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Scalp, scalp, scalp 5,623 replies
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Dislikedhoss,
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.Ignored
DislikedEvery 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?
CamIgnored
DislikedHoss,
I see some lines I don't recognize on your example. You say "Waited for price to get near pivot/murrey in each instance". I'm going to reveal my ignorance, but what are you referring to as "pivot/murrey"?
Thanks, I have definitely gotten better results as I've learned your approach!Ignored
DislikedHi i have attached the screen shot.
Any idea hoss how to avoid such trades.
Trades like these have burned me and taken away profits.
ThanksIgnored
DislikedI decided to use a smaller TF because of my limited availability to look at charts. I trade 0300 -0700. I have made a decision to increase lots as I increase my account. I decided that I can capture 15 - 20 pips per day using 1H bars and placing orders. I have been successful, but moving to a smaller TF (1min or 5 min) makes sense for my target of 15 - 20 pips per day. What I am doing differently is placing a limit order to take profits. Today I had 4 trades. The results of those 4 trades are:
E/U 12 pips at 0409
G/U 1 pips at 0512
E/U 13 pips at...Ignored
DislikedFrom what I'm understanding here, when the RSI is below the 30 line you are buying and when above 70 you're selling? In review of the Eur/USD with the RSI set at 70 30, 14 day period, as the RSI was under the 30 line the Euro continued to drop, so if I were long I'd lose my butt.Ignored