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EUR/USD Scalp 1 min

  • #541
  • Jun 12, 2010 7:44pm Jun 12, 2010 7:44pm
My t/p is 4 0r 5pips s/l is open to debate,I use oanda and almost all the time it will hit my t/p go past it come back down then close out but when it get's even close to my s/l it will close me out... it is what oanda calls "SLIPPAGE" MAIN REASON WHY I AM LEARNING TO TRADE THE E-MINI S&P !!! NO SLIPPAGE
  • #542
  • Edited Jun 13, 2010 12:08am Jun 12, 2010 11:58pm | Edited Jun 13, 2010 12:08am
[quote=vdinev;3795650]Hi hoss, congrats for the great topic.
I have traded FOREX for nearly a year before I blew up my first account. At that time I was more of a long term trader. After i blew it up I made a break for about a year and now, already a month, I am trading again on a demo acc.
My current strategy is exactly scalping 1M EURUSD. I use the RSI, BB. I enter into a trade only when breaking a S or R level. For example, when there is a support level which I draw myself (not with the use of an indicator) I also look for 70-80 level of RSI and I go long for several pips (5-10). This succeeded so far in around 70% of the trades.
My question is how do you enter the trade? do you use a stop order or just go with the market price? How do you close position, spot or a stop order again? I experience great difficulties with that because the price moves way too quickly and often I lose the whole trade just because i cannot close my position on time.
An advice will be much appreciated

Hey, Vlad,

I know hoss was using a broker named oanda when he mentioned that he had his tp's preset. This broker allows you to have preset sl's and tp's on market orders based on the fill price. mt4 doesn't== there is this ea software thing I've attached that is supposed to do a similar thing, but I can't figure it out. I just use the market order then modify it for the stops and tp's==ususally I have enough time==it's very awkward because you can't have the 'close' order screen out at the same time you have the 'modify' out. Let me know if you figure out how to use the swiss army.

All the best
Attached File(s)
File Type: zip Swiss Army EA v1-51.zip   120 KB | 482 downloads
  • #543
  • Jun 13, 2010 7:04am Jun 13, 2010 7:04am
[quote=Urantian;3797369]
Quoting vdinev
Hi hoss, congrats for the great topic.
I have traded FOREX for nearly a year before I blew up my first account. At that time I was more of a long term trader. After i blew it up I made a break for about a year and now, already a month, I am trading again on a demo acc.
My current strategy is exactly scalping 1M EURUSD. I use the RSI, BB. I enter into a trade only when breaking a S or R level. For example, when there is a support level which I draw myself (not with the use of an indicator) I also look for 70-80 level of RSI...

Thanks a lot Uranian,
I will try to figure something out and will let you know. At that time i use my Mac to demo-trade with an MG forex platform, its java based and its quite limited in options. If something comes to my mind I will post it.
Cheers man
  • #544
  • Jun 15, 2010 7:40am Jun 15, 2010 7:40am
Wow, last week must have been beginners luck for me. Between yesterday and today I took 14 trades, with only 6 winners. Combine that with a R:R of less than 1 and you can imagine my demo for this strategy is now in the red.

Lots of breakouts that cost me dearly. You really need the right market conditions for this strategy. This stuff works best when the market is ranging it seems.
It's not about how much you make, it's about how much you don't lose.
  • #545
  • Edited 3:44pm Jun 15, 2010 12:00pm | Edited 3:44pm
Quoting hoss
Looks good. Yes with screen time you will know when you are making the proper entries. It's hard in a thread to articulate everything involved in price action at once, but I think you understand it. Demo it for a while if you have to. Keep in mind these items when trading it. They all don't need to match at once, but the more the merrier...
- price outside of bands
- price has made at least 2 to 3 waves in one direction
- price is hitting a strong pivot/murrey
- price is a nice distance away from 200 ema
- price is making a new high/low - not consolidating
-...

Darn, Dhb, sorry to hear of your frustration---probably the LAST thing you want to hear is that I've had the opposite experience this week, so far---I've been trying to follow his advice he posted earlier.

From page 8

All the best
  • #546
  • Jun 15, 2010 3:29pm Jun 15, 2010 3:29pm
Quoting Urantian
Darn, Dhb, sorry to hear of your frustration---probably the LAST thing you want to hear is that I've had the opposite experience this week, so far---I've been trying to follow his advice he posted earlier.

All the best
Nah, I'm not frustrated - yet. It's all part of learning a new method. It's just a matter of putting in the hours and build sufficient screen time so that it'll become more intuitive.

Btw, great to hear you're doing well, Urantian. Keep up the good work!
It's not about how much you make, it's about how much you don't lose.
  • #547
  • Jun 15, 2010 5:24pm Jun 15, 2010 5:24pm
Did a little research just now. I've marked the London session on today's EJ 1M chart, assuming this session runs from 0700 AM until 0400 PM GMT. Next, I've highlighted all instances of

(1) RSI (8) <20 or >80 (the solid RSI lines)
+
(2) price > upperband or < lowerband of BB(20,2,2)

in blue. I also did the same for all instances where

(1) RSI (8) <30 or >70 (the dotted RSI lines)
+
(2) price > upperband or < lowerband of BB(20,2,2)

which are shown in black.

Additional sources for confluence are price action (wicks/tails/inside bars, indicating exhaustion), RSI divergence, and of course price divergence from the EMA (5).

I'll let it up to you guys to draw any conclusions from this data. I do know that if today's data is indicative for a typical London session, I'll definitely keep honing my timing and execution skills.

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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It's not about how much you make, it's about how much you don't lose.
  • #548
  • Jun 15, 2010 5:40pm Jun 15, 2010 5:40pm
Yes those breakouts can be really frustrating when you are on the wrong side of them ....have found in most instances the 200 ema acts like a magnet
  • #549
  • Jun 16, 2010 6:14am Jun 16, 2010 6:14am
Hey,

I tried this strategy, but dont have much time now, so cannot test it for long time. I will put here some observations.

1. strategy is very good, price has to make retracement, 5 pips is reasonable TP, SL around 10. Dont like adding, it is dangerous and one loss can wipe huge part of account. Risk 1-2% per trade is key.

2. focus on trade, you need 3-5 trade daily for 5 pips to earn for living.

3. personally I try to trade less, 3-4 hour during London session.

4. I use Murrey Math 1 min chart, period 320, BB(20), EMA 200, RSI(8) and THV pivots, start 00:00 GMT or 5:00 p.m EST, NY close.

Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd.JPG Size: 97 KB


so, this screen begins with clear up trend, first swing up, we do not enter trade, wait for 2-3 more. Second swing happend, we enter because of:
1. second wave
2. price outside of BB
3. 8/8 Murrey math line
5. RSI above 90
6. SL 10 pips TP 5 pips

second trade:

after we get sweet 5 pips, we can think now what can happen next.
we see one move down, it could be retracement or new swing down, wait...second low touching 200 EMA, we can enter long or wait, personally I will not enter. If you do you will get 5 pips. 3 lower low happend, we enter coz:
1. price at 3/8 Murrey math.
2. outside BB
3. third wave
4. RSI

very important is to use broker with spread 1 max 1.5 pips .
Try to undestand Murrey math, not all levels are strong and suitable to enter trade.

We get 10 pips, but in this screen are more possible entries, but these 2 were very safe.
  • #550
  • Jun 16, 2010 7:51am Jun 16, 2010 7:51am
Interesting stuff, Bergax.

If you've got some time left and wouldn't mind, please tell us a bit more about the way you trade this method, e.g. which pairs you monitor, what times you trade, how many trades a day you typically get, and of course your win rate. I like the idea of waiting for extreme rsi values, like >90 or <10. That should definitely filter out a lot of crappy breakouts and instances of "walking the band".
It's not about how much you make, it's about how much you don't lose.
  • #551
  • Jun 16, 2010 5:15pm Jun 16, 2010 5:15pm
okey, so I will explain one more trade, this screen is continuation of previous.

Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd2.JPG Size: 89 KB


we got in last screen 10 pips, now we continue to see what is happening after we made last trade. Price is moving higher, it could be retracement or new swing up, so we wait. We made new higher high, but RSI doesnt show us any extreme values, we still wait. Finally came third swing up to 8/8.We enter:

1. Murrey math 8/8
2. RSI
3. about 25 pips far from EMA
4. outside BB

now something about MM lines.

0/8, 8/8 these are important point of S/R. If we are in up trend and price is moving around 8/8 7/8 or so it has tendency to fall back to 3/8 - 5/8 lines and stay few minutes there, then continue in up trend or move down. It is important to look for 3/8 and 5/8 in higher TF, I prefer 5 minutes. Period 32. I will attach more pics.

Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd3.JPG Size: 83 KB


Price is in down trend in 5 min and in 1 min of course too.We fall from +2/8 to 1/8 and like I said, price move back up and show troubles with 3/8 and 5/8 too. We can get there easily 5-10 pips.

Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd4.JPG Size: 81 KB


again 5 pips in pocket...

I will try to make some lessons using skype maybe in month, I will let you know.
  • #552
  • Jun 17, 2010 3:39am Jun 17, 2010 3:39am
Hi Bergax.

Thanks for the post. Can I ask what platform you are using? The reason being your MM lines are much closer together than mine, and if it's MT4 could I get a copy of your MM add on??

Thanks,

Scott.
  • #553
  • Jun 19, 2010 7:02am Jun 19, 2010 7:02am
Not to worry, sussed it, change 1440 to 60
  • #554
  • Jun 19, 2010 11:36am Jun 19, 2010 11:36am
hey, I will attach MM that I use .

1M period 320
5M period 32
Attached File(s)
File Type: mq4 Murrey_Math_MT4_VG.mq4   11 KB | 559 downloads
  • #555
  • Jun 19, 2010 2:51pm Jun 19, 2010 2:51pm
Perfect, thanks Bergax.
  • #556
  • Jun 19, 2010 3:37pm Jun 19, 2010 3:37pm
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd8.JPG Size: 181 KB


1. outside BB
2. second wave
3. S1, yesterday low and 1/8
4. RSI
  • #557
  • Jun 21, 2010 8:02pm Jun 21, 2010 8:02pm
Hey there Hoss, I tryed your system for over a month now, It really works like a charm some days are better than other though, the only thing I changed is the RSI alarm levels to 85 15, and you were right you dont get a lot of signals during the day but the ones you get are really good 5 pip for sure, but usually i make anywhere from 30 pips to 70 pips a day, also i tryed the same method on 15M charts, and looking at them i found out that if you have 85 and 15 levels on RSI when you hit those you will definately have a very good long trend to trade for 20, 30 or 50 pips, of course it takes a couple of hrs to get there, and i get those signals sometimes 1 or 2 times a day. And I found a nice RSI Indicator that I modified to give me the sound alarms so I can work on my computer and just wait for the beeps, that helps me cuz i trade with 4 different pairs, so I get different signals all the time.

Well anyway, thnx for sharing this gr8 system, am sure all the ppl that r using it really appreciate it.
  • #558
  • Jun 22, 2010 6:11pm Jun 22, 2010 6:11pm
Quoting Midnight05
Hey there Hoss, I tryed your system for over a month now, It really works like a charm some days are better than other though, the only thing I changed is the RSI alarm levels to 85 15, and you were right you dont get a lot of signals during the day but the ones you get are really good 5 pip for sure, but usually i make anywhere from 30 pips to 70 pips a day, also i tryed the same method on 15M charts, and looking at them i found out that if you have 85 and 15 levels on RSI when you hit those you will definately have a very good long trend to trade...
Care to share some charts with a couple of your recent trades with us? 30 to 70 pips a day is a respectable yield. We can probably all learn from that.
It's not about how much you make, it's about how much you don't lose.
  • #559
  • Jun 22, 2010 9:16pm Jun 22, 2010 9:16pm
Quoting Dhb
Care to share some charts with a couple of your recent trades with us? 30 to 70 pips a day is a respectable yield. We can probably all learn from that.
Hey there, well these couple of days have been a little bit slow (missed a couple of good signals on the 15M charts cuz I wasnt at my desk) but I made about 40 pips yesterday and 30 today, right now am trading on 4 symbols as you can see in the pics and also i included an excel sheet pic so you can check the trades with ur graphs, I use FXCM MTS2 for the trades and I analyze charts on the FXCM MT4 platform cuz of my custom indicators with the alarms, of course you have to keep in mind that I work with my desktop almost all day long (am a programmer ) so I have the programs running on my laptop while I work, and when ever i hear the beeps i look at the charts, but I will really like some feedback if anyone is interested in sharing another scalping method cuz I think with the right alarms on the indicators and several methods we can make more pips, but of course I really want to thank hoss for sharing this one, and I know that most serious traders use really complex methods and larger time frames and am studiying some of them so I can also learn how to make better trades, but this one has been doing gr8 and it really works for me. well here are the screenshots with marketscope 2.
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  • #560
  • Jun 23, 2010 3:01am Jun 23, 2010 3:01am
Thanks for sharing those charts and excel overview, Midnight! Really informative.

Am I right in assuming that you enter as soon as both BB upper/lower band and RSI 85/15 level are simultaneously being breached, or is there more to it?

I'm assuming you don't use stops, do you? It seems you had to suffer some serious drawdown during your last UJ trade. It went further down for quite a few minutes after you bought in @ 90.48 before it finally reversed and you were able to close the trade out for a win. I know I would get pretty nervous from such drawdown if I would trade without stops with a big live account.
It's not about how much you make, it's about how much you don't lose.
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