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  • #201
  • Apr 10, 2007 11:07pm Apr 10, 2007 11:07pm
For those who missed the upwards move on GBP/USD during the Asian session, and those who did not. There was an excellent scalp/short term trade setup. Price went straight to the 1.9775 level seen on April 4 and bounced off. Caught it perfectly at 1.9776 for a short down to the support level at 1.9755 where I got in +18 pips within a 1 hour time frame.

How to spot these levels? Go back to your charts and look at your 1 hour history or so and see where the previous support/resistance levels are. Once they hit the major levels, expect a change in direction if even only temporary. This was a retracement move I caught. While it has started to continue down at the time of this writing, the scalp/short term trade showed the price stalling at the 1.9750-5 level and not moving for several minutes which was a good indicator to get the heck out before it possibly headed back north again.

Hope this example helps all...
  • #202
  • Apr 11, 2007 4:11pm Apr 11, 2007 4:11pm
For me too, GBP/USD was pretty good. Normally I don't scalp on GBP/USD but yestarday were too many good moves to catch on this pair. I did 26 trades only 2 negative, normaly now I do usually only 4-7 trades but yestarday was exeption. It would be nice to have more days like this.

Quoting GirlFlyer
For those who missed the upwards move on GBP/USD during the Asian session, and those who did not. There was an excellent scalp/short term trade setup. Price went straight to the 1.9775 level seen on April 4 and bounced off. Caught it perfectly at 1.9776 for a short down to the support level at 1.9755 where I got in +18 pips within a 1 hour time frame.

How to spot these levels? Go back to your charts and look at your 1 hour history or so and see where the previous support/resistance levels are. Once they hit the major levels, expect a change in direction if even only temporary. This was a retracement move I caught. While it has started to continue down at the time of this writing, the scalp/short term trade showed the price stalling at the 1.9750-5 level and not moving for several minutes which was a good indicator to get the heck out before it possibly headed back north again.

Hope this example helps all...
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #203
  • Apr 12, 2007 3:30am Apr 12, 2007 3:30am
Quoting libertao
I was just trying to define what a repainting indicator is.
Iib: I would really like your explanation or inform: Who is the one that has
come up with this "repainting" word? Explain a bit more so I can take it in
context as to its "define", so that I know where it will fit into my knowledge.
Most of the time...a terminology will be brought up...but it's nothing new.
But a word would come up as if it's something new. Almost all books on
trading haven't said one new thing, but they will give you an indication
that this is something new. I'm emailing this from Chiang Mai in Thailand...
so there won't be any replies from this end....perhaps not until I get back
to Bangkok. The internet here in South Asia isn't anything to brag about.
ciao
Tony j
  • #204
  • Apr 12, 2007 3:38am Apr 12, 2007 3:38am
Quoting libertao
I was just trying to define what a repainting indicator is.
Mispelling in the title.....it was...my reply is not to demean you...
  • #205
  • Edited 3:30pm Apr 13, 2007 2:40pm | Edited 3:30pm
What is the best money management for scalper in your opinion?
My thinking, deposit for example $1000 and try to make it to $5000 as soon as posible and withdraw $4000 and start again with $1000. In bad case scenario I guess take loss of $1000 and go back to figure out what went wrong. It is of course very aggressive approach but anyway what others thinking about this subject?
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #206
  • Apr 13, 2007 9:00pm Apr 13, 2007 9:00pm
Quoting Andy12
What is the best money management for scalper in your opinion?
My thinking, deposit for example $1000 and try to make it to $5000 as soon as posible and withdraw $4000 and start again with $1000. In bad case scenario I guess take loss of $1000 and go back to figure out what went wrong. It is of course very aggressive approach but anyway what others thinking about this subject?
As soon as you doubled the money; take that 1000 and open a new sub account; manage all those sub accounts from your master account (similar to PAMM)... Trade the sub accounts with different leverage and low risk profile than your main account... and watch the money compound and grow... Soon you will feel like a banker or money manger with a lot of clients... LoL
  • #207
  • Apr 13, 2007 9:09pm Apr 13, 2007 9:09pm
Interesting idea. I might do it, what is PAMM?
Linuxtroll do you prefer low risk and smaller leverage to bigger risk and bigger potential profit?
Quoting linuxtroll
As soon as you doubled the money; take that 1000 and open a new sub account; manage all those sub accounts from your master account (similar to PAMM)... Trade the sub accounts with different leverage and low risk profile than your main account... and watch the money compound and grow... Soon you will feel like a banker or money manger with a lot of clients... LoL
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #208
  • Apr 13, 2007 9:25pm Apr 13, 2007 9:25pm
Quoting Andy12
Interesting idea. I might do it, what is PAMM?
Linuxtroll do you prefer low risk and smaller leverage to bigger risk and bigger potential profit?
PAMM = Percent and lot Allocation Money Manager
  • #209
  • Apr 25, 2007 7:40pm Apr 25, 2007 7:40pm
How do you scalp, with music on or off. Do you do some kind of relaxation before scalping?
Do you scalp when you in the bad mood?

To me it is kind of important. It is so cool to go in and made profit and get out. I actually get out when I am positive for a day. This way I will be in the good positive state of mind.
Also I think, your mood can be a big factor for trading overall. And in scalping especially it is crucial.

What do you guys think?

Andrey
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #210
  • Apr 25, 2007 11:09pm Apr 25, 2007 11:09pm
Quoting Andy12
How do you scalp, with music on or off. Do you do some kind of relaxation before scalping?
Do you scalp when you in the bad mood?

To me it is kind of important. It is so cool to go in and made profit and get out. I actually get out when I am positive for a day. This way I will be in the good positive state of mind.
Also I think, your mood can be a big factor for trading overall. And in scalping especially it is crucial.

What do you guys think?

Andrey
I not only think you are right, I KNOW you are right!
  • #211
  • Apr 26, 2007 11:39am Apr 26, 2007 11:39am
@Andy12

What sort of scalping method are you using?
  • #212
  • Apr 26, 2007 11:46am Apr 26, 2007 11:46am
Linuxtroll rainbow.
Quoting libertao
@Andy12

What sort of scalping method are you using?
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
  • #213
  • Apr 26, 2007 11:50am Apr 26, 2007 11:50am
Quoting linuxtroll
As soon as you doubled the money; take that 1000 and open a new sub account; manage all those sub accounts from your master account (similar to PAMM)... Trade the sub accounts with different leverage and low risk profile than your main account... and watch the money compound and grow... Soon you will feel like a banker or money manger with a lot of clients... LoL
How does this differ or have ana advantage over increasing lots and compunding in one account? I googled PAMM but did not find much.
  • #214
  • May 14, 2007 9:04am May 14, 2007 9:04am
  •  Trader#0000
  • | Status: Unregistered Trader
Linuxtroll, wondering if you could help me here. I have been trying to use the MMA method for about two months now, with mixed sucess. I seem to be able to make (in my opinion anyway) decent entries. Likewise, my MM is doing fine (ie no trade will risk any more then 1% - this is controlled via position sizing). But where I am having real problems is with exits. Is there any advice you can suggest? Should I be concentrating on the MAs or should I be looking to price action? Any advice would be greatly appreciated.
  • #215
  • May 14, 2007 9:13am May 14, 2007 9:13am
Exit is superior to entry. Entry is almost irrelevant. As for the MM...risking 1% per trade and Linuxtroll...this kind of doesnīt fit well into one sentence, if you know what I mean. But thatīs ok, itīs your choice and it should stay as it is if it fits your style.
Linuxtroll showed his exit points over on the kolachiīs site.
  • #216
  • May 14, 2007 8:52pm May 14, 2007 8:52pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting bluefish
Exit is superior to entry. Entry is almost irrelevant. As for the MM...risking 1% per trade and Linuxtroll...this kind of doesnīt fit well into one sentence, if you know what I mean. But thatīs ok, itīs your choice and it should stay as it is if it fits your style.
Linuxtroll showed his exit points over on the kolachiīs site.
Yeah, well what I have been doing is making multipul entries, so by the 3rd pull back I have build up quite a large position without too much at risk.
  • #217
  • May 15, 2007 1:51pm May 15, 2007 1:51pm
Nice technique! Really...makes sense with this style. Iīm still learning to spot the patterns. But scalping is the way to go. DEFINITELY!!!
  • #218
  • May 24, 2007 11:02am May 24, 2007 11:02am
Sorry for interrupting the thread.
I could like to inquire if somebody can assist me to purchase an excellent scalp trading system of 1 min TF.
I could be glad for that assistance.
  • #219
  • May 31, 2007 12:39pm May 31, 2007 12:39pm
Quoting Edonya
Sorry for interrupting the thread.
I could like to inquire if somebody can assist me to purchase an excellent scalp trading system of 1 min TF.
I could be glad for that assistance.
It is pretty obvious, that you truly believe in your abilities as trader...
  • #220
  • Edited 7:28am Aug 11, 2007 6:53am | Edited 7:28am
Hey Bluefish;

I use the 1 and 5 minute time frame when scalping. I also use the 30 minute and 1 hour time frames as reference just to get a broader picture of where the trend is going. If I'm getting conflicting information on the 30 minute and 1 hour charts I'll look at the 4 hour and daily charts for a broader perspective.

I never trade anything that's not moving more than 10 pips in a 5 minute time frame. When I look for a possible trade that means that the candle sticks have to be at least 10 pips in length before I'll consider scalping it, not including the wicks.

I also look for channels (sometimes referred to as box formations) and trade both the channels and the breakouts. I find that most channels will modulate 5 points of resistence and support before breaking out. As an example, the chart may rise to a certain level (the first point; resistance) then fall to another level (the second point; support). Then it will reverse and rise to the same level of resistence (third point) before falling again to the already established level of support (forth point). One more move to the previous level of resistance (fifth point) and you have the perfect channel. Now I'll look for one more reversal leading to a breakout. Usually after the breakout it will do one more reversal and move in that direction to a level that is equal to 3 times the width of the original channel.

I call this formation an "M" channel. Equally, you will also find "W" channels which is merely a mirror image of the "M" formation. "W" formations will usually breakout to the short side while "M" channels will usually breakout to the long side.

If using this method keep in mind that when you decide on your support and resistence levels keep it tight..... set your levels of support and resistence based on the lowest peak of resistence and the highest level of support.

I've gained an average of 100 to 150 pips a day, giving an average of 3 pips per trade to the broker. I do about a dozen trades a day to achieve my goals. That means it's costing me an average of 36 pips to the broker every day on the average. When trading this aggressively I have been able to increase my account by as much as a 100% in a month. If anyone thinks you can't be successful as a scalper and is willing to waste his time trying to prove it by using some sort of hypothetical mathmatical formula is being naive.
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