Candlestick Formation Scalp on EURGBP

  • Posted on: 21 June 2015
  • By: strategist
Candlestick Formation Scalp on EURGBP

At 9:00 AM EST on June 19, 2015 a pin bar appeared at the low boundary of a range on EURGBP. The pair had been moving in a tight range for the previous few hours. I executed an immediate long order when the next bar passed the high of the signal pin bar. I placed the T/P conservatively a little below the close of the previous bar formation near the upper boundary of the range for a 8-9 pip profit.

A word of caution! In order for these scalps to be profitable, your broker's spread has to be very tight, the slippage has to be minimal and the execution fast. I recommend a true ECN broker for that.

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Thank you and green pips to all of you!