Central Banks & Big Players

wow next news are very far... on tuesday 7 am.... GBP CBI Realized Sales.... that means that tonight, I'll be up all night looking for extreme volatility like usual

The German trader has an interesting method, but even he admits that there are problems with this approach. For example he states that he switches to the 1M during less liquid hours (which unfortunately is a big part of the open time. For the 10 sec chart this is NOT a 24 H market).

And he knows what he is talking about. The 1M chart's moves are not as dependent on liquidity as the 10 sec / tick charts. Also, you don't need to be as accurate as he is to make a lot of money. Better to use a method that is scalable on the 1M so you can use it for many years.

L trading in effect ( in high volatility )

I'm going to bed with this 0 SL.
I'll try the next round number for TP. will check in the morning if it reached destination

good night

Hi,

I was asked to translate this german posting into English, so here it is:

So remember: This is not my posting, it's just a translation from a scalper (I'm not a scalper)

Part 1

Hi guys. I've just traded Demo for an hour and thought that the one or other might find those screenshots from my trades a bit helpful. I did only scalps in different markets.
New results: +3500%
I will comment those trades here:

Picture 1 (stand.jpg): The current account, you can see the execution times and so on...

Picture 2 (dax.jpg): Some trades in the DAX (German Stock Index). At 14:45 I thought it would go deeper, that's why I went short. After the small double bottom I went out again (a bit too late). After that the Dax looked a bit bullish regarding the upcoming news. There was no down momemtum anymore. Then came in the news and I waited for an up spike to enter shorts in different markets. I closed the shorts after the momentum went away. After that I looked for new short entries during spikes and closed them. I identity those spikes due to the movements of all markets. Even though some say this is not possible one can perceive the direction and find those highs (spikes). After a falling momemtum I just close the trades and take what I can get.

Picture 3 (stand2.jpg): Again the account statement.

Picture 4 (usdyen.jpg): My favourite pair. Low spread, only few annoying movements and I have the best feeling here for movements. Dax and USD/JPY are very similar and as I saw that I shouldn't go short anymore I went long with a big position right before the news. The probability for a long was about 80% for me. Additionaly there was more room to the up side than to the down side so my win would be definitely higher than the loss. That's why I entered this position. You see, that trade made about 5000 Euro. In the meanwhile I was somewhere else but after the second strong up move I expected a down correction. I waited for the high (spike) and entered a short at the top. I closed the position early, I didn't expect a strong move. After that there where just more of those "spike trades" (I call them that way - top picking). It's important to watch small counter moves and to get out if it doesn't run into the right direction. Greed is a problem!

Part 2

Picture 1 (sp500.jpg): The S&P. I don't like the spread but during bigger moves it's worth a trade. Many of the top traders from the US trade the Dax which repeats some patterns from time to time, followed by the S&P. Yes, the S&P sometimes follows the Dax not vice versa. I did some hedges against the Dax and expected an up move so I went long with increasing position sizes and closed them partly till the take profit at the end. Another strong up move followed, the USD/JPY gave me a short signal for the S&P. I went short again with small positions and closed them quickly because the momentum of the move went down.

Picture 2 (eurusd.jpg): EUR/USD, here I had sell limits in the market. They were failed unfortunately, I expected some kind of double top. As the momentum went down at about 1.3655 I went long 2 times and closed the positions one after each other. There was more potential in those trades but the following candles were not clear enough - afterwards it's always easy...

Picture 3 (öl.jpg): There was no breakout after the news. There was a strong movement in the other markets. That's why there should had happen in oil as well. During the breakout I went long but closed this position immediately after a sign of a counter move. It's hard to find a good exit, because afterwards it looks easier if the candles have been formed.

Picture 4 (gold.jpg): Finally gold. A wrong trade with a sell limit. It went against me, I just waited for a retracement which had happened in other markets already. I tried to get out with less loss. That's why I don't like stop losses. I just wait for a correction to close a wrong trade with a better price which worked here.

So US about to start...any views?

It might be a good day for the US$

The CAD news speaking today...do you think that might be an idea watching? comes out in 2 mins

Slow opening....

Xaron we can't thank you enough, now at least we can understand it and try to find the similarities with tony's method and how we can adapt it

thx again

Thank you Xaron, excellent posts and an excellent translation.

As I understand the heart of his system is pure price action, it requires a lot of quality screen time - and a lot of experience.

Did he explain his system/approach somewhere in more detail?

Tony y u don't trade all day no more

Tony how was that trade you posted last morning?

Did it hit TP or SL?

it went and hit the SL... 0$ loss
it eventually does hit the TP in a few tries... the important thing is to have and optimized entry for lower risk

during the day there is barely any action.... 3 am starts my day

Tony I think you need to move to Europe

short @ 1.6385. Stalled at 1.6375 before coming back up. Got out even. Also trading the 7am news a little while ago and accidently jump the gun. Got whipped sawed but manage to get out with only 10pip loss.

http://img3.imageshack.us/img3/1801/ex17.th.gif

Anybody watching the NY open?

News trade... SL put in at +20!! Just about to hit I think... oh well

Happy days

Oz

Yep hit at +20. That was the EURUSD. I have not like the way the GU has behaved today, alot of spikes IMO. But lets wait for the cad in 45min whos with me?