just a small note.
yesterday, oil tanked more than 10$
i guess it's the end of "oil driving market" frenzy, or is it? this relationship thing is driving me nuts... but who cares, as long as i'm making pips
oil's revenue was 420 pips yesterday. that's good enough for me.
i did NOT dare touch YM... i'm wondering what malcomb has done.
sorry guys, i'm just bored.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #118,123
- Sep 29, 2008 9:29pm Sep 29, 2008 9:29pm
- | Joined Dec 2007 | Status: Pakute Trader | 885 Posts
btw, this 5m candle was a long scalp signal which i took targeting 15m 50ema (that's a hint of course) i would exit, however, with profit/loss if m5 gann cross back down.
How do you know to target the 50 ema on the 15 min? Why that? That is what seems almost magical to me when I hear the successful scalpers make their calls .. each time it seems to be a different reason, a different target .. I can't figure it out yet
- #118,124
- Sep 29, 2008 9:32pm Sep 29, 2008 9:32pm
Agreed!. My H/S calculation GJ may go up 210-211 if confirmed. I may be wrong, not the first time.
Do not follow my trades. Trade what you see on your own charts.
- #118,125
- Sep 29, 2008 9:37pm Sep 29, 2008 9:37pm
- | Joined Dec 2007 | Status: Wish I had more capital !! ;-) | 1,050 Posts
- #118,127
- Sep 29, 2008 9:52pm Sep 29, 2008 9:52pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
You're talking about the long bullish engulfing one at 4:40 am UK time?
How do you know to target the 50 ema on the 15 min? Why that? That is what seems almost magical to me when I hear the successful scalpers make their calls .. each time it seems to be a different reason, a different target .. I can't figure it out yet
scalping in particular is "cumulative" knowledge, so are targets. that's done only by spending countless days STARRING on 1m and 5m charts.
in addition to price patterns, indicator patterns are very important, ie: oscillator TL breakouts.
my last scalp trade was based on my own personal experience on how price acts at/around 50ema, i combine 5sma (real price) crossing 50ema (which basically means price closing above 50ema, but i prefer 5sma because it's the "real" price) and CCI closing above/below 100/-100 lines respectively, and my target would be the higher TF's 50ema.
i also use 50ema when i spot a bearish/bullish HD. here's an example of a short-sell trade i made on cable and oil's daily charts: take a look where price stopped with that massive bearish HD forming (you can learn more about hidden divergence at babypips), it really is magic
there was a good trader on this thread last year that used to make tons of pips using that 50ema, combined with 1 or 2 indicators. just stick your eyes to the screen when price reaches 50ema on any given TF, also keep an eye on your favorite indicator (mine are listed in that earlier post) at that level. look back in history and try to find similarities, demo your predicition, demo again, then build your own rules. it's as simple as that. scalping needs a very good time investment by the trader, and it's something that cannot be tought. of course, there are some scalping systems out there that tell you exactly what to do (just like a robot), but trust me, it's worth the time and effort to do that on your own.
- #118,128
- Sep 29, 2008 9:53pm Sep 29, 2008 9:53pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
just a small note.
yesterday, oil tanked more than 10$
i guess it's the end of "oil driving market" frenzy, or is it? this relationship thing is driving me nuts... but who cares, as long as i'm making pips
oil's revenue was 420 pips yesterday. that's good enough for me.
i did NOT dare touch YM... i'm wondering what malcomb has done.
sorry guys, i'm just bored.
Hi lilmoe ...
I was short oil Friday 105.5 , sweating when it went up $2 , still short
I shorted Ym at open ..... and took profit , then after the big bounce today on the drop went short again for 300 point ride .. it was hairy. I was down 2 k one second and then up 2k 30 seconds later ....... it was a real roller coaster.
Tomorrow i will play the open range of the ym , using the 1st 15 min as my open range
Blogging daily now at www.volume.zone
- #118,129
- Edited 10:45pm Sep 29, 2008 9:58pm | Edited 10:45pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
hmmm...
scalping in particular is "cumulative" knowledge, so are targets. that's done only by spending countless days STARRING on 1m and 5m charts.
in addition to price patterns, indicator patterns are very important, ie: oscillator TL breakouts.
my last scalp trade was based on my own personal experience on how price acts at/around 50ema, i combine 5sma (real price) crossing 50ema (which basically means price closing above 50ema, but i prefer 5sma because it's the "real" price) and CCI closing above/below 100/-100 lines respectively, and my target would be the higher TF's 50ema.
i also use 50ema when i spot a bearish/bullish HD. here's an example of a short-sell trade i made on cable and oil's daily charts: take a look where price stopped with that massive bearish HD forming (you can learn more about hidden divergence at babypips), it really is magic
there was a good trader on this thread last year that used to make tons of pips using that 50ema, combined with 1 or 2 indicators. just stick your eyes to the screen when price reaches 50ema on any given TF, also keep an eye on your favorite indicator (mine are listed in that earlier post) at that level. look back in history and try to find similarities, demo your predicition, demo again, then build your own rules. it's as simple as that. scalping needs a very good time investment by the trader, and it's something that cannot be tought. of course, there are some scalping systems out there that tell you exactly what to do (just like a robot), but trust me, it's worth the time and effort to do that on your own.
edit: of course, there are times when a trader has to be satisfied 25-30 pips on a trade (maybe less), otherwise, u can close half your position, and set the remainder to b/e, and that's what i do.
- #118,130
- Sep 29, 2008 9:59pm Sep 29, 2008 9:59pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
Hi lilmoe ...
I was short oil Friday 105.5 , sweating when it went up $2 , still short
I shorted Ym at open ..... and took profit , then after the big bounce today on the drop went short again for 300 point ride .. it was hairy. I was down 2 k one second and then up 2k 30 seconds later ....... it was a real roller coaster.
Tomorrow i will play the open range of the ym , using the 1st 15 min as my open range
- #118,131
- Sep 29, 2008 10:01pm Sep 29, 2008 10:01pm
- | Joined Dec 2007 | Status: Pakute Trader | 885 Posts
my last scalp trade was based on my own personal experience on how price acts at/around 50ema, i combine 5sma (real price) crossing 50ema (which basically means price closing above 50ema, but i prefer 5sma because it's the "real" price) and CCI closing above/below 100/-100 lines respectively, and my target would be the higher TF's 50ema.
i also use 50ema when i spot a bearish/bullish HD. here's an example of a short-sell trade i made on cable and oil's daily charts: take a look where price stopped with that massive bearish HD forming (you can learn more about hidden divergence at babypips), it really is magic
I've read all the stuff there, but I will review!
there was a good trader on this thread last year that used to make tons of pips using that 50ema, combined with 1 or 2 indicators. just stick your eyes to the screen when price reaches 50ema on any given TF, also keep an eye on your favorite indicator (mine are listed in that earlier post) at that level. look back in history and try to find similarities, demo your predicition, demo again, then build your own rules. it's as simple as that. scalping needs a very good time investment by the trader, and it's something that cannot be tought.
Yes .. I can see, no substitute for experience .. and I am getting better at it, or maybe .. I suck less
Thanks so much for your input.
- #118,134
- Sep 29, 2008 10:26pm Sep 29, 2008 10:26pm
- | Joined Dec 2007 | Status: Pakute Trader | 885 Posts
open your 1m GJ chart and take a look where price stopped before heading back up 15 mins ago from the time of this post. there was a hidden bullish divergence shown on MACD. a good confirmation long at the particular instant would be a close above 1m gann (yes gann works for 1m too), and a good exit (with or without profit) would be when price closes below 1m gann. this particular trade is worth 25 pips (subtract spread from that) so far.
- #118,137
- Sep 29, 2008 10:50pm Sep 29, 2008 10:50pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
Hmm .. didn't know gann could work on the 1 minute .. this is interesting. I still do not see the hidden divergence, but will re-read up about it on BP & hopefully it will sink in. Your trade is going great now
the divergence was also very clear on quecee's zerolag MACD
that was a 60 pip scalp on 1m
edit: it's not a matter of it works or it doesnt, and of course the higher the TF the more powerful gann is. you have to interpret gann for your on use, especially when scalping.
- #118,139
- Sep 29, 2008 11:08pm Sep 29, 2008 11:08pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts