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Thread: 30 Days to Profitable EUR/USD Scalping....

  1. #71
    I draw pivot stage lines in my charts the night ahead, as well as lines for Psych amounts (plogical levels) inside these pivot ranges at *. --00s and *. --50s. As I said at the beginning of my thread, I mainly drawn from Acumen's ribbon and experience with them. Read/view his material here:

    Now the interesting part which I did not understand (though I probably should have). Why are these areas of price action? Up until today, I've heard basically that orders are clustered around the round amounts. That is true, but there's more to it.

    I found this tidbit on a different thread from a printed bank paper, which I think to be authentic.

    Position trades constitute about 30% of their entire quantity in the international FX market, ahead transactions account for around 10%, whereas the swaps and options markets account for more than 50%. Why is this significant?

    Options are priced in the *. --00 and *. --50 levels!
    That is a bit more solid proof for why these are significant amounts.
    Maybe it's been cited by everyone, but I never actually knew the REASON why, though I took it as reality.

  2. #72
    U.S. Bank Holiday, and that I traded the open as intended, although Europe was still kicking (7:45am-10:45am EST). Produced back the pips dropped last night, it was a battle with low volume. No charts today like I do not think days like today are extremely instructive, unless you count the joys of sitting on your hands doing nothing.

    Let's talk about entries and something I haven't mentioned previously. I just take one trade at one time, no averaging. I have attempted to average or have several trades (around 3), all with a standard stop loss. Some might say it is extremely hard to find the ideal place to go into and this could help increase your success. For me personally, I couldn't manage it.

    Having three trades go against you at the same time produces a lot of plogical pressure. Generally, I was not averaging my initially winning trades. . .so you put yourself up for possibly more loss than gain. Perhaps others can do better.

    So, one trade at one time, manage it the best you can. Close trade, and move on to the next.

    Rule 3

    Don't chase price. Don't chase motion. When I think the market is in a range, I generally pick just two prices. Somewhere I will get brief, and somewhere I shall buy. I've got these in mind, while I watch the screen. Yes, over a span of 5 minutes or maybe 10 minutes, I alter my opinion. The important thing here is that I pick beforehand, and wait for price to come to me personally. If it does not come to my formerly decided price, oh well... perhaps during the next few minutes I will see something new and reevaluate.

    The important thing here is to not chase each 3-5-10 pip transfer, the market is not necessarily trending, and certainly not always breaking out.
    When there is a trend about the 5 minutes TF, select a price that looks like a low risk pull-back place, and wait for it to come to you. When we are range bound about the 5 minutes TF, start looking for assistance and resistance on 1 min or 5 min chart, and select spots which you think are good prices. Then, wait for these to come to you.

    To help pass the time while I wait patiently for my price, I listen to music while I trade. Until tomorrow... good luck!

    (Still tinkering with MyFXBook configurations, but it appears in the event that you subtract 5 hours from the time stamp of trades in my History you'll have the correct EST time of my trades.)

  3. #73
    U.S. Bank holiday on Monday (tomorrow), so that I convinced myself to trade just tomorrow while Europe remains available (8 AM- 11AM). I did trade the Asian Open tonight for the first 3 months.

    I rationalized this by stating that if the spread was pip or not, I should be trading. I have never had much luck with the EUR/USD during the Asian market, although I did have some initial success with the USD/JPY once I traded that. My first FX trades were only USD/JPY (March'09-June'09).

    I promised I'd put in more routine screen time, so that I traded 3 hours tonight and will trade 3 hours . China includes a bank holiday now too, and I believe that stifled volume more. I hadn't really considered that effect on the Asian open, I was just thinking that tomorrow afternoon should be a no-trade after Europe closes, because of the U.S. bank holiday.

    Basically, for 3 months, I was internet down about 8 pips, my final trade was 58 min , a brief for a profit of under 6 pips. Painfully long trade to get a scalper, when a lot of my wins are under 2 minute trades. Chart under, mostly just bounced around a 5 pip range near core pivot (blue line). The arrow joins my 58 minute place trade. It does not deserve to be called a scalp, making me wait for long .

  4. #74
    Within the past 11 months, I've experimented with different time frames and fashions. These have also generated different winning trade percentages.

    Even with a winning trade percentage of 60%, you will likely have a shedding series of 10 or more transactions. In just under 1000 transactions, it's happened to me twice I have documents for.

    It can occur more frequently than probability indies if you start to make mistakes following the initial 5-6 losses. You'll have strings of 5-6 declines more frequently. So, keep yourself together.

    Keep the losing trades as little as possible.

    My quote to the week-end comes out of Ari Kiev, Trading to Win, -

    Throughout the trading day you should concentrate only of doing what's essential to your egy instead of thinking overly much about your goals or the results of trading.

    I am not recommending the book, it is not that good. . .but I really do re-read it from time to time. I'm terribly guilty of watching my PL, analyzing my previous transactions, surfing FF, etc. when I need to be looking for opportunities to work out a border... and just Trade.

  5. #75
    I try to sort my own transactions into three groups, out of a profit and risk management standpoint. This is busy while I am in the commerce.

    1. The trade goes your way almost instantly, (30 minutes or less) and never goes negative (including disperse ) again. These are the best trades and you ought to concentrate on squeezing them to the most pips potential.

    2. The trade never goes your way, you're never money to flat the trade including spread. All these are the worst, it never churns on your favor and you are out 2-3 pips, begin considering getting out the best you can.

    3. The trade goes your way at some point, you're in the money temporarily, but reverses (or is back and on ). These are the ones that I will give the most room to maneuver around. After 5 minutes, you should probably be considering an exit plan if still out of their money.

    That is it! That is all that I think about while managing a scalp. Again, this can be pretty specific material (EUR/USD scalping on Oanda using a normal 0.9 pip spread).

    The post before this one, shows complete disregard for Scalp scenario #1 above.

  6. #76
    I had more screen time now, about three hours. It did not lead to more trades, it appears I was more selective today. My chart from now indies the Worst Missed Opportunity, I had been attempting to play with a rebound from the plogical level of 1.3600. I got at a price of 1.3602. Fantastic price and I had been in the cash (beat the spread) almost immediately. I twitch shut the trade at 0.8 pips profit. It was not out of this cash and is much higher in the time of the writing (greater than 1 hour later). Should of, could of, would of.... I will not beat myself up for missed profit or a missed trade, there'll be .

    But... this was poor scalp management, that is precisely what I need to fix before next moment. I'll post the chart, then following article. . .talk about my 3 ways to manage a scalp.

  7. #77
    No chart today, it was pretty quiet day, I traded from 1 PM to nearly 3 PM EST.. Just a couple pips profit, gave some back after a small breakout on the 1 minute chart, when I was trying to perform with a range.

    About the 1 minute time period, I give the greatest consideration to horizontal support and resistance.

    Next, I consider price action about pivot points. If we're negative on the afternoon I may fade moves up toward pivots, and also buy at support of a pivot on downhill motions together with the EUR/USD favorable for your day. Though, I am open to both short and long scalps on any kind of day.

    I utilize a 5 minute chart to draw trend lines, which would be third into account. Trend lines onto a 1 minute chart are a bit twisted and subject to alot of arbitrary price movement. Consequently, if there's a trend line break on a 5 minute chart, I may attempt to find a fantastic price with what seems to be little risk, to put in a transaction. Those are the only time frames I look at, 1 minute and 5 min.

    Though I have a 80 WMA in my 1 minute chart, I don't use it for transaction entry. It's more of a visual aid - a reminder of where price has been, and is currently.


    1. Horizontal Support and Resistance
    2. Pivot Points
    3. 5 minute Trend traces

    That is all I use, no candle configurations on 1 minute chart, I really don't find them reliable on such a short time period over the long term. (Pin bars, Dojis, Hammers, etc. ) . ) )

  8. #78
    The afternoon price action was more explosive than usual back today. Like I stated earlier I use a max stop loss per commerce of 8 pips (including spread). Even though to be profitable with the often small winning trades I take, I have to actively cut losses before that 8 pips.

    Rule two

    If your max stop is struck twice in one day, stop for the day. This implies one of two things, you are not cutting winners fast enough or the volatility is too quickly for you. Two, three, or four pip winners ought to be average. That wide 8 pip stop is for that weird unique case when you might be off a little on entry but are fairly certain if you give it room it will come back. (near obvious resistance, trend line break, etc.)

    This didn't occur to me today, I stopped trading because of some observed volatility. Have a look at the chart below, the circled area to the right...
    I was seeing the Low and High of those bars within 3-4 secs, spike up 5-6 pips and come back down. Employing tight stops, which I am... that is similar to picking up pennies in front of a steamroller.

    If I trade Asian Open (spreads are 1 pip or less) I may place a chart of anything interesting, otherwise until tomorrow... good luck out there.

  9. #79
    I didn't have a opportunity to examine the markets before the afternoon. Few transactions now also, I may take a look at the Asian open. Chart below demones why I adore pivot points. The blue line on top of the chart is that the fundamental PP for the afternoon (classical). I get them from FXStreet, calculated following 12 midnight EST, and put them in my charts the evening before I trade. The circled area shows off the rebound that pivot point virtually to the pip. Though there were a couple other rolls before in the day that penetrated about 5-6 pips higher, still... an interesting region of price action.

  10. #80
    I have a tough stop loss of 7 pips on each transaction (using Oanda's spread 0.9 pips) generally about 8 pips if stopped outside. I attempt to keep losses much more compact than this (2-3 pips).

    I shall take small profits especially if the transaction doesn't proceed in my favor originally. Generally, my profits are smaller compared to my average losses but my winning trade percentage is greater.

    Rule 1 (Mindset)

    My dialog with myself is something close to the - Where do I get in without too much risk, with just a little chance of taking my maximum loss (8 pips)?

    I will formulate a comment on momentum or horizontal resistance or a fashion line break and be seeking to sell. Then I ask myself the aforementioned question and search out that point.

    It's not - This thing is going south, I want to be brief nor I bet I could make ten pips on this.

    Where do I get in without too much risk?

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