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Attachments: Chronicles of the Price Action Scalpers
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Chronicles of the Price Action Scalpers

  • #81
  • Aug 12, 2008 4:39pm Aug 12, 2008 4:39pm
Well, this thread has been fun.

I tried to keep it going but it seems to keep fizzing out. lol

I have also recently converted to the Rainbow.

Seems alot of folks have and it is working very well for me. PM me if your interested.

So I will be over at the cyrox forum ( www.Cyrox.com/forum ) where the rainbow scalpers hangout. I will also post in this forum but Im not going to try and post and keep new threads alive.

Thanks to all you poster for making this thread interesting.

I will keep it open if anyone else wants to put energy into keeping it alive and will still continue to contribute if someone does so.


Sincerely,

Mike Lewthwaite



.
  • #82
  • Aug 12, 2008 4:59pm Aug 12, 2008 4:59pm
Grab those pips and run!
  • #83
  • Sep 3, 2008 2:54am Sep 3, 2008 2:54am
Altrader, Ive read your posts and ive got some questions and recomendations.

The questions come in this post........ When trading a (perceived) trend what problems do you have?

We dont have the luxury of being able to move the market, so before you take a trade in the direction of a (perceived) trend, what confirming PA do you wait for?

I think that the big boys are always trying to scair us out of our trades before it takes off in its chosen direction.

Leon
Living the adventure in my head.
  • #84
  • Sep 3, 2008 2:55am Sep 3, 2008 2:55am
Im suprised I have never seen this thread before to be honest.

chears, Leon
Living the adventure in my head.
  • #85
  • Sep 3, 2008 3:11am Sep 3, 2008 3:11am
Here's a trade Ive just entered.......

My reasoning is the new high at 8:45 on the chart and the fact that after that sharp move up (asif to start trending upwards) it has now also broke the low of that swing. Just think off all the poor people short that got took out at 8:45, all would have had their stops knoked out.

This is all prototype by the way, Im still in the thinking stage and I have never traded this with live money.

Leon
Attached Image (click to enlarge)
Click to Enlarge Name: LTR.png Size: 99 KB
Living the adventure in my head.
  • #86
  • Sep 4, 2008 7:06am Sep 4, 2008 7:06am
Hi Pip Venture,

This is great thread for scalper. I didnt notice until just now. Decided to drop by and join the club.

Me practising scalping for 1month. Mainly on EU, 5TF & 1TF base on stoch and ADX. But too bad my broker doesnt support details ADX, so has to give up that. On other hand, it has a simply single click button which nice for scalping.

My MM would be 0.5% at ratio 2:1. SL 6-7pips with 3-4 pips target. Initially was result was d@mn horrible. But now better reaching 70-80% success rate.

Bascially now polishing my entry & determine which market is best suite for me. As I'm an Asian, therefore, half of my early time would be boring due to non volatile market. And too late when US market open.

I'm going to enjoy been around this thread. Happy Trading.
Banker please return my pipins.
  • #87
  • Sep 7, 2008 7:58pm Sep 7, 2008 7:58pm
I don't know if this qualifies as scalping since I use some indicators but here it goes-ema5,8,13.5min/1min chart rsi 14 since aug 12,2008 have been avg over 200 pips per day with sept 4th being the best day @ over 600 pips I use forex.com as my broker.first I check the 4hr for the trend and I only trade eur/usd long or short whenever 5/8 cross I trade the next candle.
  • #88
  • Sep 7, 2008 8:10pm Sep 7, 2008 8:10pm
Quoting monikroc
I don't know if this qualifies as scalping since I use some indicators but here it goes-ema5,8,13.5min/1min chart rsi 14 since aug 12,2008 have been avg over 200 pips per day with sept 4th being the best day @ over 600 pips I use forex.com as my broker.first I check the 4hr for the trend and I only trade eur/usd long or short whenever 5/8 cross I trade the next candle.
monikroc, can you elaborate a bit more on how you trade this. What do you look at to determine the trend on the 4H chart, how do you use the 1M and 5M charts and do you use all these indicators on all the charts? If you prefer you can PM me with this info.

Thanks.

oo7_ts
  • #89
  • Sep 8, 2008 6:46am Sep 8, 2008 6:46am
Been Scalping the Rainbow using the 1 sec for entry/exit and using the 30 sec as S&R reference.
Attached Image (click to enlarge)
Click to Enlarge Name: 30 sec Layout.PNG Size: 253 KB
  • #90
  • Sep 8, 2008 11:57am Sep 8, 2008 11:57am
Quoting oo7_ts
monikroc, can you elaborate a bit more on how you trade this. What do you look at to determine the trend on the 4H chart, how do you use the 1M and 5M charts and do you use all these indicators on all the charts? If you prefer you can PM me with this info.

Thanks.

oo7_ts
I check to see if it starts from the left bottom to right top or left top to right bottom(basic chart reading).I usually keep it on the 5min but I check the 1min as I go along.check today's crosses from 2am this am until 11;28 am which is the last time it crossed-5/8/13 is 604 pips give or take a few pips!!nothing new this is part of bagovinos old system,bill williams alligator without the (ao) awesome oscillator.put it on your chart and see!!!!!!!!!!
  • #91
  • Sep 8, 2008 7:45pm Sep 8, 2008 7:45pm
Quoting monikroc
I check to see if it starts from the left bottom to right top or left top to right bottom(basic chart reading).I usually keep it on the 5min but I check the 1min as I go along.check today's crosses from 2am this am until 11;28 am which is the last time it crossed-5/8/13 is 604 pips give or take a few pips!!nothing new this is part of bagovinos old system,bill williams alligator without the (ao) awesome oscillator.put it on your chart and see!!!!!!!!!!
I'm not understanding I guess. I don't see how you could have scored 600 pips on the EU from 2 o'clock this morning. Would you be able to post a chart so that I can see if I have the right setup? Maybe mark a signal cross on it and where you would have exited the trade?

Thanks.

oo7_ts
  • #92
  • Sep 9, 2008 12:38pm Sep 9, 2008 12:38pm
Hello,every time the 5/8/13 cross either long or short and the rsi is above/below 50 get in the trade the next candle.example;1min chart 2am-74 pips.2;32am17 pips.2;43am -43 pips.3;17 -17 pips.6;20 -30 pips.6;47 -30 pips.7;08- 13 pips.7;13 -10 pips.7;14 -20 pips.7;23 -12 pips. or you could have took the trade on the 5min chart @ 6;10 am and had 251 pips.(1 MIN CHART)7;56am -14 pips.8;07 -38 pips.8;35 -37 pips.9;13 -18 pips.9;28 -11 pips.9;45 -38 pips.10;13 -11 pips.10;19 -18 pips.10;29 -10 pips.10;35 -9 pips.10;41 -24 pips.11;28 -115 pips.12;43 -20 pips.12;55- 69 pips.1;52- 23 pips.2;18-12 pips.2;21-65 pips.17;24-10 pips.17;44-15 pips.(5MIN CHART)6;35pm-35 pips.7;30-25 pips.8;25-90 pips.11pm-56 pips.WHEN YOU ADD THE PIPS UP IT IS OVER 1000 PIPS FOR YESTERDAY 9/8/08!!!!!!!!!!!!!!
  • #93
  • Edited 3:33pm Sep 11, 2008 3:15pm | Edited 3:33pm
For those who don't know already, vhands is a tool you can use to learn price action in fast forward. Don't trade live until you are consistently profitable on vhands. I can sit down and use vhands in any moment in time on the 1 min chart with EUR and pull profits out of the market, regardless of news or market conditions.

You can backtest all of your strategies with this tool.

I still use VHands all the time, while watching the real market on one side I practice trade on the other side of the screen with vhands.


http://www.forexfactory.com/showthread.php?t=60849
  • #94
  • Sep 12, 2008 10:56am Sep 12, 2008 10:56am
Quoting monikroc
Hello,every time the 5/8/13 cross either long or short and the rsi is above/below 50 get in the trade the next candle.example;1min chart 2am-74 pips.2;32am17 pips.2;43am -43 pips.3;17 -17 pips.6;20 -30 pips.6;47 -30 pips.7;08- 13 pips.7;13 -10 pips.7;14 -20 pips.7;23 -12 pips. or you could have took the trade on the 5min chart @ 6;10 am and had 251 pips.(1 MIN CHART)7;56am -14 pips.8;07 -38 pips.8;35 -37 pips.9;13 -18 pips.9;28 -11 pips.9;45 -38 pips.10;13 -11 pips.10;19 -18 pips.10;29 -10 pips.10;35 -9 pips.10;41 -24 pips.11;28 -115 pips.12;43 -20 pips.12;55- 69 pips.1;52- 23 pips.2;18-12 pips.2;21-65 pips.17;24-10 pips.17;44-15 pips.(5MIN CHART)6;35pm-35 pips.7;30-25 pips.8;25-90 pips.11pm-56 pips.WHEN YOU ADD THE PIPS UP IT IS OVER 1000 PIPS FOR YESTERDAY 9/8/08!!!!!!!!!!!!!!
for how long have you been trading this strategy? what percentage wins?
  • #95
  • Edited 5:18pm Sep 12, 2008 4:11pm | Edited 5:18pm
Today I did my first day of scalping (almost entirely on the EUR/USD, best spread). I had the rainbow template open in metatrader but don't understand it, so it wasn't much use. I just watched the price movements on my oanda 5 second chart and got in and out "where it made sense." Usually this was in the direction of the overall trend of the day (EUR/USD rising), but I did do several short sales as well.

Here are my results:

34 pip profit

average profit per trade - 2 pips

37 winning trades
3 losing trades
5 break even trades

Is this good?
Can I really improve on this by using a system? What is the best scalping system that most people on the site use?

Thanks.
  • #96
  • Sep 12, 2008 8:51pm Sep 12, 2008 8:51pm
Quoting artov
for how long have you been trading this strategy? what percentage wins?
I have been trading this method since aug 12 2008-343 pips.8/13-324 pips.8/14-339 pips.8/15-246 pips.8/17-18 sun/mon-249 pips.8/19-371 pips.8/20-369 pips.8/21-355 pips.8/22-323 pips.8/24-25 sun/mon-335 pips.8/26-462 pips.8/27-416 pips.8/28-549 pips.8/29-366 pips.8/31 sun/mon-9/1-366 pips.9/2-571 pips.9/3-354 pips.9/4-698 pips.9/5-556 pips.9/7-245 pips.9/8 1022 pips.9/9-751 pips.9/10-838 pips.9/11-732 pips.9/12-566 pips.USING THE 5 MIN & 1 MIN CHART THE LAST 5 TO 6 DAYS,I STARTED WITH JUST THE 5 MIN BUT ADDED THE 1 MIN JUST TO SEE WHAT IS GOING ON THERE ALSO,THANXS.
  • #97
  • Sep 12, 2008 9:11pm Sep 12, 2008 9:11pm
Monikroc, is the chart below what your setup looks like?

Attached Image (click to enlarge)
Click to Enlarge Name: EMA Cross.jpg Size: 136 KB


Thanks.

oo7_ts
  • #98
  • Sep 13, 2008 4:25am Sep 13, 2008 4:25am
Hello,which Day Is This For ,8/12 ???????? If So Just Count The Pips As The 5/8 Cross From The Next Candle.friday Was 566 Pips Using The 1/5 Min Charts.
  • #99
  • Sep 13, 2008 5:09am Sep 13, 2008 5:09am
Quoting monikroc
Hello,which Day Is This For ,8/12 ???????? If So Just Count The Pips As The 5/8 Cross From The Next Candle.friday Was 566 Pips Using The 1/5 Min Charts.
Where is your sl and how do you exit ?
If I just had to guess, I'd say exit when a negative or doji 5m candle closes and keep sl right behing ema 13. Or no tping, just track sl right behind ema 8. So what is it ?

Thanks
On the path to Enrichment.
  • #100
  • Sep 13, 2008 11:55am Sep 13, 2008 11:55am
Hello,my stop loss is 20 pips which has not been hit since I started doing this method on aug 12.my goal is only 20 pips per day(not with this method).I just wanted to see how much I can make.My goal is $500 a day eventually.Right now it is trading mini lots@ $2 per pip which is still pretty good!
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