Short-Term Forex Trading System
The system “Snake-Eye Scalping” is designed for short-term trading of any currency pairs on the Forex market. This method is based on the behavior of a 5-minute bar at any given time. The system uses three specially created indicators “Grab Range”, “Grab long” and “Grab Short” and a regular “Pivot levels”. These indicators are set on charts with timeframes of 5 minutes and 15 minutes. They are used to determine the strength, weakness or neutrality of the market and the direction of movement. Indicators of the “Grab” series are displayed on the chart with three dotted lines and bars of different colors. If the lines approach each other, it is a sign of movement, and if the range is extended, the flute is possible. The “Grab Range” indicator turns the bars grey when flute and blue when flute. The “Grab long” indicator lights up the bars in green and lettuce depending on the strength of the movement. Similarly, the “Grab Short” indicator colors bars in light red and dark red.
When the price breaks the upper Grab line on the 5-minute chart, and at least one full bar closes from above, it indicates strength, signaling the potential for growth and possibly the formation of a buy signal. When the price falls below the lower Grab line on the 5-minute chart, and at least one full bar closes below, it indicates weakness, signalling a potential decline and possibly a sell signal. After such signals appear, we should switch to the 15-minute chart and compare the situation on both charts. Trade only in the direction of the trend on chart M15. In order to work with this system, you need to forget about all other indicators and only watch the behavior of the five-minute bar. For example, a bar’s salad color means a strong upward movement, and green means a weak movement or rollback. Similarly, dark red bars mean a strong drop, and light red bars mean a return or a slight drop in price. In addition to the main ones, the system has installed the indicator “Pivot levels”, which allocates ranges of price movement for the current and previous days on the chart. He also draws the level of beer and six levels of support and resistance (three main and three intermediate levels).
Example of a purchase. After the movement in the channel the price rises above the upper limit and the channel begins to narrow. The bar is painted in salad color. To check the trend we switch to chart M15
On this chart the price also rose above the upper limit of the channel and the general direction up is determined visually
Here’s an example of a sale. After the movement in the channel the price falls below the lower limit, and the channel begins to narrow. The bar below the border is colored dark red. To check the trend we switch to chart M15
The downward trend is confirmed, as a dark red bar has formed below the boundary.
Install the Stop Loss according to the amount you are willing to risk. Alternatively, the stop can be set at the opposite end of the channel. Come out of the deal when the bar color changes or at the “Pivot levels” indicator levels. With experience and a high degree of concentration in monitoring price activity during the formation of the current 5-minute bar, the immediate, short-term direction of the market can be determined with incomprehensible accuracy.
To trade with this method, we advise you to find out which scalping brokers offer the best conditions.
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