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Chronicles of the Price Action Scalpers

  • #121
  • Jan 7, 2009 11:18am Jan 7, 2009 11:18am
did guys use one pair or more? what is your trading style? mine is using candle stick, (patterns and what is happening right now) and support and resistance lines. what broker do you use?
  • #122
  • Jan 17, 2009 7:35am Jan 17, 2009 7:35am
Quoting Pip Ventures
Scalpers,

I would like to start a home for other scalpers to come and share their insights, trader knowledge, progress, and encourage one another.

Looking for traders who simply fit the following:

1. Use no lagging indicators but trade Price Action Only. (Note: Price action only can be viewed by multiple tools. Many use the Rainbow, or Candlesticks, or Line tick charts, or Heiken Ashi bars, etc. none of these are lagging but are pure price action)

2. Entering on 5 min. time frame or less. (May use higher time frames to check trends, S&R,...
Hi Mike,

I use 1 min. Nothing else. No Candles, S+R, Fibs, MA's etc. Produces brilliant results and is the only profitable strategy for me.

I can be in and out of a trade from 3 seconds to an hour. Most trades are around 5/10 mins.

I trade between 20-50 times per day, but not normally on a Friday.

My average profit is around 1000 pips per week.

My journal (live, so no cheating) is in my signature line at the bottom of this post with latest trades.

My favourite pair at the moment is EUR/JPY.

I have had a nightmare with a couple of brokers (whom I shall not mention) who decided to start delaying my Market BUY/SELL orders by quite a few seconds, getting me into trades too late...in fact one actually said I could no longer trade with them....Isn't it funny they never delayed placing my trades in the early days when I used to lose when using indicators??

I wish newbies didnt pay for systems, signals, EA's etc etc, when everything they need to know to earn money is within the price.

I agree that quick accumulated profits can be made by scalping.

All the best

Shakesfx

PS My Chart
Attached Image (click to enlarge)
Click to Enlarge Name: tick eurjpy 1111.gif Size: 23 KB
  • #123
  • Jan 19, 2009 11:48am Jan 19, 2009 11:48am
Quoting shakesfx
Hi Mike,

I use 1 min. Nothing else. No Candles, S+R, Fibs, MA's etc. Produces brilliant results and is the only profitable strategy for me.

I can be in and out of a trade from 3 seconds to an hour. Most trades are around 5/10 mins.

I trade between 20-50 times per day, but not normally on a Friday.

My average profit is around 1000 pips per week.

My journal (live, so no cheating) is in my signature line at the bottom of this post with latest trades.

My favourite pair at the moment is EUR/JPY.

I have had a nightmare with a couple of brokers...
Hi There

Is it true that broker can delay out order ?

Is it possible you name the brokers?

I have been scalping for a month. I shall be worrying about that too.
  • #124
  • Feb 20, 2009 7:34pm Feb 20, 2009 7:34pm
this thread should not die, i will be here on monday because this is the exact style i try to utilise and have for a while in my trading.
  • #125
  • Mar 6, 2009 6:02am Mar 6, 2009 6:02am
Quoting Pip Ventures
My setup for scalping the EURUSD.

hi Mike: Which scalping method are you using now? your original method or rainbow which showed on your screen ? Can you please give more information?
  • #126
  • Edited Aug 3, 2009 2:16am Aug 2, 2009 6:52pm | Edited Aug 3, 2009 2:16am
Quoting blackmovie
hi Mike: Which scalping method are you using now? your original method or rainbow which showed on your screen ? Can you please give more information?
Scalping

10 sec main chart (top)
1 sec for precise entry (bottom right)
1 min. for trend dir (bottom Left)

P.S. I attached Template at bottom
Attached Image (click to enlarge)
Click to Enlarge Name: TradingSetup.jpg Size: 235 KB
Attached File(s)
File Type: xml Pro Trader.xml   72 KB | 582 downloads
  • #127
  • Edited Aug 3, 2009 2:16am Aug 2, 2009 11:27pm | Edited Aug 3, 2009 2:16am
Many in the Cyrox group have left off the rainbow for a simple line (tape they call it because it is 2 wma's displaced from each other)

I feel this is a bad move.

The rainbow is like a measuring stick. Its like rubber bands which have a certain amount of stretch and by which you can "see" more clearly what price is doing.

The study of price action is made much easier when there is a unchangeable standard by which prior price movement is interpreted.

The rainbow provides just this. A standard or interpretation of past price action that does not deviate.

Price action patterns can be more clearly seen and interpreted with this standard running in the backround.

LT never used Trend & H lines. So with no Trend/h's and no rainbow price is quite difficult to "measure" or "interpret."

One good thing about this new tape and method produced is that if you go to the cyrox.com site you will not find any rainbow setup promoted anymore.

Rainbow is no longer cyrox


Also I continue to see the importance 2 things:

Trading off the 30 sec chart and aiming for 15+ pips / trade. (Im currently trading off the 10 sec EJ because of the ridiculous spread offered by FXCM Micro, only 1.2. We will see how long this lasts. Only with this spread does the R/R makes sense on a 10sec chart)

Using Trends and H-Lines.


Mike
Attached File(s)
File Type: doc TRADING RULES FOR SCALPERS.doc   25 KB | 2,516 downloads
File Type: doc 30 Sec Rainbow.doc   23 KB | 961 downloads
  • #128
  • Edited 7:02am Aug 3, 2009 6:08am | Edited 7:02am
Who said Rainbow is no longer Cyrox? It is always part of the setup in the form of 3 oscillators CyroxOsc, CyrinusOsc and CamillaOsc... CyrinusMMA (RainbowTape) replaced the CyroxMMA (Rainbow) on the first panel... Get your facts correct before you write Rainbow is no longer Cyrox... LoL

Understand the basics first - Rainbow replaces the trendline - Rainbow in itself is a powerful trend indicator - that is why we do not use trend lines... Tape and H-line are very simple - smart - easy to follow the price action...

Cyrox scalpers use Cyrox Power Tool now and they trade real forex market through Cyrox Pool...

http://www.cyrox.ca/images/gbpjpy.png

Soon a FREE more powerful Cyrox Tool may be available to many traders through ForexFactory commercial forum which is in beta version now...
http://www.forexfactory.com/forumdisplay.php?f=149
http://www.forexfactory.com/t/52515/...calping-1.html

You do not need 3 screens to capture moves... Keep It Simple and Smart...
  • #129
  • Aug 3, 2009 11:44am Aug 3, 2009 11:44am
Quoting linuxtroll
Who said Rainbow is no longer Cyrox? It is always part of the setup in the form of 3 oscillators CyroxOsc, CyrinusOsc and CamillaOsc... CyrinusMMA (RainbowTape) replaced the CyroxMMA (Rainbow) on the first panel... Get your facts correct before you write Rainbow is no longer Cyrox... LoL .[/b]
Ok, Correction. The rainbow, "in the form that we once knew it long ago" no longer exists.

The "new rainbow" is not a 'rainbow' in the true sense but is nevertheless continued to be termed 'rainbow' by Cyrox.

So I apologize,there does seem to clearly be a rainbow of indicators on the bottom of the cyrox chart


Pure Price action in reference to 'itself' via multiple TF's, WMA's, & Trend/H-lines still remains the most logical clear method of interpreting movement.

Also do note. Cyrox itself now trades off higher time frames. They are called "cyrox TF" but it is definitely higher. In fact I think it is close to a 30 sec.

Interesting that any time I suggested a higher TF (30 sec.) my posts were deleted from Cryox immediately (hence why I left). Another was booted off the forum for pointing this out that what was once despised, spoken against, and deleted is now promoted as 'unique' new setup.

Well as LT says, "charge on" scalpers. Keep it simple and dont let anyone rob you of your hard earned money. Continue to get 'screen time' which is the most valuable.

There is no holy grail that someone can sell you. Its simple the WORK that you put in (not the money) that will determine your success.

Mike
  • #130
  • Aug 3, 2009 11:57am Aug 3, 2009 11:57am
Not that I would suggest it now...

But visit post 48 on my thread and see what 'color' my personal rainbow was.

I was told that this is "not cyrox"

but now 2 posts down LT has posted a very 'similar' looking rainbow.

good thing im not on Cyrox cause id be booted for sure by now, lol.

Enjoy.

http://www.forexfactory.com/showpost...9&postcount=48
  • #131
  • Aug 3, 2009 1:52pm Aug 3, 2009 1:52pm
Quoting Pip Ventures
Scalping

10 sec main chart (top)
1 sec for precise entry (bottom right)
1 min. for trend dir (bottom Left)

P.S. I attached Template at bottom

Mike,

I don't use Ninja Trader so I can't use the template. What are the moving averages you are using?
  • #132
  • Edited 3:41pm Aug 3, 2009 3:14pm | Edited 3:41pm
Quoting Pip Ventures
Ok, Correction....
Get the facts straight again... Cyrox Timeframe is filtered Tick...

Spinning the wheel is a hard WORK too... LoL

The grapes are sour anyway!
  • #133
  • Aug 3, 2009 3:23pm Aug 3, 2009 3:23pm
Quoting Pip Ventures
Not that I would suggest it now...

But visit post 48 on my thread and see what 'color' my personal rainbow was.

I was told that this is "not cyrox"

but now 2 posts down LT has posted a very 'similar' looking rainbow.

good thing im not on Cyrox cause id be booted for sure by now, lol.

Enjoy.

http://www.forexfactory.com/showpost...9&postcount=48
ROFL... Are you claiming that it was your original work... Get the facts straight again...
http://www.forexfactory.com/showpost...1&postcount=37

and check Oanada, Kolachi and Cyrox forum too... So many variations and colors... Check the dates...
  • #134
  • Aug 3, 2009 5:23pm Aug 3, 2009 5:23pm
Quoting linuxtroll
ROFL... Are you claiming that it was your original work... Get the facts straight again...
http://www.forexfactory.com/showpost...1&postcount=37

and check Oanada, Kolachi and Cyrox forum too... So many variations and colors... Check the dates...
LoL

Of course not LT. I give you full credit (well almost full credit because I think Guppy may have had a slim part to do with it) for the rainbow of WMA's!

So LT, THANK YOU! I did not come up with the rainbow you did.

I was just saying that My personal version of the Rainbow on my computer was an "all purple" rainbow.

At the time I did not understand the significance of the colors. I was told that this 'all purple' rainbow was all wrong and not cyrox. But now I see that you have added an 'all purple' wma rainbow to the cyrox tape.

Just messing around.

Happy Scalping!

Mike
  • #135
  • Aug 3, 2009 5:36pm Aug 3, 2009 5:36pm
Quoting Axw
Mike,

I don't use Ninja Trader so I can't use the template. What are the moving averages you are using?
I use WMA's 1 - 156 with 4 for spacing.

So when creating them it goes like this

156
151
147
ect.

Be sure to start with the higher number first because this way your lower numbers will be 'on top' of the higher. how it should be.

Mike
  • #136
  • Aug 3, 2009 7:08pm Aug 3, 2009 7:08pm
(GreenArrows)
Attached Image (click to enlarge)
Click to Enlarge Name: Trade.jpg Size: 228 KB
  • #137
  • Aug 3, 2009 10:42pm Aug 3, 2009 10:42pm
Quoting Pip Ventures
LoL

Of course not LT....
Charge on... Make millions...
  • #138
  • Edited 3:43am Aug 9, 2009 1:13am | Edited 3:43am
Quoting Pip Ventures
Trading off the 30 sec chart and aiming for 15+ pips / trade. (Im currently trading off the 10 sec EJ because of the ridiculous spread offered by FXCM Micro, only 1.2. We will see how long this lasts. Only with this spread does the R/R makes sense on a 10sec chart)

Using Trends and H-Lines.
Mike
Mike, Do you primarily use FXCM micro to do your scalp trading? Their site states: " FXCM Micro acts as a counterparty in FXCM Micro transactions and, therefore, acts as the buyer when you sell and the seller when you buy." How does this affect scalping? And do you use a platform other than fxcm's?.. metatrader or ninja? I downloaded FXCM's micro trading Station and noticed that the smallest time frame allowed is the 1 minute.

Also, you mentioned in your word doc that you trade 3-4 pairs using 30 sec Timeframe. Can I ask what those pairs are?

wondering out loud: If linuxtroll is making so much money using his method why does he need to charge $800 for his indicators?! "charge ($800) on (indicators).. make millions "
  • #139
  • Aug 9, 2009 6:08am Aug 9, 2009 6:08am
Quoting fxRichard
Purple rainbow as shown here is not the same and not recommended. Rainbow is only a portion to successful scalping, it does take a lot of screentime (I guesstimate I have about 700 hours), once you learn your currency pair with the rainbow it's a walk in the park, you can easily achieve 90% + hitrate, throw big lots at it with a form of Money Management that most on FF would think is insane you can easily make big $....
Richard, so do you prefer using the rainbow with many colors over the rainbow with only one color? when scalping with big lots which timeframe do you trade? And I'd like to know the money management rules that you use.


Thanks,
Sibaroochi
  • #140
  • Aug 9, 2009 8:05pm Aug 9, 2009 8:05pm
i should trade when the multiple weight moving average compressed and risking only 12 pips (resistance line at 97.73 - support line 97.61) either short or long direction

http://img27.imagefra.me/img/img27/2...bm_0276b49.png
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