30 Days to Profitable EUR/USD Scalping.... - Page 6
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Thread: 30 Days to Profitable EUR/USD Scalping....

  1. #51
    I am using 200 period Bollinger Bands with deviations of 1,2,3, and 4.
    I'm also placing pivot points in my charts (PP, R1, R2, R3, S1, S2, S3).
    Finally, I'm drawing lines in psych degrees of 1. xx00s and 1. xx50s, (zeros and fies).

    I am trying to enter Bollinger Band amounts, since these are short-term extremes. I use these as potential support or resistance. Pivot Points are viewed more as EXIT points. This is where price could be heading. There's generally much of volatility about pivots and psych amounts, that is why you don't want to enter there.

    I Would like to scalp. I would like my losses to be at most 5 pips and normal winner in 2.5 pips. Yes, I am defying conventional wisdom on several points. Winners are somewhat smaller than losers, and I am trading very short timeframes often against the trend (1 minute TF). Targeting setups and price action that give me a high winning commerce percentage, hopefully 70%.

    Candle formations, indiors, overbought/oversold amounts, moving average crossovers are all junk as far as I am concerned for the 1 minute interval. Perhaps you can make them function, but I have spent time watching every tick... they're history with modest predictive value. On more timeframes, they likely have value.

    If you are considering scalping and beginning a small account similar to this one, consider that after a month or so, you may have results very similar to mine. I hope that by sharing my experiences I will save someone else some time and struggle on their route to FX wealth.

  2. #52
    Quote Originally Posted by ;
    I've followed Kostas1's thread for quite a while and have read his thread (double ) and the corresponding information concerning The Dance methods by eclayf.

    After become so undisciplined this past month, and somewhat in June too, I've decided to take a step back and look at greater timeframe decisions.

    As of June 15th 2010, I will take my balance ($500) and start a new account and document my progress.

    You can find Kostas1's thread here
    you're also welcome in the thread to share your transactions . I consider myself more of the scalping kind (12-15p per trade).


  3. #53
    I have followed Kostas1's ribbon for quite a while and have read his thread (double ) and the accompanying information concerning The Dance methods by eclayf.

    After become so undisciplined this past month, and somewhat in June also, I have decided to take a step back and look at greater timeframe choices.

    As of June 15th 2010, I'll take my balance ($500) and start a new account and document my progress.

    You'll be able to loe Kostas1's ribbon here

  4. #54
    Although I do use mechanical entrances, I practice discretion frequently. I buy/sell pullbacks or retracements together and contrary to the tendency. Since I believe a trading opportunity might be near, I'm viewing price constantly, nearly every tick on a 1 min TF chart.

    I use a 1 min Oanda TF chart, and a watchlist from MB Trading that has the Nasdaq Comp, DJIA, and SP 500.

    Also used but not revealed, I occasionally use a 5 sec line chart to period the production of this subsequent 1 min candle in my main chart. In addition, I use ATR(8) on a 1 min chart to generate volatility position sizing conclusions.

    The indior on the bottom of my screen is your Awesome oscillator with (9,20) settings. I don't follow it blindly, and I occasionally trade against it once I feel the traders are creating a shakeout or stop-run.

    There is so much discretion in my scalping, I have attempted to share a number of that dialogue in this thread. As for today, I have used this same setup since mid-May unchanged.

  5. #55
    Only a reference point for myself...

    I Have been trading Forex Because March 2009, with most of the activity in 2009 in October, November, and December.

    Net results across a Few accounts: - $1401.
    I only actively trade the scalp account in my signature as of 2010.

    I've experienced 177 separate trading times where I placed at least one trade, typically involving at minimum 1/2 hour of screen time.

    I've placed over 1550 Forex trades within this period of time, 99% brief time period trades.

    Am I getting better? Perhaps. The experience is fantastic. The journals and records I keep are invaluable. I easily spot trading times that are difficult for my style, and I am more attentive.

    I expect the next half of 2010 yields some fantastic trading.

    From article #22 in this thread:

    Likewise, about flaws... get a deal on them. If you don't know exactly what you do wrong and can't admit it, then figure it out. Yeah, it appears much more fun to scour forum for systems, indiors, or the latest Heiken-i charts on the 13 min TF using Slow Stochastics and 6 Moving Averages... but I promise you'll save or make more money just by fixing your mistakes in connection with basic trading principles.

    From article #86:

    Once you're in the trade, the explanations for entrance no longer matter, you need to maximize it's possible or decrease it's reduction. You've got many more scalps in the future.

  6. #56
    June was a difficult month too. I made some mistakes, and some profitable bad trades (trades outside of system/methods but winners).
    Starting the month with $555.00, ending balance was $652.92,
    with 134 trades. Actual”screen time” was about 30 hours.

    Mostly afternoons, I need to become somewhat more professional with a goal of 9am-2pm of”screen time” every day.
    I traded 19 days, took 4 days off, and had 5 losing days.

    I've more work to do in risk management.
    There were two cases in June in which I held transactions within the week-end, incurring more risk than that I should, as I'm predominantly a 1 min TF scalper. The news over the week-end and also the prices at 5 pm EST open on Sunday are simply ridiculous.

    Interestingly enough, I did have a series of 13 profitable trades in a row after taking two weeks off mid-June. Maybe a while away in the markets helps clear your mind and refreshes you?

    Happy to possess account growth for the month and will last forward. I'm still cautious of volatility and attempt to adjust my position size accordingly. I plot pivot points each evening before the following trading day. I'm more aware of where”ceases” could be conducted or removed, with a fast price reversal following. I also see the SP futures to see how much significance we have that afternoon.

  7. #57
    On May 6, after revenge trading, swinging wildly at a wildly swinging market, I had a balance of $500.69. The”Flash crash” occurred later that day. I'd ceased trading at 10:00am thankfully. Ever since then, I have embraced a more mechanical approach for entrances, and been in a position to correct for volatility at a more measured manner.

    It has been 136 trades since my May”meltdown”, roughly 70% winning trades and 30 percent losing transactions, average profit 4.23 pips, and normal reduction 7.34 pips. Adjusting position size for volatility, I have settled on a 2.5 x ATR(8) on a 1 min chart. With 1.5% equity stake per transaction, an example $500 at 1.5percent = $7.50, ATR = 4. $7.50/2.5x4 pips= 7500 units.

    With this approach, I have enjoyed trading that the morning session more than I ever have. I did 167 transactions this month, the most I have done in 2010.

    MyFxbook figures percent gains and losses versus the original starting account value. In my situation, that is 1000. Thus, a $50 profit is 5%. Realistically, as I scaled my position sizing together with the decreased equity level after May 6, I've gained $54 which is nearly an 11% percent profit in my equity from that point. Beginning the month with $852, I'm down 29%, as it relates to a first $1000 balance. Hopefully, with the subject I have had since then, next month is going to be better.

  8. #58
    Would you prefer to try to counter-trend scalp the chart under?
    I had my largest pip failure in 14 days (because my May Meltdown).
    It will also be my first losing day in 9 days, but it's little... less than 1%.
    Edited: Took some transactions after 3pm (that I don't usally do)down -2%.

    Oh well. . .definitely a tough day for my style.

  9. #59
    Today, in the day, together with all the EUR/USD price ranging somewhat between 1.2200, S1 (1.2235), and 1.2250; it was easy to ask yourself. . If they were to conduct stops at this time, where would price go?

    Though I didn't put on many trades now, I had been very exact in my entrances (4 trades/4 profitable). On the short timeframes using what I suspect reduced quantity, the traders could push price around to hit little range stops, then reverse.

    I downloaded digital copies of Alexander Elder's Trading for a Living, Come into my Trading Room, also Entries and Exits. I browsed themreading chapters that fascinated me. The material seemed somewhat obsolete, though noise. Nothing really extraordinary though.

    Scalp Entries

    I have been employing a mechanical entry for the past 8-9 days. I have come to the conclusion that the way you manage your transaction is more important than your entry for scalping. While random entries shouldn't do the job, I truly believe that entry is minor compared to momentum or first movement of this transaction on your favor. Don't get hung up on where your entry point is, the most important issue is whether or not that trade is making you money at this time.

    Holding a loser for a 20 pip move against you personally and being right, raises your risk. What if it had not come back? It also takes up time, which might have been utilized for more chances. Perhaps you might have cut the reduction fast, and put on a different trade at a more favorable point and made more pips overall.

    When you are in the exchange, the reasons for entry no more matter, you want to optimize it's potential or decrease it is reduction. You have many more scalps in the long run.

  10. #60
    I've been struggling with this matter. Lately, I've been trading half dimensions in the morning (more volatile) and then double that in the afternoon.
    Crude, but... it helped me overcome my fears of crazy US morning session prices.

    This new systematic entry has helped with this also. I've been active in the evenings recently, which can be quite an advancement of my mostly afternoon trading on this account, listed in this journal.

    After studying Chapter 12 (again) of Trade Your Way to Financial Freedom, by Van K. Tharp,'' I'm going to embrace a % Volatility Ranking sizing model similar to what he presents.

    My settings (specifically thought out for my style):

    1.5 % $ account risk ( - $500) let us say $7.50 per transaction

    ATR (20) about 1 min chart average true range for last 20 mins

    so if ATR is 18 pips, $7.50 / 18 pips = .4166 or about 42 cents / pip
    which is easy on Oanda, because they've units
    4200 units ought to be position size

    This will take some of the quesswork from what my sizing should be on these crazy times. With just 3-4 trades each hour recently, I have lots of time to figure this.

    Thus, I have systematic entry, and systematic position sizing based on volatility, my only discretionary methods are with commerce management and momentum.

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