FXCorrelator - Scalping system

hey gang

jees ....my house is taking longer than i wanted to finish ...trading time has been light and mainly private with no chances to post much or commentate .....

i am nearly there and the trading room back in business next week hopefully ...got to get kit back from storage as well

N

morning all ...

trading a little this morning ..........but not yet fully up to speed on trading room yet

ok USD is bear so far today ....yen following ........so risk on plays prominent

im following cable buys (naturally)....euro bull has promise so far ........nothing really dominating bulls at moment

EJ last scalp was from around 121 44/45 to 121.58 so far
GU last scalp was from 2672/3 to 2685 so far ...
GU last scalp was from 1253/4 to 1272 so far ...

twitchy though gang so be careful ...

N

yen bear accelerating now into hyperdrive ......EJ at 121.69......nice

GBP had a horrendous May .......lost round 500 pips as an index ........hopefully we get a better june

N

euro is best currency index so far in June putting on about 50 pips net so far .....thats why im happy to have it lead a lot of the scalping action at moment and on the opposite side of the fence USD some 70 pips down in June so far

thats what i do .......play the alphas and dont fight the trend guys ....

being patient ............gbp dropped thopugh the floor now ....

im waiting to get back into euro bull rebuys on EJ and EU

ucad looks interesting when reselling commences

usd needs to start falling though ..its really pushing bull at moment

messy session

USD has wandered back north from decent sells earlier
Yen held bear ......but my euro has fallen towards it rendering a scrappy EJ morning

UJ (buys) was actually a decent play last few hours but i dont like that pair at all as they tend to move together and you are only playing off the volatility of the Yen compared to the slower USD

GBP rallied back but what to sell into it on scalping spreads ? ....nada

so all in all a relatively slowish session for me ......but thats trading

N

hey Gang ....

just wanted to flag up an interesting newish kid on the Block who goes by the name of VP (no its not me, i'm NVP)....

Patrick trades out of Las Vegas Nevada and has created a Free Blog / Website / Podcast series and youtube channel

he has created quite a stir in the last year or so and accumulated thousands of followers

He has openly challenged many myths about the Forex market trying to assist traders to become more profitable - no punches pulled...and i like that ...

its all free and i can assure you I have no commercial relationship with patrick ....just always happy to share out interesting and more original views on forex ...especially those that are disruptive and challenge the norm....

We dont share the same opinion on how successful Forex Strengthmeters indicators can be ......but thats just because we are all different and there are many many ways to be profitable in trading ......thats what makes it so interesting.........

N

https://nononsenseforex.com/forex-blog/

discord site :-
https://discord.gg/43txSFP

hey all

slooow friday ..........

gbp has been most bullish so far of G8 ....but hardly impressive
Chf swissie most bearish .......again unimpressive - even for CHF
nothing else really moving - including the flat USD

been on cable from 2700 to 2720s so far ....ZZZZZ
UCHF offered from 9920-9940s so far ....ZZZZZ

obviously GBPCHF the best trending pair this morning - 1.2600 up to 2650s so far
but thats a rare one for me to trade and especially not scalping

N

hey gang .....

pretty quiet so far this week.......heres a 1 hour TF on standard 20ma default FXCorrelator (bottom chart) and my fixesd start chart (top)

euro and yen had strong openings this week............gbp is bear play .....

for todays scalping sessions i am going to sit on hands and wait for a gbp resell into us session ......if i were being a perfectionist (and markets hate perfection) .......i would like to see that gbp hit the resistance level on top chart and then sell off again .....

if i'm swinging instead of looking for scalp profits i would happily take GJ or EG or GU based on dynamics of the secondary currency at the moment of trade

later
N

based on that last post i'm still sitting on hands theoretically for longer plays .....gbp still winding bull at moment ......so unless i'm scalping its wait for gbp to resell..........

euro is real nice bear play so far london..... so EG is pulling back as best prospect for a rebuy on those 3 pairs mentioned earlier

heres it on 1 hour .....that earlier bar was huge across all pairs ......euro really dropped some pips

ok back to scalping ......

the market was slow from 6am and the real moves only came on 9am bar .....

then a bear euro really drove rest of G8 north tipping the trend

play continuation trends on the bear Euro pairs......also cad and Swissie moderately bearish as well .....so decent plays on them into usd as best prospect

EJ probaly most volatile and interesting reseller to come.....although with NZD and AUD really looking Bull at moment the EA will be a decent prospect to resell as well when offered ...slooooooow though that pair

heres a pretty simple look at how to get into trades and where I may have been looking to follow this decent pair (remember ive identified EJ as a top moving pair from the strengthmeter charts & london session)

On Trading

LOOK !

once you have got a few pairs in the firing line to trade - dont beat yourself up about getting the indicators and settings 1000% correct ........

I cant believe the Cr8p talked on a lot of the forums and discord trading clubs and groups i am in ............

people arguing about indicators that all pretty much do the same thing
THEY ALL DO THE SIMILAR THINGS !!!!

people arguing about settings that are so close its a joke:-
"i use a 20 on a 4 , no i use a 15 on a 7 its much better" .....seriously guys ????!!!!!"

when talking trend continuations an old mentor gave me some great advice ......

"Neil , when the trend rolls it rolls .....whatever indicator and stuff you have on the chart ...it will generally tell you to trade at similar time - so dont sweat the small stuff"


so on belows chart ive shown some simple rules to get me looking

1) identify the best moving pairs in session - using strengthmerers (EJ was one of them)

2) put something simple on chart to monitor good conditions for those pairs ( for EJ its a simple default 20 ma showing currencies where Eur above / yen below Zero)

3) wait for half decent pull back ...again nothing too serious ...a few green bars or big single/double green bar ......then a decent red bar continuation


good trading gang
N

so EJ stalled bull.....i am back in if we can see improvement below 121.19

3422 ucad rebuy opportuities ....

nope cant get it above those levels yet

nice opp to resell earlier around 12.07 ...i was called away unfortunately ....urrr

121.28 from there down to 121.11 so far

N

hey all ......usd really taking a bath this week now so i am hunting usd bear plays ....cad going strong .....also gbp as good as any to buy this week

so far this morning Cable looking nice and bull .....EJ buys a treat as well .....

EJ been sweet buying from 121.30s to 121.60s so far
cable ive been working up from 2680s ......2700 above for more conservative traders

N

ucad worked its way down from 3220s to 3150s from this post above earlier ......cad did well london session

ucad worked its way down from 3220s to 3150s from this post above earlier ......cad did well

hey all ........another low trading volume week for me as i re-establish my trading room

decent pips out there though ......see below

brown Cad rocked the midweek....nearly 150 pips up by thursday

green USD sold off all week......got to -140's on pips by friday - ouch !

orange AUD was weak (strange correlation) about 100 pips down on week

red GBP was surprisingly tight.....yellow Yen as well ....these guys sat on hands all week - wierd

anyway if you hammered ucad sells in the week then congratuations ......i was on it thursday (see earlier posts last week) so no complaints ..........

have a great weekend guys
N