1 minute momentum scalping

Hi !

ive subscribed to this thread because its the first thread discussing

MOMENTUM

we all know "the trend is your friend" but 95% dont get it.

they should say this sentence 100 times every day, maybe then they will START to think about it.


YES to trade a trend ( everyone can do this, even an EA), You need MOMENTUM.

FIND IT!


Best thing is a "FREE FALL" ( as i like to call it) with no big S/R.


E/U has broken a huge down TL now starting from December 2009.


IF price wants to go down, there are a lot of S/R levels waiting for it.



ps chart showing h4


See YA

whats up pauly

really kind stuff you said there bud thank you, quite encouraging!

momentum dude yeah exactly! i don't think i've even used that word but it about sums up my trading exactly. i just wait for the momentum and try to ride it.

anyways i'm attaching all the news thats coming out today there is quite a bit

price is ranging between 1.2815 and R2. its gonna be interesting to see what happens in this situation.

i'm back home so i will be recording any trades that i take today.

today seems strange, opening so close to R2 with so much news coming out, just seems like a day to be extra careful so im gonna follow my gut

edit: in fact, i may need to develop an outline for days like this. kindof like the same car just different tires. today i feel that with good event-day tires you would have made a killing. i have been sitting on my hands mostly, taking screenshots and notes. i've only taken one trade today and since then i have seen many setups that i have not take. i didn't take them because of the nature of today i felt it was better to observe and be prepared for the next day like this.

I chose SL=8 TP=16 because I wanted a 2 to 1 reward:risk.

I noticed that on good days with this strategy, price would go around 15-20 and a SL of 8 seemed okay if I moved my SL to BE after 8 pips.

I think it would be better to have SL=5 TP=10, and NO SL to BE, just close per the candle color rule.

This will make my # of pips go down, but I think it may make me more profitable. Only time will tell.

On my first trade I was busy chatting with my girlfriend on gmail and when I checked my chart I scrambled to get in and messed up the placement of my limit order getting in 3 pips too late, then when I moved my SL to BE i only put it where my BE should have been! So when price came back I was out -3 pips. This was before my no SL to BE and 5/10 r/r

New rule: don't chat while you should be getting your limit order ready.

Today's rundown:
-3 (shoulda been 0), 0, +10

Weekly pnl in pips:
36



edit:

i should start watching these vids before uploading them becaues my commentary is often in the wrong place hahaha.

also a note to all: the first post is updated. it seems to short like i forgot something. if i did i'll add it on

Hi great Vids


are u using standard HA candles? I have them on my charts too.

i was palying with HA exits a lot, couldnt figure out the best method yet. sometimes it works, sometimes not. I couldnt find a lot of info about it either.



here is one trade i did today. TL + wR2 Bounce


CHEERS

whats up pauly that was one fine trade!

i remember when that happened that was an excellent trade. how did you enter?

one trade today for a loss of -5

new weekly pnl in pips: 31

i'm excited for next week. i'll probably risk around $4 on each trade and i will keep track of my pnl in $ next week.

alright a new week!

i'll be risking $10 per trade as opposed the the $4 this week. i did some backtesting with vhands.

i have a 3 trade per day limit, with a 2 loss/ 2 win max.

the websites that i use for pivot points were not updated. i usually use dailyfx.com's but they were still for friday. i found the link thats on FF's main page that said something like "pivots for the 19th" (today) and those were also for the 16, so i just calculated them myself for today.

during my back testing the best trades were ones that had just punched through a RN or pivot.

no real important news events for today, lets see what happens.

earlier today, despite a surprisingly negative current account, eur/usd had a strong rally during london from S1 to R1, and now we are consolidating above the pivot going into NY

here is an example of a trade that is tempting, but not quite perfect.

this setup may or may not play out, but i'm not taking it because it is not strong enough. i want to be in on moves that are at least 20 pips, and I want in on the first couple of retracements. ***

if i have a couple days per week like that then i'm set. i have no problem sitting around not taking trades

edit:

for this method you should also willing to sit on the sidelines while a less-than-perfect setup gives pips. if you would have taken this one you would have had a loss of -1 pip


*** when i re-read this i thought it might be confusing because i have edited and re-worked the first post.

ideally, there will be a strong ass move with candles all the same color that will be at least 20 pips (a lot of times we will have moves that are 30-40 all one color)

next will be a retracement followed by a possible entry trigger

that would be the first retracement. ideally i would only like to be in on the first or second one.

just one trade today

+1 pip

week's pnl = $2.8

edit:

i'm not so sure this thread has been around long enough to deserve votes, i think a week or so isn't enough time to prove anything

london has had a lovely day so far

we've got news in 20 minutes

stopped here for -4.

I was lookin for a re-entry but the trigger candle was 20 pips and right above a RN so I sat this one out.


edit:
short video a couple posts later of the entry. i never know how many trades i'm gonna get so i just record them. i just post them so down the road everyone will be able to see how my method evolved so if i end up with a really good method, people will be able to profit without any confusion

well housing starts fell to an 8 month low and that put a damper on our downward momentum

right now we are hanging out between RN1.2850 and S1

There is a speech at 10.

lets see if we get any nice 20 pip moves.

in the mean time check out this video and also check out the link that that guy posted in there

http://www.forexfactory.com/showthre...=1#post3886525



edit:
so we just broke back above S1 with a nice 20 pip move smack dab into the 200ema

now i don't want to give any specific period of moving average more weight than it deserves because they are just a way for me to gauge momentum, but i have noticed that when price finds the 200ema, sometimes it bounces and other times it ranges.

i will have to take careful note of price's behavior around the 200 because i'm sure there is plenty of opportunity.

for now i'll stick to when price is really flying and try to grab my few pips

hey everybody

slow start to the week, just one trade today as well. this time for -4

weekly pnl = - $5.7

london showed some really nice momentum this morning, maybe NY will get some tomorrow!

so price has been ranging all morning

as support we have the important psychological level 1.2800 a few pips below S1

the weekly pivot is our resistance

we are waiting for crude oil inventories, then bernanke has a speech at 2pm. i might post some pictures/vid/notes on his speech for the purpose of documenting it for review, i'd like to record several of his speeches and the resulting impact.

what i'm hoping for is a strong 20 pip move out of this range

i am going to start adding weekly pivots to my charts

i have removed all indicators except for my heiken ashi candlesticks and my moving averages. i think divergences are great but they are not worth scrunching up the screen, i think that cost outweighs the benefits i get from them.

i am currently working with the MAs to try to consolidate them. i would like to get rid of them, but i still find them useful :

i have noticed that price treats the 200ema like a pivot about 75% of the time (this stat has nothing to back it up just a guess i could be very wrong. i'm currently observing this so my opinion may change over time)

the 50sma and 21 ema are an excellent measure of the trend

the 21 and 8 ema often act as balancing points for retracements when the market is dropping hot shit

the 8 ema is very good at showing the immediate trend; when price moves pretty far in one direction, a close across the 8ema usually is followed by a retrace or change in trend.

as price has been ranging this morning trying to tempt us with false breakouts i have been reviewing the trades i have posted on here, and i'm thinking about some tweaks. i've mentioned before the idea of having some "settings" for regular days, and news days.

i think the rules that are currently on the first post are good when the market is decisively moving in one direction for a sustained period of time.

maybe my regular or slow day settings could be:

8ema 21ema for trend &balance points for retrace
same trigger
sl:tp 5:5

10 pip minimum "wave-length" (not wavelength as in science lol)

i'm not sure about these so i'll observe them and maybe soon i will start trading that on slower days.

** in fact the more i look at only the 8 and 12 the more profitable this looks but only time (and vhands) will tell

Hey frankkn,

This is very interesting because it’s very similar to what I do. I use HA bars on a 1 minute chart and a couple of moving averages, 5 and 8 ema’s. I also have the momentum indicator and RSI though I don’t put a lot into those. I mainly just look at the price action with the HA bars which comes from a lot of screen time starring at the charts. I do watch the 5/8 ma crossover for confirmation. I also have indicators to plot pivot points and round numbers. I basically trade the waves up and down. TP is 5 and SL is 10. I’ve found that a 10 pip SL works. I hate to see it go against me 7-8 pips, get stopped out then it turns around and would have been a winner. If I get stopped out for 10 pips its no big deal. I have many more 5 pip wins to more than make up for the occasional loss.

Max

hey max

feel free to post charts of how you trade i would love to see your perspective, good to talk to another 1M HA guy

today we were stuck between the weekly pivot and daily S1 from the time i sat down until bernanke's speech

during the speech price broke support, went to the next RN (1.2750) and retraced.

there was enough room for my TP (between entry and RN) so i entered a short which was promptly stopped! The time of the trade was around 2:20 pm which is outside of my time window. perhaps i should stick to my time slot.

-5 pips

weekly pnl= - $15.70

edit:

posted a follow up picture just for this lol. reversed on me exactly 10 pips then thundered forward. gotta love it!

also i will have to remember to not be a p*ssy and miss my re-entry

i will be thinking about TP5 SL10 but it doesn't seem right.. i'll look over my past trades and see if it would have been better to have SL10 TP5 or just re-enter. very interesting

lots of positive stuff coming out of europe.

all kinds of stuff due to come out today

i've got my RNs pivots and weekly pivots up, HA, and only 2 emas (8 and 21), and no indicators.

my game plan for today is to wait for a strong fast move, retrace to MAs, then my trigger.

i won't take the trade if the spreads are still wide from news (or right before the news)

also i will not take the trade if there is a pivot or RN in the way (or too close for comfort)

i'm not sure on my SL and TP, i am thinking 5 and 5. i may use a TP of 10 if the initial move is very strong, maybe greater than 30 pips

edit:

i have been thinking about what Max99 mentioned about a 10 SL. Initially I felt uncomfortable with that, but when combined with my candle color exit I may be able to still have a very small average loss. That is the thing that comforts me during losing streaks.

So i may set my default SL and TP at 10 for both, just as a safety net, and manually close my trades most of the time. If the initial move was less than 30 pips i'll look for only 5 pips and if the move was more i may look for more.

here's something i don't normally do too much:

on the hourly candlestick chart, we have a reasonable pin bar off of R2 that was an area of support all day july 20th

the pin bar's open and close are within the body of the previous candle and there isn't too much traffic directly to the left unless you consider the wick of the previous bar traffic

so in technical terms this looks very bearish, however europe saw lots of good news today and we just had surprisingly negative unemployment figures, so fundamentally at the moment things look bullish.

you can see on the calendar from FF's home page that i posted that there is still a lot of data to come out.

i posted a lovely london day the other day

here is another one from today this lovely rally was followed by another one a little later.

recently it seems like during london eur/usd has its excellent run then during new york it has been chopping. hopefully things will shift back in our favor ! (either that or my sleeping schedule will have to change sooner than i thought. when school starts up again i'll have to choose between swing trading and getting up at 3:00am)

almost took this but didn't