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EUR/USD Scalp 1 min

  • #61
  • Apr 9, 2009 2:49am Apr 9, 2009 2:49am
Hello hoss need to know if you take trade only near S/R lines or at some other points as well ?
Also do you do stuff like this: buy only when above pivot and sell only when below pivot ?
Thank you.
  • #62
  • Apr 9, 2009 7:21am Apr 9, 2009 7:21am
Quoting toonsmania
Hello hoss need to know if you take trade only near S/R lines or at some other points as well ?
Also do you do stuff like this: buy only when above pivot and sell only when below pivot ?
Thank you.
Yes, normally I do. It keeps me out of a ton of averaging up/down situations. If you really concentrate on your initial entry you will not find yourself in very many losing trades. I don't worry about the Main Pivot, though. I am normally countertrend trading. I also use the 200 ema. It shows good resistance/support.
Life is too short to have anything but delusional notions about yourself.
  • #63
  • Apr 10, 2009 10:34am Apr 10, 2009 10:34am
Quoting Richrob
Thanks Hoss!

For any interested here is a template I made with settings as suggested by Hoss. I added the THV RSI v2 with "worms" as well as the piviots hoss provided and a Murrey indy I found on the web.

Hoss. let me know if you have any suggestions to improve the tpl.

RR
To be corrected:
1. Auto Pivot parameter Use_sunday_data set to "false"
2. RSI levels change to 20 and 80 - to be orthodox :-)

Regards!
  • #64
  • Apr 11, 2009 4:09pm Apr 11, 2009 4:09pm
Yah you are right. Finally figured out how to change the lines.

Here are the meta files for the Murrey and THV indys.

RR
Attached File(s)
File Type: ex4 THV Color RSI.ex4   10 KB | 1,242 downloads
File Type: ex4 THV RSI_v2.ex4   11 KB | 1,228 downloads
File Type: mq4 Murrey_Math_Line_X.mq4   13 KB | 1,313 downloads
  • #65
  • Apr 12, 2009 6:17am Apr 12, 2009 6:17am
Quoting hoss
Hi there,

Using RSI(8) with levels set at 20 and 80. Had sixteen positive trades today. The key is to wait until RSI is overbought/sold as price hits support/resistance. Even better with divergence. I sometimes add to a position if price moves against me, but you have to be careful with that if it moves too far. As long as you have proper money management in place.
Hi Hoss,
For RSI settings, it ask for " apply" and the options available are eg open,close,high, low etc. Which should I use and what is the significance?

Would also appreciate a bit more elaboration on the divergence aspect.
Thanks
  • #66
  • Apr 12, 2009 9:40am Apr 12, 2009 9:40am
Quoting Horn
Hi Hoss,
For RSI settings, it ask for " apply" and the options available are eg open,close,high, low etc. Which should I use and what is the significance?

Would also appreciate a bit more elaboration on the divergence aspect.
Thanks
I have mine set to close. It's a personal preference but the significance is the difference in the open, close, high, low price you would like to use. I believe default is close. Divergence can be a pretty long topic. Google it and see the definitions. As said earlier, I like to see divergence show after a few good pushes one direction and wait for the exhaustion/retrace off of resistance.
Life is too short to have anything but delusional notions about yourself.
  • #67
  • Apr 13, 2009 5:22am Apr 13, 2009 5:22am
Quoting hoss
I have mine set to close. It's a personal preference but the significance is the difference in the open, close, high, low price you would like to use. I believe default is close. Divergence can be a pretty long topic. Google it and see the definitions. As said earlier, I like to see divergence show after a few good pushes one direction and wait for the exhaustion/retrace off of resistance.
Hoss,

Like I mentioned earlier, this is very close to my preferred method of scalping. Would love to see more inputs and participations. What is the usual stop loss you keep for your 5 pips target. Do you also refer to 5 min or higher timeframe charts before entering.

Thanks
TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #68
  • Apr 13, 2009 9:45am Apr 13, 2009 9:45am
Quoting TradeStar
Hoss,

Like I mentioned earlier, this is very close to my preferred method of scalping. Would love to see more inputs and participations. What is the usual stop loss you keep for your 5 pips target. Do you also refer to 5 min or higher timeframe charts before entering.

Thanks
TS
TS,

Good to see you trade this way. I don't have a hard stop for trading this way. I do have an emergency stop for power outages, etc. I really concentrate on entry. I find that when I do that I am not nervous about the SL. Even if I have to average in a little i am always confident about the reversal. I am always waiting for that exhaustion after a good push. Price never moves in straight lines, but in waves. I take advantage of these waves after a nice movement. I will try and post some more as I take them. It's a bank holiday today so I am not really going to push any trades today.
Life is too short to have anything but delusional notions about yourself.
  • #69
  • Apr 13, 2009 11:01pm Apr 13, 2009 11:01pm
What is a good broker to use for these scalping type trades?
  • #70
  • Apr 14, 2009 1:15am Apr 14, 2009 1:15am
Thanks to Hoss and all participants for this thread. I am a newbie, still demo trading (4 months now) but going live soon. The scalping method discussed in this thread is very similar to one that I have had success with so far. I am trading EUR/USD only, roughly from 2200-0200 PDT, just before and into the London open, half and full-lots on a $5k account, and I am consistently able to make around $100-$200/hr. Using only candlesticks, horiz. & diag. trendlines, and Boll. bands with 1 and 2 SD. I am pretty much just watching price action; the Boll. bands get taken off about half the time. I just enter and exit with Market Buy/Sell and I don't place any SL or TP. Anything in the black is good but I am typically closing trades with 3-5 pips either way.

I am demo-trading on Oanda and will open my first account there. One thing I am curious to find out is how quick their fills are. Slow fills on the buy or sell would kill this method as I use it I think. Do any of you have experience scalping on Oanda?

I am curious as well about when people like to trade? I have gravitated to the time frame I mentioned because it seems to offer nice small wave-like moves, but also its the time of day when I have free time to trade....

Anyway, thanks again to you all - I have enjoyed reading about how you trade and learning from you.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #71
  • Apr 14, 2009 2:17am Apr 14, 2009 2:17am
Hi Fool

I can tell you that my experience with oanda has been excellent.
The execution is instant...
I have been using them for over a year now...

Best of Luck
  • #72
  • Apr 14, 2009 2:21am Apr 14, 2009 2:21am
You become better and better with more screen time and getting a feel for the price movement. There is no substitute for it.

There are few traders in this thread trading a similar method or variation.
I want to bring up a point on the actual entry for discussion.

After the first push to extreme and pull back do you enter as the second push to the extreme happens? Or do you wait for a reversal candle to be completed either on 1 minute or 30 secs?

Love hear some feedback

Thanks again
TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #73
  • Apr 14, 2009 3:52am Apr 14, 2009 3:52am
Hi Hoss

I'm looking into your method and I'm finding that I miss lots of good opportunities when waiting for RSI 80/20 I see lots of good trades in the 75/25 area...
What is your take on my observation?

Best
colbru
  • #74
  • Apr 14, 2009 4:07am Apr 14, 2009 4:07am
Hoss
Another observation...
You mentioned that you like to trade RSI divergence.
This would be in line with my previous post.
If you trade divergence and your first high is at 80 the subsequent ones cannot be anymore at level 80... right?
So you also enter at levels below 80... right?

Best
  • #75
  • Apr 14, 2009 8:03am Apr 14, 2009 8:03am
Quoting The Fool
Thanks to Hoss and all participants for this thread. I am a newbie, still demo trading (4 months now) but going live soon. The scalping method discussed in this thread is very similar to one that I have had success with so far. I am trading EUR/USD only, roughly from 2200-0200 PDT, just before and into the London open, half and full-lots on a $5k account, and I am consistently able to make around $100-$200/hr. Using only candlesticks, horiz. & diag. trendlines, and Boll. bands with 1 and 2 SD. I am pretty much just watching price action; the Boll....
good stuff. i trade the new york session. oanda seems to be pretty good for this. they just don't like people taking advantage of internet speed differences where trades are only open for a few seconds. you won't have that issue here. most trades are open for longer than that.
Life is too short to have anything but delusional notions about yourself.
  • #76
  • Apr 14, 2009 8:06am Apr 14, 2009 8:06am
Quoting TradeStar
You become better and better with more screen time and getting a feel for the price movement. There is no substitute for it.

There are few traders in this thread trading a similar method or variation.
I want to bring up a point on the actual entry for discussion.

After the first push to extreme and pull back do you enter as the second push to the extreme happens? Or do you wait for a reversal candle to be completed either on 1 minute or 30 secs?

Love hear some feedback

Thanks again
TS
I sometimes enter on the second push if we are up against resistance at a pivot or murrey and the price has already moved considerably. the longer you wait, the better chance you have. but, on the same note, the more you wait the less trades you will have. your winning percentage wil be higher, however. I really don't wait for reversal candles. in fact, i usually have my 5 pips by the time a reversal candle forms.
Life is too short to have anything but delusional notions about yourself.
  • #77
  • Apr 14, 2009 8:08am Apr 14, 2009 8:08am
Quoting colbru
Hi Hoss

I'm looking into your method and I'm finding that I miss lots of good opportunities when waiting for RSI 80/20 I see lots of good trades in the 75/25 area...
What is your take on my observation?

Best
colbru
I use 80 and 20 so that my win rate is higher. i get plenty of action with the 80/20. i concentrate heavily on my first entry. i hate drawdown, so if i can enhance my filter by staying at 80/20 i will probably stay there. i even thought about 85/15.
Life is too short to have anything but delusional notions about yourself.
  • #78
  • Apr 14, 2009 8:12am Apr 14, 2009 8:12am
Quoting colbru
Hoss
Another observation...
You mentioned that you like to trade RSI divergence.
This would be in line with my previous post.
If you trade divergence and your first high is at 80 the subsequent ones cannot be anymore at level 80... right?
So you also enter at levels below 80... right?

Best
yes that is correct. the best ones are where the first one may hit 90 , the next around 85, and the third around 75-80, for instance, on a short, while price has continued to move up. this is classic divergence. i don't always wait for these exact set ups, but when they are there i take them.
Life is too short to have anything but delusional notions about yourself.
  • #79
  • Apr 14, 2009 8:26am Apr 14, 2009 8:26am
Quoting hoss
yes that is correct. the best ones are where the first one may hit 90 , the next around 85, and the third around 75-80, for instance, on a short, while price has continued to move up. this is classic divergence. i don't always wait for these exact set ups, but when they are there i take them.
Hi Hoss,
I was following eu/usd today and find that if I dont enter at first point of touching rsi 80, I am unable get 5 pips. Wonder where I am going wrong?
  • #80
  • Apr 14, 2009 9:53am Apr 14, 2009 9:53am
Quoting Horn
Hi Hoss,
I was following eu/usd today and find that if I dont enter at first point of touching rsi 80, I am unable get 5 pips. Wonder where I am going wrong?
Can you post a chart for me?
Life is too short to have anything but delusional notions about yourself.
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