I've been manually trading the Channel Scalper and have been using a general rule which has been fairly successful. You use the Channel Scalper template with the two Moving Averages, but you add two (2) additional indicators.
1. Bollinger Bands - Period = 20; Shift = 0; Deviations = 2
2. Stochastic Indicator - %K Period = 12; Slowing = 3; %D Period = 3; Price Field = Low/High; MA Method = Simple; Levels at 80 and 20
3. Template is using Candlestick Charting
4. UPDATE TO STRATEGY 04-28-14: MAKE SURE THAT THE DISTANCE BETWEEN THE TOP AND BOTTOM BOLLINGER BANDS IS AT LEAST 10 PIPS. DO NOT TAKE THE TRADE IF THE BOLLINGER BANDS ARE NOT AT LEAST 10 PIPS APART!!! Also, you will have to adjust this for the higher timeframes. If you move to a 15-minute chart, make sure the bands are at least 15 pips apart. If you move to the 30-minute chart, make sure the bands are at least 20 pips apart. It improves your chance for profit if you just want a set profit target. You could always wait until the price touches the other side of the bands, but that doesn't always end up in good, consistent profit.
5. UPDATE TO STRATEGY 04-28-14:
a. For a BUY signal, a RED candle closes below the bottom bollinger band. The next candle would be a green candle and would open below the bottom bollinger band. All of the rules above would apply as well. Make sure that price is touching or below the Stochastic 20 line.
b. For a SELL signal, a GREEN candle closes above the top bollinger band. The next candle would be a red candle and would open above the top bollinger band. All of the rules above would apply as well. Make sure that price is touching or above the Stochastic 80 line.
6. PROFIT TARGET: 5 pips on 5-minute chart. 10 pips on a 15-minute chart. 15 pips on a 30-minute chart. You're basically adding 5 pips of profit for each higher timeframe.
See updated pic below...
It would be great to code an EA that works this way.
THE PICTURE BELOW IS A MORE AGGRESSIVE EXAMPLE OF THE PROCESS AND DOESN'T FOLLOW THE 10 PIP DISTANCE RULE. IT WAS THE FIRST PICTURE I PUT UP. I HAVE SINCE AMENDED THE STRATEGY.