Scalping the pip out of it | Page 16 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Broker with a pip by pip trailing stop 24 replies

Pip by pip - my trading journal 21 replies

Elite eFibo Trader - 200 pip gain turns to 2000 pip gain 14 replies

GBP/USD daily pip movement vs. EUR/USD daily pip movement 3 replies

100 pip STOP for a 100 pip Target 7 replies

Attachments: Scalping the pip out of it
Exit Attachments

Scalping the pip out of it

  • #301
  • May 24, 2010 8:47am May 24, 2010 8:47am
I wanted to follow up that last scalp setup with an after image so we can see where price action went to.... It did not fulfill our criteria for entry but none the less you can see where price action went to. AND FAST!
Attached Image (click to enlarge)
Click to Enlarge Name: 5 24 10 (2).jpg Size: 472 KB
  • #302
  • May 24, 2010 11:48am May 24, 2010 11:48am
Excellent charting and analysis it is obvious you know what you are doing… Excellent thread as well, Kudos back at ya… This should help those in need of some delicious pips, lol…

Thanks for all the info and posts Piitb, you rock!!!!

TradeHound
  • #303
  • May 25, 2010 11:24am May 25, 2010 11:24am
Quoting TradeHound
Excellent charting and analysis it is obvious you know what you are doing… Excellent thread as well, Kudos back at ya… This should help those in need of some delicious pips, lol…

Thanks for all the info and posts Piitb, you rock!!!!

TradeHound
Thanks TradeHound, I really appreciate your feedback. I will keep posting and see how many of these pips we can gobble!
  • #304
  • May 25, 2010 11:27am May 25, 2010 11:27am
I like the bounces off of the emas. This one hit the 200 on the 15 with a previous high/low plus stochs and rsi bottoming. Remember, YOU HAVE TO GET IN AS CLOSE TO THE SUPPORT/RESISTANCE AS POSSIBLE

That is the only way you will get the least risk and most bounce.

PhoenixForex
Attached Image (click to enlarge)
Click to Enlarge Name: 5 25 10.jpg Size: 446 KB
  • #305
  • May 25, 2010 11:58am May 25, 2010 11:58am
A wise trader once told me " Jon, you will never lose your entire account entering a trade, But you can depending on how you exit!"

This seems almost secondary to good entries. We tend to think if I can nail my entries I can be pretty sloppy with my exits and still tread water....

While this may be valid in the opening, by the time you want to start improving your endgame, but it is just a huge leak!

It is important to have specific prices for stop and limit orders!

A couple of techniques are fib levels, previous high/low, or just good old fashioned oscilators.

On the last trade I went with the 5 min stoch and covered at the first fib level.
Attached Image (click to enlarge)
Click to Enlarge Name: 5 25 10 (2).jpg Size: 446 KB
  • #306
  • May 26, 2010 7:20pm May 26, 2010 7:20pm
Hey Piitb - love your posts - thank you. Would you short here? This is the current ej chart:

http://i382.photobucket.com/albums/o.../EURJPYNOW.jpg
  • #307
  • May 26, 2010 10:48pm May 26, 2010 10:48pm
Quoting Pipvalhalla
Hey Piitb - love your posts - thank you. Would you short here? This is the current ej chart:

http://i382.photobucket.com/albums/o.../EURJPYNOW.jpg
Actually that looks like a great place to short. Getting the exact entry is the key here. Based on my methods for scalping I would say 110.25 was a great place to short... Next would be 110.55; Fib level and previous hourly railroad track bodies.

Also I would be very clear on what your exit is for this trade seing as how the 4hr chart threw a hammer that could easily turn into a head and shoulders bottom!

Good look on the weekly pivot too! I only take a scalp when the 5 and 15 min stochs are overbought/sold AND risk reward ratio is in my favor!

PhoenixForex
  • #308
  • May 26, 2010 10:50pm May 26, 2010 10:50pm
BTW if you had gotten in exactly at 109.85 you would have had a 20 pips scalp because it did exactly bounce off of your figure.... Good job!

PhoenixForex
  • #309
  • May 27, 2010 6:49am May 27, 2010 6:49am
One time in the market where the scalping that I show will get tossed around a bit is when there is a trend change. It is hard to scalp in the direction of the trend when it is going against the major trend to start on a new path!

On the higher timeframes today, I have seen some longer term trendlines broken.
This has led me to look at setups with more scrutiny. Not to say that some of these setups are not still valid countertrend, but we are trying to pluck the low lying fruit here.

Scalping works incredibly well in a trending market. Observing when the trend is turning around is important to eliminate false positives!

PhoenixForerx
  • #310
  • May 27, 2010 10:26am May 27, 2010 10:26am
I want to talk for a moment about good confirmation in trades. I have said that I wait for stochs to be dually overbought/sold. But what I look for for good confirmation is price action or support resistance.

This is because they are not lagging indicators.

Fibbonacci, Pivot points, previous high/low, are all areas where we as the group have standing orders

When you see a long wick on a candlestick it is usually indicative of standing orders being activated, thus price rejection.

Understanding this principle gives you the edge to take trades exactly at key levels to minimize risk
  • #311
  • May 27, 2010 2:04pm May 27, 2010 2:04pm
This is a great setup. Very low risk. There is a hammer at a double top on a 1hr chart of the EY after the market has exceeded its daily range!!!! This is a chart of the GY which I am short as well

Grrrreat low risk reward trade. Also stochs are topped on all timeframes.... It will prolly give back quite a bit here.

PhoenixForex
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 5 27 10 (2).jpg Size: 430 KB
Click to Enlarge Name: 5 27 10 (3).jpg Size: 420 KB
  • #312
  • May 30, 2010 9:39pm May 30, 2010 9:39pm
Can anyone see the trade here?

I will give you a hint. Support/previous resistance...

PhoenixForex
Attached Image (click to enlarge)
Click to Enlarge Name: 5 30 10.jpg Size: 604 KB
  • #313
  • May 30, 2010 9:57pm May 30, 2010 9:57pm
So to be clear the last setup was for a long position at the fib level...

That was on the open of the weekly markets. Price has put in over 100 pips and this scalp is short the other way

Stochs overbought and a head and shoulders pattern at the 62% fib (great fib for risk/reward )

Price touched the fib and immediately bounced. PERFECTO!

I would like to see 20-25 pips on this one
Attached Image (click to enlarge)
Click to Enlarge Name: 5 30 10 (2).jpg Size: 452 KB
  • #314
  • May 30, 2010 10:26pm May 30, 2010 10:26pm
25 pips.... count 'em

Pretty simple and straightforward

PhoenixForexhttp://www.phoenixforex.org
Attached Image (click to enlarge)
Click to Enlarge Name: 5 30 10 (3).jpg Size: 397 KB
  • #315
  • Jun 1, 2010 5:21pm Jun 1, 2010 5:21pm
Hey Jonathan - here is a chart of the current hourly audusd. Since the last swing high was taken out this isn't in a downtrend now correct?
http://i382.photobucket.com/albums/o...120101HOUR.jpg
  • #316
  • Jun 1, 2010 5:46pm Jun 1, 2010 5:46pm
Quoting Pipvalhalla
Hey Jonathan - here is a chart of the current hourly audusd. Since the last swing high was taken out this isn't in a downtrend now correct?
http://i382.photobucket.com/albums/o...120101HOUR.jpg
Yes... Technically market flow has changed and is to the upside. One rule to increase the value of your trades is to only scalp in the direction of 1hr market flow as well as MACD angle and seperation in the direction of the market flow!
  • #317
  • Jun 1, 2010 5:47pm Jun 1, 2010 5:47pm
Hi Jonathan - here is the eurjpy 1 hour chart as of this posting. The 4 hour is still in downtrend swingpoint wise, but has chopped around on the hourly. But is the current price a good place to short? I have marked up this chart and am thinking about shorting down to 23.6 fibo.

http://i382.photobucket.com/albums/o...120101HOUR.jpg
  • #318
  • Jun 1, 2010 5:53pm Jun 1, 2010 5:53pm
I would be very careful during this time of day especially. There is little volume here from an institutional standpoint. Also market flow is up on the hourly and although it is down on the 4hr you have a huge hammer 3 candles ago.

Whatever trades I take for this asian session, I am going to place tight stops and be very careful...
  • #319
  • Jun 1, 2010 5:55pm Jun 1, 2010 5:55pm
Quoting Pipvalhalla
Hi Jonathan - here is the eurjpy 1 hour chart as of this posting. The 4 hour is still in downtrend swingpoint wise, but has chopped around on the hourly. But is the current price a good place to short? I have marked up this chart and am thinking about shorting down to 23.6 fibo.

http://i382.photobucket.com/albums/o...120101HOUR.jpg

... Also I would only use fibonacci for price projection from the most recent run. It might still have some value from the previous run down but it is not as accurate
  • #320
  • Jun 1, 2010 8:46pm Jun 1, 2010 8:46pm
Quoting Piitb
I would be very careful during this time of day especially. There is little volume here from an institutional standpoint. Also market flow is up on the hourly and although it is down on the 4hr you have a huge hammer 3 candles ago.

Whatever trades I take for this asian session, I am going to place tight stops and be very careful...
Good advice to be careful! I did go short, but it fell so fast I got in late and was just getting up 25 pips when it started reversing. Got out at break even then I saw the gbpjpy was in perfect spot to go way up and eurjpy was breaking thru my old trendline so I ended up with a long on the eurjpy and just closed for 60 pips! Not a bad "scalp" for Asian! Thanks for your help! You rock!!!!!!!!!!!
0 traders viewing now