Scalpers Go Here

Hi Tiki Trader,
I hope this helps....Valerie....

All EMAs... Just set it up on any chart.... EMA 5,10,15,...,230,235,240 etc...

Overkill and too much load to the MT4... Just simply create a MMA template file... Loads much faster and works well...

How you can use 5 sec charts in trading? I am upset...

Hi Linuxtroll,

You aught to start a thread of your own to teach some of us newbs how to scalp like an expert such as yourself....

Try it... Getting upset is not going to help anyone...

If you can capture 2 pips from this setup -- you can scalp (short term trade)... else work on higher timeframes with higher risk, bigger drawdown, longer monitoring time and trade lower lots per trade... Pick your style and own it...

troll, so you just wait for rainbow to switch sides then scalp in direction of the rainbow on a 5 sec chart in oanda?


do you use euro only?
oh i see you have eur/jpy there, is that your main pair?
westie

I got some time today; that's why I am posting... search the forum here, TSD and Oanda and I have posted enough materials for past three years; to give you a good start... Just setup the Rainbow and get a lot of screen time... Practice Practice Practice; Train the Brain to spot the moves... KISS...

Cheers...

As a Linux user; Oanda platform helped me to build my strategy; and for practice (Practice Live Trading Account)...

GBPJPY
GBPCHF
GBPUSD
EURJPY

I use the 5 minute chart to scalp. Mainly trade EUR/USD.

For those of you scalping or quick trading, LinuxTroll's rainbow chart is a big help in visualizing trends. Combine this tool with a knowledge of pivot points, support/resistance levels and you can hit it good. You can also use your momentum indicators, too for an idea of the strength behind the moves.

today's trades

USD/JPY +21 pips
AUD/USD + 20 PIPS in two trades
EUR/USD + 47 in 3 different trades

wonderful day.


GF

That is the whole idea... Once you know the direction and the currency is moving; just jump in and out... That's why 5 sec chart...

Way to go... Try it on GBPUSD; GBPJPY; GBPCHF and EURJPY... :o)

why those specific pairs?

This may not qualify as scalping, but I'll throw it out here anyway...I watch USD/CHF, why? Because its a slow moving market in the evenings & overnite.

I look for the high and low from 6p to 10p, place open orders on both sides for 20 ticks ( during good trending, otherwise 15 ticks) and stops @ 15 ticks. Go to bed, get up @ 4:30a and cancel any orders that remain not filled. By placing open orders thru vt trading, I have no spread costs. I trade every day, consistently. By the end of the month, I have averaged 15 out of 20 trades going my way. While this may not seem like much, I take risks most of you would not consider safe, such as trading full contracts with only $1,000 each. As my profits build, multiply contracts accordingly.

I must admit, I have only back tested this approx. 3 months and have actively traded this method 3 months with success. I know I am going to have losses throughout the month. By limiting my profits, I help to minimulize those losses.

Doesn't this program have spell check?

Eur/Jpy is fine, but spreads are a little large sometimes on the GBP pairs for scalping, especially GBP/JPY. Its moves can be larger so I often shoot for a little higher timeframe because 50 point moves are not uncommon on it.

GF

I've had a couple of requests for more information on my scalping/quick trading methods (I call some of it quick, because sometimes I don't consider it just scalping).

First, I do a variety of trading practices. As for my experience, I've only been doing forex now for about 9 months, but have had several years worth of practice on the stock markets. In all of my trading, I prefer short term trading over anything else because the further into the future you go, the more difficult it is to determine where your trading choices will go. I've also learned that the forex market is a totally different animal than the stock market. Either way, though I enjoy doing scalping, day trading, and swing-trading. I have a few setups that go for longer time-frames, too.

But when sitting down to do scalping/quick trades here is what I go through:

1. Determine the overall trend generally on a 30 minute chart. I use generally an 18 EMA and a 28 EMA indicator on my chart at this level. Which side of the these two EMA's is the price action taking place on? Above = uptrend, Below = downtrend. Pretty simple idea.

2. Now go down to the 1 and 5 minute charts. Find out where your support resistance levels are across the whole entire daily average range. You may even have to go back a day or two to look at where the peaks and troughs are. In the case of large swings, you may even have to go back several weeks. Once you've determined these levels, keep track of them.

3. Use LinuxTroll's rainbow chart or you can even use some of the templates I have posted in my EA thread "Flyer! V200" in the trading systems forum. You want to use these on a M1 or lower timeframe setting. When the MA's cross and start a new direction, this is where to begin your scalp or quick trade. I generally make it rule of thumb to only trade in the direction of the trend determined in step 1 (but you can make exceptions).

4. Once your position goes into the profit, keep an eye out for when ever it hits one of the support/resistance levels noted in step 2. Be quick to recognize these levels, because the action can bounce off of these points and turn around within seconds causing you to lose valuable pips especially if the price moved quickly in getting there. As soon as you feel that the action could easily reverse on you, get out. You may have only made a few pips, but stay in too long and you could quickly see yourself staring at a -20 or -30 loss or waiting a while for it to come back again even if the loss is only negligible.

5. RR ratios. This is all important and my own personal preference, determine what you like. But, I never scalp trade any one position with a large amount of my portfolio. Like LinuxTroll, I use Oanda because the spreads are small and you can set your position to any amount you like. No lots, just dollars. Reason being is (and you're going to call me insane) I don't take the time to set S/L levels very often. If a position goes bad on me and I don't like where its heading, I just get out as soon as I get uncomfortable with it. Often times, I even end up sitting on a losing position only to get out of it several hours later because I feel confident in the overall larger trend (remember step #1?). What about those inadvertent internet outages/ server disconnections you ask? Well, the answer is I can easily take 3-400 pip losses on my positions before it would begin to make a dent in my account. How many times have you seen the market go that far in a short period of time? If I set S/L's, I worry more about my position than if I don't.

Pressing forwards though, my general rule of thumb is to try to take at least +10 pips profit on each trade (doesn't always work that way, but I try). If I do take a loss, I generally start getting out once I break a -50 loss. Ok, so how do I afford the loss if I'm only taking 10 pips? Well, first of all... my accuracy on these trades goes very well. I easily average 90% accuracy. I think my longest winning streak has been 17 trades in a row. Second, I often make more than 10 pips each trade.

6. Stick to your rules. Never try to scalp against the trend. Don't play reversal strategies thinking it will turn around at some point or another. What you are trying to do is match the action. You have to follow the crowd. Turn with the crowd, run with the crowd, stop with the crowd. But don't, don't, don't try to guess where its going to go because as soon as you do that, it will do something else.

Finally, follow what works for you. For me these ideas work. Seriously, I average 3-10% of my account each week ( not all from these kind of trades). Stick to your guns, study the market, watch out, and never give up if this is what you want!

Good luck all!

GirlFlyer

Hi everyone


can any of you help me to find a good Scalpping method ? there is a lot of mehods avalabe in FF and a lot of them have many pages to go throgh. I dont know which one is better and i dont have enough time to test them all.
from where should i start to learning scalping?

(sorry for my english)
best regards

Where could I find out about the rainbow chart at? Sounds very interesting and all I want to accomplish is 10-15 pips per trade once or even twice a day...Where is the website to learn more about this indicator? What type of chart do you need to use because I do not pay for the extra charts...I try to use the free ones...Thanks...