GBPUSD scalp method

Hello all,

I started trade forex online since 2003, and i still looking for to trade forex safely, i used to trade EURUSD and GBPUSD. Especially GBP i found more interesting coz the spike is very promising.

I have been scalping around for 20 pips every day on GBP. Its been 3 month since i tried this method. My method is to pick top and bottom for 15 - 20 pips reversal around asian and europe session, but plenty of time the reversal goes from high to low or from low to high of the day, i enjoyed capturing more than 20 pips by the end of europe session. I use selected indicator and time frames to determine whether its reversal or not. i use stop loss depending on the price action.
So if you guys interested in my method i will post another, and happy discuss it

Yes, please post your method if you would. Congrats on first post and hope to see many more.

Hi, I'm interested. Please go on explaining your system.

Yes, post your strategy please and thank you for sharing.

Ok, then
Before i start to explain my method, consider this as one of those crazy idea on how to trade forex, but hey it works....

my method is based on high low projection of the day, assuming that the yesterday high is lower than to day than somehow the price is trending down (but not yet) so i would wait the price to reach the temporary highest peak of the day based on indicator i use and wait it on 1H chart (which is very slow) so i use 15m and most of all 5min as entry point i place my entry sell as near as possible to highest price and place stop loss 10 or 15 pips above high which is not even touched yet. i place take profit 15 or 20 pips from entry.

the best part is if you get the moment GBP trending from high to low you've got the jack pot, hey i'm talking about 80 pips minimum and it happens everyday....guaranteee

because i use MT3.8 i can lock the profit by opening buy at the low of the day to extend it another day

bring it up guys...tell me about your opinion....or to correct me if i am wrong

i have browse all indicator but seems to fit to william percentage range at 14, a common indicator, but if you plot it in three time frame 1h, 15h and 5h. u can see the price trending from high to low or low to high. first wave is indicated at 5 min followed with 15 min and the last 1 h but in special case you dont have to wait untill william indicator on 1h chart begin to reverse. Most of the first wave begin at 5 min some of it false too, but if you correct it with william % on 15 min you'll see the direction.

Also dont forget to learn candlestick reversal pattern, spot them and ride em well

Try it for sometime you'll get the hang of it and spot the wave as early as possible. The system if very simple even your grandma can do it...trust me

the only weakness from this method is when a price goes straight without any retracement so i recommend stop loss

this morning i manage to sell at 1.9962 ( high 1.9971 ask price) and close profit at 1.9948 (bid Price) that is 14 pips, i place 2 lot and profit $28
i still hold my last trade on 1.9963 hope its trending down to low, perhaps not....maybe

The main idea is william percentage on 1h,15m,5m indicator, study it and go surfing the pips

im sure there are times where price exceed your high limit of the day...especially in oscillating markets that we have been having lately.

But hey as long as it pips!

Whats the win/loss ratio?

Thanks for sharing, mabye a pic of your entry/setup might help if you dont mind doing one. Ive also seen other systems where people are doing something similar to yours and riding the waves on the price oscilliations.

that's right...
win/loss ratio there are 2 possibility
1. if you stick 20 pips take profit or 10 pips per peak or valley there are no losses.
2. if you insist gaining more there are maybe around 75 : 25 i never count it yet

but if you want to gain more i recommend lock the profit apply only on MT3.83

i'll try to post image on my entry

After the US news i manage to open buy 1 lot and 0.5. I made nice 20 pips up from low price on 1 lot that is $20 and still open 0.5 lot at 1.9895 to lock the profit from early asian session sell on 1.9965 for 70 pips profit.

Obviously the pattern is very clear no loss at all

is it too good to be true or what ???

As for yesterday GBP broke up 2.0000 again, i found that my system need more filter before going short or long coz you never know what will happen in US market, i have talked to other trader that i should use MACD and i did, it really help me out, just my thought :

If you wanted to go long from a low price you should first filter the signal base on MACD, is it cross the zero line or not, If it crossed zero line you should wait coz the price eventually continue to trending down. and its trending fast. If its not crossed you go long and ride the wave through from low to high

do the same on high price

Level I
Learn to scalp first .... 20 pips a day do it at least 1 month get the hang of it
Level II riding the wave
Level III Lock the profit

wanna know more??
stick to my thread... i will post more

thanks for sharing........ eager to learn......

Hi guys, where is the cable going today?

thanks for sharing........ eager to learn......

It is all about market conditions, GBP is holding $2 area for now, but look out for change in trend.

yes, its been ranging market through asian session, maybe because there are news in us session early morning, i dont know about you guys, GBP is up to something a break from 2.0050 can be very bullish. i am concern about higher low than previous day it could create a higher high early morning in us market.

i said : stand aside wait untill new high being broke
wait for the bigger wave, i use camarilla for support and resistance

Hi Jogjatrader,

This thread is dead. What happened with your system?

jojjatrader:
Would you post a recent trade?
Thanks,
Steve

Maybe everyone will interesting with this one....

Try to set the Stoch -> (5,3,7)
TF 5min

Buy when the valley cross, Sell when the peak cross ...

No TP and SL

But remember, don't be greedy

You could try it...

I'm sorry, my English so bad...

Maybe many of you was confused with my previous post,

So, I will give you an example
red for sell, blue for buy

You don't need to wait until OverSold or OverBough...
Sometimes, it gave the fake signal (x)...
But you can pay the lost from the next trade, right???

You need to use your Money Management...
You need to close your previous position if the new signal came(cross) again

I hope it helps


PS. Carmel, I'm sorry, I Can't reply your PM...
I don't have the previleges to send PM....
My post count's below 15 ....:

http://www.tech-faq.com/emoticons/Smiley/53950660.gif