Useful charts while scalping the Forex market

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The charts are one of the main tools in Forex trading; they are based on the market action that involves the prices. We can find several kinds of charts that can help us to identify behavior patterns, to create forecast and to analyze the market’s conditions.
The charts can be used in both kinds of analysis, the fundamental and the technical ones. While the technical analyses are focused on the “micro” movements, the fundamental ones are focused on the “macro” events (or external factors) that affect the trend of the market.
Among the main types of charts we can distinguish:
The line chart: is the simplest one, in each time unit shows the closing rates creating a homogeneous line. Although it doesn’t show what happened during the time unit selected by the users, is such a good tool for helping to set support and resistance levels.
Point and figure charts: these charts are focused on the price without time specifications. Instead of showing a linear representation of time they show the different trends in the price. This kind of chart is especially useful to filter out non-significant price movements helping the trader to determine the critical support and resistance levels.

Bar chart: this type of chart shows in each time unit that we select three different rates for each one. The common rates shown by bar charts are the high, the low and the closing, but we can also find charts that show one more rate, the opening of the period of time.Candlestick chart: this type of charts comes from Japan. The units represented are similar as the ones in the bar charts, they show the prices at their opening, high, low and closing rates in candles form for each unit selected. We can find two kinds of candles, the transparent ones that show increase and the dark or full ones, which show decrease. The length of the candle’s body represents the range between the opening and the closing, while the whole candle (top and bottom included) show the whole range of trading prices for the selected time unit.

Midnight setup strategy for Forex Scalping

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If you are awake and available for trading the Forex Market at midnight this strategy can makes you win. Pay attention to the following details!
This strategy is based in the principle that it’s very difficult to find same size candles for 2 consecutive days on a daily chart. The main fact that it’s going to influence us from this conclusion is that prices are moving steady either up or down without producing “noise”, an element always present on smaller time frames.
Entry
The entrance hour should be at the 00:00 according to your local time or according to your trading platform. In this moment, the daily candle is newly formed and you will be able to find the highest and lowest price of the day for the previous daily bar.
If the price bar (including shadows) is less than 90 pips long we recommend not to open new trades the next day (this is a requirement for GBP/USD pair, but can be changed for other currency pairs).
If you suddenly discover that the previous day bar becomes an Inside bar you should be careful with entries the following day. While an Inside bar candle gives a good breakout opportunity the following day, it can also be a dual whipsaw breakout, the most unwanted scenario for Forex Scalping.
If anyways you decide to trade the next day you will be depending on the candle of the day before so, establish a Buy Stop order at the top (the highest price +5 pips) and a Sell stop order at the bottom (-5 pips). Over the time you will be able to adjust these additional pips s and stops depending on the currency pair you are trading with.
Exit
You should exit once that one of the orders is filled. At midnight with the new daily candle open, adjust your orders and stops according to the previous daily candle, following the same routine; keep on scalping the market until you raise +100 pips, then you can close current and enjoy the benefits of a well done job because your profits will arrive soon.
You should quickly close your current open positions (with either profit or loss) in two different cases: first of all if a daily candle becomes a Doji candle (or it’s about to become). The second occasion in which you should close your trades is if you met a Shooting Star candlestick in an uptrend or a Hammer candlestick in a downtrend.