FXCorrelator - Scalping system

cable has been struggling to breach above the 3060s and now falling .........im happy to be selling again

yet another bonkers day on GBP index ...

heres the RED Gbp on a standard 20ma FXCorrelator (available free in links below).....thats pretty volatile and why i mainly trade GBP pairs .......

but this is a little crazy....... even for my tastes !!

N

hey all

trickier morning so far on G8

USD is bull..........so i am mainly scalping EU sells and UCAD buys .....

GBP is Bull alongside the USD ..until those guys get a divorce i cant play

N

ok gbp index came south HARD about 20 mins back and ive been trying to scalp sell cable ....I chased it down from 3030s to 3013 lows so far ..........

another dramatic day on GBP .........if you want a quiet life stay off the GBP pairs ...

alternatively go GBP team if you like to chase and trade some decent volatility ......

N

cable still running south ...keep chasing it...

.down to 2960s s.......ome 60-70 pips down now from when i started scalping it earlier

all hail GBP volatility.........

N

theres 28 currency pairs in the G8

therefore you have a 27/1 chance of trading the best pair if you are just solely trading EURUSD

good luck with that ! ........

N

morning all......

ok not too shabby so far london opens .........

yen and USD are cracking Bulls so far.....makes it easy for me to go to the bears with confidence

maily Cable sells and Ucad buys ..........a little EJ selling as well when offered

N

NOTE ...........guys i promised to talk about when / where i entered yesterday .........I will get to it ......but currently looking to make my quote of pips first.....i will also try to give a heads up on re-entry levels today

I try to keep my scalping and trading generally REAL REAL SIMPLE

I can still do complex believe me ....after 20 years working with some redicluously smart Programmers , traders and Quants.....I have seen complex .....but generally in my and their consolidated opinions and results......its not worth the sweat and tears for the marginal returns produced ......maybe im wrong on that ...

so at this moment the GBP has been bear since 6am ....I like GBP .....so i have been selling GBP to date

now GBP is retracing...so i dont sell GBP ............(Durrr)

when GBP starts to fall again i will select a pair and SELL GBP .............(Durr)

is that ok gang ?..........of course it isnt ..........but we have to start somewhere

I have already identified a alpha Currency from the 8 Currencies to follow ...I have ruled out some 21 pairs in the 28 available .....i am already getting nearer where I need to be ......

more later

N

I can see Cable loitering at 2939/36 area ......is it going to resell ?

how will we know ?

by the way its 8am .....should we be scared ?

so in answer to the questions yesterday I adopt pretty simple stuff most of the time

1) I know GBP has sold off since 6am opens
2) GBP has retraced
3) USD is bull so far today giveing me the inclination to include cable as a sell scalp strategy
4) I wait for suitable price points to sell ...or not ...or choose another better pair to trade

Cable has not started to fall below the area already mentioned ....so why would i make a trade until it does ?

it may never .....

N

cable is already 2930 and flying south ....

thats it guys .....thats how i scalp .....its not that hard once i like the pair I want to trade

back later gang ....have a good day

[quote="cantagril, post: 3088609, member: 399494"]Nice work...if you can get it. I've been following your Cresta run on the pound and if that was a "scalp", I've been misled somewhere I too am curious as to your entry set-up. I am assuming that on a 5m 20/1 chart you went for GBPCHF and either got in as GBP and CHF diverged at just before 13h20 or right then as the £ went into negative territory. I've attached a couple of screenshots that may or may not represent what you did and I'd be grateful if you'd explain what in fact you did do.....whatever it was, I can see 60+ pips there for the taking

https://www.trade2win.com/attachment...rt-png.260017/


Hi Cantagril

i have responded below on your chart .........if i had traded GBPCHF then my simple thoughts are below

I Have now Identified on a real real simple setup how a trader can get onto the decision Bar for this particular pair ......
I am sorry but i cannot really share the final trigger rules as thats taken me many years to refine and also other traders and proprietary indicators are involved ....... yes that final stage is where the money is ....but thats for us all to find

also my indicators are set very different to the 5 min TF for example ......mainly to pick up signals that get me in earlier than the consolidation/continuation signal bars i've shown...........when a pair moves 5min TF or higher is useless to scalp.....its far too slow !

remember by using strengthmeters you have already targeted perhaps just 3-4 pairs MAX where the action is .....thats some 80% of the G8 pairs excluded .....it all makes the difference to increasing yuor edge

also you seem to think i have endless trails running on some of these trades ........

when i say im in a scalp area for 60-80 pips for example like yesterday ....I can easily have 5-10 scalps in that zone ..................no one can run pairs down as the chop kills you ......especially Cable .........its a bastard to hold in just 1 trade for more than 10 pips max ............there are much more smoother pairs to trail .....but generally they are also slow and tedious and i leave them to higher Timeframes to trade ........

happy to talk on here so send me your thoughts

N

in truth only Ucad buys above has really held the course ....everything else has been real jumpy as the europeans went bull after shaping bear ..........but thats all hindsight of course .......

I shook a few pips out of selling cable earlier .....in fact my last bear scalp was around 2930s earlier ...then cable turned north ...................but thats trading ............keep moving or perish.....

anyway i'm mainly waiting on CAD.....3190s is a tempting area to climb on UCAD again......watching

relatively quiet so far into early US session......

GBP under bear pressure
Yen and USD pulling Bull
Cad holds deep bear since london morning session

I like buying yen and usd ....just playing through what to sell .....

morning gang ........may be in and out of forums today as a few issues re the house renovation and contractors etc etc .....

(just dont go there...urrrrrr..)

anyway meanwhile back at the ranch ...lets try to earn some dosh to pay for all the work being done....

still early doors and messy messy messy .............usd and yen playing out short so far .......but europeans spiking bear as well currently ..........I dont really want to go to the Aussie twins for buys and cad rangy

back later ..............
N

if you are trading this morning it was pretty obvious earlier that GBP and also Euro came continued bear and that ,mainly USD broke bull.........

im scalping Cable and EU south for last hour or so .....nothing great ...a few scalps ......

i needed EU south of the 1360s for comfort and its been to 1340s so far
i needed cable south of the 2920s for comfort and its been to 28980s so far

remember I cannot run many of these trades ...........you cannot be a scalper and a swing trader at the same time.....it is bloody hard to trail off of such small stops and targets ........possible on slower pairs but very hard on say GBP pairs .....I do it but its hard

and inexperienced trades must learn to walk before they run .....thats not arrogance or ego from me ....thats just the way it is gang....experience and thousands and thousands of hours of screen time

later
N

ok Cable got to 2850s before bouncing north , EU dropped to around the 1320s

plenty of room for a few scalps .....

ok i promised to show where i was scalping on my charts .........heres cable based on the recent few hours

Sorry i have removed my indicators and signals ...........this is a 1 min TF chart ......

many scrubbed pretty tight or lost money ......as i was only going initially for 4-5 pips max .......but i did ok ...and the last real few sell signals before GBP went north was excellent with 1 of them running some 30+ pips...............those are the bonus balls you need to make it a good days results.....they dont always happen .....or if they do yuo have missed them !!!!

to be honest the conditions were not perfect today .......and arguably i did far too much trading there in a range ...so i was sloppy and on hindsight should have avoided 2-3 of those.......but hey ...thats trading

no complaints....
N

regarding the cable recovery north .....when did I start BUYING Cable ?

im always mindful of the relative index strengths of USD and GBP for the london morning session.... but equally its interesting to see when the price hits the early london opening levels .......in truth i started hitting cable around the low 2920s ....its up to 2980s now so a cracking retrace !

N