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Attachments: 1min scalping using mtf ALF by bbolss
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1min scalping using mtf ALF by bbolss

  • #161
  • Jun 16, 2010 10:00am Jun 16, 2010 10:00am
Quoting Horuss
Well i have my sl just above/below the alf . and exits would you based on what?? i dont seem to understand the exits. shall i just place the fixed 10pips?? if your sl is even narrower than mine you must have lot of losing trades as well??
Try and aim for 1:1 risk reward. If your stop is 7 pips and your spread 2 pips, try and take 9. If price is stalling badly or there is a reason to take profit early (pivot point or support/resistance area) then it's not too bad to take profit early but try not to take too little or do it too often. The more often that you take less than your stop loss, the harder it is to make money scalping.

If price seems to be really flying, try and hold out for a little more.

I have a rule that if price reaches within 10% of my TP, my stop loss will go to break even. Letting a trade that has gotten that close to your TP take out a stop loss of 10 pips or so is a daft way to trade IMO. Every so often you will break even a trade that eventually won but you will cover yourself more often that you will prevent winners.
  • #162
  • Jun 16, 2010 10:07am Jun 16, 2010 10:07am
Quoting bbolss
possible entrys with at least +10 every
one fail -10 but it was because of news so i wouldnt take it - i would wait dor the news

but i didnt take it im not feeling whell

seriusly this method is realy good
the only thing wrong about it is timing i hate sit infront of charts all day long;p

i must thing about moving it to m5 mayby or m15 hmmmmmmmm ;p
Is that a good plan?

You would have far fewer entries on M5 and even fewer on M15. You would have to check the screen nearly as often for far fewer trades.

You may take 2 or at an absolute push 3 winning trades a day on M5. Why not just trade London open until you are 3 trades up (or 6% account growth at 2% risk), close shop and rinse and repeat the next day.

That's over 150% account growth a month for a few hours work a day. I've long held the belief that traders who have nailed trading M1 are the real Forex winners. The best reward for the least effort.
  • #163
  • Jun 16, 2010 10:16am Jun 16, 2010 10:16am
hmm good point
but also you can take one good entry on m5 and take rest the day off

set m5 for a while
and mtf stoch set to m15
one nice entry morning - short for 57pips
it is enought for me hmmmmmmmmmmmmmmmm
  • #164
  • Jun 16, 2010 10:19am Jun 16, 2010 10:19am
Quoting bbolss
hmm good point
but also you can take one good entry on m5 and take rest the day off

set m5 for a while
and mtf stoch set to m15
one nice entry morning - short for 57pips
it is enought for me hmmmmmmmmmmmmmmmm
Good luck with that if you do it.

Personally I think you are on to something here with the M1 strat. By the end of the first hour after 8.30 gmt today, you had two winners. 45 minutes work and your job is done if you are happy with 4% growth!
  • #165
  • Edited 10:35am Jun 16, 2010 10:21am | Edited 10:35am
Quoting Trotty
Try and aim for 1:1 risk reward....
Thanks mate. Will try and if it will eventually work for me than i'll go to leeds and buy you the biggest beer in the world ;-)
  • #166
  • Jun 16, 2010 10:23am Jun 16, 2010 10:23am
yep that is also true;] i must sleep with it;D
how about you? any good trades today?
  • #167
  • Jun 16, 2010 10:33am Jun 16, 2010 10:33am
Quoting bbolss
yep that is also true;] i must sleep with it;D
how about you? any good trades today?
I've taken three. I'm using this in conjunction with my usual M1 scalping approach. Two winners and one loser. Not great but not traded a whole lot today.

Once you nail M1, you can make a whole lot of money with not that much work
  • #168
  • Jun 16, 2010 10:35am Jun 16, 2010 10:35am
Quoting Trotty
I've taken three. I'm using this in conjunction with my usual M1 scalping approach. Two winners and one loser. Not great but not traded a whole lot today.

Once you nail M1, you can make a whole lot of money with not that much work
can you say more about your usual scalps method?;p
  • #169
  • Jun 16, 2010 10:39am Jun 16, 2010 10:39am
Quoting bbolss
can you say more about your usual scalps method?;p
Mentioned it earlier in the thread.

I draw channels and trendlines, S and R areas off H4 or H1 and just wait for breakouts/confluence areas and for price to either start making higher lows are breaking out with gusto. If stochs come out of overbought/oversold or you get hidden divergence on RSI, you are good to go.

Also, breakouts of wedges are often good on M1, again using the indicators as confirmation/extra comfort.

If I trade one tomorrow, i'll try and get a live example up for you.
  • #170
  • Jun 16, 2010 10:39am Jun 16, 2010 10:39am
Quoting Trotty
Try and aim for 1:1 risk reward....

Are you trading london session only?? and why? the biggest moves should be through london/NY session no?
  • #171
  • Jun 16, 2010 10:40am Jun 16, 2010 10:40am
bbolss,

My chart only shows black and white candles not red and green. Is there any other indicator need for this purpose?

I put indis and template without any change...!
  • #172
  • Jun 16, 2010 10:44am Jun 16, 2010 10:44am
Quoting Trotty
Mentioned it earlier in the thread.

I draw channels and trendlines, S and R areas off H4 or H1 and just wait for breakouts/confluence areas and for price to either start making higher lows are breaking out with gusto. If stochs come out of overbought/oversold or you get hidden divergence on RSI, you are good to go.

Also, breakouts of wedges are often good on M1, again using the indicators as confirmation/extra comfort.

If I trade one tomorrow, i'll try and get a live example up for you.
ok waiting to se;]
i thought about that one time some day but from my expirience it is realy hadt to say on m1 if the breakout is or if it will be failed brekout? price offen like to creak s/r lvl abot 5-7 pips and then go right back ? have you expirienced it?
  • #173
  • Jun 16, 2010 10:44am Jun 16, 2010 10:44am
Quoting kijkij
bbolss,

My chart only shows black and white candles not red and green. Is there any other indicator need for this purpose?

I put indis and template without any change...!
check post 107
  • #174
  • Jun 16, 2010 10:47am Jun 16, 2010 10:47am
Quoting bbolss
ok waiting to se;]
i thought about that one time some day but from my expirience it is realy hadt to say on m1 if the breakout is or if it will be failed brekout? price offen like to creak s/r lvl abot 5-7 pips and then go right back ? have you expirienced it?
Yes I have. Like all trading, there are losers but it is 70%+ reliable.

You get far more entries with your strat here though.
  • #175
  • Jun 16, 2010 11:02am Jun 16, 2010 11:02am
ok make mi some screenshots tommorow if you can
i dont trade tommorow - i have exam on my colelge;]
mayby afternoon something;p

ps on Lou g thread about alf
some guy sayed that he take 5pips with every price cross of alf 5min
hmmmm
  • #176
  • Jun 16, 2010 11:06am Jun 16, 2010 11:06am
Quoting bbolss
ok make mi some screenshots tommorow if you can
i dont trade tommorow - i have exam on my colelge;]
mayby afternoon something;p

ps on Lou g thread about alf
some guy sayed that he take 5pips with every price cross of alf 5min
hmmmm
Sounds a bit too random that!

Shall do a chart tomorrow as and when I take a trade mate!
  • #177
  • Jun 16, 2010 11:47am Jun 16, 2010 11:47am
Hi bbols! I interested in your strataegy. Some traders tested it and I want to know how efficient it. Do you have some statistics?
  • #178
  • Jun 16, 2010 12:22pm Jun 16, 2010 12:22pm
Quoting Yahoo!!!
Hi bbols! I interested in your strataegy. Some traders tested it and I want to know how efficient it. Do you have some statistics?
The only way you are going to know how efficient it is ; you need to spend the time and demo trade it.
  • #179
  • Jun 16, 2010 12:33pm Jun 16, 2010 12:33pm
Quoting cjd
The only way you are going to know how efficient it is ; you need to spend the time and demo trade it.
I think that bbolss can count his pluses and minuses and post statistics
  • #180
  • Jun 16, 2010 12:58pm Jun 16, 2010 12:58pm
its hard to make stats when im not taking exery signal of this system dont you think?
just thats that i "feel" ;p
you will probably take diffrent like everybody els

start on demo try to start "feel" in your own way
and then make a stats
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