EUR/USD Scalp 1 min

Quoting toonsmania

Hello hoss need to know if you take trade only near S/R lines or at some other points as well ?
Also do you do stuff like this: buy only when above pivot and sell only when below pivot ?
Thank you.

Quoting Richrob

Thanks Hoss!

For any interested here is a template I made with settings as suggested by Hoss. I added the THV RSI v2 with "worms" as well as the piviots hoss provided and a Murrey indy I found on the web.

Hoss. let me know if you have any suggestions to improve the tpl.

RR

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.

Quoting Horn

Hi Hoss,
For RSI settings, it ask for " apply" and the options available are eg open,close,high, low etc. Which should I use and what is the significance?

Would also appreciate a bit more elaboration on the divergence aspect.
Thanks

Quoting hoss

I have mine set to close. It's a personal preference but the significance is the difference in the open, close, high, low price you would like to use. I believe default is close. Divergence can be a pretty long topic. Google it and see the definitions. As said earlier, I like to see divergence show after a few good pushes one direction and wait for the exhaustion/retrace off of resistance.

Quoting TradeStar

Hoss,

Like I mentioned earlier, this is very close to my preferred method of scalping. Would love to see more inputs and participations. What is the usual stop loss you keep for your 5 pips target. Do you also refer to 5 min or higher timeframe charts before entering.

Thanks
TS

Quoting The Fool

Thanks to Hoss and all participants for this thread. I am a newbie, still demo trading (4 months now) but going live soon. The scalping method discussed in this thread is very similar to one that I have had success with so far. I am trading EUR/USD only, roughly from 2200-0200 PDT, just before and into the London open, half and full-lots on a $5k account, and I am consistently able to make around $100-$200/hr. Using only candlesticks, horiz. & diag. trendlines, and Boll. bands with 1 and 2 SD. I am pretty much just watching price action; the Boll....

Quoting TradeStar

You become better and better with more screen time and getting a feel for the price movement. There is no substitute for it.

There are few traders in this thread trading a similar method or variation.
I want to bring up a point on the actual entry for discussion.

After the first push to extreme and pull back do you enter as the second push to the extreme happens? Or do you wait for a reversal candle to be completed either on 1 minute or 30 secs?

Love hear some feedback

Thanks again
TS

Quoting colbru

Hi Hoss

I'm looking into your method and I'm finding that I miss lots of good opportunities when waiting for RSI 80/20 I see lots of good trades in the 75/25 area...
What is your take on my observation?

Best
colbru

Quoting colbru

Hoss
Another observation...
You mentioned that you like to trade RSI divergence.
This would be in line with my previous post.
If you trade divergence and your first high is at 80 the subsequent ones cannot be anymore at level 80... right?
So you also enter at levels below 80... right?

Best

Quoting hoss

yes that is correct. the best ones are where the first one may hit 90 , the next around 85, and the third around 75-80, for instance, on a short, while price has continued to move up. this is classic divergence. i don't always wait for these exact set ups, but when they are there i take them.

Quoting Horn

Hi Hoss,
I was following eu/usd today and find that if I dont enter at first point of touching rsi 80, I am unable get 5 pips. Wonder where I am going wrong?