Scalping the pip out of it

Pittb there is posibble play only on 60 % fibo? I see for know it like 90% like just now 40 pips in 15 min. You alway in on 60% and you have back test ?

Here is my first one of the day. I am already up on this one too.

Good for a quick pip. I made 10. Entered exactly at the fib and exited when it started to stutter. I am only on a 15 min breakfast break or I might have trailed it a little.

62% FIB is definitely the better fib to take a move off of because the swing that brought it that far has exhausted price action more. That means more likely of a bounce . Also You risk is less because the 62 % is closer to previous lows. I know people who only take 62% fib bounces

damn I Am Good!!!!!

A lot of what this market consists of is an ability to follow trends. Duh! The reason that I use the indicators that I use is that they are the only ones( and i have seen my share of systems!) that let me get in after price is already trending. You have to be able to look at a chart and see where you can take advantage of a trend. Trying to pick turn-arounds is a lot harder than playing momentum. Fibs with bolilnger rides, rsi and stoch line ups get me in in the direction of the trend. Back in the good ol days of trading we would just say F#@k it! and get in, the price would turn against us, So we would double down.

We knew where it was going and hoped to averaged out of a bad trade. I hope i NEVER have to deal with that level of stress ever again!!!

Another thing to understand is that today is triple interest on the JPY crosses. I never go south on wednesdays.

That is all for now. I will be back online afternoon.

Put it in the bank
Piitb

Hindsight is 20-20. I would have loved to let this one develop a little better, but like i said I was on a 15 minute breakfast break and saw the trade and took it.

This is what happened!!

This is the key point when scalping becomes something a little more. When you can see a clear direction. Market flow on 1 hr is up. Higher lows. And you have a fundamental backing of your trend ie. carry trade, You have to ability to get into a great position to extend your profits.

This was a good example of how to get into a trending market at a bounce. The value of an immediate bounce is psychological but it is also a technical opportunity!

When you have an immediate bounce of price you can get a stop loss in at break even. From there all of sudden you are not just a scalper. Now you can slowly choose your higher swing lows to put a trailing stop under!

When you can effectively turn a scalp into a profitable position trade, you are well on your way to mastering this market.

Scalping allows for the tightest entries. Trailing stops allow you to maximize profit. The best of both worlds combine.

One more thing. About breakeven stops. This is VERY important. What a breakeven stop is an order that will take you out of the market if you lose all of your profit. You have covered your spread and no longer have any risk. The issue at hand with this is risk-reward ratio

Risk-Reward is how many total pips you are willing to lose( spread+stop) by how many pips you are able to gain (profit - spread). There is another function in this equation. Sucessful trade probability. If you are 90% successful on any trade that you take, you do not need as good of a risk reward ratio!!! This however is hard for you to quantify accurately. But that is besides the point.

If you have a risk reward of 1-1 meaning on the gbp I have 8 pip spread. I choose a 10 Pip SL, and I have an 18 pip profit target. Obv in most markets that changes and yes i will take 1-0.5 R/R trades. The reason being is that sometimes i can get in a trailing stop to go for extra distance.

Say for example you are trading the EJ and you have a 3 pip spread. 10 pip sl. and maybe a 10-15 pip profit target. You are getting around 1-1 R/R. If you try to get in a trailing stop loss and get stopped out at 0 pips you are doing nothing to improve your R/R factor over all. This is a market of pips and every one of them counts. If you decide to move your " Break even " stop to one pip of profit and you do that every time. Now after 15 trades of you getting "stopped out" You actually have one more profitable 15 pip trade (In effect ) that affects your successful trade % (in effect) !!!! Obv this is all theoretical, but it helps.
My point is I NEVER have a breakeven stop. If I am moving SL to no risk factor I take at least 1 pip for my trouble.

Let me know what you guys think
Put it in the bank

Your technique is incredible. If I wasn't madly in love, I would be all over you. http://www.forexfactory.com/images/icons/icon10.gif Your knowledge of scalping and fibs is impressive. Have you ever considered having someone pay you to think?

Now that will definitely get some badly needed attention on this thread!

I will take into account your very valid points. I hope to see more of your " technical analysis" on this forum. LOL

If you guys havent heard the song " remember the name" by Fort Minor
I would suggest you download it. It is basically my trading anthem!!

It is about time you know who is talking to you. This is me! If you want to know anything about this market ask! I have an understanding of economics and I Know indicators. PLEASE ask me anything. EVEN IF YOU JUST WANT TO TELL ME THAT I AM UGLY!!!!

Let me know!

Hi this is ME!

I wanted to touch on a little common sense trending. In the attached chart you can see that price keeps trending up. Woohoo! What does this mean in terms of entries. Okay here we have a lot of information. We have a lot of stochs. A lot of price action. It is easy to look back on a chart and say " well i would have gotten in there ".

That is one of the main faults of new traders! As price goes up we are looking to get back in on the retrace. I put up a lot of fibs over the places that I marked and a lot of them line up. The point is that there is a lot of times where there might have been false setups, and how do you take these into account in real time.

Using EMAs as trend setters is important. If you look at this graph, of price action for the last day today, While price action is rhythmically trending up, the pullbacks respond to different EMAs at different times. Depending on the strength of the trend.

Look at how price bounces around the 50EMA. When you have lower highs( possible trend change ) price starts to break the 50EMA(green) Price engages the 200EMA(black) and it stays above!!! When price goes back up and creates new highs and higher lows, price comes back down to retrace and retest and it bounces off of the 50EMA and continues with the trend!!

This is how I use my EMAs for trend and bounce!
Let me know if I missed anythig!

yes it look easy and nice, but i don,t think it good idea, i see many times when 50 ema was ignore by price.
How you know when price bounce 50 ema, it must close in special way?
or just make spike?
any way i see on 22.00 15 Apr. time price make spike crosses 50 and back above and was nice close but in next 30 min come back and hit sl.

I use overlapping fibs to increase accuracy of bounces. I look for them on all timeframes. More importantly I look for previous bounce points(price rejection) to line up with Fibs for entry.

Okay, the way that I use the 50 EMA is for confluence or confirmation. I need SEVERAL indicators to help with my analysis. The only time that i look for bounces off of the 50 EMA is when price is trending up or down at more the 45 degrees. This means that major market sentiment will carry your trades.

I use Fibs with slow stochastics and rsi to line up with previous highs/lows to get an idea of where to get in. When I just showed a trending market i was not suggesting entries. I was only pointing out the way price plays off of 50 EMA.

I hope that is an answer to your question Kirm. Thanks for helping out here. I am happy to explain any of my charts.

hehe this is gone start a hard difficult task

I understand that you are from poland. There will obviously be a language barrier. But I will try my best to explain simply