My daytime scalping plan is very simple. My goal is to average 10 PIPS per day. The rules are as follows:
Long: 1 PIP above the previous days high on a daily chart
Short: 1 PIP below the previous days low on a daily chart
I use a 40 PIP stop.
My goal is to average 10 PIPS profit per day. Sometimes the trade will run in the right direction and I will let it go but lock in my 10 pip profit. Always close trade at end of session or after you have taken the 10 PIP profit and wait for the next day. This system works well in the JPY/USD market.
There is another derivative of this system that I use that concentrates on the previous days open and close instead of the previous days high and low. That would take more time to explain.
Happy Trading,
Tkimble
Ignored
Thank you for all I've learned on your thread... an outstanding strategy that you have here.. I have a question concerning your scalping strategy.... Do you place a long and short trade at the same time, then cancel one when the other is triggered? Thanking you in advance....
Check me if you would on the usd/jpn i am currently showing the rsi >50 and the high sma >5 pips up would this be a good buy signal? Thanks for the info
an additional question to go with the question above--- since you focus on the USD/JPY, when do you place your trades? at the beginning of the Asian market?? Thank you again....
Thank you for all I've learned on your thread... an outstanding strategy that you have here.. I have a question concerning your scalping strategy.... Do you place a long and short trade at the same time, then cancel one when the other is triggered? Thanking you in advance....
Ignored
Yes. I place both buys and sells at the close of the daily market. I do not remove any orders because you never know what will happen.
Check me if you would on the usd/jpn i am currently showing the rsi >50 and the high sma >5 pips up would this be a good buy signal? Thanks for the info
Ignored
Yes. As we speak the Yen is showing a long signal but be aware that I never use my trending system with the Yen becuase it is simply too volatile. YEN is excellent for daily scalping...
an additional question to go with the question above--- since you focus on the USD/JPY, when do you place your trades? at the beginning of the Asian market?? Thank you again....
I did not realize the above entry, so at the beginning were you using 30min charts and now you are using daily charts, is the rsi the same?
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Sorry for the confusion. I use 30 min charts for the trend system and daily charts for the scalping system. No RSI is used for the dialy scalping system. Actually, no indicators are necessary for the daily scalping system. Simply use the previous days high and low for the scalping system.
Yes. I place both buys and sells at the close of the daily market. I do not remove any orders because you never know what will happen.
Tkimble
Ignored
How long have you been trading this method, and do you have any stats on it? It appears that you would need to have 5 winners for every loser with a 10 pip target and a 40 pip stop.
This system sounds much like Orange Roshan's method, which I voiced opposition to because of the poor "expectancy ratio". Many people private messed me and said they were doing well in the beginning, but long term it lost them money due to the win/loss ratio.
How long have you been trading this method, and do you have any stats on it? It appears that you would need to have 5 winners for every loser with a 10 pip target and a 40 pip stop.
This system sounds much like Orange Roshan's method, which I voiced opposition to because of the poor "expectancy ratio". Many people private messed me and said they were doing well in the beginning, but long term it lost them money due to the win/loss ratio.
What are your thoughts?
Ignored
My thoughts are simple. It make money for me. You can have losing weeks from time to time. Again, your discipline as to be solid to follow this system. It defies human instincts to look a chart that only take 10 pips per day. Most traders believe that they have to trade when in reality, the goal is to make money.
My thoughts are simple. It make money for me. You can have losing weeks from time to time. Again, your discipline as to be solid to follow this system. It defies human instincts to look a chart that only take 10 pips per day. Most traders believe that they have to trade when in reality, the goal is to make money.
Hope this helps,
Tkimble
Ignored
I'm really glad it is working for you, may I ask how long it has been working?
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