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EUR/USD Scalp 1 min

  • hoss
    Joined Jun 2006
Is anybody else trading this way? Looking for some discussion. I trade mainly with RSI and divergence and look for retraces for about 5 pips after exhaustion. I turned 100K into 300K on demo in about a month in a half and now I am trying it out on a real account with same results with $4K. Have a look at my attachments. I am making $150 to $200 per day at the $4K level and will start compounding every $1K similar to demo. Any thoughts to make it better if any are appreciated although I think it's an eye for price action that makes this work so far, rather than staring at lagging indicators.
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  • hoss
    Joined Jun 2006
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Glad to hear that someone else is having success with this approach. I'm still trading a demo account, but have no trouble generating net profits of at least $100/day trading only 1 contract.

I'm using MetaTrader4, but use some different indicators. I run ZigZag, Parabolic, and custom channel indicators on the price chart. I also have the Williams %R, ADX/DMI, and Stochastic indicators.

I use the channel as my primary analytic and watch the bad/ask tic chart for intrabar direction. The other indicators I use for confirmation of direction. I set a trailing stop at 15 ticks and typically get out with a 5 tick profit or loss, unless there is a strong positive trend.

Good on ya mate. GO BUCKS!!

Steve
  • hoss
    Joined Jun 2006
Quoting bagoomba
Glad to hear that someone else is having success with this approach. I'm still trading a demo account, but have no trouble generating net profits of at least $100/day trading only 1 contract.

I'm using MetaTrader4, but use some different indicators. I run ZigZag, Parabolic, and custom channel indicators on the price chart. I also have the Williams %R, ADX/DMI, and Stochastic indicators.

I use the channel as my primary analytic and watch the bad/ask tic chart for intrabar direction. The other indicators I use for confirmation of direction. I...
Excellent. Glad to hear it's going well for you!
EURUSD IS LOOKING BULLISH TOWARDS 1.30000 LEVEL........FIRMING UP

Quoting bagoomba
Glad to hear that someone else is having success with this approach. I'm still trading a demo account, but have no trouble generating net profits of at least $100/day trading only 1 contract.

I'm using MetaTrader4, but use some different indicators. I run ZigZag, Parabolic, and custom channel indicators on the price chart. I also have the Williams %R, ADX/DMI, and Stochastic indicators.

I use the channel as my primary analytic and watch the bad/ask tic chart for intrabar direction. The other indicators I use for confirmation of direction. I...
Very remarcable. eur/usd, 1M, RSI, seek divergence.
Made some homework with todays chart and it's full of divergences.
Any critera for exit?
  • hoss
    Joined Jun 2006
Quoting valdjas
Very remarcable. eur/usd, 1M, RSI, seek divergence.
Made some homework with todays chart and it's full of divergences.
Any critera for exit?
I shoot for 5 pips and normally get about 10 trades per day. So I am looking for about 40-50 pips per day. Things move fast on the one minute, so I have a hard TP at 5 pips every time I open a trade.
Quoting bagoomba
I'm using MetaTrader4, but use some different indicators. I run ZigZag, Parabolic, and custom channel indicators on the price chart. I also have the Williams %R, ADX/DMI, and Stochastic indicators.
The Williams %R is identical to the Fast Stochastic %K line. Are you using a fast stochastics or slow? If it's fast, you don't need both it and Williams %R.
"Experience is expensive, but it's money well spent." --me
Quoting hoss
I shoot for 5 pips and normally get about 10 trades per day. So I am looking for about 40-50 pips per day. Things move fast on the one minute, so I have a hard TP at 5 pips every time I open a trade.

Hello Hoss thanks to share, are you using rsi 14 ? (sorry but the screen shot is too small i can t see clearly)
Thanks
Luk
  • hoss
    Joined Jun 2006
Quoting PipsRider
Hello Hoss thanks to share, are you using rsi 14 ? (sorry but the screen shot is too small i can t see clearly)
Thanks
Luk
Hi there,

Using RSI(8) with levels set at 20 and 80. Had sixteen positive trades today. The key is to wait until RSI is overbought/sold as price hits support/resistance. Even better with divergence. I sometimes add to a position if price moves against me, but you have to be careful with that if it moves too far. As long as you have proper money management in place.
Any chance posting a template and a recap of the rules. Having a real hard time seeing your charts.

thx,
todd
Quoting hoss
Hi there,

Using RSI(8) with levels set at 20 and 80. Had sixteen positive trades today. The key is to wait until RSI is overbought/sold as price hits support/resistance. Even better with divergence. I sometimes add to a position if price moves against me, but you have to be careful with that if it moves too far. As long as you have proper money management in place.
Congratulations for your success. I have decided to move to this strategy, because of the limited time I can trade. What time period do you normally trade?
hoss,

I'm using a similar system for scalping the Eur/Usd. On a 1 minute chart I use rsi 14 (70, 30), and bollinger bands (20, 2). I look for over bought/sold on the rsi and price movement outside the bollinger bands to confirm entry. I want to know more about your system to see where I differ. I don't get quite as manny entries as you do and your system seems a little bit more solid than mine. About how long are you usually in your trades? Looking forward to the discussion.
I have been scalping E/U, G/U, U/J, and Aud/Usd for a few weeks...with good success. M1 chart RSI 14. Buy when it crosses 30, Sell when it crosses 70. Buy again if it crosses 20, sell again if it crosses 80. TP on level 1 trades is 5 pips. If level 2 trade is hit TP for both positions is break-even +3pips. SL for both positions it 20 pips away from level 2 trade.

Question: Is anyone using some other indicator as a filter to help stay away from big 50+ pip moves? Of course, I do not trade during major news announcements. Just wondering if anyone is using any type of filter with any success.
Hi, hoss - I do something similar, although I'm presently trading the futures for the accurate volume number + "true" tick charts. This 89 tick chart was forming 1 - 4 bars per minute at this period. I usually use a 233 tick chart, but sometimes zoom in for higher pattern resolution.

Your charts are very fuzzy : would you please try posting as a .jpg file and much bigger !? I'd be interested to check out your setups.

Btw, I am trading this approach with 3 contracts with exits set at +8 +20 and +50, with an initial -20 trailing stop which I get to b/e asap (sometimes after +8, sometimes I give it a little more room). I have not traded well today - missed all the big upswings for various reasons - but still +92 on 8 trades, which has hit my daily $ target.... and I see just missed a good short entry whilst typing, but "enough for today"...

J.

Edit : chart times are CET.
Attached Image (click to enlarge)
Click to Enlarge Name: EC RSI div trade.jpg Size: 163 KB
Every time I have had a go at scalping I do well for a while then I get taken to the cleaners on a few bad trades, I think your execution skills have to be very good. Also, I found it easier on futures due to speed of execution, these metatrader forex accounts are so damn slow.

Jtrade, hoss, FX et al
I'm interested to know how you determine to pull the trigger on entries and exits, is it mechanical or by feel? also, are your losses about 2-3X larger than your profits or have you found a way to limit the losses further?

Cam
Quoting ProbaBill
Every time I have had a go at scalping I do well for a while then I get taken to the cleaners on a few bad trades, I think your execution skills have to be very good. Also, I found it easier on futures due to speed of execution, these metatrader forex accounts are so damn slow.

Jtrade, hoss, FX et al
I'm interested to know how you determine to pull the trigger on entries and exits, is it mechanical or by feel? also, are your losses about 2-3X larger than your profits or have you found a way to limit the losses further?

Cam
Good questions, Cam.
Trading a very fast chart does indeed require a high-level of execution skill and feel : imho, you do need a relatively large stop loss which will occasionally get hit, so the question is "What is occasionally?". I have traded the exact setup I posted these last two weeks (and something very similar from which it evolved in recent months) with an 80% hit rate, making it very profitable, even though my average loser is bigger than my average winner. You must calculate your expectancy : mine, on the basis of 8 trading days / 38 trades / 6 losers ave ($300) / 3 breakeven / 29 winners ave $230 / total net profit $4735 / expectancy (ave trade div by average loser) = ??? (you work it out because my calculator is packed in my briefcase in the car and I can't do that calculation fast in my head). Read Van Tharp's Trade Your Way to Financial Freedom to understand expectancy.
You really need a fuller answer, but I am sitting at my computer waiting fro my wife to finsih packing as in a few minutes we leave at very short notice for Germany to visit her terminally ill mother...
Gotta go. Good luck... but trade longer timeframes if you possible can (I do as well).

The huge attraction of fast charts is the possibiltiy to use a tight stop (an apparent contradiction of what I wrote above, but in fact not so...), which in turn allows one to increase position size fast. And that - position size - IS the key to making money as a trader.

J.

PS. Above calcs were done in my head, but the total net profit is correct as I read it off my spreadsheet.
eurusd intraday move is short on the words about the german rescue plan, as anexcuse for a short. the target price is 3520.
Quoting jtrade
Good questions, Cam.
Trading a very fast chart does indeed require a high-level of execution skill and feel : imho, you do need a relatively large stop loss which will occasionally get hit, so the question is "What is occasionally?". I have traded the exact setup I posted these last two weeks (and something very similar from which it evolved in recent months) with an 80% hit rate, making it very profitable, even though my average loser is bigger than my average winner. You must calculate your expectancy : mine, on the basis of 8 trading...
Yes, I am familiar with Van Tharps work. Thank you for answering my questions. Your av. win Vs av.loss looks very good for this style of trading, I commend you.

A good equation for every trader:

system expectancy = (%winning trades * $Average win) - (%losing trades * $Average loss)
(.8 * 230) - (.2 * 300)
184 - 60
exp= $124

or

average win as % of average loss 230/300 = .76
(.8 * .76) - (.2 * 1)
0.613 - 0.2
exp= 0.413

so for every dollar at risk you can expect to make 41 cents on average.

---

Yes I do trade higher time frames, scalping is a secondary endeavor. However, it is something I would like to practice as I am waiting for my primary setups (I have run out of movies to watch ).

Cam
Quoting ProbaBill
Every time I have had a go at scalping I do well for a while then I get taken to the cleaners on a few bad trades, I think your execution skills have to be very good. Also, I found it easier on futures due to speed of execution, these metatrader forex accounts are so damn slow.

Jtrade, hoss, FX et al
I'm interested to know how you determine to pull the trigger on entries and exits, is it mechanical or by feel? also, are your losses about 2-3X larger than your profits or have you found a way to limit the losses further?

Cam
I look for what I call "orderly price action". If my rsi target is hit in an orderly fashion, I take the trade. If the target is hit via a long 1min candle (price shoots up or down very fast) I will pass on my 1st level trade (70/30 rsi cross) and wait for my 2nd level trade (80/20 rsi cross). I only pass on an 80/20 trade if the price action is exteme--- 30 pips or more in 1 minute.
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