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The setup for the trades is simple...
Pair: GBP/JPY
Timeframe: 4 hour
Indicators: NONE!!
What we want to do first is to find recent swing highs and swing lows where the price has hit and made a significant reversal. Here are some examples.
At each of the orange lines price changed direction and moved, over many 4 hour candles, hundreds of pips away. These orange lines are called scalp lines.
So what do we do with these scalp lines?? You trade them! When the price returns to a scalp line you simply place a trade on the break of the line using a 50 pip stoploss and a 50 pip takeprofit. That's all there is to it!
Here is an example of a scalp line break:
Not only are these trades easy to find, they can be taken with pending orders! So if you work full-time this is a great method to use!
If anyone has any questions or comments feel free to post them. And, just to be clear, this is not my system. It was developed by Nick Bencino, aka NickB.
Here's a copy of Nick's ebook that describes his entire system.
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How to download : Click here
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