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Hello,
According to AL, the minimum scalp size should be maximum of height of average bars ir 5-10% of average daily range based on recent data
so the formula i used to calculate minimum scalp is
= MAX(height of average bars, 10% of average daily range )
When i apply it on E mini, it give me minimum scalp size to be about 8 points
I see people taking 1 point scalp which is to me unsustainable
how do you explain this ? if i ask you, to find minimum scalp size on any market, how would you do it ?
Al talks a lot about going for 1 point in the trading course. But the volatility was a lot lower when Emini was down around 2000 when he was recording it.
In his trading room he's talks about 4-8 point scalps lately.
Personally, I found that 0.7 * ATR(10) is a reasonably good for calculating scalp size. Beware that ATR will be skewed on the open if there's a big gap which would make the number too high.
I've been meaning to write an indicator that excludes gaps, dojis and inside bars from the ATR calculation but haven't got round to it yet.
