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Scalping the pip out of it

  • #161
  • Apr 21, 2008 8:08am Apr 21, 2008 8:08am
Hi Piitb,

Like I said, maybe if you move this thread to the forex systems section, you might get a few more ppl interacting.

I for one love scalping, but prefer to call it "in and out" quickly, rather than scalping.

I would love to talk about ur method and scalping in general, but I can't seem to see it in one consice post. Do you mind posting ur entry criteria in one concise post so we can have a point of refernce.

Regards,
K.
  • #162
  • Apr 21, 2008 12:12pm Apr 21, 2008 12:12pm
Quoting kermut
Hi Piitb,

Like I said, maybe if you move this thread to the forex systems section, you might get a few more ppl interacting.

I for one love scalping, but prefer to call it "in and out" quickly, rather than scalping.

I would love to talk about ur method and scalping in general, but I can't seem to see it in one consice post. Do you mind posting ur entry criteria in one concise post so we can have a point of refernce.

Regards,
K.
Hi kermut, I actually took your advice and contacted admin to see if my whole thread can be moved to trading systems. Maybe that way people will be more interested in the technical aspect of " in and out quickly" trading

I have posted most of my indicators, but I will make one post that has all of the specs defined. I do not have a mechanical system that I trade. I do have criteria for high probability movement, but I definitely do, and do advise, COMMON SENSE TRADING. By that I mean every trade is interpretive.

Thanks for the advice K
I will hit you back with an indicator post soon!
Piitb
  • #163
  • Apr 21, 2008 3:25pm Apr 21, 2008 3:25pm
This is another small scalp. I am not trying to get in behind this one. Just getting a few pips and getting out. I had my rsi stoch line up with a fib at a previous condolidation range. Also it was riding a bollinger band. I got in at the fib level and covered at the second fib level.









I didnt get to post this one in real time cause i always have my charts open, but I do not always have photoshop and forex factory up. I took this one for 9 pips.
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  • #164
  • Apr 21, 2008 3:55pm Apr 21, 2008 3:55pm
Do you take into consideration the "trend" - hourly, daily, etc. when looking for setups?
History is written by the victors.
  • #165
  • Apr 21, 2008 9:09pm Apr 21, 2008 9:09pm
I like 163.30 long on EJ. I have a confluence of fibs at previous high. If rsi and stoch line up( probably ) i might just take it!!!!
  • #166
  • Apr 21, 2008 9:33pm Apr 21, 2008 9:33pm
A bit of an odd spike. 163.3 still stands but looks like it might it might have just been a billionaire having fun!
  • #167
  • Apr 22, 2008 12:57am Apr 22, 2008 12:57am
So here are what indis I use

MACD on higher TFs. Standard input 12/29/9
Stochastics on all TFs except 4hr + 10/5/3 Make sure to use SLOW
RSI 14 period Only on 5 min chart

5 Lines of EMAs
5 -1 horizontal close exponential
8 open exponential
20 close exponential
50 close exponential
200 close exponential

I use daily and weekly pivots calculated at 12am est
I draw in support and resistance on different time frames.
I use Fibonacci retrace and extensions with 5 retrace inputs 23.6, 38.2, 50, 61.8, and 76.4% I have seen other values of mid seventy % and I am not clear on why different platforms use different numbers sometimes but these are the standard inputs on mine.

I also use bollinger bands ONLY on the 5 min chart. with a standard deviation of 20
  • #168
  • Apr 22, 2008 1:01am Apr 22, 2008 1:01am
Quoting Piitb
A bit of an odd spike. 163.3 still stands but looks like it might it might have just been a billionaire having fun!

There it was. A 20 pip bounce for anyone who was listening!!!
  • #169
  • Apr 22, 2008 12:41pm Apr 22, 2008 12:41pm
Here! This is a perfect scalp. What makes a good scalp is ENTRY, There is a really good entry here. Price Simultaneously engaged the 50 EMA on the 5-15-60 minute TFs. Also the 50 EMA on the 60 min chart was at a pivot!

Not to mention that price was at fib level overlapping the 50EMA on the 15 minute chart. You have a whole gauntlet of support that price has to break through to get to new lows here.

Plus!! I am long on all of the carry trade crosses anyways so I am always looking to buy.

Not to mention that I had a oversold Stoch on the 5 min chart and the 15 min chart!

This is a great scalp.

Put it in the bank
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  • #170
  • Apr 23, 2008 1:32pm Apr 23, 2008 1:32pm
Important technical discretion about stochastic!

Very important, you enter on a stochastic trade only when the two lines cross on come back through the trigger line! I have outlines a few places on this chart where stoch was over bought or over sold and price continues to go in the direction of the super short term trend.

Stoch should only be entered with a confluence of indicators. This is illustrated by the blue highlight on the chart where you have a stoch signal that was a false signal. This can be for a number or reasons including news. General trending functions ie carry trade etc.

VERY important. These trades work in a consolidating market. After a couple of days of movement, often the market will fall into a rhythmic waving pattern. This is hands down the best time for entering stoch trades!! When you have a trending market the value of overbought oversold becomes a secondary function to whatever fundamentals are pushing the market.

I am not saying that I took any of these trades. And I am not posting these to say that you " SHOULD " have taken any of them either. I am pointing out that when stochastic becomes over bought or oversold, it may stay that way while price continues to trend. Wait for stoch to come back through the trigger for most probability

One last point. This is not how I trade. I am posting this because it is a theoretical perspective on stochastic entries. When I trade I usually use fibs for my entries and use stochastic as a secondary supporting indicator to give me more confidence for entering my trades.

Wise man say-" Man who walks through airport terminal sideways, always going to Bangkok "
Attached Image (click to enlarge)
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  • #171
  • Apr 23, 2008 3:14pm Apr 23, 2008 3:14pm
This is a great scalp in a range bound market. All of my indicators line up. Rsi Stoch Bollinger but more importantly Fibonacci!!!!

You can see here that you could get in with the lagging indicators, but When you get in right at the Fib level your stop is tight and you experience minimal blow through.

You get extra pips in the long run and your risk is less.

This is what you want to be looking for AHEAD OF TIME. especially in a range bound market.
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  • #172
  • Apr 26, 2008 8:16am Apr 26, 2008 8:16am
Just out of curiosity, you may have already answered this earlier as I read MOST of this thread but not all. Are you trading live or demo? How many pips do you average a day/week etc?
  • #173
  • Edited 1:28pm Apr 26, 2008 12:24pm | Edited 1:28pm
Quoting fxRichard
Just out of curiosity, you may have already answered this earlier as I read MOST of this thread but not all. Are you trading live or demo? How many pips do you average a day/week etc?
Hello fxRichard,
I do trade my own live account.
As for how many pips I make, it is hard to say. Some weeks I do not take a trade. Other weeks I take several. I am committed to other endeavors 30+ hours a week, so I miss most of the New York session and all of the London. I can usually find some good ones at the tail of the New York and during the Asian session. Maybe 20-30 pips a week. Sometimes I get a big run like 100. Like I said some weeks I dont trade! And believe it or not sometimes I lose.
  • #174
  • Apr 29, 2008 12:07pm Apr 29, 2008 12:07pm
Here is my first one this week. Sorry about my windows menu right in the freakin middle of my trade. And I also already covered this trade for 10 pips. It was quick and i got out. It will prolly go down for a bit more.


Just so you know. The red tag means that I am in a trade and I have not yet covered the spread. I want you guys to know that I am Trying to post these as quickly as I can so you can see them develop

We have a strong trend. Price moved back to the 50 EMA with a fib level and stoch overbought.
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  • #175
  • Apr 29, 2008 12:24pm Apr 29, 2008 12:24pm
It is probably a good idea to have some charts of your own open as you read through my thread. Even if you have different indicators on your charts, if you look at my entries you might start to see correlations in your indicators!!!

If you dont have charts, I will post the outcomes as well. This trade went for well over 40 pips. I took 10. And I am totally ok with that.

Price is still going down as I post this
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  • #176
  • Edited 3:53pm Apr 29, 2008 3:35pm | Edited 3:53pm
I am in short 205.00
  • #177
  • Apr 29, 2008 3:37pm Apr 29, 2008 3:37pm
I have some good scalps indis here. Fibs at previous support/resistance. Also I Have stoch overbought and RSI

I almost hope this one goes against me so I can show how I exit.

I will take this for about 10 pips if I can
Attached Image (click to enlarge)
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  • #178
  • Apr 29, 2008 3:40pm Apr 29, 2008 3:40pm
Moved my stop loss to 205.10
  • #179
  • Apr 29, 2008 3:49pm Apr 29, 2008 3:49pm
The yellow tag is my stop. The blue tag is my position in profit over the spread. I am very happy with this trade even if i get stopped out, I take this trade all day every day!!

Maybe I can get this one for like 20-25 pips. It has some good indicators on it
Attached Image (click to enlarge)
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  • #180
  • Apr 29, 2008 3:55pm Apr 29, 2008 3:55pm
If I make any new lows. I am moving my stop loss. Of course trying to get breakeven. The market is really jumpy right now.
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