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Attachments: Scalping the pip out of it
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Scalping the pip out of it

  • #81
  • Apr 14, 2008 9:58pm Apr 14, 2008 9:58pm
In retrospect of the trade that I took, here are my thoughts. I got a little lucky there. Perfect exit! On the GJ price was engaging the daily pivot. It penetrated but did not break. This was a pretty big price rejection which in turn moves the EJ as well.

Also the 1hr chart is climbing up like crazy. The 4 hr market flow is STILL down and will be up until 161.50, Long way to wait.

The trade that I took was counter trend so minimized any profit potential.

IF price has broken GJ pivot and EJ made new swing low on 1hr, my prospects would look a lot better.

"So i might try to get in behind with with a trailing stop and get some extra yardage. "

This changed when price was rejected and closed above GJ pivot. one reason. also there was a lot of indecision in the market. So I decided to take what I had when I had it



Anyways. I will try to keep them coming. And like pink floyd says

"Is there anybody out there?"
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  • #82
  • Apr 14, 2008 11:06pm Apr 14, 2008 11:06pm
I hope you are still there!

Just found this thread today, and I'm into scalping the GBP/JPY (guppy) too... with mixed success - high accuracy but high drawdown, so it's back to the drawing board for me!

I like your posts, so keep it up! I'll try to contribute as best i can.
  • #83
  • Apr 15, 2008 12:36am Apr 15, 2008 12:36am
Well, I am a bit disappointed that not more ppl have shared their ideas. Maybe this thread needs to be moved to the trading systems section, rather than forex discussion.

Regards,
K.
  • #84
  • Apr 15, 2008 2:32am Apr 15, 2008 2:32am
Quoting Piitb
Heres to being totally wrong. WOOT
I scalp the 1 min time frame using multiple time frame as my guide. My main indicators are the .
1. 13ema and the 50ema on the upper time frame,(S/R}
2. 200ema and 13ema on the lower time frame.(s/R)
3. level stop reverse on all time frame (GREAT FOR S/R)
4. gann hilo (GREAT for S/R)
5. Stochs and QQE to filter any creazy moves.

I only trade the eur/usd and u/j because of the low commission and pip spread.

I rather get 5 pips with 20 lots than 20 pips with 1 lot.

I enter on S/R break in the 1 min and exit when price retrace in 1 min
My stop is always if S/R is broken against me.

I always trade the trend and I define the trend as when 3 or more time frame is telling me the same thing.
  • #85
  • Apr 15, 2008 2:46am Apr 15, 2008 2:46am
Quoting icthelite98
I scalp the 1 min time frame using multiple time frame as my guide. My main indicators are the .
1. 13ema and the 50ema on the upper time frame,(S/R}
2. 200ema and 13ema on the lower time frame.(s/R)
3. level stop reverse on all time frame (GREAT FOR S/R)
4. gann hilo (GREAT for S/R)
5. Stochs and QQE to filter any creazy moves.

I only trade the eur/usd and u/j because of the low commission and pip spread.

I rather get 5 pips with 20 lots than 20 pips with 1 lot.

I enter on S/R break in the 1 min and exit when price retrace in 1 min
My stop is always if S/R is broken against me.

I always trade the trend and I define the trend as when 3 or more time frame is telling me the same thing.
All that is left in FF is just plain garbage. "Cloggie"
  • #86
  • Apr 15, 2008 6:57am Apr 15, 2008 6:57am
Now that is what I call a good contribution.

A picture would so compliment your post.

Thanks.
K.


Quoting icthelite98
I scalp the 1 min time frame using multiple time frame as my guide. My main indicators are the .
1. 13ema and the 50ema on the upper time frame,(S/R}
2. 200ema and 13ema on the lower time frame.(s/R)
3. level stop reverse on all time frame (GREAT FOR S/R)
4. gann hilo (GREAT for S/R)
5. Stochs and QQE to filter any creazy moves.

I only trade the eur/usd and u/j because of the low commission and pip spread.

I rather get 5 pips with 20 lots than 20 pips with 1 lot.

I enter on S/R break in the 1 min and exit when price retrace in 1 min
My stop is always if S/R is broken against me.

I always trade the trend and I define the trend as when 3 or more time frame is telling me the same thing.
  • #87
  • Apr 15, 2008 8:27am Apr 15, 2008 8:27am
I can't post all of my charts because I have charts for every time frame up to the 4 hour open. Here is a trade I took price brook through all of my support and resistance indicators in the 1min it is also below the 200ema in the 1min, 5min, 15min, and 30min. and it just broke the 50ema in the 1hr I took this trade and exit at the 13 ema break back upwards.

To be an effective scalper you must
1.study price action. Open a blank chart put a 13 ema on that chart look at what happens to price around that ema. Repeat for the 50 and 200ema. 2.keep your charts simple. You need to see the moves coming and believe or not clutter on your charts can blind you.
3.Make rules that you live and die with.
4.Be very Patience and wait for set up DON'T JUMP THE GUN.
5.Always plan an exit around S/R levels NOT A PIP COUNT.
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  • #88
  • Apr 15, 2008 11:56am Apr 15, 2008 11:56am
Quoting kermut
Well, I am a bit disappointed that not more ppl have shared their ideas. Maybe this thread needs to be moved to the trading systems section, rather than forex discussion.

Regards,
K.
I was just thinking that. Good one!
  • #89
  • Apr 15, 2008 12:01pm Apr 15, 2008 12:01pm
Quoting daniel_kl
I hope you are still there!

Just found this thread today, and I'm into scalping the GBP/JPY (guppy) too... with mixed success - high accuracy but high drawdown, so it's back to the drawing board for me!

I like your posts, so keep it up! I'll try to contribute as best i can.
Great to have you aboard. Drop some knowledge whenever you get around to it.
  • #90
  • Apr 15, 2008 12:07pm Apr 15, 2008 12:07pm
Quoting icthelite98
I scalp the 1 min time frame using multiple time frame as my guide. My main indicators are the .
1. 13ema and the 50ema on the upper time frame,(S/R}
2. 200ema and 13ema on the lower time frame.(s/R)
3. level stop reverse on all time frame (GREAT FOR S/R)
4. gann hilo (GREAT for S/R)
5. Stochs and QQE to filter any creazy moves.

I only trade the eur/usd and u/j because of the low commission and pip spread.

If you like the UJ check out the EJ. Lots of movement not as bad of a spread as the GJ.

I rather get 5 pips with 20 lots than 20 pips with 1 lot.

I enter on S/R break in the 1 min and exit when price retrace in 1 min
My stop is always if S/R is broken against me.


Do you enter a trade off of the level stop reverse on the 1 min chart? I see that on your chart you use two level stop reverses, Is that to get confluence? Do you also trade on the 13 and 50 breakouts

I always trade the trend and I define the trend as when 3 or more time frame is telling me the same thing.
Higher TFs I would imagine? How high do you go if you are trading the 1 min?

Thanks for the hit man. I would love so see a setup on your charts that you consider optimal!

Put it in the bank
Piitb
  • #91
  • Apr 15, 2008 12:20pm Apr 15, 2008 12:20pm
This this kind of trade that I like to take. I am not sure if it is going to really turn around. But it is also hitting the main pivot on 1 hr chart. Double top. And running into a couple EMAs

I am not trying to be right about every trade. I am trying to know why I am in every trade.
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  • #92
  • Apr 15, 2008 12:31pm Apr 15, 2008 12:31pm
I am in fingers crossed
  • #93
  • Apr 15, 2008 12:33pm Apr 15, 2008 12:33pm
I am a little scared about this one but it looks good on higher TFs as well
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  • #94
  • Apr 15, 2008 12:37pm Apr 15, 2008 12:37pm
HOLLA if ya hear me!!!! Got in quick got out quick.

In 199.61 out 199.45

ON the previous pic the red tag is my order in the negative because i havent covered the spread. I took this screenshot just after i got out.
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  • #95
  • Apr 15, 2008 12:40pm Apr 15, 2008 12:40pm
I really want to show that I am willing to trade with complete transparency. If you can trade you should be able to do it no matter who is watching.

Anyone has anyquestions about my reasons. Or even if you want to tell me that I am stupid for taking this trade, Let me know.
  • #96
  • Apr 15, 2008 12:45pm Apr 15, 2008 12:45pm
This is what i was seeing on the 1 and 4 hr charts that gave me the extra confidence to take a somewhat risky scalp.

Pivot and EMAs might now change the direction of the market but usually are good for a bounce.
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  • #97
  • Apr 15, 2008 12:54pm Apr 15, 2008 12:54pm
This is a snapshot of the EJ as well which has its own confluence of short scalp indicators. I use bollinger bands on EJ cause it doesn't whip as much as GJ
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  • #98
  • Apr 15, 2008 12:56pm Apr 15, 2008 12:56pm
I like your style this is a trade i just got out of on the UJ This was what I called trading my trend set up price is above all 13/50ema's except the daily 50ema using the 1min t.f level stop breaks I trade this in the direction of my trend using the remaining level stop as my exit point. Whats good about the levl stops once it is broken it moves to form R/S.

I can't say I trade break outs I just have points of entry and exits using my EMA, gann, and levelstop as point of entry and exit. Sometimes I exit a trade and it keeps running at that point I just wait for a reset in my 1min T.F. Also sometimes I enter a trade that go 2pips and reverse on me that happens in a very tight range thats when i like to use my stoch and qqe to filter those reverse it helps but not always perfect. I guess you take the good with the bad.
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  • #99
  • Apr 15, 2008 1:12pm Apr 15, 2008 1:12pm
I took a look at the E/J but I usually get a 1 pip spread on the U/J so I'm usually in the green after 1pip I'm not after a lot of pips I take what I get. When scalping you end up paying a lot in commisions so you have to take that in consideration also I get more lots with U/J than I would with E/U so I sacrifice pip movement for more lots.

Another thing that I find very important in scalping you need a pair that allows you to think and reconize what is happening. Price movement can lure you to sleep or rush you into making hasty decisions. A slower pairs allow me to analyize while I'm trading
  • #100
  • Apr 15, 2008 1:12pm Apr 15, 2008 1:12pm
Yeah. That does look like a pretty good setup. You must have a pretty tight spread there, 2-3 max? With the angle of your trend there the EMA works great. I am still a little confused about the 2 Level stop reverse lines. Is one a fast trigger similar to an 2 line EMA cross, Or is one your SL and the other your entry?

This is the both of us stomping the market on that last one!!![IMG]file:///C:/DOCUME%7E1/JONFIT%7E1/LOCALS%7E1/Temp/moz-screenshot.jpg[/IMG]
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