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Scalping the pip out of it

  • #321
  • Jun 2, 2010 12:46am Jun 2, 2010 12:46am
Hi Jonathan - just wanted to let you know your private session with me was not only great - I think it inspired me! I just closed another trade tonight in Asian for a net Asian session total of 130 pips! 130 pips all in Asian!!!

Thanks again for your great help! I was listening!!!
  • #322
  • Jun 2, 2010 10:06am Jun 2, 2010 10:06am
I saw what you were talking about with the short and subsequent long on the yen crosses... Well traded. It is great to see these trades work for you!

Please feel free to share charts and analysis.

Again it was good getting to share the webinar with you, and I look forward to your contributions.

PhoenixForex
  • #323
  • Jun 2, 2010 10:16am Jun 2, 2010 10:16am
I usually do not trade this pair but I saw my setup and I went for it..... we will see.

This is a oversold stoch set which is at a 38 fib. Hourly stoch is also oversold which I really like to have all three in the same direction. Price has put in quite a run so I feel that it has to give some back and a fib at the 200ema on the 15 looks like as good a place as any for me.

Stop 1.7450... target 1.7530 or if 5 min stoch unwinds and I see price action telling me to get out!

PhoenixForex
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  • #324
  • Jun 2, 2010 11:01am Jun 2, 2010 11:01am
Stochastics are still relatively oversold and still there was a great little scalp that has unfolded here!

We hit our target and pocketed some pips... It will probably continue for a bit before it sets back in on its direction.

Also the GBP/USD was a great trade but it is hard to get all of my charts cropped and into this thread and still manage my trades
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  • #325
  • Jun 2, 2010 1:12pm Jun 2, 2010 1:12pm
Quoting Piitb
I saw what you were talking about with the short and subsequent long on the yen crosses... Well traded. It is great to see these trades work for you!

Please feel free to share charts and analysis.

Again it was good getting to share the webinar with you, and I look forward to your contributions.

PhoenixForex
Yes - I will chart up that trade and get it posted today. Thank you.
  • #326
  • Jun 2, 2010 1:15pm Jun 2, 2010 1:15pm
Quoting Piitb
Stochastics are still relatively oversold and still there was a great little scalp that has unfolded here!

We hit our target and pocketed some pips... It will probably continue for a bit before it sets back in on its direction.

Also the GBP/USD was a great trade but it is hard to get all of my charts cropped and into this thread and still manage my trades
I saw that gbpusd long setup this morning but that senerio is my biggest weakness. Seeing that big move down before that I just couldn't go long down there. I run into that very senerio alot but I just can't bring myself to trade it. Any suggestions on how to have the confidence to take that setup?

Thank you.
  • #327
  • Jun 2, 2010 2:11pm Jun 2, 2010 2:11pm
Hey there... One of the closest analogies that I can draw about scalping in forex is kissing a girl. Now let me clarify that I am talking about when you are all of 15 years old and have no idea cause you havent reallly done it before. This is before we as men stumble upon the brilliant idea of alcohol!.... LOL

So you are sitting there with a girl, and you want to kiss her, you might even think that she wants you to kiss her too... But you are a little afraid of making that move and kissing her. Your downside risk is HUGE.

So maybe you wait and the situation gets akward.... then you dont want to miss out on the kiss so you try anyways and she rejects you. I really hope that this has happened to someone out there than just me...hahaha

If you do not learn how to kiss that girl right then and there, you will never start to understand how that process works.... and yes over time you will still get rejected, but your success rate will go way up and you will have the confidence to kiss that girl every chance you get.

This trade is at 62% fib previous high on hourly chart, also oversold on both 5-15 stochs, and a very little known phenomenon; stochastical divergence on the 5 minute chart.

Also the range has already been met, so that it has gone so far is actually a good thing for a counter trend trade.

I know my analogy is a little ridiculous but I am just trying to have some fun here.

PhoenixForex
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  • #328
  • Jun 2, 2010 3:10pm Jun 2, 2010 3:10pm
Quoting Piitb
Hey there... One of the closest analogies that I can draw about scalping in forex is kissing a girl. Now let me clarify that I am talking about when you are all of 15 years old and have no idea cause you havent reallly done it before. This is before we as men stumble upon the brilliant idea of alcohol!.... LOL

So you are sitting there with a girl, and you want to kiss her, you might even think that she wants you to kiss her too... But you are a little afraid of making that move and kissing her. Your downside risk is HUGE....
Thank you - that's a great analogy. I don't think there is a better way to say it and that sums it up. I just have to do it. I think one way to break the ice would be for me to trade with a much smaller lot size on my uncomfortable trades until I get used to it. Thank you!
  • #329
  • Jun 2, 2010 5:27pm Jun 2, 2010 5:27pm
Here is a chart of that eurjpy trade I did in Asian last night:

http://i382.photobucket.com/albums/o...IANSESSION.jpg
  • #330
  • Jun 2, 2010 9:54pm Jun 2, 2010 9:54pm
If price gets anywhere near 113.00 I think I will jump in long. Here is current chart:

http://i382.photobucket.com/albums/o...32010ASIAN.jpg
  • #331
  • Jun 2, 2010 10:07pm Jun 2, 2010 10:07pm
Or perhaps I will go long if price breaks this 5 minute channel:

http://i382.photobucket.com/albums/o...0ASIAN5MIN.jpg
  • #332
  • Jun 3, 2010 2:10am Jun 3, 2010 2:10am
Quoting Pipvalhalla
Or perhaps I will go long if price breaks this 5 minute channel:

http://i382.photobucket.com/albums/o...0ASIAN5MIN.jpg
Update - I did go long on break of the 5 min channel and closed with 50 pips.
  • #333
  • Jun 3, 2010 2:53am Jun 3, 2010 2:53am
GBPUSD might be setting up now for a long:

http://i382.photobucket.com/albums/o...NE102010LO.jpg
  • #334
  • Jun 3, 2010 8:42am Jun 3, 2010 8:42am
Quoting Pipvalhalla
GBPUSD might be setting up now for a long:

http://i382.photobucket.com/albums/o...NE102010LO.jpg
I did go long on gu but then realized I jumped the gun and I jumped out with a small loss then later shorted and just now closed that short for 40 pips. I feel a little lonely on this thread lately! Is there anyone here?
  • #335
  • Jun 3, 2010 8:51am Jun 3, 2010 8:51am
I just noticed this star pattern on the eurjpy 4 hour. What do you think? Could cause alot of shorting opportunities the next few days?

http://i382.photobucket.com/albums/o...URJPY4HOUR.jpg
  • #336
  • Jun 3, 2010 9:34am Jun 3, 2010 9:34am
Hi Jonathan - gu is hitting the 200 ema on the 30 min and is close to the 78.6 fibo. Is it now in a possible place to go long?

http://i382.photobucket.com/albums/o...NJUNE32010.jpg
  • #337
  • Jun 3, 2010 11:48am Jun 3, 2010 11:48am
Hey Valhalla... Sry, Some friend came from out of town and we had sort of a bender so I have not been up to date of price action...

I will be back on for the later session today.

Good risk and good luck.
  • #338
  • Jun 3, 2010 11:52am Jun 3, 2010 11:52am
Quoting Pipvalhalla
GBPUSD might be setting up now for a long:

http://i382.photobucket.com/albums/o...NE102010LO.jpg

It is very important to realize that when you take divergence it needs to be in terms of cycle high, highs and cycle low, lows. I noticed that you took a cycle high, low on price action and stoch swing lows. This can get you in to a lot of trouble because it is hard to get good confirmation w price action, fib, etc
  • #339
  • Jun 3, 2010 1:40pm Jun 3, 2010 1:40pm
Quoting Pipvalhalla
Hi Jonathan - gu is hitting the 200 ema on the 30 min and is close to the 78.6 fibo. Is it now in a possible place to go long?

http://i382.photobucket.com/albums/o...NJUNE32010.jpg

Now that I look at it I prolly would have taken that trade right at the 200EMA... If you took it your risk reward was good and it would have been a great scalp!


Well played sir.
  • #340
  • Jun 3, 2010 2:45pm Jun 3, 2010 2:45pm
Quoting Piitb
Now that I look at it I prolly would have taken that trade right at the 200EMA... If you took it your risk reward was good and it would have been a great scalp!


Well played sir.
Thank you - I was about to go long on that but it went up right when I was entering and I didn't like the risk reward at that point, but it did produce a nice 30 pip scalp for anyone that took it.
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