overall direction still down base on 15 m chart pipe pattern, so i scalp short to continue
http://img299.imageshack.us/img299/3973/62695223.png
http://img299.imageshack.us/img299/3973/62695223.png
- #884
- Aug 3, 2010 2:35am Aug 3, 2010 2:35am
- Joined Jun 2007 | Status: trader | 1,703 Posts
JPY pairs setup traded at London open. "One Trade per Setup" 
.
Need guts to take the price line breach entry ...
.
.Need guts to take the price line breach entry ...
.
- #885
- Aug 3, 2010 8:55am Aug 3, 2010 8:55am
- | Joined Apr 2009 | Status: Pips Farmer | 5,211 Posts
JPY pairs setup traded at London open. "One Trade per Setup"
Need guts to take the price line breach entry ...
.
when the slope is there to penetrate the priceline , just hit it . we talk scalping right? only few pips and out.
http://img44.imageshack.us/img44/8407/21228047.png
- #887
- Aug 3, 2010 9:31am Aug 3, 2010 9:31am
- | Joined Apr 2009 | Status: Pips Farmer | 5,211 Posts
http://img37.imageshack.us/img37/7559/68193211.png
comb pattern = temporary fast momentum or rally, as a scalper i want to capture that momentum as quick as possible and done within second, thats why early entry is crucial!
imagine a currency pair trading within 50 or hundred pips all daylong, how many 2 pips or 3pips i can get out of it , 3pips x10 trades= 30 pips.
30 pips x $ 10= $300 , the potential is huge, and im working on it -
comb pattern = temporary fast momentum or rally, as a scalper i want to capture that momentum as quick as possible and done within second, thats why early entry is crucial!
imagine a currency pair trading within 50 or hundred pips all daylong, how many 2 pips or 3pips i can get out of it , 3pips x10 trades= 30 pips.
30 pips x $ 10= $300 , the potential is huge, and im working on it -
i dont know how you guys set your staion up, but i do this way:
http://img192.imageshack.us/img192/9902/17190116.png
and keep the buy and sell button open, so i can just click and click and click to trade, cahnge position or add or whatever.
entry fast exit faster or reverse!
Then to close I click on my positions window, this gives a cancel/Close option and I leave this above my chart for quick exit.
Thing I find useful about my setup is I never see £, it's all just pips, I figure it will be easier when account is a few £100k
Just one trade for me today, waited for breakout of channel - there was a tiny retrace before my entry although looks like I timed the entry on spike well now, lol.
I didn't re-enter, wanted to re-assess (and had to leave for work soon), but that up trend provided lots of entries, some marked on my line chart.
I'm thinking of using less WMA's like you Ben as they can hide price - or perhaps just have a priceline chart next to the rainbow. Will try a few options.
Shame I didn't go long and let it run all day eh?
I didn't re-enter, wanted to re-assess (and had to leave for work soon), but that up trend provided lots of entries, some marked on my line chart.
I'm thinking of using less WMA's like you Ben as they can hide price - or perhaps just have a priceline chart next to the rainbow. Will try a few options.
Shame I didn't go long and let it run all day eh?
- #896
- Aug 3, 2010 7:57pm Aug 3, 2010 7:57pm
- Joined Jun 2007 | Status: trader | 1,703 Posts
ben,
after compression, the "price falls and crosses the lower price line" of a price line pipe. is this when an entry should be made?
or wait for the "spine to cross the lower price line" of the pipe, then enter? there will be a delay in this case.
i've looked back several charts posted but got confused...
think the upper case is true, but would appreciate your help.
after compression, the "price falls and crosses the lower price line" of a price line pipe. is this when an entry should be made?
or wait for the "spine to cross the lower price line" of the pipe, then enter? there will be a delay in this case.
i've looked back several charts posted but got confused...
think the upper case is true, but would appreciate your help.
- #898
- Aug 3, 2010 9:08pm Aug 3, 2010 9:08pm
- | Joined Apr 2009 | Status: Pips Farmer | 5,211 Posts
Have you tried one click entry Ben? Even easier I think.
- #899
- Aug 3, 2010 9:15pm Aug 3, 2010 9:15pm
- | Joined Apr 2009 | Status: Pips Farmer | 5,211 Posts
ben,
after compression, the "price falls and crosses the lower price line" of a price line pipe. is this when an entry should be made?
or wait for the "spine to cross the lower price line" of the pipe, then enter? there will be a delay in this case.
i've looked back several charts posted but got confused...
think the upper case is true, but would appreciate your help.
first one yes, its indicate the price is falling or the seller/buyers in control.
second one no , you dont need the spine to penetrate the priceline, 'cos its too late. the rule = compression and the slope of the rope