30 Days to Profitable EUR/USD Scalping.... - Page 5
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Thread: 30 Days to Profitable EUR/USD Scalping....

  1. #41
    Volatility is mad this afternoon, I exchanged dimensions. SP downgraded Greece's and Portugal's evaluations.

    I have spent approximately 50 hours trading in April. That is an approximate figure. It includes preparation time the evening before investing (drawing pivot points,”psych” levels, analyzing previous/other sessions for support and resistance).
    Honestly, it's somewhat high since I have included the rare times that I had been in a commerce (when holding a winner for a few hours) but not in the keyboard. ”True” screen-time, glued to the keyboard with my finger on the button, minus breaks, is roughly 75 percent of that.

    A note about”The Trend”:
    Some of my most troublesome days in March were made by looking at a higher TF trend and using it to set a bias for my reduced TF trades. I would look at the trend bias my 1 min TF trades. My scalping, often for 1 or 2 pips profit, can completely discount any trend. Such small profits could be generated from volatility round support and resistance, dealer fake-outs, or someone”sneezing” in the NYSE.
    So, I defy two axioms, my winning trades are generally more compact compared to my winners and”the tendency” has less significance to me than support and resistance, fatigue, and”plogical” levels.

  2. #42
    Although I use 55 a period Bollinger Band as a wake-up call, NOT an immediate commerce indior, I've removed it from those charts. Sitting and staring in price for awhile, you become dazed and occasionally you need a reminder that this instant is an intense to or so and might be significant.

    I've removed those BB deviations that I used earlier... permanently. I realized last week that I stopped looking at them looking them through to pivots resistance levels, and price.

    The parabolic SAR still stays with the typical configurations (.02,.2). It is used by me at a way.

    By way of example, near support once I think there's a buyer, I use it to gauge my pullback for extended entries. When the price goes against the PSAR blue dots (signaling a supposed fashion change) for about 4-5 pips, I seem to buy with a tight stop near service. This chart was from now, near the central pivot point (removed it from chart for clarity). These are fast scalps with very negative price movement for small profits.

    I apologize, this is similar to my articles #66 and #69.

    I am attempting to describe and record my own scalping methods to discuss and to remind myself of everything I do properly. These transactions are high likelihood for some profit over seconds. If I have to take motion against me than 3 pips and I don't stop-out of the trade manually, I treat it like scalp and a loser for any little profit quickly. If it doesn't go against me more than 2 pips or goes in my favor immediately (which occurs )... I try to hold them longer.
    I'll be the first to admit, I give up many pips because I do not hold them longer.

  3. #43
    On April 12th, I attempted trading USD/JPY back again. Analyzing my trades for the previous months, my other accounts, it's quite clear I do in slower markets. Forex EUR/USD, I've a much greater winning commerce% after London markets near (US afternoons). Stated in this diary the volatility in the mornings is too high because of my stop inventories method that is tight.
    I attempted USD/JPY but the sense of this”quantity” was quite thin, very hard to see.

    So, I am back to the idea of volatility based ceases and position sizing at a really easy format. US Morning periods, 7500 units, approx 8 pip stop spread...US Afternoon sessions, 20,000 units, approx 4 pip stop spread. I created a customized start date perspective of my account on MyFxbook. I only wanted to take a peek at my winwith short term small scalps.

    I did take a peek at quantity from MB Trading's ECN and attempted to use it with charts but it was not too much help. I believed with some quantity”insight” I could find some clues concerning price action. The truth that we must live with would be that there's not any quantity and we cannot observe the traders order books. For me coming to realize that It's painful. But... the traders can't observe any fundamental volume nor will they see any other trader's order book .

  4. #44
    That is on the very short time frames, and it's a setup I search for often.
    Tight cease, probably about 4-5 pips....mostly I try to get the trade to go in my favor within 2-3 minutes.

    This setup totally disregards the overall trend or more term tendency. It is a fast scalp.

    Basically, on the short term, a trader (s) finds some buying interest in a temporarily declining price (possibly in his order book). There's a fast, fake move lower....perhaps a couple of minutes of insertion...(where the dealer is buying)... back to the area of interest or support or temporary buyer.

    How can we know it's not a true breakdown? We do not, it's a probability trade. Place in your scalp and stop what you can. I had a couple losing trades today but nothing over 3 pips.

    I have just come off a 15 profitable trade series. Yes, some were very tiny winners and a few were bigger. This is. It has afforded some high probability trades with movement against me any trade.

  5. #45
    Thanks for the thoughts, I'll give them some thought.
    Yeah, I have alot of knowledge but it doesn't make me a fantastic forex trader Things were much simpler before decimalization of NASDAQ stock prices, and stocks possess Volume which makes tape studying simpler.

    Thanks, and Decent fortune to you!

  6. #46
    Quote Originally Posted by ;
    Just a little update and reminder for myself...
    March finished down 30%, Account at $751.50 down 25% in general.
    Difficult month, I have had 6 winning times in row, though very little, resulting in March 31.

    I'm still using 200 span BBs and deviations of 1,2,3, and 4.
    I have added Parabolic SAR (.02, .20) for my 1 min charts and it's helped keep me on the ideal side of the market usually. I still chart pivot points and xx.00 and xx.50 levels. Let's see how the April EUR/USD action stands outside.

    141 transactions in March.
    Originally I had been impressed by your profile. Thought you know a lot about scalping. Looks like from your vast back ground in equities, futures- forex will be easy for you. But, I think beyond wisdom and experience is now hindrance to you in FX scalping.

    To me scalping is easy, trying long term commerce with large sl is difficulty for me. Only thing that I shall say, attempt to exchange in mkt openings make sure wait to get new 3h or 4 h chart, then 60m and 30m chart all exactly the same direction; wait for breakout (mkt shows her hand) then exchange the first pullback. But, I think you already know that.

    Perhaps you're making fool of us and you're a great trader, like those market makers.

  7. #47
    Assessing the chart, we see the upward thrust at around 11:50am. After, you can see the place I researched where it trades around 1.3570 for 30 minutes. I also indied the regional low just below 1.3565.

    Because we have a strong up day, I am mainly considering where I could buy EUR/USD inexpensive or in a fantastic value. We have another spike up. Can you try to buy that streak up? Bear in mind, it's the day US session. Not, perhaps the dealer(s) has gathered some Euros in our equilibrium level and are selling them higher. I wanted to collect with the trader in good value.

    We trade up and back down to this 1.3570 area . OK, so today, we have a strong up day, and we have seen the EUR/USD evaluation the current high.

    The sign bar comes soon. Looking back, the candle doesn't look unique. But, in real time the range of this signal candle was formed in about 4 minutes. This was unusual compared to all the other candles at the previous 45 minutes. What the trader was most likely doing was two items.

    1) Attain some couple bids to create an extreme price only for a couple moments where he can finish a small sell order (a client is selling to him ) and then purchase the EUR/USD below 1.3565 because he understands it trades well higher.

    2) Hits some few bids, bringing price near this neighborhood low, so that he could shakeout some longs and make them sell to him, because he knows he could trade it higher.

    The keys into the trade are a) overall uptrend b) recent asset c) and a period of equilibrium at a particular price.

    I took the trade near the regional low, with a stop loss of course. Either it'll break down, or bounce. Was I sure? No, however you find this price action often. It's how traders get shaken from their trades. I had been attempting to buy at good value.

    That's some of the texture traders try to describe after trading their specific pairs for some time. In retrospect, the candle doesn't look unique nor is there a specific pattern. In real time and possibly on a 10 minute or 30 minute chart it looks more unique.

  8. #48
    This first chart is the 5 min chart for your US trading afternoon, April 1st. Basically, a good uptrend is created. I'm going to split the conversation I had with myself after sitting at 12:00 PM watching the EUR/USD.

  9. #49
    Yeah I have tried to trade like Hoss put forth in his thread... frankly, the issues came together with the RSI and finding divergences. I believe I want more practice with it or more guie.
    Thanks for the suggestion...

    For many others who haven't read about Hoss' work, this is the thread Siboy is referring to I think.
    It is absolutely worth a read.


  10. #50
    Hi Intu....you ought to have a peek at Hoss's system on this. He accomplishes very good results on his eponymous inventories on M1 charts.Think you will find good opportunity there.

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