Hi

Here are the relevent details for the scalper I would like creating

Price Action Scalper

The following scalping system works fine and makes profit, if you follow all the rules and risk management.

The System:

The Scalper uses the H1, M5, M15 and M30 time frames for each pair traded.  Choose "Vertical" to align the screens correctly

How it works:

You get a signal approximately every hour.

For more signals – trade more pairs– 4 timeframes for each) pair.

BUY entry:

- Wait for a current hour candle to close

- If all 4 of the last candles (M5, M15, M30 and 1H) closed in the same colour, wait for the price to go another 3 pips plus the current spread above the close of the hour candle and instantly place a BUY order.

For example

1.  On 1H chart - a 9:00 candle closed green at 10:00.

2.  On M30 chart – a 9:30 candle closed green at 10:00

3.  On M15 chart – a 9:45 candle closed green at 10:00

4.  On M5 chart – a 9:55 candle closed green at 10:00

5.  The price goes another 3 pips plus the current spread above the close of the hour candle.

If all the above conditions are met – place a BUY order at current price:

It is essential to wait until the price moves 3 pips plus the current spread above the close AS THIS is your double confirmed entry signal.  If the price does not break 3 pips of THE entry level within 5 minutes of the hour CANCEL THE trade.

Keep take profit and stop loss orders very tight.

SELL entry:

- Wait for a current hour candle to close

- If all 4 last candles (M5, M15, M30 and 1H) closed in same colour wait for price to go another 3 pips minus current spread below close on 1 hour chart and  place SELL order.

For example:

1.  On 1H chart - an 11:00 candle closed red at 12:00.

2.  On M30 chart – an 11:30 candle closed red at 12:00

3.  On M15 chart – an 11:45 candle closed red at 12:00

4.  On M5 chart – an 11:55 candle closed red at 12:00

5.  The price goes another 3 pips minus the current spread below the close.

If all above conditions are met – place SELL order at current price

Examples are perfect. In reality, a candle, say, M15 may be closed green,  when other candles are red, so wait for the next candle.

STOP LOSS and TAKE PROFIT

3 options

1.  Place fixed stop loss 2 pips below the low of the previous 1 hour candle for buy trade or 2 pips above high of previous 1 hour candle for sell trade.  This is best option for short term scalping.

2.  Place fixed stop loss 20 pips from entry point

When price reaches 15 pips – stop loss is transferred to breakeven. Depending on trading preferences, you can resort to trailing stop.

3.  Place stop loss order near major highs/lows – major support and resistance levels.

The Scalper system is only successful by strict compliance with the rules. Take-profit should always be 2-3 times greater than the stop loss.

Place fixed take profit at 30-40 pips from entry point:

Expect 75-80+% profitable trades.

Do not trade right before, during or immediately after major news releases.

IMPORTANT: Recommended  setup of the “Price Action Scalper”:

Use the system on multiple pairs at the same time.

Trade 5-6 major pairs at once opening the 4 charts for each pair.

This gives many signals every day and 75-80% will be profitable.

Scalping tips:

There are several things scalpers must consider.

1.  Always ask if your broker  allows scalping.

2.  Scalp multiple pairs to make reasonable profit!

3.  Be careful and disciplined.

4.  Scalp the Forex market with a plan to make realistic profits you can achieve!

What the EA must have

1.    To work on all pairs

2.   To have the 4 timeframes, so the system can work

3.   To have adjustable lot size

4.   To place a pending buy/sell order according to the above rules which includes the current spread

5.   To place stop loss according to rule one in SL and TP section above

6.   SL is 2 pips in rule 1 above, but this should be made adjustable

7.   Have possibility to turn trailing stop on or off

8.  Adjustable trailing stop loss value

9.   Turn take profit on or off

10.                     Have adjustable TP value

If the EA can work from the hourly chart and meet all the rules in this document, then multiple pairs could be set up.

I think I have covered everything,, but could you run through and check and let me know if anything else needs to be added

If you could give me a price for developing this EA, so I can place it on my ccharrts and allow it to make real trades.

I am not wanting the third option in the stop loss and take profit rules, as I can look at this later.  Also, I do not need the EA to consider the news releases, as it will be turned off during this time.

Thanks in advance for your understanding and assistance