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Simple Scalping

  • Post #61
  • Quote
  • Edited 11:37am Sep 12, 2017 9:44am | Edited 11:37am
I think it's a good idea if everyone stays in a positive frame of mind and not get themselves in an argumentative situation.
We all have our needs/ expectations etc sat at different levels.
I think most of us are here to improve the way we trade.
I personally am not looking very much further than the way I trade but then I don't expect/need any more from life than I presently have.
I live in a beautiful part of the world with a lifestyle most would give their right arm for ( not through trading I might add) and I never take it for granted.
So I think peace should be the operative word here and start helping each other rather than creating opposition.
Where price is now, it has been before, and will be again.
Quoting Redeflect
{quote} ..... but it does have positive expectancy. That's precisely why I won't share it.
++++++++++++++++++++

Glad you're not my neighbor in Florida...
  • Post #63
  • Quote
  • Edited 11:14am Sep 12, 2017 10:48am | Edited 11:14am
Quoting diamonddbw
{quote} ++++++++++++++++++++ Glad you're not my neighbor in Florida...
Currencies are a commodity. They're a limited commodity. If everyone's rich then no one's rich and no one's poor and those without self control would consume to their heart's content in pursuit of a void they've been conditioned to fill out of greed. The key is to learn self-control and patience. Giving out a free shortcut isn't good for any of us. You'll appreciate it more when you realize you didn't want to skip the lessons.

Think of it like this; I'm looking out for the rest of us by saving you from yourself. If you want it and you can handle it then you'll eventually get it. Maybe not for 10 years but you'll get it... and sometime either before or shortly after that it won't even really matter that much.
"The fun is in the hunt. Not the kill."
Hi Jenx,

for a Long trade off the BB lower band, do you prefer to take it on:

  1. first touch ?
  2. bullish close of the candle that touched/crossed the lower band ? close inside BB bands, but below middle band to give room for profit ?
  3. bearish close below the lower band ?
  4. any close of the candle that touched/crossed the lower band ?

Thanks again,
Khalil

No guts, no glory
Quoting abokwaik
Hi Jenx, for a Long trade off the BB lower band, do you prefer to take it on: first touch ? bullish close of the candle that touched/crossed the lower band ? close inside BB bands, but below middle band to give room for profit ? bearish close below the lower band ? any close of the candle that touched/crossed the lower band ? Thanks again, Khalil
It depends.
For instance if it fires well past, like 5 pips obviously I just pull the trigger there.
If I get a pinbar I'll wait for price to retrace back down the bar and pause.If I get a solid close at or just over the band I wait. In any case I want an entry at or beyond the bands.Just my personal preference.Others may wish for a bit of confirmation.
It all comes down to a touchy feely type of thing.
I'd rather miss a trade trying to get a good value entry than sweat out a drawdown or have my stop hit from a crappy price.
It really does come down to you.
That's the subjective part. Same with tp.
Where price is now, it has been before, and will be again.
Quoting Jenx
{quote} It depends. For instance if it fires well past, like 5 pips obviously I just pull the trigger there. If I get a pinbar I'll wait for price to retrace back down the bar and pause.If I get a solid close at or just over the band I wait. In any case I want an entry at or beyond the bands.Just my personal preference.Others may wish for a bit of confirmation. It all comes down to a touchy feely type of thing. I'd rather miss a trade trying to get a good value entry than sweat out a drawdown or have my stop hit from a crappy price. It really does...
Part of the advantage is your rule of not taking 2 in a row. Generally; if you have a good entry the next one is more than likely to be crappy. This IS a negative-sum game after all. I'm not going to get into the other reasons why not taking 2 in a row is a good idea for the strategy but there's more to it than just the aspect of controlling the greed. It sort of falls in line with what I said about waiting for re-entry because the longer it's out of the Keltner bands the less risk when it re-enters.
"The fun is in the hunt. Not the kill."
excellent system.. I follow a similar system and consider the 250/500/750/Big round numbers to be natural SR levels (along with major SR levels based on H1 price action)..

Jenx, thumbs up for sharing this.. also noted the discretion and the closing of platform after hitting the daily target.. thats very important... I also dont believe that a pure rule based system has ever been successful in a long run
Thanks Jenx!!
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Quoting srcs76
Thanks Jenx!! {image}
is this true?
Quoting Jenx
Hello all. Re posting this. Don't know what happened first time. Simple scalping. Thought I'd share the strategy I use. Scalping suits me. I'd rather be out of the market more often than in it. 1 Min chart, Any pair, low spread. Bollinger bands 25:2:Close Smoothed MA 120 High Smoothed MA 120 Low The double MAs are handy when price is there. Stops you wondering where price is closing and gives a bit of a buffer. Direction- BB ma in relation to main MAs Sell off upper band TP lower band. Vice versa for long If market is sideways, still valid but better...
thanks easy n simple system.
Quoting T4Trade
{quote} is this true?

Yes, it is.
I know him and we had spoken few minutes ago about this system.
Very impressive indeed.
Quoting faganello
{quote} Yes, it is. I know him and we had spoken few minutes ago about this system. Very impressive indeed.
Simmer down now. There's still more to it that requires 'feeling'(which is more than can be encompassed mechanically with a simple system because there's a lot more that goes into it). That's his edge; this is just a basic starting point that can help someone lose less until they become comfortably familiar with it to start profiting. Basically, an EA would understandably fail with just these rules.
"The fun is in the hunt. Not the kill."
Quoting Redeflect
{quote} Simmer down now. There's still more to it that requires 'feeling'(which is more than can be encompassed mechanically with a simple system because there's a lot more that goes into it). That's his edge; this is just a basic starting point that can help someone lose less until they become comfortably familiar with it to start profiting. Basically, an EA would understandably fail with just these rules.
Yeah, sure.
I also dont't see an EA being profitable following just these rules.
But, the results are impressive and the system seems to work as it should. Not saying that will be the same tomorrow.
Quoting Tremulous
Color me surprised. This system looks like it works well in a trending market. Using somewhere near your chart did some backtesting selling only in the direction of the MA. This is ~48 pips in 4 hours with minimal drawdown. Will have to do so more testing but this system as simple as it sounds seems promising.. {image}
It's a slaughterhouse when news impacts things or it unexpectedly stops bouncing on the MA. Today was a strong trend day; the market didn't whipsaw much so it would have worked well. You'll eventually start getting a better idea of the trades you want to avoid and the few golden apples that are no-brainers.
"The fun is in the hunt. Not the kill."
  • Post #75
  • Quote
  • Edited 2:32am Sep 13, 2017 2:05am | Edited 2:32am
Just a heads up.
Here is a M15 chart of U.J.

The lines are S/R I've identified which may impact M1.

The resistance we've just bounced off is the gap down that was formed on 01/09; A lot of supply would have been trapped there.

Bearing in mind there was a similar gap up formed on this weeks open ( 107.85 ish), the direction change may be significant. Of course my main guide is the M1 chart watching those s/r lines whenever it gets there, but just be aware that gaps ALWAYS get filled. It can go on a long time without doing so but at some point it will get filled.( Don't get trapped into the ball game of trading back to a gap. A lot of accounts have fell by the wayside trying that. Just keep it in mind)
Have a good day and good luck.
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Where price is now, it has been before, and will be again.
Quoting Jenx
...(I personally use the "trading in the buff" method for seeing that) and stick a line on the chart. ...
Hi Jenx. Certainly interesting thread. Can you elaborate more about that, please? Thanks
HI srcs76,

bravo, nice trades & profit, also like colors on you charts, max you please post template?
Quoting 4fxonly
{quote} Hi Jenx. Certainly interesting thread. Can you elaborate more about that, please? Thanks
Yes no problem.
Below is a H1 chart on cable.
The support lines are there.
What makes them support?
Well if you look where I've put red arrows, you'll notice that each of those bars comes after a period on consolidation.
You'll also notice that the high of the bar was never re-visited by the low of the 3rd bar after.
This creates a "gap" made by the 2nd bar.The wider the gap, the more significant.
It creates support/resistance ,because what you have there are traders who have been left behind by the move.
They're now sweating it out, and all they want to do is get off the ride.
As soon as price comes back there, they'll unload their trades faster than a tramp on a kipper.
That creates the supply and demand.
This is valid on every t/f so you can narrow the "gap" down almost to the pip.
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Where price is now, it has been before, and will be again.
Quoting Jenx
{quote} Yes no problem. Below is a H1 chart on cable. The support lines are there. What makes them support? Well if you look where I've put red arrows, you'll notice that each of those bars comes after a period on consolidation. You'll also notice that the high of the bar was never re-visited by the low of the 3rd bar after. This creates a "gap" made by the 2nd bar.The wider the gap, the more significant. It creates support/resistance ,because what you have there are traders who have been left behind by the move. They're now sweating it out, and...
Ok, I get it now, thanka You were meaning trading naked PA. Sorry, English is not my mother language and it took me a while to understand your slang.
Quoting 4fxonly
{quote} Ok, I get it now, thanka You were meaning trading naked PA. Sorry, English is not my mother language and it took me a while to understand your slang.
I'm not taking credit for this method of identifying S/R.
I learned it years ago off a chap called John Templeton, and have used it ever since.
Where price is now, it has been before, and will be again.
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