Linuxtroll Simple Scalping

Quoting Stan

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Oh, I just forgot to remove yellow horizontal lines from this morning...very good levels
Happy trading
Bruno

Bruno,
Your horizontal lines, did you put them on yourself or are they part of Oanda's pre-determined support/resistances levels.
I am not familiar with all the options of Oanda.
I have been using intellicharts (fxtrek) for 1.5 years and they have their own levels.
Thanks
Stan
P.S. Looks like you are starting to get the hang of the rainbow.

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Quoting Bruno

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Stan,
yellow lines are support and resistance levels. I use three monitors and good graphic card - I can see one window in all three monitors (then it is like very big 16:9 movie)- better overview about "important" S/R levels.
Good trades to you
Bruno

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Quoting FXSurfer

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Hi Bruno,
Can you tell me which toothpaste and shampoo you
are using? Your appearance has really improved almost
overnight! :

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Quoting kharvell

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Looks like Head and Shoulders and Crest......


Ohhhhh the forex puns.......

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Quoting Bruno

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Stan,
yellow lines are support and resistance levels. I use three monitors and good graphic card - I can see one window in all three monitors (then it is like very big 16:9 movie)- better overview about "important" S/R levels.
Good trades to you
Bruno

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Quoting kharvell

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I have to say, given the choice between the 2, I'm willing to put in a little extra time to trade the 1-minute and make more pips. May put another entry in when/if it retraces down and then goes back up again.

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Quoting Bruno

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I am so happy, you like my new image - yes H&S and Colgate

My last post today, this is TICK chart(Tradestation) - it is much faster than 5sec, just for demonstration. I watch all the time 5sec and tick with same setup 10,20,30.....250. I can scalp all the day, it is so funny.

Just let me know where you will entry/exit...

Have a great trades
Bruno

P.S.: Alessandro - very nice vacation trades, almost better than sex...am I right?
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Quoting italianfx

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Hi Kharvell, if you feel more confortable with 1 min it's ok but more pips doesn't mean more money. It depends on how much your pip worth.
if for example you use 15 pips stop and you make 30 pips gain is the same if you use 5 pips stop and make 10 pips gain.
this is why I prefer to scalp 5 sec, little stop and many more opportunity during the day, but I must be much faster in entering and exiting.
In this forum I see a lot of people speaking about pips, everyone try to make as many pips as possible and I used to do the same when I started trading, but now I prefer to think in term of % of total account and focus on consistency, it helps me to be not too greedy. when I started trading 10 pips it was not enough and I wanted always more, but if 10 pips is = 5% of my account it seems anough for the day :-)

anyway you are doing very well

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Quoting cesande

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Good information, but where are you pulling the S/R levels from?
Are they FIBs, previous high/low, etc and from what time frame???

Any guidance appreciated.

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Quoting Bruno

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Just take it easy - no FIBS. Try to add horizontal lines(EUR/JPY 5 sec today´s chart) on 157.80, 158.00 and for example 157.50 do you see it?

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Quoting cesande

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If 10 pips is 5% of your account, are you not trading with too much leverage???
Edit: After all if 10 pips up is 5% also 10 pips down (against you) would also be a 5% loss, correct?
I have allways been told that you should not risk more than 2% per trade.
Don't get me wrong, I would love to do that, but can you give an example of account size to number of positions per trade?
I am thinking that for each $10k in account one should trade 1 standard lot MAX, is that too conservative?

Also, I would love to hear your SL placement ideas vs TP.
I am using the opposite side of the spine on 5 sec (and 1 min when I trade that) plus spread. TP is quite subjective for me now and I am generally using round numbers E.G. 115.00 when shorting the USDJPY today.

Any thoughts appreciated.

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Quoting italianfx

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I use 80% of my account to buy contracts and a Max stop loss of 10 pips so if I have $10000 and each mini costs for example $136, useing $8000 I can buy 58 minis. now I risk max 10 pips on these 58 mini, so I risk to loose 58x10= $580 that is 5,8% of my total account. so each pips is = 0.58%
Usually I close a trade for 5-7 pips loss.
So even if I close the trading day with 5 pips I'm still gaining 5x0.58%= 2.9%
my weekly objective is to make at least 20% consistently so I need to make at least 34 pips in a week, an average of 6.8 pips per day.
20% weekly compounded is around 100% per month.
I just need 6.8 pips per day and with rainbow you know you can get much more. whe just need to be patience, not greedy and wait for the best setup. It may seems too ricky, but if you know what you are doing is not so risky.

I hope you understand what I mean!

Happy trading

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Quoting italianfx

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I use 80% of my account to buy contracts and a Max stop loss of 10 pips so if I have $10000 and each mini costs for example $136, useing $8000 I can buy 58 minis. now I risk max 10 pips on these 58 mini, so I risk to loose 58x10= $580 that is 5,8% of my total account. so each pips is = 0.58%
Usually I close a trade for 5-7 pips loss.
So even if I close the trading day with 5 pips I'm still gaining 5x0.58%= 2.9%
my weekly objective is to make at least 20% consistently so I need to make at least 34 pips in a week, an average of 6.8 pips per day.
20% weekly compounded is around 100% per month.
I just need 6.8 pips per day and with rainbow you know you can get much more. whe just need to be patience, not greedy and wait for the best setup. It may seems too ricky, but if you know what you are doing is not so risky.

I hope you understand what I mean!

Happy trading

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