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Linuxtroll Simple Scalping

  • #1,381
  • Sep 13, 2007 6:15am Sep 13, 2007 6:15am
Thank you Trollman I will stamp it and put it on the wall in front of me


Pick only one currency (master it)... EUR-JPY
-Find out the time of the day it moves...
-Only trade during those times... 2-4 AM EST 5-8 AM EST
-Look to get x pips per trade with n lots (compound by gradually increasing the n with your success - decrease n with failure)...
WHEN YOU STARTED TRADING RAINBOW, HOW MANY PIPS PER TRADE YOU WERE LOOKING FOR?
-look at the 5 sec Rainbow chart (sneak peak at 30 sec) WHAT DOES IT MEAN SNEAK PEAK AT 30 SEC?
-identify the direction (no direction or movement; do not trade)
-Jump in and jump out...
-Get out and enjoy your life...
-Account will grow...
  • #1,382
  • Sep 13, 2007 6:48am Sep 13, 2007 6:48am
I am thinking why is there so many frustration and desperation if am not able to achieve my daily goal? Maybe I will not set up fix daily goals..

Fishermen example...he goes fishing..he can come back with 10 fishes...he can sit there for 5 days and have no fish at all...
  • #1,383
  • Sep 13, 2007 7:02am Sep 13, 2007 7:02am
Wow, lots of good stuff here today.

LinuxTroll: yes I will demo-trade. I just got so annoyed at the repeated action of picking the wrong times previous week. Need to know the active times first. Pas a pas, se va lučnh.

Oh and thanks for your explanation about why following only one currency pair. New "Aha!" here. lol

jjrvat: Nice to hear that you like my setup. I found that I could not use black background with white or other colours cause I got problems with my eyes. I am abit nearsighted and havent used glasses since I lost the last ones I had in 1997. So I meddled with the colours and background and discovered that black on white background and red average price was the easiest and most clear for my eyes

On having long-term goal: Already have done it. Did just set the goal even bigger than what I have ever done in my life. Hence I was looking for a forex method I could understand. Manifestation is an area I have been getting very good results since 2001. One of the results is that I own a house and I am not working. lol. Movies like "The Secret" and books like "Your Invisible Power" by Genevieve Behrend, "The Science of Getting Rich" by Wallace Wattles and so on is very good stuff.

I saw that someone did post Wallace Wattles book here before so I will give link to "Your Invisible Power" now .

http://lightisreal.com/YourInvisiblePower.pdf
Pas a pas, se va lučnh
  • #1,384
  • Sep 13, 2007 7:08am Sep 13, 2007 7:08am
Quoting Bruno
I am thinking why is there so many frustration and desperation if am not able to achieve my daily goal? Maybe I will not set up fix daily goals..

Fishermen example...he goes fishing..he can come back with 10 fishes...he can sit there for 5 days and have no fish at all...
Bruno, you will wrestle with your mind and feelings untill you know that its YOU who have the control and that you can do whatever you decide to do. It will be like a ping-pong game in the beginning. Back and forth, back and forth. Just dont give up!
Pas a pas, se va lučnh
  • #1,385
  • Sep 13, 2007 7:10am Sep 13, 2007 7:10am
Quoting RickJames300
1) Has anyone noticed that trading the 1 minute foldovers on
a 5-sec chart seems to be slightly more consistent than
spine parallel trends? I may be imagining it, but if I'm looking for a large
movement with high probability of monodirectional movement, waiting for
aggressive 1-min foldovers has worked really well for me...
Hi Rick.
I noticed your remark re "foldovers", and I was wondering how you trade them? So far, I've been concentrating on pull-backs on a good trend, plus the odd breakout, depending on its potential. However, although I've seen the foldovers you mention, I'd be interested in seeing how you trade them on one of your charts.
Let's face it...........the more ammunition one has, the greater the chance of hitting them pips!!
Cheers mate.
  • #1,386
  • Sep 13, 2007 7:16am Sep 13, 2007 7:16am
Quoting PaleRainbow
Bruno, you will wrestle with your mind and feelings untill you know that its YOU who have the control and that you can do whatever you decide to do. It will be like a ping-pong game in the beginning. Back and forth, back and forth. Just dont give up!

Nice words of wisdom

Bruno if you feel frustrated for a bad day, close you trading stration and watch the Secret movie again. Everytime I watch it I get more motivated

Linuxtroll suggested to close our trading station if we loose more than twise in a row and come back after 8 hours or next day.
  • #1,387
  • Sep 13, 2007 7:18am Sep 13, 2007 7:18am
Quote
Originally Posted by linuxtroll http://www.forexfactory.com/images/buttons/viewpost.gif
Once you know how to scalp with high probability - no one can take that skill away from you and no one can stop you from making money

So true! It's an invaluable tool.
  • #1,388
  • Sep 13, 2007 7:20am Sep 13, 2007 7:20am
Quoting italianfx
Nice words of wisdom

Bruno if you feel frustrated for a bad day, close you trading stration and watch the Secret movie again. Everytime I watch it I get more motivated

Linuxtroll suggested to close our trading station if we loose more than twise in a row and come back after 8 hours or next day.
Many thanks for these kind words PaleRainbow and Alessandro...

Just printing Your Invisible Power
  • #1,389
  • Sep 13, 2007 8:29am Sep 13, 2007 8:29am
Quoting Bruno
I am thinking why is there so many frustration and desperation if am not able to achieve my daily goal? Maybe I will not set up fix daily goals..

Fishermen example...he goes fishing..he can come back with 10 fishes...he can sit there for 5 days and have no fish at all...
If a daily goal do not work for you why not "turn it upside down" and only concentrate on a daily limit you can risk to loose and as long as you have not reach that loss just trade til you are in positive pips for the day and stop there even if it is just one pip. (but more is better of course)
That way you have control on your risk and can practice every day.

Arctic4x
  • #1,390
  • Sep 13, 2007 8:35am Sep 13, 2007 8:35am
All,
As fun as this is to watch the rainbow and trade, I have found a method that works well for me.
1st trade of the day that looks high probability place live. (I have 5-6 pips per day this week).

ALL other trades for the day / session are paper or demo trades just to keep the screen time up!

IF I were to loose the first trade of the day, I would continue live until +1 pip or until my personal limit hit for the day negative.

My goal is average 5 pips per day, so max I will let myself loose in 1 session is 15. With this I should end every week positive!
  • #1,391
  • Sep 13, 2007 8:44am Sep 13, 2007 8:44am
Quoting italianfx
Thank you Trollman I will stamp it and put it on the wall in front of me


Pick only one currency (master it)... EUR-JPY
-Find out the time of the day it moves...
-Only trade during those times... 2-4 AM EST 5-8 AM EST
-Look to get x pips per trade with n lots (compound by gradually increasing the n with your success - decrease n with failure)...
WHEN YOU STARTED TRADING RAINBOW, HOW MANY PIPS PER TRADE YOU WERE LOOKING FOR?
-look at the 5 sec Rainbow chart (sneak peak at 30 sec) WHAT DOES IT MEAN SNEAK PEAK AT 30 SEC?
-identify the direction (no direction or movement; do not trade)
-Jump in and jump out...
-Get out and enjoy your life...
-Account will grow...
italian, by looking at the 30s chart, you get a broader view of what's going on. The "big picture" if you will. Works with all time frames. Usually zoom out to about 4-6x the timeframe you're going to enter the trade on, to get the overall trend direction.

Just wondering--why the EURJPY for you? Does it move very well to you? The spread is about 2.3 pips on Oanda, so I'm wondering why a pair like USDJPY might not appeal to you more...? I'm still trying to find a good pair to really get in bed with, so anyone with recommendations, I'd really appreciate it.
  • #1,392
  • Sep 13, 2007 8:49am Sep 13, 2007 8:49am
Posting one more chart. I was too late for this one. So I did a trade just for fun. Enter because it looked like it was on the way up and exit on the first sign of that it was maybe going against.

Note to myself: the active time may be around between 2-4 pm my time for this currency pair.
Attached Image
Pas a pas, se va lučnh
  • #1,393
  • Sep 13, 2007 8:52am Sep 13, 2007 8:52am
Quoting JoshDance
...., so I'm wondering why a pair like USDJPY might not appeal to you more...? I'm still trying to find a good pair to really get in bed with, so anyone with recommendations, I'd really appreciate it.
i trade the USD/JPY for the lower spread and the active times of day. Nice move today after the USD news release (attached). Smoother move up then E/J today.
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.PNG Size: 78 KB
  • #1,394
  • Sep 13, 2007 8:55am Sep 13, 2007 8:55am
Quoting JoshDance
italian, by looking at the 30s chart, you get a broader view of what's going on. The "big picture" if you will. Works with all time frames. Usually zoom out to about 4-6x the timeframe you're going to enter the trade on, to get the overall trend direction.

Just wondering--why the EURJPY for you? Does it move very well to you? The spread is about 2.3 pips on Oanda, so I'm wondering why a pair like USDJPY might not appeal to you more...? I'm still trying to find a good pair to really get in bed with, so anyone with recommendations, I'd really appreciate it.

Thanks for explanation about 30 sec chart. I use EFX to trade , the spreed and commission of E-J is just a bit more than U-J , but E-J moves much more than U-J so it's easyer to make pips, and most important...Linuxtroll suggested me to focus only on one pair E-J or GBP-USD and I choosed the first one. I'm also looking at G-U and capturing screenshot of each session to learn how it moves. When E-J doesn't move G-U is good to scalp.
  • #1,395
  • Sep 13, 2007 8:57am Sep 13, 2007 8:57am
Quoting cesande
All,
1st trade of the day that looks high probability place live. (I have 5-6 pips per day this week).
ALL other trades for the day / session are paper or demo trades just to keep the screen time up!
Interesting: I came to the same conclusion after noticing my first trade of any open (London/US/JP) was the most consistently profitable. Its almost like all the traders jumping on the boat at the same time. (Afterwards they sometimes disagree and it can get messy.) Either that or its because I come to the screen with a fresh perspective, before losing it in all the detail.
  • #1,396
  • Sep 13, 2007 8:59am Sep 13, 2007 8:59am
Quoting JoshDance
italian, by looking at the 30s chart, you get a broader view of what's going on. The "big picture" if you will. Works with all time frames. Usually zoom out to about 4-6x the timeframe you're going to enter the trade on, to get the overall trend direction.

Just wondering--why the EURJPY for you? Does it move very well to you? The spread is about 2.3 pips on Oanda, so I'm wondering why a pair like USDJPY might not appeal to you more...? I'm still trying to find a good pair to really get in bed with, so anyone with recommendations, I'd really appreciate it.
Since I am too looking at the different currency pairs to figure out which one I would like to focus on I thought you would like to hear my ponderings.

I think that I may focus on eur/usd because:

1. It is in the middle of the day for me. New York opens at 2 pm my time and London is still open.
2. If its necessary to really learn everything about the currency pair I want to trade, I feel that eur/usd would be interesing for me to look into.

I know that the currency pairs with Jpy is moving much more but there is two things that makes me feel I dont want to use screen time and study time on those and that is:

A. It is late at night for me when Tokyo market opens. I am not always perked up and fresh that late at night. I like more to chat with my friends at that time.

B. For some reason the Jpy doesnt feel interesing to study about. I dont know why. Its just one of the hunches I get.
Pas a pas, se va lučnh
  • #1,397
  • Sep 13, 2007 9:08am Sep 13, 2007 9:08am
Does anyone know if it's possible to save a layout (my WMAs) when using the Oanda FXGame demo? I don't have a live account but the 5s charts are free for me to use and try, only I don't want to have to create 25 WMAs every time :-)
  • #1,398
  • Sep 13, 2007 9:10am Sep 13, 2007 9:10am
Quoting JoshDance
Does anyone know if it's possible to save a layout (my WMAs) when using the Oanda FXGame demo? I don't have a live account but the 5s charts are free for me to use and try, only I don't want to have to create 25 WMAs every time :-)
Yes, go to Tools in menu and Save Current Layout.
Pas a pas, se va lučnh
  • #1,399
  • Sep 13, 2007 10:17am Sep 13, 2007 10:17am
Quoting PaleRainbow
Yes, go to Tools in menu and Save Current Layout.
Thank you so much!
  • #1,400
  • Sep 13, 2007 10:20am Sep 13, 2007 10:20am
Ode to Joy! Page 97 is a wonder!

(I love it when LT can't stand our carrying on anymore
and comes in and kicks butt. HA! Thanks LT)
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