I've always thought scalping was the worst possible thing a forex trader could do with their time and money. I thought I'd give it a fair shot to see what it is really all about.
I was having trouble sleeping this morning, so I thought I'd try and learn a little about scalping GBPJPY with a demo account. The earliest trade on my statement (the one that banked 366 pips) was placed yesterday and was not from scalping, so I'll just ignore it for these purposes and only scalp with this demo account. The rest of the trades were from scalping this morning. Here are the rules I adhered to so far:
5min chart with stoch (5,3,3), AC (default), and AO (default) with SMA at 14 to determine direction.
Use 1min chart with same settings to determine entry.
LONG
price action is above MA on 5min chart
stoch is crossed upward on 1min
AC is green (AO green for extra confirmation) on 1min
SHORT
price action is below MA on 5min chart
stoch is crossed downward on 1min
AC is red (AO red for extra confirmation) on 1min
SL
most recent resistance/ support
TP
always +30 pips.
This is my first day scalping with this system. Pretty successful! I'll continue to experiment with this on my demo account and see how it goes since I've never scalped before. With my live account I only trade on daily charts. We'll see how this goes!
Total pips thus far from scalping: +80
GBP/JPY 100 S 185.252 184.950 30.2 285.63 0.00 16/09/2008 09:06 16/09/2008 09:19
GBP/JPY 100 S 185.372 185.070 30.2 285.64 0.00 16/09/2008 08:35 16/09/2008 08:59
GBP/JPY 100 B 185.838 186.150 31.2 299.83 0.00 16/09/2008 08:11 16/09/2008 08:22
GBP/JPY 100 B 185.448 185.740 29.2 280.53 0.00 16/09/2008 07:40 16/09/2008 07:54
GBP/JPY 100 S 184.692 185.088 -39.6 -380.44 0.00 16/09/2008 07:29 16/09/2008 07:31
GBP/JPY 100 S 189.045 185.378 366.7 3,522.92 -26.00 15/09/2008 14:58 16/09/2008 07:01
Total 600 447.9 4,294.11 -26.00
I was having trouble sleeping this morning, so I thought I'd try and learn a little about scalping GBPJPY with a demo account. The earliest trade on my statement (the one that banked 366 pips) was placed yesterday and was not from scalping, so I'll just ignore it for these purposes and only scalp with this demo account. The rest of the trades were from scalping this morning. Here are the rules I adhered to so far:
5min chart with stoch (5,3,3), AC (default), and AO (default) with SMA at 14 to determine direction.
Use 1min chart with same settings to determine entry.
LONG
price action is above MA on 5min chart
stoch is crossed upward on 1min
AC is green (AO green for extra confirmation) on 1min
SHORT
price action is below MA on 5min chart
stoch is crossed downward on 1min
AC is red (AO red for extra confirmation) on 1min
SL
most recent resistance/ support
TP
always +30 pips.
This is my first day scalping with this system. Pretty successful! I'll continue to experiment with this on my demo account and see how it goes since I've never scalped before. With my live account I only trade on daily charts. We'll see how this goes!
Total pips thus far from scalping: +80
GBP/JPY 100 S 185.252 184.950 30.2 285.63 0.00 16/09/2008 09:06 16/09/2008 09:19
GBP/JPY 100 S 185.372 185.070 30.2 285.64 0.00 16/09/2008 08:35 16/09/2008 08:59
GBP/JPY 100 B 185.838 186.150 31.2 299.83 0.00 16/09/2008 08:11 16/09/2008 08:22
GBP/JPY 100 B 185.448 185.740 29.2 280.53 0.00 16/09/2008 07:40 16/09/2008 07:54
GBP/JPY 100 S 184.692 185.088 -39.6 -380.44 0.00 16/09/2008 07:29 16/09/2008 07:31
GBP/JPY 100 S 189.045 185.378 366.7 3,522.92 -26.00 15/09/2008 14:58 16/09/2008 07:01
Total 600 447.9 4,294.11 -26.00