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

  • #341
  • Jun 23, 2010 6:10am Jun 23, 2010 6:10am
Quoting Trotty
If you reached +9 and your stop loss was -9, why didn't you take profit? I usually only aim for 1:1 when scalping. If I have a feeling (they only come with screen time) that i'm at the start of a big move, I may let one run but usually, caution is best practiced.

What was your stop loss on the first one?

Personally, if a trade has gone 90% toward my TP target and reverses, I will close at BE unless I have a strong feeling that i'm in a good trade.

At first one i had sl 10. i think im too greedy or what. always sort of waiting for 10 pips profit. dont have problems with entries its just those bloody exits are killing me
  • #342
  • Jun 23, 2010 6:39am Jun 23, 2010 6:39am
Quoting Horuss
At first one i had sl 10. i think im too greedy or what. always sort of waiting for 10 pips profit. dont have problems with entries its just those bloody exits are killing me
I would have probably ended up at BE on the first one as well then. If my risk was 10, i'd want 10 out of the trade unless price action was clearly telling me that I wasn't going to get it. Can you throw a chart up or let me know what time GMT your entry was?
  • #343
  • Jun 23, 2010 6:47am Jun 23, 2010 6:47am
Quoting hadi82
another picture
I like your color scheme and indicator list. Any chance you couple post a template for us?

Thanks,
Ed
  • #344
  • Jun 23, 2010 6:47am Jun 23, 2010 6:47am
Quoting Trotty
I would have probably ended up at BE on the first one as well then. If my risk was 10, i'd want 10 out of the trade unless price action was clearly telling me that I wasn't going to get it. Can you throw a chart up or let me know what time GMT your entry was?
first one 10.30 uk time @1.2282 long - end up b/e
second one 11.00 @ 1.2286 long - end up -9

on both of them i had my finger on the button when was +9 but was greedy....
  • #345
  • Jun 23, 2010 7:06am Jun 23, 2010 7:06am
Quoting Horuss
first one 10.30 uk time @1.2282 long - end up b/e
second one 11.00 @ 1.2286 long - end up -9

on both of them i had my finger on the button when was +9 but was greedy....
Hi,

I've marked out the candles I think you entered on with green rings. I have also marked out where your stop loss should be (in my opinion) with the yellowish bars.

The first trade has a stop loss of about 4.5 - 5 + spread. This is a pip or so under the most recent swing low (you see this?). The second one would have been about 8.5 - 9 + spread. With my Spread, I would have taken profit around about 10 pips on this. Just no need to be greedy.

So on the first trade you could have happily got 1:1 risk reward because your SL was small. With small SL trades, nothing wrong with holding out for a little more if you think it's there. Your entry was good but it was your stop placement and take profit that was all wrong.

The second one is touch and go. I may have taken profit at 10 pips, however, if I had left it I would then have seen a doji form. After a long run up with mostly bullish candles, this is a warning. If i'd seen the doji around my TP mark, I probably will have closed. Even if I hadn't taken profit here, my stop loss would have been moved to break even so I would not have lost money on this trade. It's criminal in scalping to have let it go to around 1:1 R/R on a trade like this, yet still lose money on it.

Trade management will come in time. It takes a bit of practice. Hope this helps.
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  • #346
  • Jun 23, 2010 7:19am Jun 23, 2010 7:19am
Quoting Trotty
Hi,

I've marked out the candles I think you entered on with green rings. I have also marked out where your stop loss should be (in my opinion) with the yellowish bars.

The first trade has a stop loss of about 4.5 - 5 + spread. This is a pip or so under the most recent swing low (you see this?). The second one would have been about 8.5 - 9 + spread. With my Spread, I would have taken profit around about 10 pips on this. Just no need to be greedy.

So on the first trade you could have happily got 1:1 risk reward because your SL was small. With...
I think you are right, the R/R is very important. But if you can do 1:1 i think thats ok.

Did my first Demo trade yesterday with +3 pips. Very interesting System.
  • #347
  • Jun 23, 2010 7:22am Jun 23, 2010 7:22am
yep after couple hours on m5 i did my first trade with +14 and it took me about 50min;/ mhm
in m1 i could probably make more from the morning;p
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  • #348
  • Jun 23, 2010 7:24am Jun 23, 2010 7:24am
Quoting bbolss
yep after couple hours on m5 i did my first trade with +14 and it took me about 50min;/ mhm
in m1 i could probably make more from the morning;p
Not worth the time IMO.

You have a cracking M1 strat here. Go make yourself rich with it mate ;-)
  • #349
  • Jun 23, 2010 7:32am Jun 23, 2010 7:32am
i guess i will have to

how about you? did you stopped this rsi think with breakouts?;p

you promissed me a screenshot;p
  • #350
  • Jun 23, 2010 7:42am Jun 23, 2010 7:42am
Quoting bbolss
i guess i will have to

how about you? did you stopped this rsi think with breakouts?;p

you promissed me a screenshot;p
Crap, I did, didn't I?

Sorry mate. I will get you one. Promise!
  • #351
  • Jun 23, 2010 8:44am Jun 23, 2010 8:44am
what a beutiful move. and obviously i didnt get on that train. did you guys catch it?
  • #352
  • Jun 23, 2010 8:50am Jun 23, 2010 8:50am
nope ;/
i decidet that the market will rest till news about seles hous in about 10min
i was wrong;/ but watch caerfoul now
  • #353
  • Jun 23, 2010 8:56am Jun 23, 2010 8:56am
Quoting bbolss
nope ;/
i decidet that the market will rest till news about seles hous in about 10min
i was wrong;/ but watch caerfoul now

i stayed out because of the same reason ;-) 4 min to gooo
  • #354
  • Jun 23, 2010 9:00am Jun 23, 2010 9:00am
300k??? what a miss
  • #355
  • Jun 23, 2010 9:13am Jun 23, 2010 9:13am
yep
i took quick +10
i see fibo 50% is holding for now;/ but still watch caerfoul
  • #356
  • Jun 23, 2010 9:27am Jun 23, 2010 9:27am
Quoting bbolss
yep
i took quick +10
i see fibo 50% is holding for now;/ but still watch caerfoul
have done quick 10 too. now watching to break
  • #357
  • Jun 23, 2010 9:31am Jun 23, 2010 9:31am
it was realy terrible news
and we didnt break it
so i dont think we will...
im going out get some gresh air
dont wanna be part of it i think;d
  • #358
  • Jun 23, 2010 10:42am Jun 23, 2010 10:42am
Quoting Trotty
Hi,

I've marked out the candles I think you entered on with green rings. I have also marked out where your stop loss should be (in my opinion) with the yellowish bars.

The first trade has a stop loss of about 4.5 - 5 + spread. This is a pip or so under the most recent swing low (you see this?). The second one would have been about 8.5 - 9 + spread. With my Spread, I would have taken profit around about 10 pips on this. Just no need to be greedy.

So on the first trade you could have happily got 1:1 risk reward because your SL was small. With...

thanks mate. i had my sl in first case at your yellow mark but moved it to b/e when i was +5. in second one i suppose to do the same thing and i didnt now i know and learned. so my sl is not an issue its just the fact that i dont take profits. dont have this feeling yet when its the right time ;-) at mo im trying to use your advise about 1:1 R/R and doing gooooood so far. the thing is that i used to work on much bigger timeframes and thats why its a bit strange for me to take 5 pip profit ;-) thanks again for your input mate. much appreciated
  • #359
  • Jun 23, 2010 11:52am Jun 23, 2010 11:52am
Quoting Horuss
thanks mate. i had my sl in first case at your yellow mark but moved it to b/e when i was +5. in second one i suppose to do the same thing and i didnt now i know and learned. so my sl is not an issue its just the fact that i dont take profits. dont have this feeling yet when its the right time ;-) at mo im trying to use your advise about 1:1 R/R and doing gooooood so far. the thing is that i used to work on much bigger timeframes and thats why its a bit strange for me to take 5 pip profit ;-) thanks again for your input mate. much appreciated
You're very welcome bud!
  • #360
  • Jun 23, 2010 3:26pm Jun 23, 2010 3:26pm
Here's my strategy for using this system.


Timeframe: M1


Sessions: London and U.S., currently looking at Asain session


The original strategy on post #1 still applies, trade only in the direction of ALF M5, don't trade if the line is parallel, wait for a candle close above/below ALF M1 line.


Use OSMA (60,130,45) to determine stronger long term trend, trade only in the direction of this OSMA. Above 0.00 for longs, below 0.00 for shorts.


Use stochastics and OSMA (12,26,9) to determine entries. Enter long when stochastics moves above 50, and OSMA (12,26,9) moves above 0.00. Enter short when stochastics moves below 50, and OSMA (12,26,9) moves below 0.00.


Note: Its good to know some patterns like double tops, double bottoms, head and shoulders and such.


If you have any questions, or suggestions please feel free to share them.
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