Cable Update (GBPUSD)
Well...another scalping session looking to accidentally catch a big 40 pip move in the process.
According to my 1M chart, I am currently looking to scalp long.
Green pips to everyone
Attachment
That setup looks very similar.
You'll be lucky tonight, it's DEAD as a Dead Dead thing
Did someone close the Forex markets and not tell us ??
Yeah...same set-up to a certain extent that happens every night during asain session. Just don't know when the big move is going to hit is all.
The market has been really dead for a while. Means the move is just around the corner. Can you believe I had a scalp trade open for almost 1.25 hours earlier? It was like watching paint dry
Hi damonl,
Can you please explain your scalping method (with your chart)?
Thanks,
CT
Hey CT -
I wouldn't really call it a method. It is pretty fluid and for the most part can sit at my computer and within a few minutes dicide if I should go long short or stay out. It is not like I am waiting for lines to cross to enter, or RSI to be above 50 or something like that.
I do have a few rules I can pass on to you though.
1. For the most part I only trade in the direction of the 55, 100 and 200 SMA. This is not always true and depends on their relationship with each other.
2. When the 100 and 200 are at a minimum of 10 pips apart,...
Hey CT -
I wouldn't really call it a method. It is pretty fluid and for the most part can sit at my computer and within a few minutes dicide if I should go long short or stay out....
I could not resist as i am bored .. and not to knock your trading style but thought this may get a laugh or 2 ..
translation of post
sit at computer
flip coin
head long
tails sell
use tight stops you will eventually be right
on a more serious note a TON of china news in 2 hours. China markets have been driving direction of asian markets over recently , this news could set direction of USD for asia
55 100 200 SMA or EMA ??? I use those with EMA!!
currently using 26ema, 60ema, 200ema I've speeded the system up with M1.
Also S10 charts with EMA16, EMA70, EMA160, EMA360 that works really well.
Odds on getting a 15pip+ move ( normally ) on moving over EMA 160 or EMA26 is like 80%+.
Free S10 charts here :-
https://fxtrade.oanda.com/your_account/fxgame/
EMA, SMA it just what every you like. i don't like to many MA's smaller than that because I can see most of those with simple PA. I am however currently doing some extensive research using the 5SMA and how price action reacts around it.
10 Second Chart? never heard of it, have to check it out.
10S is cool, much better detail makes it easier to see whats going on after using it for 10Mins you'll think M1 is useless.
5sma on a M1 chart isn't accurate enough and doesn't react quickly enough, but 16ema on a S10 chart is a 2mins 40second and it's accurate
And there goes the breakout...just like the chart should me, though it is weaker than the other nights, I will still take it
And there goes the breakout...just like the chart should me, though it is weaker than the other nights, I will still take it
