GU M1 +6 Explanation on chart
PVSRA Scalping with Cigarguy
- #11,753
- Nov 15, 2017 2:36pm Nov 15, 2017 2:36pm
GU M1 +6 Explanation on chart {image}
Nice man.
Do you ever think about adding to your position in places like where I have the arrow pointed? If your entry is strong and you are confident in your decision its a no-brainer right?
I learn so much from your charts so just want to say thanks brother.
- #11,755
- Nov 15, 2017 3:25pm Nov 15, 2017 3:25pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} Amazing. A true scalper can make money selling and buying within these short time frames!
CG
Keep It Simple
- #11,758
- Nov 16, 2017 4:54am Nov 16, 2017 4:54am
CADJPY - good bullish momentum bouncing off the dragon. Pretty self-explanatory I'd say.
GBPJPY - similar idea but this sucker stopped me out twice before I was able to get what I wanted out of it - maybe I shouldn't run my stops so tight. Luckily the two trades that stopped me out were 1% risk and the winning trade was a 2% risk so they pretty much cancel each other out (entirely coincidental by the way, I only realised I was trading 1% positions afterwards whereas I usually trade 2% risk).
EURUSD - this looked good in my eyes but the strength meter did not agree. Cop the loss on the chin and move on.
GBPUSD - trading off the GBP strength being shown in the CSM. I waited for a break of the round number and entered, aiming for previous high area to take profits.
Net for the day is +1.4 pips
Quite a bit of trading but not much profit - happy to take any advice/feedback from the more senior members of the thread!
GBPJPY - similar idea but this sucker stopped me out twice before I was able to get what I wanted out of it - maybe I shouldn't run my stops so tight. Luckily the two trades that stopped me out were 1% risk and the winning trade was a 2% risk so they pretty much cancel each other out (entirely coincidental by the way, I only realised I was trading 1% positions afterwards whereas I usually trade 2% risk).
EURUSD - this looked good in my eyes but the strength meter did not agree. Cop the loss on the chin and move on.
GBPUSD - trading off the GBP strength being shown in the CSM. I waited for a break of the round number and entered, aiming for previous high area to take profits.
Net for the day is +1.4 pips
Quite a bit of trading but not much profit - happy to take any advice/feedback from the more senior members of the thread!
- #11,759
- Edited 7:11am Nov 16, 2017 6:26am | Edited 7:11am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
CADJPY - good bullish momentum bouncing off the dragon. Pretty self-explanatory I'd say. {image} GBPJPY - similar idea but this sucker stopped me out twice before I was able to get what I wanted out of it - maybe I shouldn't run my stops so tight. Luckily the two trades that stopped me out were 1% risk and the winning trade was a 2% risk so they pretty much cancel each other out (entirely coincidental by the way, I only realised I was trading 1% positions afterwards whereas I usually trade 2% risk). {image} EURUSD - this looked good in my eyes but...
Scalping M1 is a totally different method then position trading higher time frames and IMO can best be learned by study of successful scalpers charts and practice.
Thanks for your nice charts and detailed post.....Hang in there and practice with different R/R scalping M1 your trades often need breathing room to develope.......
CG
Keep It Simple
- #11,760
- Edited 6:11pm Nov 16, 2017 2:46pm | Edited 6:11pm
{quote} Your stops are too tight for M1 scalping as you said. Study Vaps and Robs charts and their great trade explanations. Scalping M1 is a totally different method then position trading higher time frames and IMO can best be learned by study of successful scalpers charts and practice. Thanks for your nice charts and detailed post.....Hang in there and practice with different R/R scalping M1 your trades often need breathing room to develope.......
EDIT - so a lot of trading seems to be waiting for the right entry. It's actually quite simple but I think trading with money clouds a lot of people's judgement.
Step 1: Wait for break of previous high/low/consolidation or significant area (round numbers/RDL/RDH etc) with notable volume.
Step 2: Wait for the retrace back to get better entry (can be retrace back to dragon, back to 50MA, back to 25 WGTMA as rob does).
Step 3: Profit! (or sometimes SL, but that's part of the game
)