Here is the start of my journey to the world of scalping. Just be scalping the EU from M5 and M1 charts.
Setup is easy
Straightforward Moveing Average (3 place to close)
Smoothed Moving Average (8 place to close)
MT4-LevelStop-Reverse-vB0-4 (Refered also as SAR from here on out)
Trade style 1 for M5 (Basic Entries)
When candle is above SAR go long
When candle is below SAR go brief
Trade Style 2 for M5 (Uncommon Entries, but nevertheless legitimate entries)
1)When candle is above SAR WAIT for 3ma crosses 8ma to the upside move long (conservative entry)
two )Input when candle is above SAR and re enter when 3ma crosses 8ma to the upside (re-entry)
1)When candle is below SAR WAIT for 3ma crosses 8ma to the disadvantage go brief (conservative entry)
two )Input when candle is below SAR and re enter when 3ma crosses 8ma to the disadvantage (re-entry)
Trade Styles 1 and 2 operate hand in hand.
Trade Style 3 to M1
Check M5 chart and decide direction then switch to M1 chart and enter according to above criteria.
Additional Entries (Risky)
Wait for trade setup on M5 chart and enter, switch to M1 chart and enter when M1 chart meets criteria for a commerce
Additional Intitial Entries (Very Risky)
When inputting a trade put a Limit Order every 10 pips before the SAR. So if price retraces the postion will be entered in by it.
-Signal 1.4430 to go long
-SAR stop loss is at 1.4390
Input Long at 1.4430
Set a Buy at 1.4420
Set a Buy at 1.4410
Set a Buy at 1.4400
Place SL in SAR (1.4390)
Initial Stop Loss
Set SL in the SAR stage at which the candle crosses the SAR line.
There is no set TP. Rather once the trade is in PROFIT trail the 8MA by what ever you like, this way you give it the space to breath while also protecting your gains.
So my main idea for the night is this, When scalping a pair what is the desired outcome? If it be 10 pips, 20, then 30. Primarily asking becuase I'm new to investing in this TF. Normally I trade from the 4HR and I understand what to expect out of that, but this. . .this is wholly different. Any help or insight would be gratefully appreciated. Thanks in advance.
I am a scalper. I really do like the ease of your charts. The simple sign seems to appeal to me personally. You said something about your profit objectivies. I love to keep it easy and overly realistic. I'm very torn with this choice myself. Right now I'm satisfied with the rapid profit in the 15-20pip range.
I am also a scalper. I really do like the ease of your charts. The basic sign seems to appeal to me personally. You mentioned something about your profit objectivies. I like to keep it simple and overly realistic. I'm really torn with this decision . Right now I am happy with the quick profit in the 15-20pip range.
Thats exactly what I am struggling with, allowing it ride or cutting it short and taking profits. I believe that is more of an evaluation to see if I could execute a longer term egy into scalping. My thoughts on scalping are low risk to some high reward (with leverage) so why exit with 20 pips in the event that you can bank 50?
Anyhow Good luck to you my friend...
Here is something that is amazing. We've definitely been in an uptrend throughout the evening. Your 3period and 8period MA cross appears to provide some early warning that something is going to happen both on your favor and against you. I noticed a variety of opportunities to scalp on the 1min chart in the direction of this trend. A variety of the entries went some space which is something that I did not anticipate seeing. I like using 4hour stochastic bars to determine the trend. Attached is a screenshot of what I am discussing. I've masked the entry arrows in the MT4-LevelStop-Reverse and emphasized the entrances. Not trying to change what you're doing. Just wanted to provide an observation.
Hey guys,I am a scalper I also use a similar ma crossover 5,8,13 using all the on the 5min/1min charts.5MIN CHART 9/22/08 EUR/USD 12 MID-58 PIPS.1:45AM-20 PIPS.2:00AM-35 PIPS.2:45AM-105 PIPS.5:50AM-55 PIPS=283 PIPS BEFORE NY EVEN OPENED! CHEERS and Lots of PIPS 2YA!!!!!!!!
Are you currently reentering on the 1min chart every time that it resets? By reset I suggest the long position finally closing out due to this atr cease or an opposing signal. If so and if I am looking at this properly, I see a reenty around 1.4789 that happened not too long ago.
All times are GMT. The time now is 03:27 PM.
Risk Disclosure: CLIQforex will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
CLIQforex would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore CLIQforex doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.