NITRO Scalping for serious traders | Page 24 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

CHART Reading for serious traders 453 replies

1M & 5M Scalping System (Scalping Paradise) 21 replies

NITRO Variations for Open-minded Traders 290 replies

Attachments: NITRO Scalping for serious traders
Exit Attachments

NITRO Scalping for serious traders

  • #461
  • Sep 8, 2009 4:01pm Sep 8, 2009 4:01pm
Hi DaveW

Is there any advantage in having both the MI and the Momentum indicators of your charts - I would have thought that they gave the same information?
Regards Karl
  • #462
  • Sep 8, 2009 4:38pm Sep 8, 2009 4:38pm
I cannot trade in a demo account as it is too easy for me to make money there, I need to have real money involved even if a small amount. So I have a micro account with FX Solutions and use MT4 for charting. I enter or exit based on the MT4 renko charts, not on what my broker is showing, usually they are within 1-2 pips of each other.
This is working well for me, and I do avoid news trading. I plan to open an account with Baron Forex and maybe one with FX Pro and as I increase position size, then will see who seems the most honest. I use the broker reviews at forex peace army to help pick brokers, although I know many there can be biased.
I have a feeling when I am trading full lots, I may have to change brokers every few months as nearly everyone says when you start making serious money, that's when the real problems begin ..

I agree maybe more detailed broker discussion could be continued under that forum heading in FF, maybe Brokers for Nitro Traders or some such thread could be started. I'm not going to start it, have enough to do with this one
******************* I'd rather make money than be right.
  • #463
  • Sep 8, 2009 6:11pm Sep 8, 2009 6:11pm
Quoting asdf
Lou, sorry for the delayed response. I think this answers your question. If it doesn't, let me know.
Thanks for responding. I know that my questions are elementary - I'm a very good programmer but a poor trader. As far as the "wait for a pullback" suggestion, I probably don't have the stones to do that at this point but I'm sure your suggestion will stay in my brain and take root eventually. I'm just happy to get in at a reasonable place

I've begun drawing support/resistance lines on my chart and moving them around to the appropriate places - it helps a lot and I was actually profitable today...

Thanks for your help,

Lou
Old Benjamin was right
  • #464
  • Sep 8, 2009 6:17pm Sep 8, 2009 6:17pm
Quoting 4xStar
I cannot trade in a demo account as it is too easy for me to make money there
Yes, one of my issues with kb's advice - most people will not trade the same with real money on the line (even $1.00 pips) and this should be an important step in trading education. Trade with real money! Not so much that you can't pay the mortgage but enough so that it gets your attention when you lose...

Just my 2 cents,

Lou
Old Benjamin was right
  • #465
  • Sep 8, 2009 8:15pm Sep 8, 2009 8:15pm
+7 for breakfast

With everything pointing up I waited for the block on the eur/jpy to close at 133.95, then hung back until the retrace to 133.90 put on the buy and within 10 mins was out with a profit of 7 pips.

I use the MI indicator to give the trend and the Momentum (4) for the heads up signal. Nothing complicated.

I use the gbp/jpy as the leading indicator as once that one starts moving the eur/jpy will follow shortly afterwards.

Nothing sophisticated, just simple PA with a little help from the momentum indicators
Attached Image (click to enlarge)
Click to Enlarge Name: asian 1.gif Size: 66 KB
  • #466
  • Sep 9, 2009 1:40am Sep 9, 2009 1:40am
Have ditched the usd/jpy so use GBP/AUD/EUR as my correlators. Once they are lined up wait for the retrace on the eur then ride it for +7 pips
Attached Image (click to enlarge)
Click to Enlarge Name: frankfurt 1.gif Size: 70 KB
  • #467
  • Sep 9, 2009 7:19am Sep 9, 2009 7:19am
Yes i have dropped the UY pair too.

The market is pretty ranging today, isn't? I'd rather play it safe and wait
  • #468
  • Sep 9, 2009 7:43am Sep 9, 2009 7:43am
Quoting mandel
Yes i have dropped the UY pair too.

The market is pretty ranging today, isn't? I'd rather play it safe and wait
It's 3 days that PA is very boring....difficult to scalp
Market is like a puzzle, YOU have to fit the pieces!!
  • #469
  • Sep 9, 2009 8:29am Sep 9, 2009 8:29am
GY is out of sync with the others and PA is still very lackluster.
******************* I'd rather make money than be right.
  • #470
  • Sep 9, 2009 9:12am Sep 9, 2009 9:12am
Patience finally paid off. No correlation at London time slot but they finally came back together once NY opened. Eur/jpy for +7 pips
Attached Image (click to enlarge)
Click to Enlarge Name: ny 1.gif Size: 64 KB
  • #471
  • Edited 10:49am Sep 9, 2009 9:15am | Edited 10:49am
Yes patience pays...
Got +10 on AY, 2 shorts and +11 on EY short.
Now I am eyeing the EY which is the strongest and looks like it may be testing prior support around 133.60.
This gets a bit easier every day.
******************* I'd rather make money than be right.
  • #472
  • Sep 9, 2009 10:49am Sep 9, 2009 10:49am
Quoting 4xStar
...Now I am eyeing the EY which is the strongest and looks like it may be testing prior support around 133.60.
This gets a bit easier every day.
Well, that went well .. got another +10 from the EY as she began the up-move.
This is not rocket science ..
*pay attention to charts
*watch for correlation
*trade the strongest pair with confirming trigger.

Note new sig line
******************* I'd rather make money than be right.
  • #473
  • Sep 9, 2009 11:08am Sep 9, 2009 11:08am
As I see it EY has already made a triple low and the candle is trying to go south (a probability of a 4th low).

Right now mom is slow and all other pairs are even more ranging

So basically all the signs are saying WAIT! I could harvest a few pips here but that would be more gambling than trading.

I wouldn't trade this pair now, not untill it creates a higher high and possibly would wait for a retracement

Any opinion on my analysis would be appreciated

Mandel
Attached Image (click to enlarge)
Click to Enlarge Name: trade1.gif Size: 31 KB
  • #474
  • Sep 9, 2009 11:09am Sep 9, 2009 11:09am
4xstar,

I'd really appreciate it if you could post your charts with your trading signals

Quoting 4xStar
Well, that went well .. got another +10 from the EY as she began the up-move.
This is not rocket science ..
*pay attention to charts
*watch for correlation
*trade the strongest pair with confirming trigger.

Note new sig line
  • #475
  • Sep 9, 2009 8:15pm Sep 9, 2009 8:15pm
Morning coffee time +7 pips
Attached Image (click to enlarge)
Click to Enlarge Name: asian 1.gif Size: 61 KB
  • #476
  • Sep 10, 2009 3:48am Sep 10, 2009 3:48am
+8 pips E/J at 0430 ET.

I'm using your setup DaveW. Thanks. It makes things very clear.

Nitro requires a lot of patience! Just keep drinking coffee until it all lines up.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy090910.gif Size: 63 KB
  • #477
  • Edited 1:20pm Sep 10, 2009 4:42am | Edited 1:20pm
Hey Chris B

I have been using one I like very much, but would love to test this one out. Would you post a set file with the settings as you
suggested already in so I can review the setup?

thanks!

Brian

Quoting Chris_B
It's an EA for money management...i've attached it to this post if you want tray it out...

Assuming that in trading the first goal for me is "not lose", the idea is:

SL setted at 20 (or 20+spread)

As soon as i have 10 pips it moves the SL to BE+5 (so it becomes a free profit trade)

As soon as i have 20 pips it moves the SL to 10...
And then it moves the SL every 10 pips using the jumping stop function...

With slow market it can be useless but when we have a big and fast move (happens often) without big retracement it can...
  • #478
  • Sep 10, 2009 5:11am Sep 10, 2009 5:11am
LH vertical red line is Frankfurt. The red horizontal line on the eur/jpy chart is the resistance that I had not noticed beforehand, subsequently immediately after hitting the button for the buy it went south. The price dropped to within .3 of the stoploss before recovering. Price never hit the b/e so stopped it out manually at -7 pips (my profit from this morning's Tokyo trade).

As I was peeing around with the Frankfurt trade I missed the London trade which is the RH vertical line
Attached Image (click to enlarge)
Click to Enlarge Name: london 1.gif Size: 65 KB
  • #479
  • Sep 10, 2009 8:42am Sep 10, 2009 8:42am
+41 for today! 3 shorts on the EY, the first I was just about to click the button at +7 when she suddenly dropped another 20 pips.
Then 2 more on a retrace and testing the Daily S1 from below.

Charts are actually attached! I know I am the world's worst for attaching charts, partly because my charts are on my new laptop running Vista & for some reason when I type replies on that computer, the typing slows way down .. I have to press each key very slowly .. or type in Notepad then copy/paste here. Anyone else have this problem & know a fix?

Also I'm very verbal (anyone notice??) & get involved with describing what I did rather than just posting a pic.
Attached Image (click to enlarge)
Click to Enlarge Name: ey.gif Size: 104 KB
******************* I'd rather make money than be right.
  • #480
  • Sep 10, 2009 8:50am Sep 10, 2009 8:50am
Guess I am done for today unless something spectacular presents itself.
I'll hang around watching charts for another hour, then it is out to do some gardening.

I forgot to mention above, as usual I watched for all 4 pairs to decide on a direction, in this case it was down so I picked the EY as showiing the most weakness. If I had been faster, could have grabbed some pips from AY as well .. I was watching it, but did not react as quickly as I should have.
******************* I'd rather make money than be right.
0 traders viewing now