yes works on big timeframe. i have been testing for sometime now. good results so far
- #662
- Jul 6, 2017 3:50am Jul 6, 2017 3:50am
- Joined Sep 2016 | Status: TMT Scalping... | 2,408 Posts
{quote} great job mate! I see original rules recommended M15, M5 or even M1, do you suggest H1 and H4 as well? Of course on H1/H4 is not called scalping anymore, I see you have positions with 200 pips in profit
I still trade smaller timeframe, but now i also go with big TF on my other account.
TMT Scalping System (Best system on FF)
- #664
- Jul 6, 2017 4:37am Jul 6, 2017 4:37am
- Joined Sep 2016 | Status: TMT Scalping... | 2,408 Posts
{quote} thank you for answer! I will try both too see what works for me..another short question s I saw you were here and tried both systems, which one do you use, TMT here or the modified TMT from "Scalping Revival "thread? there I saw some currency meter was the biggest difference..
Because currency meters are misleading
TMT Scalping System (Best system on FF)
- #665
- Jul 7, 2017 4:31am Jul 7, 2017 4:31am
- Joined Sep 2016 | Status: TMT Scalping... | 2,408 Posts
looking forward
TMT Scalping System (Best system on FF)
- #666
- Jul 10, 2017 3:37am Jul 10, 2017 3:37am
- Joined Sep 2016 | Status: TMT Scalping... | 2,408 Posts
TMT Scalping System (Best system on FF)
- #667
- Jul 19, 2017 12:42am Jul 19, 2017 12:42am
- Joined Sep 2016 | Status: TMT Scalping... | 2,408 Posts
TMT Scalping System (Best system on FF)
- #668
- Jul 19, 2017 12:54am Jul 19, 2017 12:54am
- Joined Sep 2016 | Status: TMT Scalping... | 2,408 Posts
AU long
TMT Scalping System (Best system on FF)
- #671
- Aug 30, 2017 6:47pm Aug 30, 2017 6:47pm
- Joined Jul 2011 | Status: Gold Again | 10,601 Posts
I'm surprised this thread died off, looks reasonable Price Action set ups to me.
I would add in a few of my own criteria however, and these would address some of the questions early on.
Stop Loss and Take Profit always seems to be the big question, and the usual answer is it's a personal setting according to your risk appetite.
However, this method, it is easy, don't be greedy, just use 2 to 1, that is, set the Stop Loss for 1 x Risk Unit and the Take Profit for 2 x Risk Unit.
A Risk Unit is your risk per trade; I prefer 0.25% in this case, which gives a reward of 0.50% per trade.
Looks to me that 20 pips per entry SL is plenty, if that get hits, the indicators would be turning or it was a news spike.
Also, before trading I would check the Average Daily Range to see if there is room to reach the 2 x TP.
I can give examples if there is any interest.
The next thing I would address is when to trade - for me, just after London open, that is when the market moves begin.
Observe what happens during the early part of the day, is there a setup shortly after London, say within the hour or so?
That is the time of opportunity.
I will post a chart shortly....
I would add in a few of my own criteria however, and these would address some of the questions early on.
Stop Loss and Take Profit always seems to be the big question, and the usual answer is it's a personal setting according to your risk appetite.
However, this method, it is easy, don't be greedy, just use 2 to 1, that is, set the Stop Loss for 1 x Risk Unit and the Take Profit for 2 x Risk Unit.
A Risk Unit is your risk per trade; I prefer 0.25% in this case, which gives a reward of 0.50% per trade.
Looks to me that 20 pips per entry SL is plenty, if that get hits, the indicators would be turning or it was a news spike.
Also, before trading I would check the Average Daily Range to see if there is room to reach the 2 x TP.
I can give examples if there is any interest.
The next thing I would address is when to trade - for me, just after London open, that is when the market moves begin.
Observe what happens during the early part of the day, is there a setup shortly after London, say within the hour or so?
That is the time of opportunity.
I will post a chart shortly....
It takes a lot for me to IGNORE you, but you can try.
- #672
- Aug 30, 2017 7:08pm Aug 30, 2017 7:08pm
- Joined Jul 2011 | Status: Gold Again | 10,601 Posts
I wouldn't even call this a Scalping system as such, isn't scalping a much more frantic exercise?
Here is how I saw the price action for the EURUSD yesterday, refer to the chart:
1. Price is in a decline from previous day, indicators are red, but went green during around Tokyo open. Also observe that price is uniform or smooth, no whipsaws or ranging with MA's crossing multiple times.
Note: I added the 100 EMA for reference, which was crossed, and by the way, changed the other MA's to 5 EMA and 12 EMA on the close as usual.
2. At Frankfurt and London open times, see the vertical lines, indicators went red again. I know the OP used a trend line but sell entry anywhere there with a 20 pips SL was never in danger.
3. The TP target of 40 pips was easily hit as price range of 50 pips shown 1.1950 to 1.1900 traded.
Your thoughts, comments, criticisms, thanks
Here is how I saw the price action for the EURUSD yesterday, refer to the chart:
1. Price is in a decline from previous day, indicators are red, but went green during around Tokyo open. Also observe that price is uniform or smooth, no whipsaws or ranging with MA's crossing multiple times.
Note: I added the 100 EMA for reference, which was crossed, and by the way, changed the other MA's to 5 EMA and 12 EMA on the close as usual.
2. At Frankfurt and London open times, see the vertical lines, indicators went red again. I know the OP used a trend line but sell entry anywhere there with a 20 pips SL was never in danger.
3. The TP target of 40 pips was easily hit as price range of 50 pips shown 1.1950 to 1.1900 traded.
Your thoughts, comments, criticisms, thanks
It takes a lot for me to IGNORE you, but you can try.
- #673
- Aug 30, 2017 8:02pm Aug 30, 2017 8:02pm
- Joined Jul 2011 | Status: Gold Again | 10,601 Posts
Here is another from yesterday, zoomed in to show there is no need to panic, just watch & read the price action
The arrow is showing the 8th 15 minute candle from London Open, this would be the old 2 hour London Breakout traders entry
As you can see, indicators have been red for a few bars, crossed the 100 EMA, 5 EMA and 12 EMA lined up
Hello, anyone out there?
The arrow is showing the 8th 15 minute candle from London Open, this would be the old 2 hour London Breakout traders entry
As you can see, indicators have been red for a few bars, crossed the 100 EMA, 5 EMA and 12 EMA lined up
Hello, anyone out there?
It takes a lot for me to IGNORE you, but you can try.
- #675
- Edited 9:10pm Aug 30, 2017 8:56pm | Edited 9:10pm
- Joined Jul 2011 | Status: Gold Again | 10,601 Posts
{quote} Yes indeed. Your input is always appreciated.
Here are some more tips that may be useful, refer to the chart numbers:
1 - Currency Strength Meter, some swear by it, other swear at it, for me, it sure shows the short term weak vs strong and that's what we are looking for. Read the top and bottom pairs, go to that chart, is the price moving? is there a set up?
2 - Spread, you should always know the spread just in case some breaking news sneaks up on you. I use ECN broker but still watch it.
3 - ADR - I find that average daily range of 50 seems to be spot on for all of this year anyway, try your own settings
4 - The same indicator that shows the Market times also prints the projected ADR High & ADR Low or RDH / RDL line on the chart ( I use 50 of course )
Good luck, John
On edit: PS, forgot to point out the PIVOT POINT on that chart. Just use them as a reference point like MA's, often price will go up or down to them in early trading and then continue on with the trend, sort of a confirmation too.
It takes a lot for me to IGNORE you, but you can try.
- #676
- Aug 30, 2017 9:27pm Aug 30, 2017 9:27pm
- Joined Jul 2011 | Status: Gold Again | 10,601 Posts
Guess I missed that opportunity working on charts and think about waiting until Europe opens
Trending down since New York, shortly after Tokyo, turns down more, some news also I believe
At the round number 0.72 room to move to RDL or round number 0.7150
Trending down since New York, shortly after Tokyo, turns down more, some news also I believe
At the round number 0.72 room to move to RDL or round number 0.7150
It takes a lot for me to IGNORE you, but you can try.
- #678
- Aug 30, 2017 11:17pm Aug 30, 2017 11:17pm
- Joined Jul 2011 | Status: Gold Again | 10,601 Posts
It takes a lot for me to IGNORE you, but you can try.
- #680
- Aug 30, 2017 11:41pm Aug 30, 2017 11:41pm
- Joined Jul 2011 | Status: Gold Again | 10,601 Posts
It takes a lot for me to IGNORE you, but you can try.