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1 minute momentum scalping

  • #121
  • Aug 13, 2010 6:56am Aug 13, 2010 6:56am
Thanks for link, reading with interest.

Have been looking at the eur/usd thread on here trying to pick up some news tips. Here's an interesting post from this morning re: the good euro news but no e/u rally - post 281592
http://www.forexfactory.com/showthre...372&page=18773


I can see how the weak euro helps european exports which is the main reason for the good figures (esp Germany) so the Euro governments will have no interest in buying the currency today good news or not? Having said that UK is not in the euro so why didn't London jump on the euro and buy? Well yesterday there was warning in mainstream news here that our coalition governments harsh public spending cut are creating consumer fear and a double dip recession so no appetite for buying euro over say Gold (another safe haven) which has risen strongly over past 2 days?

---

The problem with looking for 15m support and above as I see it is you can be waiting round all day for it to come out of consolidation and give a clear trend and have no trades in a frustrating long wait. I only look for 5m suppport now esp if seeking only 10pips. Agree when larger TF support IS there a big move and certainly more relaible position can be taken.

Are we calling ma's indis? Not sure if they count? Anyway the RSI shows oversold/bought as you know so yes it can be used to help confirm trend turns but I would think for longer term trend analysis a cci would be better?? What do you think? I've only ever used rsi on 5m or 1m for entry signals never seen it as accurate enough on higher TF. Have you tried a cci set to similar input?

Have a look at this double cci indi. When I first got it as part of the FX Prime system the input settings were Trendcci 170, Entrycci 30 I believe. Set them to that and see how it looks. The filled coloured line shows longer term trend (170 - red trend down, gree trend up) while the yellow line (30) will give a buy/sell signal when crossing the zero line into a good trend (ideally above 100). See how that fits in or could replace your current rsi. Could be interesting.
Attached File(s)
File Type: mq4 DoublecciWoody.mq4   6 KB | 356 downloads
  • #122
  • Aug 13, 2010 9:35am Aug 13, 2010 9:35am
Too busy to type much but here's my entry for today, adding to my euro position.

I am just entering with the momentum and instead of taking partial profits I am adding small positions and moving my SL to BE after the next RN break. If all of these get wiped out I don't care because eventually there will be a huge trend.
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  • #123
  • Aug 13, 2010 10:16am Aug 13, 2010 10:16am
doh! you don't use mt4. does your setup have double cci's? mmm
Actually that's a responsive rsi, looks good.
  • #124
  • Aug 13, 2010 3:24pm Aug 13, 2010 3:24pm
Quoting stevexyg
Thanks for link, reading with interest.

Have been looking at the eur/usd thread on here trying to pick up some news tips. Here's an interesting post from this morning re: the good euro news but no e/u rally - post 281592
http://www.forexfactory.com/showthre...372&page=18773


I can see how the weak euro helps european exports which is the main reason for the good figures (esp Germany) so the Euro governments will have no interest in buying the currency today good news or not? Having said that UK is not in the euro so why didn't...
Whats up man.

I checked out that link and I think this is the post you were talking about, and hell yea that was a great one.

Yep MAs are indicators, they are my favorite for long term trend. I like to get a couple higher TF having agreement with 3 medium-long term MAs and use breakouts on smaller time frames, and this approach does metter without any other indicators but any oscillator that tells you overbought oversold will be fine as long as you're not taking entries from them (at least with this kind of trading).

Basically the trading I've been doing these past few days doesn't need any kind of indicator, just a feel for momentum and breakouts. Timing is the most important combined with sentiment.

Here is a glimpse of that Appetite Index. I changed some of the values to show that it can go negative (the last few hours I got 0s so I changed some 11:00 data just to show the range.
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  • #125
  • Aug 13, 2010 5:37pm Aug 13, 2010 5:37pm
Yo,

yep that was the post, expectations were certainly not met today for a lot of people! This info came out after markets refused to react ofcourse, hindsight is a wonderful thing but it's good to see these reasons and learn from them.

Wow I couldn't guage trend by eye well or atall without my double cci. Here's a screen shot of my 1m chart from today shortly after us open. You can see from the double cci at the bottom that there is strong down trend (red filled area) on this 1m chart. There is no possible uncertainty about trend or strength of trend with this indi, it is so clear.

Additionally you can see several entry points signalled by the yellow line crossing the zero line from above to below. With trend as strong as this in the 1m cci (and supporting 5m trend) these signalled entries are very reliable. Also I am looking for breaks or bouces away from the 50 sma. You can see the bounce at the top and my preferred entry would be at the first pullback but there are serveral possible entries as you can see. I would only see any pullback as a good entry if price atleast touches my green 6ema. After 3 pullbacks/big price move you start thinking about price distance from 50 and a larger pullbacks/correction to the 50line.

With the same setup on 5m I also require ma's to be aligned in correct way but don't need the cci in trend support as it is slower to react than the ma's. Like I say the beauty of this cci is trend is seen instantly so you can focus on price action and even scan other pairs for trend in seconds.

The appetite index looks really sweet man. Are you programming this? Negative means stay well away I am guessing but a scale of 1 to 10 would work too if getting the neg side to work cleanly takes too much time?
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  • #126
  • Aug 15, 2010 4:11pm Aug 15, 2010 4:11pm
Quoting stevexyg
Yo,

yep that was the post, expectations were certainly not met today for a lot of people! This info came out after markets refused to react ofcourse, hindsight is a wonderful thing but it's good to see these reasons and learn from them.

Wow I couldn't guage trend by eye well or atall without my double cci. Here's a screen shot of my 1m chart from today shortly after us open. You can see from the double cci at the bottom that there is strong down trend (red filled area) on this 1m chart. There is no possible uncertainty about trend or strength...
Heyo Steve

Hope you had a good weekend man. I got shitfaced and am still hung over. Ready to destroy the Broncos tonight.

Cool chart setup man double CCI looks really handy, thanks for sharing.

The negative side of the index works just fine, the value of the index from 10:45 on was 0 so I altered the data simply because the graph was displaying only the right side. Just wanted to show + and -.

I have assigned weighted +/- values to different asset classes to arrive at the index value.
  • #127
  • Aug 15, 2010 4:22pm Aug 15, 2010 4:22pm
lol u guys use the term shitfaced over there too? brilliant
  • #128
  • Aug 16, 2010 8:36am Aug 16, 2010 8:36am
Yessir,

Early in the London session my most recent position was taken out. Here's a chart showing a retracement channel in a larger down channel.

I was reviewing RN breaks and I might try using a 30 sec bid instead of candlestick chart as an experiment.
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  • #129
  • Edited 10:36am Aug 16, 2010 8:37am | Edited 10:36am
Averse at 11:30

(index is at -4, having some technical issues right now)
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  • #130
  • Aug 16, 2010 9:29am Aug 16, 2010 9:29am
Quoting frankkn
Yessir,

Early in the London session my most recent position was taken out. Here's a chart showing a retracement channel in a larger down channel.

I was reviewing RN breaks and I might try using a 30 sec bid instead of candlestick chart as an experiment.
Hey, hopes you have now recovered. Had a good w/e thanks, though was sober

On my chart the down channel I've drawn includes the highs on 9th and 10th Aug which means your sell positions were taken in the lower half of that down channel? Not the best side of the channel for a down sell as there is too much potential to the upside. If you sold now you'd be selling from the top half of the channel - a much better bet. Sometimes you are guessing as to whether price is retracing small or swinging all the way back to ma. It's position in the channel will give a lot of clues but not always the answer.

Trying to get another chart up but when I screen grab ctrl>prtSc it is taking both monitors output when I only want one grabbed. Any ideas?

So moving from -6 to -4 is hotting up? Does it refresh every 15mins? If so an audio alert would be handy - or a wrist watch with an alarm I guess!
  • #131
  • Edited 9:54am Aug 16, 2010 9:42am | Edited 9:54am
Quoting stevexyg
Hey, hopes you have now recovered. Had a good w/e thanks, though was sober

On my chart the down channel I've drawn includes the highs on 9th and 10th Aug which means your sell positions were taken in the lower half of that down channel? Not the best side of the channel for a down sell as there is too much potential to the upside. If you sold now you'd be selling from the top half of the channel - a much better bet. Sometimes you are guessing as to whether price is retracing small or swinging all the way back to ma. It's position in the channel...
Hey pal,

Here are my last 3 entries, the red X is the third one that was stopped.

I don't care where we're at in the channels for my entries, I'm risking such a small amount and looking for huge R:R (in the neighborhood of 10 to 20 times risk), so I'm fine betting on the break of a channel on the 15M chart because my entry criteria (at the moment) doesn't take them into account.

Remember fundamentals drive the market and surprising stuff will smash SR and stops(which is why I enter during the orderflow from institutions as they and every other multinational corporation re-position themselves accordingly).

Yes sir according to my simple index, things have heated up slightly.

I just found this website today and it is handy for keeping track of time.

As for screen-capturing, my only guess is:

1) prtscn

2) open mspaint

3) view>zoom>50%

4) select the cutting tool (square icon on the left) and cut your chart out

5) ctrl N for a new workspace

6) ctrl V to paste

7) save and upload

Btw is that your boat in your avatar?

Edit:

Forgot to upload the chart, and the channels are something I'm going back to that I used to use all the time. At the moment I'm using them to help prepare for momentum shifts. For example right now I'm waiting for that retracement channel to break with some momentum (might not happen this morning). I would like to add them officially and the method I use to draw them is outlined in Master the Markets by Tom Williams and it has been the most accurate for me so far, later when things slow down I'll go into it more.
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  • #132
  • Aug 16, 2010 10:31am Aug 16, 2010 10:31am
Hey thanks dude for the instructions I'll give that a go asap. Love the online alarm clock - you can't beat watching the seconds going by analogue style-ie.


Can see why you aren't getting too involved with channels in this sys as yes they are there to be broken out of! They are like rules - there to be broken. However it's like any tool, if enough people are using it then it has an effect - until the big players come along and do what they want. So yeah that makes sense to limit their use.

YES. It's my boat. lol It's only a little thing I use to zoom around in the bath with. My real boat is MUCH bigger. Actually I'll admit it's not mine but I like to think it's like the small fun-boat I will launch from the back of my BIGGER boat when I make it bigtime.
  • #133
  • Aug 17, 2010 10:59am Aug 17, 2010 10:59am
Quoting stevexyg
Hey thanks dude for the instructions I'll give that a go asap. Love the online alarm clock - you can't beat watching the seconds going by analogue style-ie.


Can see why you aren't getting too involved with channels in this sys as yes they are there to be broken out of! They are like rules - there to be broken. However it's like any tool, if enough people are using it then it has an effect - until the big players come along and do what they want. So yeah that makes sense to limit their use.

YES. It's my boat. lol It's only a little thing I use...
I would like to get more involved in long term channels for inter-market analysis. For example, on daily chart for gold/oil/usd/dow etc bust out some simple channels and wait for the turns and enter on momentum through RNs.

You're one lucky fella, when we went to Michigan this summer, I got to experience how much fun it is to take a boat out on a beautiful day (I neglected sun screen and ended up losing most of the skin on my shoulders/back/chest in huge disgusting chunks of burned skin-- thought I'd share a lovely image with you).

I have to get a job, and missed trading this morning (for the most part) because I had a series of interviews. I just need something to bring in some extra cash, don't like the idea of withdrawing my profit ( had to in July for my gf's bday, she loves shoes ), and I only need a couple classes to graduate but they're spread out until next spring. Also when I move to Tempe I'll have to pay for my apartment (we'll get paid but I want to save up first).

I had to get up at 5:45 AM (3h 45m after London open, but 2h 15m before NY--that is if LO is at 2am EDT) today, because I wanted to try out a method that I was pondering for that time window. It seems like after the initial order flow from London open, you have a strange period of time before NY open (and USD news events), yet at the same time quick decisive movements, a very strange climate for me.

But anyways if I'm getting up at that time ( can't fall asleep before 11:30pm ) I'm waking up with barely any sleep and need a nearly color coded method that uses absolutely no discretion)

I'll get into that more later but I've got a delicious lunch in the kitchen.
  • #134
  • Aug 17, 2010 12:39pm Aug 17, 2010 12:39pm
My girlfriend is off to work, and I am home for the day.

Here is a 30M chart of eurusd with a possible new down trend channel.
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  • #135
  • Aug 17, 2010 12:46pm Aug 17, 2010 12:46pm
Here's a channel on the 4 hour.
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  • #136
  • Aug 17, 2010 4:39pm Aug 17, 2010 4:39pm
Blimey you need to get your sleep man but I admire your dedication. Remember you can make easy mistakes when tired so be careful on that front. A large trend cci could give you a good visual cue to underlying trend you should be able to sort that out on your Oanda chart. And if no discretion required then ma cross would be a good one? Open trade when ma's cross into alignment and close when they cross back, can't go wrong

have a look here for LO time, stick in your local zone and it should come up.
http://www.forexmarkethours.com/

Love your boating story. I cycled the length of the uk last month and got severe sunburn the first day on my legs. Sooo sore. Had to keep them covered after that and the skin has only just stopped peeling! Good luck with job hunt dude there aren't many round this way at the mo that's for sure.

You have to love the channels, I mean how many times is price obeying the law of that massive channel there? Lots of points of contact. That break down of the short up channel yesterday was strange as it signalled a price reversal but ended up like a realignment of the same trend.



Quoting frankkn
I would like to get more involved in long term channels for inter-market analysis. For example, on daily chart for gold/oil/usd/dow etc bust out some simple channels and wait for the turns and enter on momentum through RNs.

You're one lucky fella, when we went to Michigan this summer, I got to experience how much fun it is to take a boat out on a beautiful day (I neglected sun screen and ended up losing most of the skin on my shoulders/back/chest in huge disgusting chunks of burned skin-- thought I'd share a lovely image with you)....
  • #137
  • Aug 17, 2010 4:45pm Aug 17, 2010 4:45pm
You at LO-
  • #138
  • Edited 11:34am Aug 18, 2010 8:45am | Edited 11:34am
Quoting stevexyg
You at LO-
No doubt man I had to use some instant coffee. I used to drink a couple pots of coffee each day but I switched to tea about six months ago. I'm looking forward to a set routine so I can get things adjusted.

Forgot to attach the index at the US equity open (1m after the open).

And also check out this fork. I've messed with forks a lot but have never traded them. They are very accurate if you know how to place them ( as far as I understand put them on when the trend changes ) which is something that I'm struggling with. As far as using them to enter/exit I have no idea, but they can give you an idea of how strong or weak your pair is through observing the interaction with the lines ( somehow haha ). They are pretty at the very least.


Note:

A value of 0 on the Appetite Index doesn't mean that risk aversion is present, it means the asset classes in my index are not in agreement (risk appetite/aversion are perfectly balanced).

Also at 11:31, it looks like a big spike but the value is only 2.
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  • #139
  • Edited 1:47pm Aug 18, 2010 1:27pm | Edited 1:47pm
I have a few extra minutes right now so I thought I'd throw up that no-discretion method for those times when the market is cookin and you want to use indicators to give you entries.

Here's an example for shorts.

Trade w 15m trend [5/12 EMAs, rsi(9) below 50]

Wait for 5m trend to agree. Look for retrace on 5m.

Enter when the 1m bbmacd turns red and rsi is below 50 (candle close)

SL 10 (maybe 15 maybe 20 still thinking) TP 20

I like to see my 15M agree with my 30m and 1h too.
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  • #140
  • Aug 18, 2010 6:04pm Aug 18, 2010 6:04pm
Your no discretion method looks pretty sound. If you correctly identify trend, have a feel for price action on this pair, keep an eye on channels and have 15m trend behind you then things can't go too wrong. For SL I'd use 10 because if you give yourself too much safety net your discipline can drop and you can take not the best setups thinking 'it's ok i have 15pip SL' instead of thinking 'this better be a good one only 10pip SL'. Well that's the way I think anyway and since adopting tighter SL have been more selective with trades.

One problem MTF is having the ma's cross to a counter-trend position on the 1m chart during the pull-back before recrossing. It can be confusing getting contradictory signals on different TF's. I wait for the corect alignment on 1m no matter how much background trend there is as you never know how far a retrace will go. If the trend is really strong the retrace will likely be too small to counter cross your ma's so no probs. MTF trending is a good method needs plenty of screen time to get the feel of it, plenty of watching...

I'm up 30pips and down only 3pips over past 2 days demoing my similar mtf. That's with very conservative TP cause I get nervous too quickly and pull out - so to speak. Only 2 loss trades - 2pips and 1 pip, the other 8 trades were profit or b/e.

Love your forks introduction. lol I couldn't do much better. Very good refresher though cause I lost count how many times i've drawn in a channel to later find i only drew the bottom or top half and it's actually much wider than i thought as you see as price progresses.
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