Simple Scalping | Page 18 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

Indicators and Rules for Simple Method of Scalping GBP/Jpy on 5 min chart 18 replies

1M & 5M Scalping System (Scalping Paradise) 21 replies

Simple Scalping System 64 replies

xPip Simple Scalping 27 replies

Attachments: Simple Scalping
Exit Attachments

Simple Scalping

  • #341
  • Oct 2, 2017 9:38am Oct 2, 2017 9:38am
Thanks for the great scalping method! Ive read through everything and am playing with the method now.

Am I wrong in thinking that the closer price gets to the SMA channel, that the riskier the trade becomes, because it has an easier chance to push through to the opposite side?

I know you have said not to take trades close to the channel, but it also appears that most setups to happen around there, as this is where price seems to be magnetically attracted...

Can you elaborate on this a little?

Cheers!
Life is like a snickers, its full of nuts!
  • #342
  • Oct 2, 2017 10:42am Oct 2, 2017 10:42am
Quoting firewight
Thanks for the great scalping method! Ive read through everything and am playing with the method now. Am I wrong in thinking that the closer price gets to the SMA channel, that the riskier the trade becomes, because it has an easier chance to push through to the opposite side? I know you have said not to take trades close to the channel, but it also appears that most setups to happen around there, as this is where price seems to be magnetically attracted... Can you elaborate on this a little? Cheers!
Its a bit subjective.
If price is around the channel for the first time in a while, its usually a good trade.
If it "meanders" around inside its a bit riskier.
If it goes there without making a new low/high from the last time it was there, again riskier but no reason why not if the PA confirms it.
Obversely, if it fires through and gives a signal, its more often a good signal than not.
In any case use common sense and if in any doubt, wait for a better opportunity.
Where price is now, it has been before, and will be again.
  • #343
  • Oct 2, 2017 5:23pm Oct 2, 2017 5:23pm
has anyone tried this on a higher time frame like 5 or 15?
  • #344
  • Oct 2, 2017 5:27pm Oct 2, 2017 5:27pm
Quoting Anf3r
{quote} Thanks Jenx for this system, I've been following the forum and trying it on demo, I use it with the following rules: *Indis on your original settings. For long trades: 1. Price under Lower BB 2. 120 SMMA over Upper BB 3. 120 SMMA should be over Upper BB for at least 10 candles 4. Upper BB - Lower BB > 10 pips 5. To take trade check PA and open trade when price surpasses high of the signal candle. Also fewer signals but a lot better, although PA is critical in taking trades. For shorts is the opposite. Also, about the scalping mentality I...
thank you, it works great!
  • #345
  • Oct 3, 2017 12:42am Oct 3, 2017 12:42am
Quoting dogdays713
has anyone tried this on a higher time frame like 5 or 15?
It seems to give nice results getting signals on M5 then switching to M1 , although you're then picking tops and bottoms on the shorter TF (however this sometimes filters out those times when price "rides" the bands on M1) and requires a slightly different approach, but yes, perfectly valid.
Where price is now, it has been before, and will be again.
  • #346
  • Oct 3, 2017 3:06am Oct 3, 2017 3:06am
10pips with GU
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM1.png Size: 79 KB
trading is like dancing, don't think and just listen to the music!
  • #347
  • Oct 3, 2017 3:51am Oct 3, 2017 3:51am
I'm probably the only one here that this is not working for me

Can someone help?
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADM1.png Size: 39 KB
  • #348
  • Oct 3, 2017 4:03am Oct 3, 2017 4:03am
Here it is another FAIL... the market seems slow but still.. I even put some more stuff for confirmation. It didn't help
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM1.png Size: 28 KB
  • #349
  • Oct 3, 2017 4:37am Oct 3, 2017 4:37am
Quoting rkp
Here it is another FAIL... the market seems slow but still.. I even put some more stuff for confirmation. It didn't help {image}
Firstly, you've got a heck of a lot going on there.Do you really need all of that?
Secondly, both those charts would have been selling/buying into significant S/R.
Best to sit those ones out.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCADM1.png Size: 70 KB
Click to Enlarge Name: EURUSDM1.png Size: 56 KB
Where price is now, it has been before, and will be again.
  • #350
  • Oct 3, 2017 4:49am Oct 3, 2017 4:49am
hmm.. very good points I never took PA going into S/R as a factor.. As you see I plotted S/R levels (programatically plotted yesterday's hi/lo etc, pivots) and stoch/RSI jbecause I seem to overtrade and right now I need these 'filters'. As you see the round number on EU coicided perfectly with you significant S/R and the yesterday's level coincided with UC S/R on your charts.

Here is a trade that went well:
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHFM1.png Size: 35 KB
  • #351
  • Oct 3, 2017 5:05am Oct 3, 2017 5:05am
rkp, S&R from jenx (or templeton) is a main important part of this approach here traded.
and dont worry about losses, i have them too, but i dont show them here.
anyway, approximately 8 out of 10 i close with a profit so far trading this style...
trading is like dancing, don't think and just listen to the music!
  • #352
  • Oct 3, 2017 5:44am Oct 3, 2017 5:44am
Great thread Jenx, I'm a big proponent of KISS strategies.

Don't want to overcomplicate things or thread drift, but just wanted to say that RSI can be another great filter for BB strats. A simple RSI 14 with 40/60 levels may be useful here.
  • #353
  • Oct 3, 2017 5:50am Oct 3, 2017 5:50am
Quoting birdland
10pips with GU {image}
Nice one.
BTW whats the coloured "fill" you have between the MAs?
Where price is now, it has been before, and will be again.
  • #354
  • Oct 3, 2017 6:42am Oct 3, 2017 6:42am
Thx, birdland.. Let me go with the filters for now because I know myself and I tend to overtrade. Once I get more comfortable I may switch to the simpler way..

*Question: Jenx said that SL is usually the previous swing hi/lo. If the RR is very inferior, will this be taken into consideration? Let's say RR is 2:1 or more (meaning SL 2 times TP) Or is that not relevant and system is profitable even when using an inferior RR most of the times?

Thanks.
  • #355
  • Oct 3, 2017 7:47am Oct 3, 2017 7:47am
Quoting Jenx
{quote} Nice one. BTW whats the coloured "fill" you have between the MAs?
its an MA-ribbon indicator, and i use 110 and 130 SSMA for that colors:
Attached File(s)
File Type: mq4 MA ribbon filled 2 x 14.mq4   2 KB | 632 downloads
trading is like dancing, don't think and just listen to the music!
  • #356
  • Oct 3, 2017 8:00am Oct 3, 2017 8:00am
Quoting birdland
{quote} its an MA-ribbon indicator, and i use 110 and 130 SSMA for that colors: {file}
Cheers ,Looks handy!
Where price is now, it has been before, and will be again.
  • #357
  • Oct 3, 2017 8:29am Oct 3, 2017 8:29am
So, I decided to follow your advice and I replicated Jenx's template exactly and learned (I think) how to plot the buff S/R.

I really like this system and I hate to be a pain. I know I seem like a troll but I just want to make it work for me.

Can you help me, please on this next fail? Thanks!!
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM1.png Size: 28 KB
  • #358
  • Oct 3, 2017 8:34am Oct 3, 2017 8:34am
Quoting rkp
So, I decided to follow your advice and I replicated Jenx's template exactly and learned (I think) how to plot the buff S/R. I really like this system and I hate to be a pain. I know I seem like a troll but I just want to make it work for me. Can you help me, please on this next fail? Thanks!! {image}
i lost too about 6 pips on this...dont worry, the trade was fine.
trading is like dancing, don't think and just listen to the music!
  • #359
  • Oct 3, 2017 8:43am Oct 3, 2017 8:43am
Jenx, update us with your forward testing on the BB bands with 2.5 Standard deviations. Do you recommend it more than the original standard deviation of 2?
  • #360
  • Oct 3, 2017 8:47am Oct 3, 2017 8:47am
Quoting birdland
{quote} its an MA-ribbon indicator, and i use 110 and 130 SSMA for that colors: {file}
Mind explaining how to use this indicator?
0 traders viewing now