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EUR/USD Scalp 1 min

  • #421
  • Feb 3, 2010 9:13am Feb 3, 2010 9:13am
Congrats on your good start. Successful scalping is not easy.
Quoting FirozFX
This is my preferred method of trading. I scalp the EU, EJ and GU. Trading for about 3 months on a live micro account. I'm up 45 % to over $5000 now.

I use the 5 min and 15 min charts for trend direction ,am careful around fundamental news, and then scalp the hell out of the 1min charts. Sometimes up to 40 winning trades per day. 1 or 2 losses inbetween. A return of between 100 and 150 $ per day.

Indicators used is 100 and 200 EMA, Stochastic on 21, 3, 3 setup and RLW indicator with entrys around 7 and 93. Of course the trend is the deciding...
  • #422
  • Feb 4, 2010 4:15am Feb 4, 2010 4:15am
Hi Hoss,

I hope you still check this thread once in a while because I have a question for you. Please take a look at the setting below...the price moves towards the daily pivot and the RSI goes below 20 at the same time so I went long...however the price broke the daily pivot and reverses at the 3/8 Murray Math line (as shown by the two lime rectangles). Then spikes up to the 200 EMA because of the news.

I actually took some lots at the Daily pivot line with 5 pips SL, that got hit, then I took some lots also at the Murrat Math line which made back the lost 5 pips. Does it make sense to work this method without using SLs? because i would have made more back if i operated that way. Also is it advisable to trade this when there is news or should I hold back till the news is over? This method worked during the news event but I am not so sure if it could backfire in some instance.
Attached Image (click to enlarge)
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  • #423
  • Feb 4, 2010 4:20am Feb 4, 2010 4:20am
i made 29 pips on gbp/usd right before the news, am cool for the weekend
  • #424
  • Feb 4, 2010 4:28am Feb 4, 2010 4:28am
If you scalp without SL, imagine news spiking against you for 40-50 pips. What you gonna do then? I used to scalp with no SL, and lost 50% of account in one spike. Don't EVER EVER, and I mean EVER scalp without SL. Again, it also depends what you want to do. If you wanna risk half your account for 5 pips, then go ahead, but I doubt anybody would
  • #425
  • Feb 4, 2010 4:32am Feb 4, 2010 4:32am
Quoting ajantala
Hi Hoss,

I hope you still check this thread once in a while because I have a question for you. Please take a look at the setting below...the price moves towards the daily pivot and the RSI goes below 20 at the same time so I went long...however the price broke the daily pivot and reverses at the 3/8 Murray Math line (as shown by the two lime rectangles). Then spikes up to the 200 EMA because of the news.

I actually took some lots at the Daily pivot line with 5 pips SL, that got hit, then I took some lots also at the Murrat Math line which made...

Also, for news time, I suggest picking a direction and put TP 10-20 on it. You have great chance of winning equivalent of 4-5 trades in few seconds if it spikes upon news.
  • #426
  • Feb 4, 2010 4:42am Feb 4, 2010 4:42am
Quoting johnnyP
Also, for news time, I suggest picking a direction and put TP 10-20 on it. You have great chance of winning equivalent of 4-5 trades in few seconds if it spikes upon news.
Thanks Johnny,

My question was actually referring to what Hoss said that he trades without using a stop-loss because he 'knew' the price would still go in his favour and truthfully this method somehow guarantees that happening with a probability of more than 90% from what I have seen so far as long as you follow the rules and enter with the correct criteria.

Also I was referring to using no SL when there is no news. I would actually prefer not to trade during a news event since i am scalping and there would be more opportunities to enter the trades later...


BTW...just made another 5 pips on GU...
Less is more...
  • #427
  • Feb 4, 2010 5:13am Feb 4, 2010 5:13am
Quoting fx1o1
Hi FirozFX,

40 trades a day is impressive. I do about 20 only!

Do you "compensate" when trades go against you? Please describe in detail how you do it.

Thanks!

Compensate? Like hedging? or stop losses?

I do not hedge, just follow my indicators

I do not use stop losses.

I have an automatically traded account started in the middle of last year, whereby a professional trader's signals come to my account. I noticed he did not use stop losses. 1 trade was open for 3 months, he traded against the trend but it came back into profit. I started doing the same after studying the forex market.

With moves of 100 to 200 pips per day in forex and huge fluctuations inbetween, you will cash out eventually. except where yout TP is high

I trade buy and sell in short periods of time. Take profit from 3 to 20 pips.

And yes, I do have open positions that are over a week old. My lots are not large so useable margin is very small on my account. I'm sure alot of people differ on not using stop losses, but i have the profits banked.

P.S: Up 74 pips today
  • #428
  • Feb 4, 2010 6:27am Feb 4, 2010 6:27am
These are the trades I made today on the demo account I just opened...the previous one had some losses (large ones, that is *Master Yoda*) because I was still practicing this method...If you have been making progress with this method please share and encourage others.

Needless to say, this scalping system rocks!!!
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  • #429
  • Feb 4, 2010 7:58am Feb 4, 2010 7:58am
Is it possible to have 3 winning trades on average for every 4 trades executed with fixed stop of 10pips? so basically a 75% hit rate with a 10pip stop?

If one had 20 trades in a day, and 5 of these were losers of -10pips and the other 15 trades +5 winners that means your down -50pips and up +60 on the winners leaving you with only +10 for the day. Is it worth all the stress and hassle to trade this way?

Any opinions on what kind of results are possible with a 10pip stop on EU would be appreciated.
  • #430
  • Feb 4, 2010 8:16am Feb 4, 2010 8:16am
ive been playing around with the system for today and yestrday and noticed a few things people might like:

Ive been using Slow Stochastics (20, 3, 3), RSI (10)

However, i felt that particularly when some of the pairs are in a strong downtrend movement, that the RSI 10 sometimes missed the opportunities after a small correction.

SO i've started using the above AS WELL as a separate RSI (8) that I ONLY use to join a trend, never to bet against the trend.

I'm following U/J, EURUSD, and sometimes the EURCHF if i have the time. This is only because i am spread betting and these pairs have lowest spreads
  • #431
  • Feb 5, 2010 1:22am Feb 5, 2010 1:22am
Quoting FirozFX
Compensate? Like hedging? or stop losses?

I do not hedge, just follow my indicators

I do not use stop losses.

I have an automatically traded account started in the middle of last year, whereby a professional trader's signals come to my account. I noticed he did not use stop losses. 1 trade was open for 3 months, he traded against the trend but it came back into profit. I started doing the same after studying the forex market.

With moves of 100 to 200 pips per day in forex and huge fluctuations inbetween, you will cash out eventually. except...
Hi FirozFX,

By compensate (when the trade goes against you), I mean double your initial lot (Martingale). This way you just need a few pips in your favor to get back to positive. This is delicate and requires lots of experience and practice to avoid losing your shirt, but it can do wonders if you know how to do it.

Based on what do you leave a trade open for a week? If that is the case, how do you have a few losers a day (instead of leaving those trades for a few more days)? When do you decide it's time to close them?

Have a great weekend!
  • #432
  • Feb 8, 2010 2:13am Feb 8, 2010 2:13am
Anyone here use less than 1min TF to Scalp?
  • #433
  • Feb 11, 2010 9:01am Feb 11, 2010 9:01am
I actually don't trade it around news times. Too volatile for me. Plus, I don't like the increase in spreads. Using stops is ok, but you have to stick hard to your own personal rules if you do it that way. If you are inconsistent with them, your results will also be inconsistent. However, that being said, if you don't use stops you must be prepared at anytime for the market to do something you would never expect. One bad trade can wipe your earnings out. Patience is key. Only look for the best set ups, and for me, that is after several moves in one direction - then I wait to exploit exhaustion. After all, price cannot move forever in a straight line.


Quoting ajantala
Hi Hoss,

I hope you still check this thread once in a while because I have a question for you. Please take a look at the setting below...the price moves towards the daily pivot and the RSI goes below 20 at the same time so I went long...however the price broke the daily pivot and reverses at the 3/8 Murray Math line (as shown by the two lime rectangles). Then spikes up to the 200 EMA because of the news.

I actually took some lots at the Daily pivot line with 5 pips SL, that got hit, then I took some lots also at the Murrat Math line which made...
Life is too short to have anything but delusional notions about yourself.
  • #434
  • Feb 11, 2010 9:17am Feb 11, 2010 9:17am
I really want to use your method, but didn't think you would come back to answer ?? or update. Thanks, now I have some confidence to try again. Thanks! Tom
  • #435
  • Feb 11, 2010 9:23am Feb 11, 2010 9:23am
Quoting hoss
Is anybody else trading this way? Looking for some discussion. I trade mainly with RSI and divergence and look for retraces for about 5 pips after exhaustion. I turned 100K into 300K on demo in about a month in a half and now I am trying it out on a real account with same results with $4K. Have a look at my attachments. I am making $150 to $200 per day at the $4K level and will start compounding every $1K similar to demo. Any thoughts to make it better if any are appreciated although I think it's an eye for price action that makes this work so far,...
I was just going thru your first post and I found out that you actually requested for ideas on your method. Well Hoss that is very modest of you in my opinion. Sorry most of the replies you got was from us 'green-horns' (mine is getting yellow though) asking to explain your system. However, something I know is when you explain stuff to people you get more knowledge in return so I just wanted to say thank you for sharing this system.
Less is more...
  • #436
  • Feb 11, 2010 9:26am Feb 11, 2010 9:26am
no problem. just keep demoing until you get to the point where you are rarely averaging in. that means you are taking proper set ups.

Quoting Fleeter
I really want to use your method, but didn't think you would come back to answer ?? or update. Thanks, now I have some confidence to try again. Thanks! Tom
Life is too short to have anything but delusional notions about yourself.
  • #437
  • Feb 11, 2010 9:31am Feb 11, 2010 9:31am
thanks. i'm not naive enough to believe i can't stop learning, however. i use this all the time, but it came from screen time. that can't be taught. gut feelings can't be taught. but, the basics can. with enough screen time you will get that "a-ha" moment. this method is not different than any other, really. i am playing odds. but, i wait for situations to develop in order to put them more in my favor. similar to counting cards in blackjack. doesn't mean you win every hand, but the odds are tilted in your favor.

Quoting ajantala
I was just going thru your first post and I found out that you actually requested for ideas on your method. Well Hoss that is very modest of you in my opinion. Sorry most of the replies you got was from us 'green-horns' (mine is getting yellow though) asking to explain your system. However, something I know is when you explain stuff to people you get more knowledge in return so I just wanted to say thank you for sharing this system.
Life is too short to have anything but delusional notions about yourself.
  • #438
  • Feb 12, 2010 4:57am Feb 12, 2010 4:57am
No problems in trading this system.Found it to be accurate as you say Hoss "nothing stays in a straight line".Need to be pretty nimble to get the entry right does not stay sub 20 or plus 80 for too long although I find it not so much a problem as the exit (generally out too soon).When the chart shows all the correct signals but the p/a does not agree can be a pain but that is the beast called forex.
There are many opportunities through the day in fact find it interesting watching the build up of momentum before the strike.So often 3 or 4 trades can show a signal all at once it really is a matter of prioritising re with divergence,bb's etc to get the right entry.In saying that there are some sessions where it is so quiet makes you wonder if there is a market at all.
Great scalping tool here Hoss thank you for everything and it is good to see you back in your thread keep up the good trades.As an aside find the 200 ema good support and resistance.
  • #439
  • Feb 12, 2010 8:39am Feb 12, 2010 8:39am
Yeah, the market sometimes moves too slow. But there is no method that works in every market. The last thing you want to do is get caught in one of those slowly moving trends that has no volatility. The retracements are slow and if you get in at the wrong time, it seems like it takes forever to get out. I seem to see this in the Asian session a lot.

Quoting siboy
No problems in trading this system.Found it to be accurate as you say Hoss "nothing stays in a straight line".Need to be pretty nimble to get the entry right does not stay sub 20 or plus 80 for too long although I find it not so much a problem as the exit (generally out too soon).When the chart shows all the correct signals but the p/a does not agree can be a pain but that is the beast called forex.
There are many opportunities through the day in fact find it interesting watching the build up of momentum before the strike.So often 3 or 4 trades...
Life is too short to have anything but delusional notions about yourself.
  • #440
  • Feb 14, 2010 3:22am Feb 14, 2010 3:22am
  •  markt
  • | Joined Jan 2007 | Status: Would be... Full time trader | 88 Posts
HOSS, If you were to set an automatic sl based on entry price what would it be?
Also, if you had to set a TP and tsl what would they be?
Also, what risk percentage of total capital did you use on your demo and now in live mode?

thanks,

Mark
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