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GBPJPY scalpers

  • #161
  • Feb 28, 2008 1:28am Feb 28, 2008 1:28am
http://img207.imageshack.us/img207/1613/27feb082xw8.jpg

i think it is very likely that price will bounce from 210.11 and going up. observe for double bottom
  • #162
  • Feb 28, 2008 6:08am Feb 28, 2008 6:08am
So let me put this simple:

1. We are looking @ market range of 30min and wait for breakout for:

US: 6:30 - 7am EST,

-----------------------------------------------------
so we are looking the first 30min on market after DOW open? Am I correct?
- we mark high and low on that 30min interval


2. we wait for Retest the low or high after breakout, and then we enter.

3. SL apx. 30pips

4. In case durring retest, PA enter in the range, we setback, drink a coffee, play with the familly, and wait for another opp?

RIGHT??
  • #163
  • Feb 28, 2008 6:17am Feb 28, 2008 6:17am
Quoting Piters
So let me put this simple:

1. We are looking @ market range of 30min and wait for breakout for:

US: 6:30 - 7am EST,

-----------------------------------------------------
so we are looking the first 30min on market after DOW open? Am I correct?
- we mark high and low on that 30min interval


2. we wait for Retest the low or high after breakout, and then we enter.

3. SL apx. 30pips

4. In case durring retest, PA enter in the range, we setback, drink a coffee, play with the familly, and wait for another opp?

RIGHT??
sounds to easy doesn't it ?
Blogging daily now at www.volume.zone
  • #164
  • Feb 28, 2008 6:24am Feb 28, 2008 6:24am
Will let you Know after 10am



thanks



Quoting malcolmb14
sounds to easy doesn't it ?
  • #165
  • Feb 28, 2008 6:48am Feb 28, 2008 6:48am
Quoting FxChi
Malcomb - thank you for a thought provoking thread (especially the hidden bearish divergence on the daily). I've been reading and rereading this and it's really very interesting. I'll have to demo these strategies before going live with it, but it sounds fairly straightforward.

Couple questions - (1) Do you only trade your RSI, SMA, and OR methodologies on EUR/US overlap? Do you ever trade during the Euro session? You say you only trade during the most volatile times, and I thought the London session was very volatile for this pair.

(2) Do you use a stop loss and if so, how do you determine where it's at? Let's say I'm on a 15 min chart, and RSI crosses down below my 60 and I short 15 pips below the candle. Should the stop be placed let's say 15 pips above the high of that candle and vice versa when going long?

(3) I'm still unsure of TP's. Are sup/res zones from larger timeframes used (for instance hourly charts)?

Well I've enjoyed this thread thus far and plan on reading and rereading this. Thanks again and may the pips be with all of us!
The stratergies can be played during the euro session also.... but I am on the West Coast of Canada .. .so the euro/ us session overlap suits me better.

An open range break out , applied to the ftse100 session, would have given 40 pips last night.

RSI14 triggers on a 5 min chart from 21:00 hours feb 27th pacific to 1:00 am feb 28th , 135 pips.

For stop losss I typically use 50 pips when day trading. sounds high , but honestly the techniques I have described in here are 85% accurate when applied correctly.

Ah the ever elusive target points ..... I am going to introduce a technique called 1-2-3 buy and 1-2-3 sell formations.

This also deals with another traders posting on exits.

1-2-3 buy , 1 = low ,2= high , 3 = hogher lower
1-2-3 sell formation 1=high , 2 = low , 3 = lower high

apply fib extensions to these 1-2-3 fprmations for targets.

Look at chart below. WE have a 1-2-3 sell formation. I applied fib extensions to it

23.6 = 211.46
38.2 =211.13
50 = 210.83
61.8 = 210.55 (also the 61.8% fib retracement of 208.7 to 213.4)
76.4 = 210.20 (this is an important 1)
100=209.65
123.6=209.08
138.2=208.73

Those could be used as targets. Note on the 30 min chart below how price tested the 76.4 fib at 210.2. If 76.4 is broken we will typically test 138.2 % fib.

Also of note on the chart below is the fact that we are hugging the 50 sma... we keep on touching it from below.

TODAYS TRADING PLAN

sell breakdown 61.8% fib at 210.55
buy breakout of 211 area (50 sma on the 30min)

we are in tight range right now

Is it that simple ???? yes it is

trading is only hard if you make it hard....

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  • #166
  • Feb 28, 2008 7:10am Feb 28, 2008 7:10am
Hi malcolm

This is a great thread as you try to keep the strategies simple.

Opening Range for futures is quite clear:

For FTSE it is : 8:00-8:30 GMT
For US markets(YM, ER2, NQ etc) it is : 14:30-15:00 GMT

Are you using the same times for forex or do you use one "opening range" at the open of asian session only?

Also do you use 5min or 15min charts to trade futures? For forex it is 15 min as you have mentioned.

Please clarify.
Regards
  • #167
  • Feb 28, 2008 7:15am Feb 28, 2008 7:15am
Quoting howard
Hi malcolm

This is a great thread as you try to keep the strategies simple.

Opening Range for futures is quite clear:

For FTSE it is : 8:00-8:30 GMT
For US markets(YM, ER2, NQ etc) it is : 14:30-15:00 GMT

Are you using the same times for forex or do you use one "opening range" at the open of asian session only?

Please clarify.
I use the open range of the three markets

NIKKEI . FTSE and US

NIKKEI 4pm to 4:30- pst ( typically very quiet and not worth trading)
ftse 12 am to 12:30 pacific
US 6 - 6:30 am


Did you go to www.marketgauge.com and download the free e book ? trading the 10 o'clock bulls
Blogging daily now at www.volume.zone
  • #168
  • Feb 28, 2008 8:13am Feb 28, 2008 8:13am
Quoting malcolmb14
I use the open range of the three markets

NIKKEI . FTSE and US

NIKKEI 4pm to 4:30- pst ( typically very quiet and not worth trading)
ftse 12 am to 12:30 pacific
US 6 - 6:30 am


Did you go to www.marketgauge.com and download the free e book ? trading the 10 o'clock bulls
Thanks a lot, you use 3 ORs for the 3 sessions.
Regards
  • #169
  • Feb 28, 2008 8:27am Feb 28, 2008 8:27am
Ok, ready for first shot..

Above 210.45
bellow 210.15

very small range.. I beleive is going to break to UPside..

cheers
  • #170
  • Feb 28, 2008 8:51am Feb 28, 2008 8:51am
Very interesting..

I am watching the Range last 3 15m bars, it does move @ the same range, but DJ is tanking....

waiting for breakout....


PT
  • #171
  • Feb 28, 2008 9:35am Feb 28, 2008 9:35am
two trades so far

210.85 to 210.2
210.45 to 210.7 (closed)

both rsi 14 triggers on esignal 5 min

we got a false break out of the open range high and and rsi short trigger , bar low 210.50 , entry 210.35


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  • #172
  • Feb 28, 2008 9:38am Feb 28, 2008 9:38am
wrong chart ,,that was dj

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  • #173
  • Feb 28, 2008 9:40am Feb 28, 2008 9:40am
I exited @ 50sma on 15min, from breakout 210.45. to 210.80 I know that is false one, but it is a NEWS time... anyway, I am counting my pips
  • #174
  • Feb 28, 2008 9:52am Feb 28, 2008 9:52am
Quoting Piters
I exited @ 50sma on 15min, from breakout 210.45. to 210.80 I know that is false one, but it is a NEWS time... anyway, I am counting my pips
sweet !!! pips are pips
Blogging daily now at www.volume.zone
  • #175
  • Feb 28, 2008 10:07am Feb 28, 2008 10:07am
Scalping = timing.

Exit long @ 70 - enter short @ 66.
History is written by the victors.
  • #176
  • Feb 28, 2008 10:15am Feb 28, 2008 10:15am
Great thread!
Are you still short g/j? what is the target?
  • #177
  • Feb 28, 2008 10:17am Feb 28, 2008 10:17am
All i know is my SL is @ 25
History is written by the victors.
  • #178
  • Feb 28, 2008 10:25am Feb 28, 2008 10:25am
Quoting Money-RX
All i know is my SL is @ 25
Make that 209.95 and lower if price breaks 209.70
History is written by the victors.
  • #179
  • Feb 28, 2008 10:26am Feb 28, 2008 10:26am
[quote=currinexfx;1875195]Great thread!
Are you still short g/j? what is the target?[/quote

a few posts up gave you trigger , entry and targets

entry 211.35 target 210.65
Blogging daily now at www.volume.zone
  • #180
  • Feb 28, 2008 10:30am Feb 28, 2008 10:30am
[quote=malcolmb14;1875232]
Quoting currinexfx
Great thread!
Are you still short g/j? what is the target?[/quote

a few posts up gave you trigger , entry and targets

entry 211.35 target 210.65
Check up in the logs i gave a 1-2-3 sell trigger with fib extensions for targets today. we hit 209.65 (100% fib extension) I closed for an easy 70 pips

Honestly i see more to come. More liekly target at this point 208.73 , as once price pases under the FE 76.4 it will typically go hit the FE 138% , which is 208.73
Blogging daily now at www.volume.zone
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