Scalping as you know, is about making small pips more frequently than waiting for those mega profits that's supposed to turn you into a millioner overnight.
Now, before you write off scalping as just another method, just consider the benefits of scalping:
1. small frequent profits - get in and get out in smaller time frame.
2. losses can be recovered - even if you have a few losers, you can still trade and hopefully recover back your loss and end the day in profit. No such chance for traders in longer time frame.
3. number game - as your confidence and practice increased with scalping, it is all about increasing the number of lots without tweaking profit targets.
To the system now:
time frame: 15min. chart : candle. session: Europe and US.
go long above high of a bullish candle [10pip range] for 2 pip target. Stop Loss - same candle close.
go short below low of a bearish candle [10pip range] for 2 pip target. Stop Loss - same candle close.
candle range has to be at least 10 pips, bigger the better.
the idea it to be in the right side of momentum. a candle that has managed to climb 10pips or higher will manage to take that momentum forward and continue in the same direction for at least few more pips, thus giving you your minuscule 2 pip target.
What if your entry order is triggered but profit is not reached? you simply close your trade at the end of the same candle which triggered your entry.
how profitable is this system? is it back tested? can an EA be made out of it?
back test - i've not done it.
how profitable - instead ask, how flexible is this system? imagine you login, take 1st trade and it turns out profitable and you decide to wind up for the day! good enough !
instead of traders who spend hours and hours for a setup to appear, and just when they take a loo break, the trade's gone and entire day is wasted....
and how about emotions...once trade is triggered, almost always your take profit is also executed in a matter of minutes. can you imagine the thoughts going through a trader who trades 1Hour / 4 Hour having open position....shall i book profit, what if the profits that i see vanishes, what if candle turns direction...so on and so forth....and eventually, those traders too book profit early giving into fear of the past failure...!!!
overall, this type of trading my not lure newbies that want to make it BIG in just one trade...but will appeal to the ones that seek consistency in money making without taking a toil on their mental health.
best of luck.