Many merchants love scalping as their principal buying and selling technique. The purpose is easy. As a scalper, you’re executed in only a few minutes once you enter and exit the market shortly making quick income every time.
There are many scalping methods. This easy scalping technique is named the Lucky Spike and it’s being utilized by many merchants to make constant income every day scalping the foreign exchange market.
Successful merchants comply with the Okay.I.S.S precept. Whatever buying and selling technique you comply with, the less complicated you’ll hold it, the upper the likelihood of creating a profitable commerce. Lucky Spike Scalping Strategy makes use of this Okay.I.S.S precept. Let’s talk about it.
If you have got been buying and selling for some time, you have to be conversant in the candlestick patterns just like the Shooting Star, Morning Star, the Hammer, the Inverted Hammer, the Hanging Man or the 4 varieties of Dojis.
All these candlestick patterns are related within the sense that they’ve small our bodies and lengthy shadows or wicks. These sort of candlestick patterns are also referred to as indecision patterns as after they seem it means neither the sellers nor the consumers are dominating the market.
You can’t solely use this technique for scalping that means buying and selling on smaller time frames but in addition on increased time frames just like the every day, weekly and even month-to-month charts.
When you discover anybody one of many above patterns showing in a trending market, prepare for a commerce.
When you discover anybody of the above patterns in a robust downtrend with a small candle physique and one lengthy shadow, go lengthy on the open of the subsequent candle with the cease loss positioned just under the decrease shadow of the Lucky Spike. Take revenue on the shut of the subsequent candle.
Similarly, once you discover the Lucky Spike showing in an up trending market, enter into a brief commerce on the open of the subsequent candle. Place the cease loss on the excessive of the Lucky Spike and take revenue on the shut of the subsequent candle!
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