Hey,

I thought I'd see if other people could benefit from my scalping system. Takes awhile to get used to, but works for me. Its a combination of pivot trading and trend trading.

I'll try to contribute when i can, i was just bored tonight because market is soo slow right now.

works on any pair with decent volume, but I use in eu, gu, chf/jpy.
can use any time frame but the lower the time frame, the more the chop, but more trading opps. I like 15 min and 30 min. less trades but less chop.

34 EMA to High
34 EMA to Close
34 EMA to Low
Use your favourite pivot point indie
semafor indie
macd indie (standard settings) (helps to keep you out of crappy whip saws)

Entry rules:

Long:
*3 semafor appears... (ideally at a pivot level)
*the further out the s/r level from pivot... then greater chance of a some sort of reversal
*wait for candle(s) to close above top ema band (cannot cross back below lower ema band, if it does, wait for a new 3 semafor)
*confirm entry with Macd red signal line crosses (0.0)

*SL is 2 pips below lower ema band
*TP target the nearest s/r level, set trade to BE. (TP is variable... use what you like)
*if price action is good, partial close trade and let rest ride to next s/r level up. *close all when a 3 semafor appears. (semafor repaints so use common sense, if price action still goin in your favor, then keep trade open or if hits your targetted s/r level)
*I tend to look for 3 - 20 pip trades per session (ny and london) and be done for the day. tends to only setup really well once or twice a session per pair.
*doesn't seem to work very well during slow asian session or the simple fact i don't trade that session... i dunno.

Short:
opposite of above.

don't try and complicate it. I know people will add more indies to confirm one indie. you don't need 10 indies telling you the same thing when 1 or 2 will suffice. any trading system can work given practice.

*Please be wary of the overal trend... as it is your friend.

Attached Images

piphunter.gif (24.0 KB, 310 views)

Attached Files

	3_Level_ZZ_Semafor.mq4 (8.2 KB, 31 views)
	Pivot Points Multitimeframe.mq4 (45.0 KB, 31 views)

red vertical line is entry point

blue horizontal lines are support lines
white dotted line is daily pivot

In a nice trend, the ema bands act like a moving s/r level and can be used for re-entry, in this case, possibly buy dips into the ema band.

I actually don't have the patience to wait out a trade so I usually cash at 20 pips (i'm a scalper by trade and by nature)... i know i know.. i leave a lot on the table sometimes.. but i like what i do and the trade is usually done very quickly.... more tv time for me.

Hi,

Interesting system. I have a question, however - why the 34 EMA ?

thx

Ms_Mel

__________________
Profitable trading starts here:
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I use the 34 ema as an idea from several threads i've read in the past , so i investigated a bit further and found out that ibfx had a video on how to use it. Raghee Horner's and many other famous writers used it. So i adopted it for my own uses as it suits my needs and started to use it consistently. When used in conjunction with pivot levels, it can become pretty consistent. I especially like on chf/jpy because it currently has these nice meandering waves and more often than not hit fib levels regularly which i use as a start to a new "mini" trend on the 15min chart.