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Simple Scalping

  • #641
  • Jan 15, 2018 10:11am Jan 15, 2018 10:11am
Quoting Tfh
{quote} This what i love about social trading. Questions can lead to answers which can awaken a sleeping giant. The question which caused the response which i have quoted above was excellent because he highlighted almost all of the variations which could occur once the MA is it. Infact, if the O.P. had his rules written down, something most of us don't, he would more than likely notice that certain variations have a higher degree of success than others. If he focuses on that, he might be able to identify in the last 8 years of trading how many consecutive...
Not really a ton of trades as I respect MM even if demo , I also try not to trade more than one pair at the same time.
Since last week DD has been very decent and but again we are just at one week of practice.

Stop is previous swing high ( or closing above the MA's ) whichever comes first , as per Jenx rules but again the system is flexible for your personal creativity , some could even open in the opposite direction based on a higher timeframe ( hedge ) so you can play with it to come up with whatever you are comfortable with

Harvest of the day and some quick EU trades - notice how the price rejected the up-move when approaching the mid band

good luck to everyone!
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What goes up will come down...
  • #642
  • Jan 16, 2018 11:04am Jan 16, 2018 11:04am
another day with EU hitting strong resistance , after maneuvers on the H1
notice that result could have doubled but I had my share of the "chair" !LOL
Another 2% closed for the day
15% since 8th Jan

How is every one doing?
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What goes up will come down...
  • #643
  • Jan 16, 2018 12:10pm Jan 16, 2018 12:10pm
Quoting sam68
another day with EU hitting strong resistance , after maneuvers on the H1 notice that result could have doubled but I had my share of the "chair" !LOL Another 2% closed for the day 15% since 8th Jan How is every one doing? {image}
Good job man! Keep posting
  • #644
  • Jan 17, 2018 1:19am Jan 17, 2018 1:19am
I had losses unfortunately. All the pairs were choppy during the EU/US overlap. I should've stayed out I guess.

Lost 7 pips yesterday.
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  • #645
  • Jan 17, 2018 4:12am Jan 17, 2018 4:12am
Quoting sam68
{quote} Not really a ton of trades as I respect MM even if demo , I also try not to trade more than one pair at the same time. Since last week DD has been very decent and but again we are just at one week of practice. Stop is previous swing high ( or closing above the MA's ) whichever comes first , as per Jenx rules but again the system is flexible for your personal creativity , some could even open in the opposite direction based on a higher timeframe ( hedge ) so you can play with it to come up with whatever you are comfortable with...
hello sam, any chance you can post your template please? this is the first time i have seen anyone post their trades, even if demo, and i must say, i am very impressed. thankyou in advance.
Say, “He Is Allah, [Who Is] One, Allah, the Eternal Refuge.
  • #646
  • Jan 17, 2018 5:31am Jan 17, 2018 5:31am
Quoting forex baraka
{quote} hello sam, any chance you can post your template please? this is the first time i have seen anyone post their trades, even if demo, and i must say, i am very impressed. thankyou in advance.
Hello Baraka, thanks for your kind words.

I use Jenx template ( Smoothed MA's & BB ).
the human factor can never be inserted in a template as you and all experienced traders know , but I do incorporate multiple timeframes view to get a feel of the big picture , add to that S&R zones , candlestick formations , good MM and a daily trade plan for a general target / stop.
And most important the psychological effect once you reach the area where you can sleep with trades open or leave your terminal for couple of hours if you are intraday trader then you will be successful .

Emotions will mess your decisions and actions.
Do not let them interfere with the job as I keep reminding my self...

Here is the harvest of the day , +1.6% and overall account profit 16.7% since 8th Jan.

You are welcome!
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  • #647
  • Jan 18, 2018 1:21am Jan 18, 2018 1:21am
Hi guys,

How is your week going?

I am done for the day and account is up by 19% since 8th Jan
Wish I could walk to the beach like Jenx but my flu is preventing me
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  • #648
  • Jan 18, 2018 1:46am Jan 18, 2018 1:46am
Quoting sam68
Hi guys, How is your week going? I am done for the day and account is up by 19% since 8th Jan Wish I could walk to the beach like Jenx but my flu is preventing me {image}
Great job, mate! I respect your confidence to not using any SL at all. I've done twice in the past and it screwed me pretty well.
Climbing back up after the market screwed me twice is definitely a terrible experience. and that's all thanks to no SL trading.

Good luck, mate! But seriously, don't rely too much on luck.
  • #649
  • Jan 18, 2018 2:25am Jan 18, 2018 2:25am
Quoting Billyoneer
{quote} Great job, mate! I respect your confidence to not using any SL at all. I've done twice in the past and it screwed me pretty well. Climbing back up after the market screwed me twice is definitely a terrible experience. and that's all thanks to no SL trading. Good luck, mate! But seriously, don't rely too much on luck.
Hi Billyoneer,

I never trade without a stop but I use a mental stop
I would not give my broker the pleasure of hunting it. LOL

So far I did not rely on luck , just a set of rules drafted in post one with multiple entries to do "dollar cost averaging", the rest is trade management , I do move my TP and close out trades early based on PA and daily set targets , so far the system is working fine.

Thanks and good luck to you.
What goes up will come down...
  • #650
  • Edited 2:38am Jan 21, 2018 2:26am | Edited 2:38am
Quoting sam68
{quote} Hi Billyoneer, I never trade without a stop but I use a mental stop I would not give my broker the pleasure of hunting it. LOL So far I did not rely on luck , just a set of rules drafted in post one with multiple entries to do "dollar cost averaging", the rest is trade management , I do move my TP and close out trades early based on PA and daily set targets , so far the system is working fine. Thanks and good luck to you.
Well said.
If you were to visit any given desk in the city you wouldn't even hear the words "stop loss".
That's because they survive with proper money management.
My personal MM is never to be exposed by more than 1 micro lot per $50 in equity (not balance, balance is bullshit and the cheese in the trap). It's all about the margin.
I saw someone write once" Money management is the holy grail". Never a truer word spoken.
We need to use stops,mental or fixed, in this method because its working on such tight timeframes and unless you have hugely deep pockets, you could end up being locked under water for a long time.
That's why I prefer to take the loss when it suits me and not the market ( brokers don't "stop hunt" ,the market does, its how it survives).
In fact I never see it as a loss, it just breaks even on one that succeeded.
Keep up the good work
Where price is now, it has been before, and will be again.
  • #651
  • Jan 22, 2018 3:07am Jan 22, 2018 3:07am
Quoting Jenx
{quote} Well said. If you were to visit any given desk in the city you wouldn't even hear the words "stop loss". That's because they survive with proper money management. My personal MM is never to be exposed by more than 1 micro lot per $50 in equity (not balance, balance is bullshit and the cheese in the trap). It's all about the margin. I saw someone write once" Money management is the holy grail". Never a truer word spoken. We need to use stops,mental or fixed, in this method because its working on such tight timeframes and unless you have hugely...
I like your positive approach to the stop loss ( breakeven on previous success! ) , some traders call it account protection stop.
What goes up will come down...
  • #652
  • Jan 22, 2018 11:10am Jan 22, 2018 11:10am
Hello, could I ask, what do you mean exactly - by the double moving averages are handy when price is already there? Could you please explain? Thank you.
  • #653
  • Jan 22, 2018 11:24am Jan 22, 2018 11:24am
Quoting ptwPTW
Hello, could I ask, what do you mean exactly - by the double moving averages are handy when price is already there? Could you please explain? Thank you.
Hi,
Just that the MAs may possibly lend a dynamic support or resistance. However, as we know, s/r is rarely a definitive level and more of a zone.
The double MAs give us that zone.It often stops you "jumping the gun" when price appears to break the MA and then returns to the trend.
Where price is now, it has been before, and will be again.
  • #654
  • Jan 22, 2018 11:32am Jan 22, 2018 11:32am
Quoting Jenx
{quote} Hi, Just that the MAs may possibly lend a dynamic support or resistance. However, as we know, s/r is rarely a definitive level and more of a zone. The double MAs give us that zone.It often stops you "jumping the gun" when price appears to break the MA and then returns to the trend.
Hi Jenx. Thank you very much. I am currently testing and getting a better feel for this strategy, and enjoy this style very much. As I am a new trader obviously I am managing my risk, and in addition, this may not need to be said, but obviously you must be focused and stay on top of the ever changing chart(i.e. the most current prices on the right), correct? Again thank you kindly.

edit: Sorry, one more question - It appears price seems to "ride" the bollingers... I'm having trouble on deciding where exactly do enter, am reading the instructions again. Do you wait for confirmation for price to closes out of the outer bollingers before taking your entry whether long/short?
  • #655
  • Jan 22, 2018 11:53am Jan 22, 2018 11:53am
Quoting ptwPTW
{quote} Hi Jenx. Thank you very much. I am currently testing and getting a better feel for this strategy, and enjoy this style very much. As I am a new trader obviously I am managing my risk, and in addition, this may not need to be said, but obviously you must be focused and stay on top of the ever changing chart(i.e. the most current prices on the right), correct? Again thank you kindly. edit: Sorry, one more question - It appears price seems to "ride" the bollingers... I'm having trouble on deciding where exactly do enter, am reading the instructions...
No. I just look at the price action and chart structure. One little point to keep in mind is that more often than not( in fact most of the time) when price first breaks the BB, whatever price the MA of the BBs was at at that time is nearly always re-visited in the near future. Don't rely on it though as it only takes the one time to inflict the damage.
Where price is now, it has been before, and will be again.
  • #656
  • Edited 12:26pm Jan 22, 2018 12:09pm | Edited 12:26pm
Quoting Jenx
{quote} No. I just look at the price action and chart structure. One little point to keep in mind is that more often than not( in fact most of the time) when price first breaks the BB, whatever price the MA of the BBs was at at that time is nearly always re-visited in the near future. Don't rely on it though as it only takes the one time to inflict the damage.
Ah.. okay, right. Thank you for your feedback Jenx and members of this thread. Believe I am understanding the strategy more now.

edit: Sorry another question. Can I ask your feedback as to what is preferred when the BB and double MA are converged to one another? I believe that is an indication of a crossover, and my opinion for this since I am fairly new and cannot discern yet what exactly to do here - to stay out of this movement as well as trades until I receive confirmation as per the general consensus of this strategy, please take a look at my picture when you have the chance, thank you again.
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  • #657
  • Jan 22, 2018 11:26pm Jan 22, 2018 11:26pm
Quoting ptwPTW
{quote} Ah.. okay, right. Thank you for your feedback Jenx and members of this thread. Believe I am understanding the strategy more now. edit: Sorry another question. Can I ask your feedback as to what is preferred when the BB and double MA are converged to one another? I believe that is an indication of a crossover, and my opinion for this since I am fairly new and cannot discern yet what exactly to do here - to stay out of this movement as well as trades until I receive confirmation as per the general consensus of this strategy, please...
Hi, I would say there isn't anything wrong with your short entry, in fact a good entry (probably). Always remember, the BB and MAs as well as this strategy at the end of the day are just a guide. You will still need to analyse the price action and most importantly support & resistance to decide whether to take the trade.

Just reading from the chart you had posted, the reason for the good entry was that the price after coming down to the bottom, tested twice had retraced back up and possibly finding resistance to form the lower higher for another test of the bottom and may even break lower. But of course you will also need to look into your M5 or M15 chart to determine whether the trend at the moment is trending down, if it is then it would definitely support your analysis for this short trade.
  • #658
  • Edited Jan 23, 2018 12:03am Jan 22, 2018 11:44pm | Edited Jan 23, 2018 12:03am
Quoting ptwPTW
{quote} Ah.. okay, right. Thank you for your feedback Jenx and members of this thread. Believe I am understanding the strategy more now. edit: Sorry another question. Can I ask your feedback as to what is preferred when the BB and double MA are converged to one another? I believe that is an indication of a crossover, and my opinion for this since I am fairly new and cannot discern yet what exactly to do here - to stay out of this movement as well as trades until I receive confirmation as per the general consensus of this strategy, please...
I saw that one. Wasn't happy with it because the double bottom was formed right on what had previously been strong long term resistance.
As its ranging on the higher tfs and clearly approaching a top I'm leaving EU alone for now on this method.
I'm currently experimenting on a method that's almost the opposite to this one.
Its very s&r orientated using cumulative volume and may incur fairly large drawdowns but through strict MM should, theoretically, be a good one.
It's using the daily and H1 chart so is meant to be a fire and forget method.
If I have the time this week I'm going to start a thread giving the guidelines and attaching a TE
Where price is now, it has been before, and will be again.
  • #659
  • Jan 23, 2018 12:52am Jan 23, 2018 12:52am
Jenx, I'll be waiting for that thread for sure. Do keep us updated.

Quoting ptwPTW
{quote} edit: Sorry, one more question - It appears price seems to "ride" the bollingers... I'm having trouble on deciding where exactly do enter, am reading the instructions again. Do you wait for confirmation for price to closes out of the outer bollingers before taking your entry whether long/short?
If I may offer my 2 cents here, here's what I do and I'm just starting to get the hang of it so no expert here. If price pierces the top BB band on M5, I'll wait for atleast one candle to close as red (close below open) and I use candlestick patterns to decide when. THis part is very subjective and depends from candle to candle, each one is different. I've also added one rule to filter some trades, that is when you get a signal on M5, the price must also be bouncing from a significant S/R line, 120 MAs or a bollinger band line (middle or top for short signal) on M15. Hope you understood what I'm saying here...

Here are the trades from yesterday, btw. My daily target is 10pips
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  • #660
  • Jan 23, 2018 1:31am Jan 23, 2018 1:31am
Good Morning traders!

Hope all is well and you are supercharged for this exciting week.

have a look @ USDJPY hourly chart , I think it's forming a nice chance to short

Regards
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What goes up will come down...
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