NOTE: TV won't let me post a 1 minute chart so I posted a 15, but this is intended for the 1m.
Every beginner wants to trade the 1m chart. Yet most advanced traders cannot do so. There are several problems with trading the 1m. Firstly, most minor swings on the 1m do not go far enough for a minimum scalp. Second, it is easy to get lose track of the bigger picture. Third, you will get many false signals.
That said, I thought it would be fun to come up with a very simple 1m scalping system. Heiken ashi candles are often remarkably in tune with price action for hidden reasons that I won't go into, but when they change color, it is often good for at least a minor swing.
Remember, on the 1m these swings won't usually go that far.
To use this system successfully, you will need to also watch the 5m chart and have a good understanding of price action. Mechanically trading this system will make you lose fast.
Chart setup: 20ema (blue), 50ema (black). HA candles.
Long signals:
Setup #1): From an opposite swing or sideways market, the 20 starts rising above the 50, and price closes above the 20. Buy with a stop above the 1m bull candle.
Setup #2) When already in a trend, price pulls back to between the 20 and the 50. Buy with a stop above a 1m bull candle.
Reverse the setups for shorts.
I recommend trying this on the U/J with a 5-10 pip SL depending on the speed of the market, and always go for a 1:1 R/R.
The keys are always price action and context. Success lies in the trader, not the system. This is just a way to get into the market. Good luck!
Every beginner wants to trade the 1m chart. Yet most advanced traders cannot do so. There are several problems with trading the 1m. Firstly, most minor swings on the 1m do not go far enough for a minimum scalp. Second, it is easy to get lose track of the bigger picture. Third, you will get many false signals.
That said, I thought it would be fun to come up with a very simple 1m scalping system. Heiken ashi candles are often remarkably in tune with price action for hidden reasons that I won't go into, but when they change color, it is often good for at least a minor swing.
Remember, on the 1m these swings won't usually go that far.
To use this system successfully, you will need to also watch the 5m chart and have a good understanding of price action. Mechanically trading this system will make you lose fast.
Chart setup: 20ema (blue), 50ema (black). HA candles.
Long signals:
Setup #1): From an opposite swing or sideways market, the 20 starts rising above the 50, and price closes above the 20. Buy with a stop above the 1m bull candle.
Setup #2) When already in a trend, price pulls back to between the 20 and the 50. Buy with a stop above a 1m bull candle.
Reverse the setups for shorts.
I recommend trying this on the U/J with a 5-10 pip SL depending on the speed of the market, and always go for a 1:1 R/R.
The keys are always price action and context. Success lies in the trader, not the system. This is just a way to get into the market. Good luck!