Central Banks & Big Players

can't wait for the open
we got it going ooooooooonnn

0SL

i'm getting ready for my first live trade ever!

$115 account lol. if i'm using 50:1 leverage, how much should i trade with, like $90?

and also, should i wait for the ny open or look for some 8 pippers during the aussie open

i scheduled my next quarter so i can trade the opens!

and tony, you said not every 8 pip candle is a good one, we are looking for extremely low volatility prior to the big pippin right? what else would make you more confident that its a rocket? maybe 00's or with the macro trend??

edit:
say i'm using 50:1 on $90. this is $4500; so i'm selecting 4500 USD, not units, right?

Hi Tony and Everyone.

1st of all I just want to thank Tony for starting this brilliant thread. Ive just completed reading all the thread and this is the best trading method I have ever come across.

I have been trading (Live) for over 3 Years now and always seem to have lost money, using stupid indicators. I was just about to give up forex when I came across this thread. I cant believe how simple your strategy is and how much risk is involved really cant get better than this.I only wish I had seen this thread earlier last year when you started it.

My plans now are to demo this strategy and go live in one month. The only reason I want to demo is cos everything in a 5 sec TF happens so fast. I need to practice to be right on the dot when a 8pip candle appears. Ive always used MT4 and to come across to ONDA its a lil weird jus now.

Keep up the great stuff Tony, and I wish you all the luck mate. Hope everyone in here who trades like this makes MEGA MONEY. And please ppl keep this thread going its AMAZING.

ps. Do you guys use a chat room for forex talk??Let me know?

Cheers

here are my settings

look at my example above, select %

also don't trade before 2 or 3 am NY EST time, we just witnessed a 9PIP candle with nothing after , nothing at all be careful

your settings are my settings sensei

do i walk away after i take the trade

or do i manually trail the stop

yea

manually trail the stop to 3 ---- 2 ---- 1 ----- 0 and walk away
TP120

for you first trade I would greatly recommend that you enter at a resistance or support level broken, they are the best, after the London open

i will not trail my stops once my trade is in the clear
~there are three possibilities:
-3
0
+120


i will not trade before london open

i will only take a >8pip candle that follows low volitility

exactly,

- Preferential entries: SUPPORT, RESISTANCE, PSYCHOLOGICAL LEVEL, UNTOUCHED PRICE LEVEL, AFTER NEWS ENTRIES (min 30 sec after news)

spread is still at 10 pips anything above 2.1 should not even be touched

happy to have you here stay tuned! it gets exciting

Tony112... excellent man. This is a fantastic method.

I have not posted much on here. But I have been scalping for the past few months, I have only been looking at FF for news warnings. Last night I was bored and decided to look through how some people are trading and this is one of the better methods I have seen. I think it can however be a bit more refined, but you will only do this after a lot of screen time. An important thing is NOT to switch your setup. If your using 5second, stay with 5seconds and only look at price action on the 5-second chart.

I have been scalping for months, very consistently and with EU and GU as well. I use the rainbow because it actually does help a lot with my setups, since I don't do this exact method. I use 2 timeframes, 10-second and 1-second and I use the 10 second for direction. I trade breakouts, continuations, and tops and bottoms and try to get in on the beginning of waves and let the waves ride, but TP on the first signal of a turn against me. I enter as tight as I can at S/R levels, but the setups are very particular. You need to learn PA, how price moves, with momentum.

I don't let my trades run for 120 pips, however I have been giving some thought about (for example) entering with 2 lots and taking profit with a tight 5-10pip exit on 1 lot, and letting the other lot run as Tony112 is doing, after putting my stop to BE and taking profit on half the trade. Along the way, if it's running strong, I will pyramid in with more HP entries, as I'm still letting half of the first 2-lot trade run for the 100+ ticks. If that makes any sense to you guys...

The most important thing when scalping is keeping your stop loss extremely tight, best to use a hard stop if you tend to let trades go against you too much (risk management basically). You can't trade RISK:REWARD because you don't know how much it will go, you only know your risk before your entry.

Anyway, just posting to all you guys letting you know, a scalping method like this, if managed well, is all you need to make a shit-load of money. PRICE ACTION! the only indicator you should be looking at. Keep it super simple.

To all you naysayers on scalping.... you just have no idea what you're talking about. scalping is where you make your money with the lowest risk and biggest rewards, it's a no-brainer. Leave the daily's, 4h charts, etc to the high equity investers. Make money before you're 50 years old.

One last thing, if you're first starting a method like this (or any scalping method) you need screen time to feel the market and read PA. You won't get it right overnight, but it will come with time. Don't think it sucks because you're taking some losses, you WILL take losses, small losses are fine. If you're not doing well, you can't blame it on the method and then change to a new one that you think is better. STICK WITH THE SAME SETUP. It's how you're managing your money and trading that needs to be refined. Learn from your mistakes. Forex (especially scalping) is not an easy thing to do mentally, you need practice, patience, and determination to succeed, and you will!

Kick ass everyone.

Hi Monroe,
great post.

Could you explain better this concept please?

Many thanks.

Regards.

Hey geomink, sure, I'll try to explain what I mean about what I've said there...

You can make money trading higher timeframes, but you need a lot of money or a lot of time to make it. What can you do for your account in a months time trading dailies and 4h, 1h candles? If you were good, you can do alright, but think about it... higher timeframes and position trading... you're exposing your account to the market for too long. We are not nastradomus, we cannot predict what the market will do tomorrow. But we can play the odds and a scalping method that gives you over 70% HP trades will make you rich. This is very doable.

With scalping you're basically jumping in and out of the market quickly using high leverage with a very tight stop-loss (if your smart), therefore very low risk and small exposure to the market. You are not setting a 50-100 tick stop-loss and messing with risk to reward etc etc and picking points where you *think* or *hope* that price will go to. You are grabing very HP moves when big players are making the market move in either direction. The banks, high equity professionals and institutions make the market move. One key thing that Tony112 has got in this method, is he is waiting for volatile conditions. This is a MAJOR key to successful scalping.

You can scalp ranges, but that's more advanced. Market conditions change, these smaller timesframes allow me to make money everyday without a problem. When the market changes, it doesn't matter, you're in and out qucikly with HP entries and tight stops using high leverage. If you stare at the 5-second chart for long enough, PA will become clear to you. Pick a pair and watch how it moves. Watch how it reacts around psych levels, s/r, etc. You will find your HP setups. Just wait for the conditions and you can make a ton of money quickly. Not hanging onto a trade for days and days.

Using smaller timeframes allows you more opportunities. More opportunities gives you more money. The small losses are fine. There will be the next one soon after. Keep STRICT money management and stop losses. Don't let any trades run more than 5 ticks against you, ever. With screen time, you will just *feel* when price is turning against you.

Make rules for yourself, like if you lose more than 2%, or 3 trades in a row, etc... call it quits for that session. Come back with a fresh bias later and try again. Don't revenge trade to make up for your losses, the market will eat you. wait for your setup! take them without hesitition. If they fail, wait for the next one. Be a machine. watch your account grow.

Hope this answers your question.

edit: I just wanted to say you guys have a good thing going, there is nothing for sale here and you're just sharing knowledge and making money. I hope to see it continue like that and I'll definitely check this thread out from time to time to see how you guys are doing. I'll share what I know to try and help you guys. I am still learning as well. always learning... trying to get to the next level.

Don't look much further into a new indicator or a better system if this one doesn't work right off the bat. All you need is over 70% hit rate and strict rules to follow and you will make it. Keep it as simple as possible, price action is the only indicator you need. It's the only real-time indicator, and the only one worth looking at. You will keep refining your setups/entries/exits etc as you progress and learn. Screen time and patience. stick to one thing and forget about everything else.

great job monroe

Very good point... and yes you're right, I have never ever sold anything in here.... unlike forex system sellers, I actually am able to grow an account WITH the actual system I'm using hence I have nothing to sell here

but I have lots to share, because I have a passion for success

One thing I might not agree with you is scalping, you have to keep in mind that my minimum TP nowadays is 120pips, yes I agree the SL are tight, but I don't know if we may call my trades scalping, specially trades that I close after days... but you have a great thinking

tony:

do we add the spread when moving stop to b/e

for example, if the spread is 1 pip, and our long entry was 1.0000, do we place our stop at 1.0001?

Yea, I hear you Tony, I wouldn't call your method exactly scalping either, as in how I scalp, but it's very similar in a few key areas. I would call your method swing scalping, lol a new one.

I know of some scalpers that trade this in a very similar fashion to how you are doing it, except they are pyramiding in as well, which is what I am thinking of doing because it is almost combining scalping and very short swing trading. So in other words, I have my quick HP in-out scalp setups, but I am thinking of finding a general direction for a session (high volitility breaks in one direction after consolidation) and if things look good, letting 1 lot roll out for a predefined TP level (possible strong s/r level or psych level in the direction of the move) and along the way, scalping my scalp style with max leverage trades, which I always keep a 2-3 tick SL on. This works especially well on GU compared to EU. GU has huge swings, it's not uncommon to see 100+ tick runs without much retracement with this pair.

Reading this you gave me some different perspective of seeing something, and that's always a great thing.