entering the Trade
Fig 2
Refer to the chart to draw the trendline. Using zigzag as indication, you should be able to connect at least 2 HI point in the timeframe. Same goes to the LO point, connect at least 2 point to get the triangular drawing.
Note: If the crossing is too far from current price point, consider using higher TF.
Looking on the attach chart, the pattern is bullish,so the decision is BUY. The best place to enter the trade is when the price is near or on the lower trendline. This wont leave you in negative trade for a long time.
3rd Step
Placing the Take Profit and Stop Loss
Stop Loss
Fig 3
Refer to Fig 2, recommended place the SL on the point no 4. Remember, we are doing scalping, so even the price is against us and hit the SL, we only 5% broke.(Money Management Guys!!!).For higher TF, use point no 2 as the price might swing on more volume.
Take Profit
Fig 4
The amount of TP is almost equal to point 1 to point pips count. How to measure that???Google it and you can find it Youtube. But in M5 TF, it wont go too far normally. Unless there is a major news, try to be carefull on that. Move SL line when the trade is on positive float.
Try this on different pairs or TF, it would be the same method. The example is only for BUY setup. For SELL setup, just inverse the SL nd TP placing method.
Notice: This may or may not works on you, so I wont guaranteed anything. But it does the job well on me. Refer to my portfolio on the previous post.
HAPPY SCALPING AND RIDE THE PIPS!!!
