I was not quite sure where to post this, but since im including some indicators with it, I figured this would be a good spot for it.
What I wanted to cover today is double dipping, ie. combing FX trades with your BIN trades. You would defiantly want to look at your BIN trading style first to see if this type of trading works for you. It works great with my style of BIN trading because, I trade reversals when the range is exhausted.
To sum up what I do, then I will go into more detail, If when I take a BIN trade the Spread on the pair is lower than 1.0 and the average movement of the candle sticks is 4 or higher I will scalp it for 3 pips also.
If you look at the chart below, Spread was 0.8, avg candle movement was well over 4 pips. Yellow arrow was my BIN trade and a Scalp.
Ok so that looks all pretty and all, but let get down to how it actually works.
First thing you need to know is the average pip movement per candle, if you cant eyeball it I have included a indicator that shows you the pip movement per candle. Pip Movements v1.1
The second thing is called Lukton Visual Order Editor (LVOE)
This is an Expert Advisor to manage the order once it has been opened in MT4. It sets your Stop Loss (SL) and Take Profit (TP)
You place the Pip Movements v1.1 in your indicators folder in MT4 just like normal, LVOE goes in your expert's folder in MT4.
The 3pip.set file goes in the presets folder in the experts folder in MT4
now that all the files are in place fire up your MT4. Drag the LVOE on to your chart.
Make sure everything looks like the below pic:
Go to the inputs tab click load and load the 3pip.set file.
Last step: right click your chart and turn once click trading on.
You should now have a sell buy button at the top left.
Your now set up to trade thru your MT4 Client.
Next episode Ill cover the settings in LVOE, and talk about what kind of broker you want if your trading SPOT / FX.
Have a great one all.