You can download the Simple Lucky Spike Scalping Strategy FREE. This Lucky Spike Scalping Strategy is based on a simple candlestick pattern that is easily recognizable. There are many traders who love to trade only this pattern and make a full time living. You can use this Lucky Spike Scalping Strategy in any market meaning you can use it in the currency market, stock market, futures market whatever suits you as it is a pure price action based strategy. Another advantage of this simple scalping strategy is that it can be used on any timeframe.
Many traders have this misconception that scalping is done on the lower timeframes like M1 or M5. This is a wrong conception. Infact scalping can be done on any timeframe. You can even do scalping on the daily, weekly as well as the monthly timeframes. Scalping means trading only one or two candles. This is precisely what this strategy does. It trades only one candles after the appearance of the lucky spike chart pattern. You can download the PDF that explains how to trade with this chart pattern.
Most of the indicators that traders use are lagging. Lagging means almost all these indicators are some combination of the moving averages and follow the price action. The price action moves first and these indicators just follow that move meaning when that move is almost over only then most of these indicators show that move. So if you use these lagging indicators, most of the time you will be late. The move will be already over when you will have the confirmation.
Especially in scalping, you need a leading indicator that proceeds the price action. Only this way you will be able to grab 10-20 pips from the market. The best leading indicator are the candlestick patterns that tell about the probable trend reversal. The most important candlestick patterns are the doji, harami and the engulfing pattern. This lucky spike pattern is just a doji pattern with a small body and a large wick on only one side. However it doesn’t need to be a doji always. A small body is acceptable as long as the shadow or what you call the wick is only on one side and is pretty long. The longer the better. If the wick is on the downside and it appears in a downtrend, it means start of an uptrend. In the same manner, if the wick is on the upside and this pattern appears in an uptrend, it means end of the uptrend and the start of the downtrend.
Once you download the PDF, you will get a complete hang of how to trade with this pattern. As a trader, you must master candlestick charting. Candlestick patterns are important trend reversal signals that are leading. Once you confirm the candlestick pattern with another indicator, you can enter into a trade with a high level of confidence that the trade is going to work as planner. Meanwhile watch this video that explains the Mother Candle Scalping Strategy.