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Scalping the pip out of it

  • #201
  • Edited 11:10pm May 4, 2008 11:05pm | Edited 11:10pm
Here we are again. Another week to try to get this sh!!t right. I like this setup. Please be advised that price is also exactly at a Fib on the last big run down on 1 hr chart and engaging the 50EMA on the 1hr chart as well at 200EMA!!! on 15. I would love to get in behind this one. I think that the Euro has more to fall yet.

Let me know what you guys think of this one. There is also positive divergence on the 4 hr chart, but come on! WE ARE SCALPERS. BTW I am short!!!

I am about break even right now and I have my stop a few pips above the 200EMA

I cant wait to have a call here that goes for 100+

Put it in the bank
Piitb
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  • #202
  • May 4, 2008 11:23pm May 4, 2008 11:23pm
And to think I just closed all my shorts from 160.
  • #203
  • May 4, 2008 11:37pm May 4, 2008 11:37pm
So I got 10 pips

Lets see if it goes down more!!
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  • #204
  • May 4, 2008 11:37pm May 4, 2008 11:37pm
my modest advice to you: Scalping is not the way to go in forex market, consider all the stress you will have watching every small move, the small gains and bigger losses you will experience, why you just don't take it easy and try long time frames with confirmation of smaller time frame.


Quoting Piitb
I think it is funny that i am the only one in my stupid forum thread. But if you look at the freakin chart I CALLED A 40 PIP MOVE IN REAL TIME!!!!!

if no one wants to play with me i will play with myself

hahaha. JK

kudos
  • #205
  • May 4, 2008 11:50pm May 4, 2008 11:50pm
Quoting forexguru
my modest advice to you: Scalping is not the way to go in forex market, consider all the stress you will have watching every small move, the small gains and bigger losses you will experience, why you just don't take it easy and try long time frames with confirmation of smaller time frame.
I appreciate your perspective. I respectfully disagree about your assertion that scalping is not the way to go. A couple of things that make my decision are
1: scalping protects you in an uncetain environment. Do you remember when you could get 300+ pips on NFP!!!!! Not anymore. This market is always changing. If you don't have the capital to make position trades that outlast the fluctuations scalping is the only way minimize risk.

2: If you read some of my posts I talk about turning scalps into position trades, in that you get your scalp entry for minimum risk, then you can try to go for extra yardage. For example this trade I am in I have a tight stop loss and if it keeps going I am going to trail it as long as I can!!!

3: I look at all the higher timeframe indications ; Pivots, Support Resistance, MACD on 4hr plus charts etc. I make my decisions with the same consideration that higher timeframe traders do, I just reduce my entry stop loss risk by scalping into the trade!!!
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  • #206
  • Edited 11:54pm May 4, 2008 11:54pm | Edited 11:54pm
I hate to argue with you (forexguru), but scalping IS for some people. I personally have traded longer timeframes (1h-1d) and anything longer than 4h just has too big of a stoploss for me. Yes, I gear my trades down (typically to 1-3%) and with a 80-150 pip stoploss, I end up just watching the trade for hours anyways. With scalping, I'm in - I'm out. My longest trade (scalping) was about 35 minutes and although I closed with a profit after that time, I *should* have closed it within 3 minutes. When I was trading longer timeframes, I was watching the screen 24x5. I wouldn't change the trade (sl or tp), but I would just watch it. When I'm done scalping, my positions are closed. I can think about my life and my kids without the distraction of open orders or "what is the market doing now."

My wife on the other hand will put in a trade and just walk away for a day or two. My trading partner thinks I'm nuts to look after anything less than 1 hour (and he calls that noise). So, I see both sides of the coin.

I guess I look at it this way: each person's mind works differently. Scalping works for some and long term works for others. What I have yet to see is someone who can successfully trade a 5 sec chart and handle a weekly chart and leaving a trade open for months.

Just my opinion.

Bear
Good pips to all ... bye
  • #207
  • May 5, 2008 12:10am May 5, 2008 12:10am
Quoting Piitb
So I got 10 pips

Lets see if it goes down more!!
great
  • #208
  • May 5, 2008 12:34am May 5, 2008 12:34am
I agree,, I think scalping is the way to go only for some of us.. I scalp the 5 min chart after doing a top-down analysis,,, i go for a 3 lot position and it pays off.. (for me at least),, I mean,, 80 bucks here,, 120 there,, at the end of the day,, it adds up,,,

I'll be posting my charts,, maybe we can all learn from each other,,, i suspect..
  • #209
  • May 5, 2008 12:54am May 5, 2008 12:54am
Quoting FxApasionado
I agree,, I think scalping is the way to go only for some of us.. I scalp the 5 min chart after doing a top-down analysis,,, i go for a 3 lot position and it pays off.. (for me at least),, I mean,, 80 bucks here,, 120 there,, at the end of the day,, it adds up,,,

I'll be posting my charts,, maybe we can all learn from each other,,, i suspect..
It is good to meet you and I look forward to your charts!
  • #210
  • May 5, 2008 1:27am May 5, 2008 1:27am
Like I mentioned before, we have MACD positve divergence on the 4hr chart. If price closes above the 50EMA on 1hr chart I think that this will go up for the session.
  • #211
  • May 5, 2008 1:36am May 5, 2008 1:36am
The 5 years I’m playing these markets or “lines” as my wife calls it, I found myself profitable with the scalping idea. I do this for a while now and it works for me. The moment I try to swing longer, I mess up my account.

I think it is just a matter of “one can swing” and “one can scalp”. I scalp using a simple, yet working technique, my trades are from 7 to 9 GMT then I’m done. I fish for 1 trade within that time then I’m done for the day.

No indicators, less worry’s J but again, it depends on the person!

Regards

Jk
  • #212
  • May 5, 2008 1:46am May 5, 2008 1:46am
Quoting Piitb
So I got 10 pips

Lets see if it goes down more!!
Sorry which pair are you trading? Are you going long or short?
Expected the unexpected
  • #213
  • May 5, 2008 1:53am May 5, 2008 1:53am
Thought I'd pop by and see how everybody is doing. As I 'see' for pips to scalp also - thought I'd hang my hat over hear also. Looks as though most here are working on e/u - maybe I can add value to the discussion.

SeerEye
Pip what you see; See what you pip!
  • #214
  • May 5, 2008 1:53am May 5, 2008 1:53am
Quoting scyang
Sorry which pair are you trading? Are you going long or short?
I was short on the EU. I am out of the trade now. I was looking to ride it a little longer but it came back and took my stop. But my stop was also breakeven. And by that I mean that I made 1 pip. I never set breakeven stop losses

Price is in a very interesting spot right now. It looks as if the Euro/yen is setting up to collapse a bit. Doji fresh on 4hr chart at exact 50% fib. This could have some pull on the Euro/Usd.

But if price closes high right now on 1 hr chart, I believe that price will go up. ( pos div 4hr EU )

Anybodys game at this point. To answer your question I am not in any trades at the moment
  • #215
  • May 5, 2008 1:57am May 5, 2008 1:57am
Quoting Piitb
I was short on the EU. I am out of the trade now. I was looking to ride it a little longer but it came back and took my stop. But my stop was also breakeven. And by that I mean that I made 1 pip. I never set breakeven stop losses

Price is in a very interesting spot right now. It looks as if the Euro/yen is setting up to collapse a bit. Doji fresh on 4hr chart at exact 50% fib. This could have some pull on the Euro/Usd.

But if price closes high right now on 1 hr chart, I believe that price will go up. ( pos div 4hr EU )

Anybodys game at this point. To answer your question I am not in any trades at the moment
Thank you for your explanation. I have been watching the price movements all morning until now. Everyone has been speculating on this pair because of the significant drop it has had in the last week or so.

What price level does it break on the 1hr chart would you say that the price will be going up?
Expected the unexpected
  • #216
  • May 5, 2008 2:02am May 5, 2008 2:02am
I have noticed that sometimes different platforms use different feeds and therefore different quotes??? But I think that a safe assumption is a break of 155 is obv. My scalpers heart feels like anything over 1.5480 is going to be a good sign.

2:00 and we didnt get the close we were looking for Oh well. I still think that if we see price making new highs here it will be a strong indication.
  • #217
  • May 5, 2008 2:03am May 5, 2008 2:03am
Quoting Piitb
I was short on the EU. I am out of the trade now. I was looking to ride it a little longer but it came back and took my stop. But my stop was also breakeven. And by that I mean that I made 1 pip. I never set breakeven stop losses

Price is in a very interesting spot right now. It looks as if the Euro/yen is setting up to collapse a bit. Doji fresh on 4hr chart at exact 50% fib. This could have some pull on the Euro/Usd.

But if price closes high right now on 1 hr chart, I believe that price will go up. ( pos div 4hr EU )

Anybodys game at this point. To answer your question I am not in any trades at the moment
I grabbed a few pips on the way up (euro/USD) - 9 to be exact. Then bailed. PA is feeling very indecisive right now. Though I'm beginning to feel as though shorting may be in order.

This may be premature, but a double top has just formed on the 15m and the hour chart. Be that this toppage is 10 to 15 pips from some nice resistance, I may see what happens. Though, I need to remind myself that volume will be thin due to Holiday in Britain which increases volatility and confusion of direction.

my 2 cents for now -

SeerEye


edited - lol - see what happens when I get too long winded - darn it - missed a good opportunity to short
Pip what you see; See what you pip!
  • #218
  • May 5, 2008 2:16am May 5, 2008 2:16am
Quoting SeerEye
... Though, I need to remind myself that volume will be thin due to Holiday in Britain which increases volatility and confusion of direction.

my 2 cents for now -

SeerEye
Good call! I think that I will sit back and wait for some movement. Get in on a retrace. Might be a slow night/morning
  • #219
  • May 5, 2008 3:08am May 5, 2008 3:08am
This is how I scalp, specially in markets this slow.
I use primarily MACD divergence, support resistance and the 40,64 and 200 EMA's (Exponential)

I have notice many times that there occurs a 1 2 3 MACD Divergence. I mean a 1 2 3 when MACD makes divergence with price 3 consecutive times. I notice that at the 3rd piercing of the 3rd crest price would drop really nice.

I enter when the signal pierces MACD. I have to take consideration of how far the 200 EMA's is from price, if the 200 EMA is too close to price, then forget about it.
Shorting this baby at 1.5470 and closing it right at the touch of the 200EMA, (which is what I usually do) is 14 pips (minus the spread) than can come in handy...

At 1.5452 there was a clear MACD divergence and price was below the 200 EMA,,, plus the stop loss on this trade could have been only 4 pips (plus the spread),, right below the last low candle...
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  • #220
  • May 5, 2008 12:05pm May 5, 2008 12:05pm
Quoting FxApasionado
This is how I scalp, specially in markets this slow.
I use primarily MACD divergence, support resistance and the 40,64 and 200 EMA's (Exponential)

I have notice many times that there occurs a 1 2 3 MACD Divergence. I mean a 1 2 3 when MACD makes divergence with price 3 consecutive times. I notice that at the 3rd piercing of the 3rd crest price would drop really nice.

I enter when the signal pierces MACD. I have to take consideration of how far the 200 EMA's is from price, if the 200 EMA is too close to price, then forget about it.
Shorting this baby at 1.5470 and closing it right at the touch of the 200EMA, (which is what I usually do) is 14 pips (minus the spread) than can come in handy...

At 1.5452 there was a clear MACD divergence and price was below the 200 EMA,,, plus the stop loss on this trade could have been only 4 pips (plus the spread),, right below the last low candle...

A couple of quick questions: What timeframes are you using your techniques on? Also how are you using your other two EMAs? Any disqualifiers?

I like the idea and you chart looks simple.
Good to have you aboard
Put it in the bank!
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