I'm using 200 period Bollinger Bands with deviations of 1,2,3, and 4.
I am also placing pivot points on my charts (PP, R1, R2, R3, S1, S2, S3).
Lastly, I am drawing lines at "psych" levels of 1.xx00s and 1.xx50s, (zeros and fifties).
I'm trying to enter at Bollinger Band levels, as these are short term extremes. I use these as possible support or resistance. Pivot Points are viewed more as EXIT points. This is where price may be heading. There is generally much of volatility around pivots and "psych" levels, that is why you do not want to enter there.
I want to scalp. I'd like my losses to be at most 5 pips and average winner at 2.5 pips. Yes, I'm defying conventional wisdom on many points. Winners are smaller than losers, and I'm trading very short timeframes often against the trend (1 minute TF). Targeting setups and price action that give me a high winning trade percentage, hopefully +70%.
Candle formations, indicators, overbought/oversold levels, moving average crossovers are all "junk" as far as I'm concerned for the 1 minute timeframe. Perhaps you can make them work, but I've spent time watching every tick... they are history with little predictive value. On longer timeframes, they probably have value.
If you are thinking about scalping and starting a small account like this one, consider that after a month or so, you may have results similar to mine. I hope that by sharing my experiences I can save someone else some time and struggle on their path to forex "riches".
I am also placing pivot points on my charts (PP, R1, R2, R3, S1, S2, S3).
Lastly, I am drawing lines at "psych" levels of 1.xx00s and 1.xx50s, (zeros and fifties).
I'm trying to enter at Bollinger Band levels, as these are short term extremes. I use these as possible support or resistance. Pivot Points are viewed more as EXIT points. This is where price may be heading. There is generally much of volatility around pivots and "psych" levels, that is why you do not want to enter there.
I want to scalp. I'd like my losses to be at most 5 pips and average winner at 2.5 pips. Yes, I'm defying conventional wisdom on many points. Winners are smaller than losers, and I'm trading very short timeframes often against the trend (1 minute TF). Targeting setups and price action that give me a high winning trade percentage, hopefully +70%.
Candle formations, indicators, overbought/oversold levels, moving average crossovers are all "junk" as far as I'm concerned for the 1 minute timeframe. Perhaps you can make them work, but I've spent time watching every tick... they are history with little predictive value. On longer timeframes, they probably have value.
If you are thinking about scalping and starting a small account like this one, consider that after a month or so, you may have results similar to mine. I hope that by sharing my experiences I can save someone else some time and struggle on their path to forex "riches".