Auslanco - GBP/JPY and GBP/USD (newstrade)

Quoting markam

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I'm not so sure that I have that much to put together. For GJ trading, I look for periods when the market is quiet but still moving up and down in fairly regular waves. The asian session from about 10pm to 1-2 pm (eastern time) is often like that. I use the 5-minute charts and look for turnovers in both the QQE (added because Aus turned me on to it) and the parabolic sar. If both flip during ranging periods, they almost always stay flipped for a significant amount of time (30-60+ minutes). GJ might trend some against the direction indicated by QQE/sar, but at some point it will almost always put your entry into profit.

Sometimes I actually jump in before the flip of one or both indicators, hoping to get a bigger payoff. It is better to let them flip and look for a pullback before entering. That way you can get a better entry point than the initial flip point, and are more confident that the trend in your direction will continue than you would be if you entered before the flip.

It is slow and can put you to sleep, but it can work. The most important thing to remember for scalping is that it is better to lose most of your profits than have a loss. If my entry has gone at least 5 pips or so into profit, I will not let stay open back into negative. Sometimes you might have situation where you have 20-30 pips profit and then it turned against you. You keep your order open, hoping to get back to your original profit and you turn your profit into a loss. Close it, even if you only have 1 pip of profit left. It is much much better to lose 29 pips of profit than 30 pips of profit and 20 pips of capital.

I have only been working on the dow scalping since we discovered the great correlation. The dow is most active first thing in the morning and late in the afternoon. In the morning, the market will set a floor and ceiling for the day, which are usually respected until the end of the session. After the market calms down, I will watch for a bounce off of the floor or ceiling of the dow and enter. Then I just watch the dow motion and hope I have a situation where the dow is going to drift all the way to the other barrier. Sometimes you have a situation where the dow hits the ceiling bounces down a little and then turns back up. In those situations, I don't worry so much about letting my entry turn negative. I know the market will likely just bounce again off the ceiling and then go down.

You might only get 1-2 scalps during the calm period of the dow, and 1-3 scalps during a 4 hour quiet period in the asian session. And of course, many days you can't do any scalps. But if you want to try it, feel free. Just be cautious and protect your capital.

I hope this helps. I don't consider myself an expert on scalping. This is just what I have been doing.

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Quoting karmostaji

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This is what i'm looking at, we'll know by the end of the month..

http://img510.imageshack.us/img510/6861/gjmz2.gif

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Quoting emda

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For me MT4 works much better. it is much faster scrolling the charts... and painting them... but it consumes too much memory.. it requieres a good computer. But I think is a very good software. There are a lot of hidden tips in the help file to use it better.

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Quoting AlphaGA

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Thanks a bunch, Markam!! I truly appreciate you sharing this with us. It definitely gives us all a good guide line to watch out and practice.

~G.

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Quoting brucehvn

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Aus, attached is a Bar Clock indicator that I modified somewhat. It will show you the server time and the time the current bar has been active. If your broker is not active yet, it will just show what time they closed until it becomes active.

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Quoting holland_j

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I just wanted to say Thanks a lot to Que for the MT indicators. I just got them up and going. So now i finally have the opportunity to follow along with you guys.

Im in Chicago and its 5:18pm here so Im going to stay with you guys as long as I can everynight but unfortunately I have to work at 6:30 am.

I can follow the thread at work but I cant use my charts....

So, good morning/night everyone - lets learn, have fun, and catch a few pips!

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Quoting kevinsw

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Well this ain't no fun...I was waiting for a large market gap...
Not this week I guess..

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