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EUR/USD Scalp 1 min

  • #101
  • Apr 15, 2009 5:24pm Apr 15, 2009 5:24pm
Hi,

I am a newbie, and I a m following too many currencies, what I need is an RSI alert, that alerts only once, when crossing 70 from above and crosiing 30 from belo. I only want it to alarm once not alerting everytime the screen refreshes, and the price is below 70 or above 30, then the alert will be alerting all the time.

Can anyone do this?

Cheers
  • #102
  • Apr 15, 2009 9:39pm Apr 15, 2009 9:39pm
Quoting colbru
Let me show you a screenshot...

Disregard the first "trade triangle" it's a close from a long term trade...

I tried to listen to Hoss and did draw a trendline and waited till price almost reached it and the RSI level was reeeal high... so I pulled the trigger...

Does it look good to you..? I'm open to your input and suggestions...

Best
colbru
I took the very same trade myself. Good setup. If I were you, I would remove the clutter of so many MA's and just keep Bands and perhaps 200

Like Hoss says you have picked the right one there is nothing more to do. Accept the fact we will end up picking the bad ones as well. Good luck.

Best
TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #103
  • Apr 15, 2009 9:42pm Apr 15, 2009 9:42pm
As a general note, if we parallely watch 5 min and wait for price to reach / touch bands and then look for 1 min setup on the 5 mins reversal direction, it could be bit more reliable.

TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #104
  • Apr 16, 2009 5:18am Apr 16, 2009 5:18am
When you get a chance can you respond to post 89. Thanks
  • #105
  • Apr 16, 2009 6:21am Apr 16, 2009 6:21am
Quoting Toothman
Can you describe how you're averaging in your second and third trades when trade goes against you? How much do you increase lot size , or do you just increase the TP on the additional trades? l Thanks
My lot size remains the same. Generally when I enter again, we are close to the end of a breakout. So, I am usually somewhere between 10-20 pips down when I enter again. I also enter at next support/resistance if it is there.
Life is too short to have anything but delusional notions about yourself.
  • #106
  • Edited 6:12pm Apr 16, 2009 3:52pm | Edited 6:12pm
Interesting thread Hoss. Just a quick question regarding MM if it hasn't already been asked; have you played with taking half of the trade off at your 5 pip TP and letting the other half run with a trailing SL? Just curious if you have tried any other MM strategies with your current system.

Thanks,

J
  • #107
  • Apr 16, 2009 9:45pm Apr 16, 2009 9:45pm
Quoting Jmc
Interesting thread Hoss. Just a quick question regarding MM if it hasn't already been asked; have you played with taking half of the trade off at your 5 pip TP and letting the other half run with a trailing SL? Just curious if you have tried any other MM strategies with your current system.

Thanks,

J
i haven't tried that but it may be a valid way to trade it. personally i don't prefer to trade that way, but it is a nice way to catch a good run. i try and shoot for 10-15 trades per day and try and make 2-5% per day.
Life is too short to have anything but delusional notions about yourself.
  • #108
  • Apr 16, 2009 10:03pm Apr 16, 2009 10:03pm
Quoting hoss
i haven't tried that but it may be a valid way to trade it. personally i don't prefer to trade that way, but it is a nice way to catch a good run. i try and shoot for 10-15 trades per day and try and make 2-5% per day.
Wow, 2-5% a day are good numbers, that's all I usually do in a week! How much are you personally risking per trade if you don't mind me asking? I'm pretty conservative myself but my hit rate is not up high enough to risk any more.

J
  • #109
  • Apr 16, 2009 10:09pm Apr 16, 2009 10:09pm
Hoss,

One more question:

I know you rely pretty much on your timing of the entry and don't use stop loss. However, when a trade does go against you, how much you allow it go against you. If it is more than 10 or 15 pips before bailing out, this cost you easily 2 to 3% right?

Thanks,
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #110
  • Apr 16, 2009 10:26pm Apr 16, 2009 10:26pm
Quoting TradeStar
Hoss,

One more question:

I know you rely pretty much on your timing of the entry and don't use stop loss. However, when a trade does go against you, how much you allow it go against you. If it is more than 10 or 15 pips before bailing out, this cost you easily 2 to 3% right?

Thanks,
TradeStar
Yes, it easily goes beyond that. This is the part where everybody has their own risk tolerance. Using this kind of MM has forced be to cherry pick entries. When in doubt, I don't make the trade. I have to bail every now and then but not very often.
Life is too short to have anything but delusional notions about yourself.
  • #111
  • Apr 16, 2009 10:37pm Apr 16, 2009 10:37pm
Quoting hoss
I also use the 200 ema. It shows good resistance/support.
Hi Hoss,

How does one determine S/R using the 200ema?

Thanks
  • #112
  • Apr 16, 2009 11:13pm Apr 16, 2009 11:13pm
Quoting Horn
Hi Hoss,

How does one determine S/R using the 200ema?

Thanks
Price likes to rest near the 200 ema, but when price is on the moves it likes to bounce off of it back in the direction of momentum. I like to see the 200 ema give confluence to a pivot or murrey when price is on the move. Don't let the 200 ema confuse you, however. It is not necessary for trading this way. It just gives me an idea where price is at for the most part.
Life is too short to have anything but delusional notions about yourself.
  • #113
  • Apr 17, 2009 12:45am Apr 17, 2009 12:45am
Quoting monikroc
Hello Hoss,have you tried this on other pairs,say the eur/gbp.for each $1 invested it is $1.76 return !!!
Thanks, monikroc, for suggesting this pair. I never really watched it before. This evening I did, however, and I noticed that, although rangebound, it has runs where series of 1-min candles have 5-10 or more pip spreads that bounce around like a yoyo. Quick market buys near the BB median line with 2-3 pip TP, no SL, were hit one after the other.

3 pip winners on 2 lots is around $90. $90/min is not a bad wage.

EUR/GBP spread on Oanda is always (for some reason?) only 2 pips.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #114
  • Apr 17, 2009 7:41am Apr 17, 2009 7:41am
Hi Hoss,

I read your thread with great interest and currently tried your strategy on demo & live both with reasonable success. I know that with more screen time and practice the results would be far better.

I am using following indi on charts as suggested by you, could you please confirm, if I am using right indi.

Chart Time - 1 Minute

Bollinger Band - Period 20, Shift 0, Deviation 2, Apply to Close

Moving Average - 5 EMA & 200 EMA (Close)

Auto Pivot - Use Sunday Data False, Weekly SR Levels False, Monthly SR Levels False. Everything else is set to True (This Indi I downloaded from your thread).

Murray Math Lines - MM Period 30 Minutes

RSI - 8 Period (Close) 80 High & 20 Low

I am also attaching screenshot of chart with above settings. I did a trade on last candle and got 4 pips profit.

Would really appreciate, your input.

Thanks for a wonderful thread.

alifari
Attached Image (click to enlarge)
Click to Enlarge Name: 1 minute scalping.gif Size: 17 KB
The purpose of knowledge is action, not knowledge
  • #115
  • Apr 17, 2009 8:38am Apr 17, 2009 8:38am
Quoting alifari
Hi Hoss,

I read your thread with great interest and currently tried your strategy on demo & live both with reasonable success. I know that with more screen time and practice the results would be far better.

I am using following indi on charts as suggested by you, could you please confirm, if I am using right indi.

Chart Time - 1 Minute

Bollinger Band - Period 20, Shift 0, Deviation 2, Apply to Close

Moving Average - 5 EMA & 200 EMA (Close)

Auto Pivot - Use Sunday Data False, Weekly SR...
Looks good. Yes with screen time you will know when you are making the proper entries. It's hard in a thread to articulate everything involved in price action at once, but I think you understand it. Demo it for a while if you have to. Keep in mind these items when trading it. They all don't need to match at once, but the more the merrier...
- price outside of bands
- price has made at least 2 to 3 waves in one direction
- price is hitting a strong pivot/murrey
- price is a nice distance away from 200 ema
- price is making a new high/low - not consolidating
- try not to make the first trade on the first push outside of consolidation
- RSI(8) is way overbought/sold - 80 to 85+ or 20 to 15-

Just for the sake on conversation, look at that the last red candle on your chart. Price is outside the bands - this is good. A great entry would be right at the bottom of that candle outside the band. Also, RSI is below 20 - this is good. We don't need to wait for that candle to necessarily close. However, you can see that price just kinda made its first push away from the 200, and is not making a new high/low, and price is already past pivot/murrey. So this may be a breakout. We want to avoid those. Breakouts force you to average in and we want avoid that as much as possible. So, even though you may be able to grab a few pips on that trade, they can be dangerous. Time that first entry like your life depended on it, and you will do well.
Life is too short to have anything but delusional notions about yourself.
  • #116
  • Edited 8:56am Apr 17, 2009 8:55am | Edited 8:56am
[quote=hoss;2676307]Looks good. Yes with screen time you will know when you are making the proper entries. It's hard in a thread to articulate everything involved in price action at once, but I think you understand it. Demo it for a while if you have to. Keep in mind these items when trading it.

Hi Hoss,

Thanks for your expert advise. Look forward to learn more from you in future.

alifari
The purpose of knowledge is action, not knowledge
  • #117
  • Apr 17, 2009 9:11am Apr 17, 2009 9:11am
[quote=alifari;2676340]
Quoting hoss
Looks good. Yes with screen time you will know when you are making the proper entries. It's hard in a thread to articulate everything involved in price action at once, but I think you understand it. Demo it for a while if you have to. Keep in mind these items when trading it.

Hi Hoss,

Thanks for your expert advise. Look forward to learn more from you in future.

alifari
no problem. like i said, i'm not a genius or anything, i just have a lot of screentime hours. you get to know a currency well when you stare at it for hours a day.
Life is too short to have anything but delusional notions about yourself.
  • #118
  • Apr 17, 2009 9:48am Apr 17, 2009 9:48am
Quoting alifari
Hi Hoss,

I read your thread with great interest and currently tried your strategy on demo & live both with reasonable success. I know that with more screen time and practice the results would be far better.

I am using following indi on charts as suggested by you, could you please confirm, if I am using right indi.

Chart Time - 1 Minute

Bollinger Band - Period 20, Shift 0, Deviation 2, Apply to Close

Moving Average - 5 EMA & 200 EMA (Close)

Auto Pivot - Use Sunday Data False, Weekly SR...
Hi Alifari/Hoss

Auto pivot- Daily SR Level- do I put true or false?

Thanks
  • #119
  • Apr 17, 2009 10:10am Apr 17, 2009 10:10am
Quoting Horn
Hi Alifari/Hoss

Auto pivot- Daily SR Level- do I put true or false?

Thanks
Not sure on that. I don't think I ever changed anything on my indicators.
Life is too short to have anything but delusional notions about yourself.
  • #120
  • Apr 17, 2009 10:15am Apr 17, 2009 10:15am
Here was a beauty on the CAD. Waited patiently for price to reach the 5/8 on the Murrey at around 1.2177. Price moved aggressively north. RSI hit around 87 and I took it short. Even though price was not outside the it was still a high probability trade because price was outside the band a few minutes early and never retraced. I don't recommend this pair at all for beginners. Spread is too high and I don't trade it much at all but I couldn't resist here.
Attached Image (click to enlarge)
Click to Enlarge Name: cad.jpg Size: 39 KB
Life is too short to have anything but delusional notions about yourself.
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