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1 minute momentum scalping

  • #21
  • Edited 11:20am Jul 9, 2010 8:14am | Edited 11:20am
Maybe it could be a potential rule to have a limit on the number of impulse moves we can piggyback on.

For example in the past hour, there were three strong impulse moves. Each move was less attractive than the one before it.

I was greedy and tried to hope for another wave. I tried 3 times and lost 11 pips. My finger was on the kill switch and i killed them when I realized how greedy I was being. Then immediately I would see the setup forming and greed would take over.

I think that a rule like 3 impulse moves with 2 entry opportunities only, but I'll just have to keep observing and taking notes to know if that's a good idea. That was the reason I didn't let those trades go all the way to my SL.



edit: I posted this 23 minutes ago and this notion has already saved me 3 heartaches!
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  • #22
  • Jul 9, 2010 8:30am Jul 9, 2010 8:30am
Mornin' Frank,
Very good approach using the Pivots...like how your using the HA colors...
Suggestion for determining the beginning or ending of a Ranging Market is to use S/R lines when Price Action congests near Pivots...
As you say, to back off and look at the big picture by zooming out, you will easily see where these areas start to present themselves for potential entries...
Appreciate the video demoing your trades...please continue them as they are very helpful...
Cliff
Quoting frankkn
I'm only taking the pretty ones today.

Here is one that I passed on because of how close it was to S1, and it was riskier because it hadn't retraced past the 8 EMA

Edit:

just wanted to make a note of the fact that this took place at NY open and price had just made an impulse move away from the pivot that was greater than 20 pips and was not cut in half by the pivot. maybe under these circumstances the risk associated with not having retraced very far is worth it.
I get exercise just pushing my luck
  • #23
  • Jul 9, 2010 8:48am Jul 9, 2010 8:48am
Quoting cce
Mornin' Frank,
Very good approach using the Pivots...like how your using the HA colors...
Suggestion for determining the beginning or ending of a Ranging Market is to use S/R lines when Price Action congests near Pivots...
As you say, to back off and look at the big picture by zooming out, you will easily see where these areas start to present themselves for potential entries...
Appreciate the video demoing your trades...please continue them as they are very helpful...
Cliff...
hey cliff

thats a cool idea let me see if i understand what you're saying

to help identify the beginning and ending of ranging periods, zoom out and observe levels that have acted as SR

the reason i use pivots is because they are not up to my discretion. i would love to see an example of what you're talking about if you have the time

thank you for checkin out my thread i really appreciate your comments
  • #24
  • Jul 9, 2010 8:59am Jul 9, 2010 8:59am
Quoting Snowdogg
I appreciated the efforts you put into the video. I had a little trouble following along as to where the exact entries and exits were and why at each spot but I hope you keep doing this for a while. I have been trying to trade along the same lines for some time now, but found the congestion areas to be hard to recognize until after a loss or two. Your use of the HA is an interesting and hopefully useful addition.
hey snowdogg

i though i already posted a reply to this last night my bad

whats up man thanks for coming by your words did motivate me to record my trade this morning

lets make some cash
  • #25
  • Jul 9, 2010 11:19am Jul 9, 2010 11:19am
i was just thinking, every day there is usually at least one good entry using this approach. what if i set a one or two trade-per-day limit and waited only for the prettiest setups.

i might start doing this and i will keep close track of my accuracy. over time if i prove to have 2/3 accuracy every week i might start trading a larger size. but only if i can prove my accuracy.

i think the key for this is going to be waiting for those very pretty ones. and if its a day that sucks then the most i can lose is 2x my risk per trade
  • #26
  • Jul 9, 2010 2:21pm Jul 9, 2010 2:21pm
Right...
points that catch the eye...looking for a break...small retrace...pull the trigger per your rules...
Hope this pic helps...
Enjoy the weekend All...
Cliff

Note:
The 2nd pic is my trading layout so that I can see PA from both perspectives.

Quoting frankkn
hey cliff

thats a cool idea let me see if i understand what you're saying

to help identify the beginning and ending of ranging periods, zoom out and observe levels that have acted as SR

the reason i use pivots is because they are not up to my discretion. i would love to see an example of what you're talking about if you have the time

thank you for checkin out my thread i really appreciate your comments
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I get exercise just pushing my luck
  • #27
  • Jul 10, 2010 10:18am Jul 10, 2010 10:18am
Quoting cce
Right...
points that catch the eye...looking for a break...small retrace...pull the trigger per your rules...
Hope this pic helps...
Enjoy the weekend All...
Cliff

Note:
The 2nd pic is my trading layout so that I can see PA from both perspectives.
hey cliff

that is some good stuff

i looked at those charts last night and i let them sink in for a while. i really like the simplicity and i will definitely take note of this in the future. it would triple the number of opportunities if you were good at that.

thanks for sharing dog
  • #28
  • Jul 10, 2010 11:30am Jul 10, 2010 11:30am
You even showing us the video... fantastic & thanks

Anyone tested or used also this method?
  • #29
  • Jul 11, 2010 10:35am Jul 11, 2010 10:35am
http://www.forexfactory.com/showpost...3&postcount=45

here is a very interesting post by grkfx

from now on i'll be doing my best to observe and document the behavior of the market in terms of "who is providing liquidity to whom at various price levels and time of day"- grkfx.

i'm curious to observe the impact of market moving events over a long period of time. i want to know what my competitors are thinking. i hope that this will help my intuition in the long run! i don't care how long it takes.
  • #30
  • Jul 11, 2010 11:02am Jul 11, 2010 11:02am
Quoting graceheather
You even showing us the video... fantastic & thanks

Anyone tested or used also this method?
hey graceheather

yep i plan on recording my trades indefinitely

i doubt anyone else is trading this yet. if i were looking at this thread as an outsider, i would like to see the original poster prove the method to me over time before i tried it with small $. of course demoing is always an option but i always learn more if i lose a small amount of $$ (small small small).

thanks for the encouraging post!
  • #31
  • Jul 12, 2010 7:29am Jul 12, 2010 7:29am
i usually have my office set up by 7:45 with everything i'll need for the next four hours

at 7:30 my air conditioner turned off and nobody was near it, power outage.

so i grabbed some stuff and took off for campus with fifteen minutes to go. now its 8:27 am and i'm on campus. i brought the laptop i trade from but for some reason the university's wireless on the main part of campus is shut down or something

now i'm in the student union using a computer whose left mouse click only works one out of every ten clicks and people are asking me for help printing off powerpoint slides

unfortunatly i won't be able to record my trades from today, but i will be posting screen shots. hopefully i am able to execute on this sloppy machine
  • #32
  • Jul 12, 2010 4:16pm Jul 12, 2010 4:16pm
there were no pretty setups today so i did not take any positions this morn. better to wait for those really pretty ones even if they are rare. just gotta be ready to swing the bat when they show up
  • #33
  • Jul 12, 2010 5:18pm Jul 12, 2010 5:18pm
wow listen to how stupid this is

i got my pivots from dailyfx.com because i don't trust oanda's because they have been inaccurate

well in my quest for accuracy i used the pivots that were listed at dailyfx.com but i hadn't noticed that they were set to hourly pivots

so i sat there all morning like wow why are these pivots like 10 pips apart

i am an idiot
  • #34
  • Edited 10:57am Jul 13, 2010 8:09am | Edited 10:57am
2 important events: US stripped of AAA credit rating by Dagong Global Credit Rating , and also a unexpectedly negative trade balance

i sat down just before 8am, marked the range price was in just below the pivot, and waited. soon enough an impulse move that was nearly 40 pips broke us out of the range and through the pivot. after a small retrace our trigger showed us a possible entry and i took it and it was good, and made waiting for the right trade worth while.

Inserted Video


edit:

here is a quote from CLANCY YEATES' article located at this link

"In its first report on sovereign debt, Dagong Global Credit Rating gave US Treasury bonds a AA rating with negative outlook, several rungs below the top AAA that it gave to just seven economies, including Australia."
  • #35
  • Jul 13, 2010 8:39am Jul 13, 2010 8:39am
i forgot to record this one

but it was stopped for -2, closed per the candle color rule

as i was posting this i noticed another setup off of the same momentum. there were about 13 pips between my entry and R1 so i moved my TP one pip below R1. SL to BE after 5 pips because there was a pivot closer than my TP. Possible new rule modifications here.
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  • #36
  • Edited 9:00am Jul 13, 2010 8:49am | Edited 9:00am
since i was updating my thread i almost missed this move

i used a limit order on the last one and really liked it! but this one i had to use a market order

also this one only had 1000 units because that was my default for making the rules i wanted to use more than that but the point right now is to give myself a proven accuracy over time. the sooner i do that the sooner i trade bigger

Inserted Video


edit:

also i would like to note that the its not even 10am EST and the dow is up 1.06% on excitement related to good earning reports coming in. I would also like to note that as of now oil is up 2.66%
  • #37
  • Jul 13, 2010 9:52am Jul 13, 2010 9:52am
i'm considering moving my # of trades per day rule to my official rule set

i'm not sure of the number yet. i'm thinking 2-3 right now. it may depend on the day. for example first 2 are wins, done for the day... or first one is scratch, second one loss, then one more and done.

or i could have a 2 loss rule in addition to a 3 trade limit.

either way here is a -4 pip trade closed per the candle color rule

i was getting greedy. this relates to another possible addition rule of only taking the first couple retracements of a strong move

i wasn't prepared for the candle in this video to close bullish and got my limit order in there too late. price came back and got me on the next candle or so. in addition to this sloppiness you can see that the moves are not as attractive and smooth at this point

Inserted Video


if there is any good momentum momentum tomorrow i will post more vids then


edit:
that makes this week's trades
+16, -2, +11, -4
  • #38
  • Edited 9:20am Jul 14, 2010 8:03am | Edited 9:20am
my girlfriend and i have the same kind of laptop, but only one cord between us

15 minutes to NY open she tells me that she needs the cord for class today, so now i am on campus.

the first computer i got to, i downloaded fxdesktop and got all my pivots and typed a couple hundred words describing the market conditions and what i was expecting, and a couple minutes to retail figures being released my computer was shut down unexpectedly

so now i am in another computer lab and i had the opportunity to take a trade. this one was stopped at breakeven. price came just 3 pips away from my TP (16 pips).

i had the option to close the trade per my candle color rule and would have walked away with +5 but like a bone head i stuck in there. i gotta remember that the goods ones go there right away.

the blue line is the top of a 40 pip range we've been in for a long time. price is above the pivot. R1 is about 100 pips north of the pivot today.

yesterday was a nice day for this method, so today may not be. i would like to take note of how long these cycles of expansion and contraction last. if i can have an idea of that then i'll have a good idea of how to set my TP and SL.

i felt a decent amount of confidence in that trade for two resons.

1) there was a nice hidden divergence
2) retail sales figures were just released and i thought i was riding quality momentum.

my first hint to get out was how close the top of the range was. next came a classic divergence. after that was an opposing-color candle close. after all of thise i still held on (with SL at BE)

both divergences are from the OsMa (macd histogram)

http://cdn.forexfactory.com/attachme...8&d=1279112564

edit:
man we've been in this 40 pip range for nearly 24 hours. this range started forming when i finished trading yesterday morning and we're still in it
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  • #39
  • Jul 14, 2010 10:23am Jul 14, 2010 10:23am
closed this one for 12 pips. there was a classic bearish divergence and it seemed to be running out of steam.

i was quick to take profit because today hasn't been to pretty.

then we broke out of consolidation. done with this pose there might be another
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  • #40
  • Jul 14, 2010 10:32am Jul 14, 2010 10:32am
here is an attempt to re-enter

there was a bit of a hidden divergence.

i closed this one per the candle color rule for a loss of 4 pips.

i really like that rule it helps my long term risk reward ratio

summary of wed: +0, +12, -4
week pnl in pips: 29

i bet there will be other setups. as a matter of fact it looks like there is one appearing now, but i am going to call it a day and be happy for my 8 pips. tomorrow is another day

edit: you'd already have your SL at BE on that one that was settin up, she jumped 13 pips on the next candle. !
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