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Better-than-the-wormhole 555 replies

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The WoRmHoLe

  • #5,681
  • Mar 25, 2010 3:46am Mar 25, 2010 3:46am
Quoting coolshades
to add to this, most scalpers risk more on their trades because essentially the return in pip amounts is smaller.

i find scalping very draining and time consuming and very rarely do it. also i am not at all good at it (maybe thats the real reason )
that's true.
scalping can be very taxing. I would not recommend it to new traders. Higher timeframes need to be mastered no matter what before attempting to lower down to scalping. If you can't identify trends/pattern properly on the high time frames, there is no chance you can do it on the ltf succesfully. Those micro trends can be very tricky to the untrained eyes.
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  • #5,682
  • Mar 25, 2010 3:51am Mar 25, 2010 3:51am
Quoting dario1002
Actually i find myself in that too... but all the times when i scalp and i got my 10 pips, i just take off half of my position... so it really doesn't make much sense...i have to work on it much more.
Yes, I'll be honest with you. There is absolutely no point in taking out half when scalping. I mean it is scalping, if you choose to take out half, that'll mean only one thing, you do not feel confident of that ongoing trade. Say for example it's 10 pips up and you see a possible turn, why book 5 & leave the remaining 5 to chance? Take it all out, and get back in on the rally or dip. The principle is not the same as swing trade. You need more room for the trade to "breathe" in larger swings, so it is understandable to book half to counter the hard stops placed. But for scalping, that is not the way imho.
Sorry if i sound a bit blunt dario
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  • #5,683
  • Mar 25, 2010 3:57am Mar 25, 2010 3:57am
Quoting wormboy
Yes, I'll be honest with you. There is absolutely no point in taking out half when scalping. I mean it is scalping, if you choose to take out half, that'll mean only one thing, you do not feel confident of that ongoing trade. Say for example it's 10 pips up and you see a possible turn, why book 5 & leave the remaining 5 to chance? Take it all out, and get back in on the rally or dip. The principle is not the same as swing trade. You need more room for the trade to "breathe" in larger swings, so it is understandable to book half to counter the...
Hey man... feel free to always be honest with me. This thing i understood just this morning actually... that would have been nice to know it 4 trades ago
I don't want a job, i want money!
  • #5,684
  • Mar 25, 2010 3:58am Mar 25, 2010 3:58am
Quoting wormboy
Yes, I'll be honest with you. There is absolutely no point in taking out half when scalping. I mean it is scalping, if you choose to take out half, that'll mean only one thing, you do not feel confident of that ongoing trade. Say for example it's 10 pips up and you see a possible turn, why book 5 & leave the remaining 5 to chance? Take it all out, and get back in on the rally or dip. The principle is not the same as swing trade. You need more room for the trade to "breathe" in larger swings, so it is understandable to book half to counter the...
Agree with wormie. I have not had success as a scalper, had some good days then profits erased, because it's not that you learn it very fast, it takes time.

I know a scalper that makes its living out of it (not fx scalping, but still scalping) and he has no emotions trading and lets its tp hit or just close it where he decided when he opened the trade.

So decide what your take profit is, decide what the stop loss is, if it agrees with your moneymanagement: open the trade and stick to the tp and sl you decided when opened the trade.

I think scalping is much difficult than medium term trading and needs many skills like emotional stability and also a good strategy that can provide a high percentage of profitable trades, you must be a robot when you trade, don't let the emotions take your head away.
"Hate the sin, love the sinner." - Gandhi
  • #5,685
  • Mar 25, 2010 4:00am Mar 25, 2010 4:00am
Quoting wormboy
Nicely done gabe
I don't trade much of the rest you mentioned, but aye cable is paying off nicely
stress free mode on again. good luck bro
Good luck to you too bro! I'm happy that I've come out with profits after that 3 losses, I have 280 floating pips now...tp still to be hit. GJ paying very nicely and 138.00 is just 30 pips away...Cable will give us a present I think.

EJ looks good to the upside too.
"Hate the sin, love the sinner." - Gandhi
  • #5,686
  • Mar 25, 2010 4:03am Mar 25, 2010 4:03am
Quoting TheGabriel
I just went long Cable @ 1.50204 - SL is 1.4926 and TP is 1.51968

So I've joined Azim's bulls. I'll be away and will check the trades later. I've left EURGBP sell and GBPUSD buy opened. I'll possibly put a buy limit on GBPJPY just in case it skyrockets.
EURGBP sell @ 0.89983 TP HIT @ 0.89040 +94 pips
"Hate the sin, love the sinner." - Gandhi
  • #5,687
  • Mar 25, 2010 4:14am Mar 25, 2010 4:14am
my last point on this, and agree with both of you on all this. last point being that it takes time. scalping will look very quick and easy for a newbie, but i have easily spent many a half a day on 5m charts for the right set ups (my kind of set ups which is usually pin bars or engulfing bars). half a day when you have a full time job is a helluva lot of time.

Quoting TheGabriel
Agree with wormie. I have not had success as a scalper, had some good days then profits erased, because it's not that you learn it very fast, it takes time.

I know a scalper that makes its living out of it (not fx scalping, but still scalping) and he has no emotions trading and lets its tp hit or just close it where he decided when he opened the trade.

So decide what your take profit is, decide what the stop loss is, if it agrees with your moneymanagement: open the trade and stick to the tp and sl you decided when opened the trade.

I think scalping...
  • #5,688
  • Mar 25, 2010 4:18am Mar 25, 2010 4:18am
Quoting TheGabriel
EURGBP sell @ 0.89983 TP HIT @ 0.89040 +94 pips
X 2 excellent buys in audusd and gbpusd today as well
Raza
  • #5,689
  • Mar 25, 2010 5:14am Mar 25, 2010 5:14am
bought EURUSD @ 1.33554 with SL 1.32780 and TP 1.3500.
I know the TP is ambitions and I place it as usually 2X SL but I can close manually if needed.

The GJ trade touched the trendline, waiting for continuation upwards or will close if we make a resistance here.
"Hate the sin, love the sinner." - Gandhi
  • #5,690
  • Mar 25, 2010 5:18am Mar 25, 2010 5:18am
is this off h4 pin?

Quoting TheGabriel
bought EURUSD @ 1.33554 with SL 1.32780 and TP 1.3500.
I know the TP is ambitions and I place it as usually 2X SL but I can close manually if needed.

The GJ trade touched the trendline, waiting for continuation upwards or will close if we make a resistance here.
  • #5,691
  • Mar 25, 2010 5:24am Mar 25, 2010 5:24am
Quoting coolshades
is this off h4 pin?
The pinbar is a good signal too but the trade is taken from the price 1.3357 being broken with MACD turning up, the downmove looks like it has lost momentum.
"Hate the sin, love the sinner." - Gandhi
  • #5,692
  • Mar 25, 2010 5:58am Mar 25, 2010 5:58am
Hi Wormy, the 4H and daily is bearish, whats your opinion pls?

quote=TheGabriel;3583645]The pinbar is a good signal too but the trade is taken from the price 1.3357 being broken with MACD turning up, the downmove looks like it has lost momentum.[/quote]
  • #5,693
  • Mar 25, 2010 5:58am Mar 25, 2010 5:58am
check the ticker .. big fight at the dp on cable on euro ..
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  • #5,694
  • Mar 25, 2010 5:59am Mar 25, 2010 5:59am
Quoting Kaylinkz
Hi Wormy, the 4H and daily is bearish, whats your opinion pls?

quote=TheGabriel;3583645]The pinbar is a good signal too but the trade is taken from the price 1.3357 being broken with MACD turning up, the downmove looks like it has lost momentum.
[/quote]


hi kay,

which pair is that?
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  • #5,695
  • Mar 25, 2010 6:01am Mar 25, 2010 6:01am
Quoting wormboy
GBPUSD

1. long @4886 sl @4750 (0.1)

Trade closed.

GBPUSD

1. long @4886 closed @4922 (0.1)
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  • #5,696
  • Mar 25, 2010 6:08am Mar 25, 2010 6:08am
Am sorry, gbp/usd.

hi kay,

which pair is that?[/quote]
  • #5,697
  • Mar 25, 2010 6:14am Mar 25, 2010 6:14am
Quoting Kaylinkz
Am sorry, gbp/usd.
my h4 is not bearish kay.
plus the dow is pushing back to 11k. Do not know what implications that would have on the dollar. I will wait a while.
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  • #5,698
  • Mar 25, 2010 6:15am Mar 25, 2010 6:15am
Gabe, dragon is thru the roof. Looks to me like 140 test is on the cards
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  • #5,699
  • Mar 25, 2010 6:15am Mar 25, 2010 6:15am
wb, you dont have bearish pin?

http://www.forexfactory.com/showpost...postcount=5612

Quoting wormboy
my h4 is not bearish kay.
plus the dow is pushing back to 11k. Do not know what implications that would have on the dollar. I will wait a while.
  • #5,700
  • Mar 25, 2010 6:26am Mar 25, 2010 6:26am
Quoting coolshades
wb, you dont have bearish pin?

http://www.forexfactory.com/showpost...postcount=5612
I do, just not bearish.
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