EUR/USD Scalp 1 min

by gap of 25 do you mean levels of +25 and -25 to the 200 ema

or just 12 pips gap on each side ?

how do i identify this and not enter here ,......

and after my second entry .......the price still rallied ....... this was not caused by news .....so how do i identify this ???

You would not have entered there because it is basically the first push away from the 200, if that is in fact the 200 with envelopes around it. I wait for at least 3 pushes away first.

so .....what if when you enter on a 3rd push ....and ..the resistance dosent hold and just shoots up ???

whats your exit strategy for trades ?? especially for ones gone bad ??

what you are talking about is why i always wait for a good move to happen before i get in. you trade less this way, but you are getting in at great prices. i can't give you an absolute answer on your exit, otherwise it would be a holy grail that doesn't exist. but, if you wait for new higher highs and lower lows after an agressive move, human nature in the markets will show itself. look for reasons to NOT be in a trade.

Hi Hoss. I've been trading your system for the past few weeks now and I like it's style. How have you found the past 2 days? I only made 1 trade Monday and 3 yesterday. The market keeps sticking to the 200EMA, there are lots of opportunities, but they are too close to this 200EMA and I wouldn't be following the rules if I got in

Scott.

Scotty,

I had the same issue with 200ema on GU - not worth breaking the entry rules.

Still trading on the practice account - last 5 trades were +9, +4, -10, 0, +7, so still up for the week.

Cheers
"To live with Passion, it takes Courage and Grace to survive"

haven't been trading much. tax time!

Nice 1 britpip. I've had about 10 trades the whole week. I actually took a trade early cos I was getting fed up with it returning to the 200 after 1 push and got burnt. Luckily I made this back trading properly. Stick to the rules!

nice job. yes, if you see it hanging around the 200 like that, just leave it alone and come back later.

Yup - I have the same issue with entering early when it looks promising - need to wait for the push to be over and the signals to line up.

I still get caught with the occassional trend move but I do set my SL to a max of 10 pips.

I have added the Ichimoku indicator recently - just using the Tenkan-sen and Kijun-sen to watch for a push - I'll test that out this week and post the results.

Cheers
"To live with Passion, it takes Courage and Grace to survive"

One other 'indicator' I use is to have the 5 minute open. If this is also entering ob/os with RSI divergence, outside bollinger, then it really is a lock.

I use the ich for my 1min scalping on a live account and so far so good. I can also use it on many pairs,which I wouldn't dare try before.

still going... to bad I didn't take the trade, but that's the good thing about 1min there are plenty of setups.

Hoss, thanks for sharing this method. Have been trading it for 3 days now without a loser (5 tp / 5 sl).

Have been trading at the beginning of London (3 hours each day). Am not getting a lot of set ups. I think you mentioned in one of your earlier posts that you trade this during the morning NY session - so Question: are you still trading during the NY morning time frame and for how many hours do you usually trade during the day? (i think you posted once that you see 10 to 12 setups per day.)

thanks again for sharing.....

Yes mostly the NY session, but I will have a look anytime I can. You never know when you will come across one. Probably trade about 6 hours.

Thanks, Hoss, for taking the time to reply. I am going to start looking at the NY session.......... will let you know how it goes.........

I've found these mad moves have been messing me up of late. I've tried 2 strategies, first 10/12 stop, which is what I have had up until now. What I find is the push down to support is already in o/s, all indicators line up but it overshoots very often (divergence, quickly dissapears). Having a stop at the moment less than around 25 ends up with net losses.

Having no stop, as Hoss does as led to me carrying large losses and averaging in waaay too ofen. The Murray math and pivot points are so far apart, that if you enter on a support line and it overshoots, enter on that overshoot, sometimes it doesn't retrace enough to get out b/e or small profit, it's hard knowing when to exit at the moment. If this continues down you've got around 120 points as of this week in between MM for a retrace.

I've been entering in so that I'm 7 x initial entry on occasion. Luck has been on my side in that I've managed to get out b/e alot, but only been a few pips away from up to 40% draw down. Annoyingly because I'm carrying such large £pp I tend to get out b/e or with a small profit, when I could have let it go for quite a tidy one.

A question for you on this Hoss, when you average in, do you still target the 5 points per entry? I've been aiming for more (generally around inital entry).

This system does work, but at the moment I think i'll be looking for a less volatile pair. I get 2 pip spread on Eur/Usd, and 3 on Gbp/Usd, I might move to that, Usd/Jpy is 1 pip but I think getting 5 profit will be tricky.

How has everyone else been getting on?

Scott.

Trading with demo accounts is useful to learn how to operate the software, nothing more. Also, trading cookie-cutter scalping strategies that a computer could easily do for you and better than you have a success rate of 0% in the long-term. You'll lose every penny of that $4,000. I'm not picking on you because I did the same thing 6 years ago. I tripled a demo account, started trading with real money filled with the arrogance of a novice, tripled my real money using the same strategy I used on my demo account and then frustratingly lost $6,000 over the next few months. Why? because I only had very limited experience. Sometimes a certain strategy just won't work. Finally, due to financial reasons I had no choice but to quit or start trading on a micro account. I figured that once I turned $25 into $1,000 I'd be ready to start again on a big boys account. It took 2 years of trading 12 hours per day, 5 days per week, AND without using huge stops which would rely on luck to be successful. Now I do this for a living and I might have bad days or weeks, but I know very well I won't get margined.

No one hits the ground running. It simply doesn't happen. By the way, I'm a member of my local chapter of MENSA and graduated 4th in my class at UT out of a class of 8,700. However, trading isn't about intelligence, it's about wisdom. You have to learn slowly over time by winning and losing and slowly but surely fixing the strategical or psychological problems causing you to lose and that can only be done through hard experience. In fact, those with higher-than-average intelligence usually take the hardest falls in FX due to over-confidence.

I turn 36 this month and the advice I have for you young college guys is to play it smart! You are not the 1 in a billion golden child of trading so take it slow or you'll just burn out like 95% of the people who try to trade.