GBPJPY scalpers

Quoting kujo17

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Great thread.

While I will still do some longer time frame trading, alot of my pips are scalped.

Like you, I've been using Fibs and RSI/CCIs for a bit now.

retrace was just shy of the 38.2 fib of that move up.
RSI is moving up towards over bought again.

Will load up on another short if it gets to the 211 area, to TP out down around 210.20ish.

Keep up the great analysis and happy Pip hunting to all.


kj

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Quoting mazdaz

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I am waiting patiently for a nice entry.

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Quoting alan003

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do i enter long when bar closes above 50sma on 15min chart and opposite for short?

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Quoting malcolmb14

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I got in short 210.90 on that 10 min chart trade .... 210.2 would suit me fine !!!

DJ futures seem to be forming an inverse cup and handle 12,420 break down would be a break of the handle.

My futures chart is in my trading platform and I seem unable to copy and paste into this forum. Any suggestions how I do this as my tradng platform does not allow me to 'save as image'

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Quoting malcolmb14

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Yes but allow 15 pips above the high of the trigger bar for long and 15 pips below the trigger bar for short .... this keeps you out of 'false ' breakouts of the 50 sma.

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Quoting alan003

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thanks bro, does the exact method work in 5 min chart or is it better on the 15min to be safe

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Quoting malcolmb14

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Here is something I have taught the 300 traders in my stock club how to make money with on a regular basis. It works for forex also.

It is called the open range. For a free e book explaining this in more delth please go to www.marketgauge.com

The open range is the high and low of the 1st 30 min of market open.

I use the following opens to set open range
NIKKEI - 4:00 - 4:30 pm PST
FTSE - 12 - 12:30 am PST
USA - 6:30 to 7am

The two red lines in the chart below are the open range high and low for the NIKKEI tonight.

About 17:00 hours we had a breakdown of the open range low , this is a bearish sign that the perception for the pair is bearish in this session.

The breakdown was also the breakdown of the 50 sma on the 5 min = bearish .

The price, 99% of the time, will come back to re- test levels of breakouts. .. in this case it tested both the 50 sma and the open range low.

This would be the ideal short entry with a 30 pips stop.

If we get a break back into the open range channel (211.13 to 211.34) then we close short and wait for the next trade trigger.

I made over 300 pips on dj-30 trading this exact method on Friday.

Over the next week we will trade all three if the styles talked about in here tonight.

They are all very simple.....

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Quoting malcolmb14

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Can anyone tell me why it would have been very safe to go short off the test of the open range low in the chart for the above posting ?

Think divergence.......

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Quoting fxstman

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theres divergence on the RSI at the 2:00 period?

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Quoting malcolmb14

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Yes hidden bearish divergence...... easy short when you spot them

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Quoting malcolmb14

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As this pattern jumped out at me I thought I would post it

Patterns such as head and shoulders , , trend lines, even fibs can be applied to indicators as well as price.

Here is a nice head and shoulders set up on the RSI 14 on the 30 min.

I am a short ternm trader I like to know what is going on with the longer term time frames, neck line is the 38.2 % fib (rsi). If this is broken down we go.

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Quoting malcolmb14

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My futures chart is in my trading platform and I seem unable to copy and paste into this forum. Any suggestions how I do this as my tradng platform does not allow me to 'save as image'

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