You will notice in the image above I place my line at the candle bodies, not at the wicks. I do not like placing support and resistance at the wicks.

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I prefer to have my support and resistance where candles are likely to form. I am considering adding a video on support and resistance placement. Feel free to send me an email to let me know if you need a video to clarify this subject. You should now have a good understanding of how to place support and resistance areas.

The next step is actually finding trade setups. And I am going to show you exactly how to do that. There might be a small problem though. If you do not understand candlestick pattern and trend basics, the stuff below might not make sense. If you find that your are struggling with the concepts below, jump over to my price action basics in the Forex education section.

In there I cover basic price action and candlestick pattern concepts. Once you understand those concepts, the stuff below will be easy. Well in this case, that saying is kind of true. We want to use price action to determine the trend, get a good entry and ride it for a short while. You should already know how to identify a dominant trend, I talk about this in the education section linked to above. But the thing about trends is that they are rarely, if ever, smooth. Trends move like this:.

See how buyers push back up to the former support after sellers break through it? That is how a trend works. In a bearish trend, sellers are in complete control of price. Buyers try to take control all the time. Sometimes buyers take control briefly but sellers regain control and continue trending down. Here is an example of how trade continuation scalps play out. The image below is a gif, it will play like a video and show you how trade continuation trading works. The basic concept is to trade with the trend. Using candlestick analysis with support and resistance allows you to determine if the trend is still alive.

If the trend is still alive, you enter a trade for a quick pips.

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Your stops and targets especially need to be on point if you want to get the most out of price action scalping. The pairs you trade will usually be determined by their spreads. The common stop loss for this strategy is pips. So you need to trade pairs with very tight spreads to be profitable. Your spread must be included in your stop. With a two pip spread, you would end up having a three pip stop on some trades, which is simply not viable.

Here is a list of the pairs I trade with this strategy. There are of course other pairs with tight spreads. However, I stick to the ones above as they work best for me. While making an educated guess about price works well on the 5 minute chart, it is obviously not perfect. However, being right does not matter at all. Remember how I said that your risk to reward ratio must be at a minimum? My actual risk to reward ratio with this strategy averages out to 3.

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The mathematics is on your side with this strategy. You use your understanding of price action to make an educated guess. That is the problem though. Stops and targets are pretty simple. Generally my stop is 5 pips and my target is 15 pips. If a pair is moving fast and a 5 pip stop is too tight, I may extend my stop to 10 pips and my target to 30 pips.

Targets and stops are the most subjective part of this strategy. You should stick to a 5 pip stop and 15 pip target when you first start. As you become familiar with the strategy you will understand when to use a slightly larger target and stop. You now know how to place support and resistance areas. You also know what a trend continuation looks like.

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All you need to do to trade this strategy is put these two things together. I am now going to show you how to do this with a lot of examples. An area of support is placed at 0. Sellers manage to break support at 0. Buyers take brief control of price and push it up to the former 0. Buyers make several attempts at closing above the 0. Since buyers cannot close above the 0. The short is entered because price is trending down and it is clear buyers cannot regain control of price.

Why is the setup above a good trade? This analysis would be done when price hits the resistance area and struggles to break above it. Sellers have three points, buyers have one point. This risk analysis is basic, we could do more complex risk analysis but a strategy like this does not need it. The idea here is simple. You are using price action analysis to make an educated guess as to what will happen next. If sellers have control of the major trend and buyers cannot close above resistance, the bearish trend has a good chance of continuing.

So, you make an educated guess that sellers will continue and you short, why is this profitable? Okay, time for some example trades. These trades are all recent and they were either taken by me or members of the advanced course forum. I am going to try and shoot some live trade videos for this strategy soon. When I do I will post them here. This was a very simple set up which formed on strong area of resistance. You can see clear bounces from the 0. These bounces showed me obvious resistance in the area. Price eventually broke above the resistance area and resistance became support.

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There was actually a failed trade here which I will discuss later. The short trade was taken after price broke below the 0. After the break, buyers pushed back up to the 0. The fact that buyers could not close above the 0.

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A short trade was entered at 0. The stop was 7 pips and the target was 21 pips. As you can see the target was easily met. The trade target was extended by 4 pips to 25 pips as there was great momentum. The overall risk to reward for this trade was 3. This trade triggered a few hours before the trade above.

The set up was good but the trade never took off. The support and resistance area was placed at 0. When buyers broke above resistance price quickly dipped back down to test the area. Sellers could not close below the area so a long was entered at 0. This trade remained open for over an hour but in the end price dropped and hit the stop.

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Could I have done something differently to save myself from taking a 7 pip loss on this trade? Maybe I could have, but it does not matter. The key to trading this strategy is to just take the trade and let it play out. If the trade fails it does not matter, all that matters is that you maintain a minimum of risk to reward ratio.

This is why it is vital to maintain a risk to reward ratio of and this is why losses like the one above do not matter. This recent trade example really illustrates why this strategy can be psychologically tough.