1 minute momentum scalping

mm just thinking perhaps asian markets will set the trends then and lo/nyo could see 'corrections' but not much more? China is apparently investigating the yen for safety and diversification away from their humongous dollar holdings so we could we see action switch to the usd/jpy for a few days?

Wow cool to know Twinnings' gets the approval of a British lad, that's the kind we get, I'm really surprised.

I still need the huge dose of caffeine sometimes, so we have instant coffee. We only make one cup at a time (boiling water in tea kettle), but when you need to wake up and be sharp immediately its the best, and since it's so much work (compared to making 12 cups of coffee) we only drink one cup.

Cheers mate!

Wow that's a really interesting idea.

My Asian trade last night was usdjpy, maybe during periods like this we could look to yen crosses. The yen is also a safe haven (I think).

I wonder which majors are the best for ranging during NY afternoon, and I wonder which yen cross is suitable for my trading style.

Also, from dailyfx:

"The US Dollar...[broke] its familiar dynamic of trading inversely with risky assets and clouding the outlook for European hours."

Edit:

Until we're done with the range I'm going to see if FF lets me post this stuff:

lol
Rick is blocked to me here in uk which is ironic considering he's a local boy. I'm practcing the dougie right now, just spilt my tea though.


Twinnings over here is top of the range but I couldn't guarantea the stuff you get in a twinnings box in the US is the same as you get in the uk. Often brands change product but not boxes depending on tastes of public. Peanut butter over there is NOTHING like it is here. Here it is mostly peanuts with a lil sugar and oil over there very sweet.

Wow! I had absolutely no idea. I'm very interested in things like that. I'll tell my girlfriend lol. She teaches English and her classes are students from all across the globe and she always has cool things to tell me, like onomatopoeias from different places and what not, and now I have something to tell her haha!

Here's the level I've been watching all day, but it was a little late in the day for me, and on no news.

BPC = Breakout, Pullback, Continuation. Entry would be the green line, the stop is discretionary, but I like it across the RN and above a swing high (unless the swing high is too far away)

Edit:

Couldn't resist putting up the second screen shot.

Wait a second blocked? That's strange??

I don't watch the news much but have you heard some of the nonsense about Verizon and Google? There's a link to a petition in the members lounge.

It's only my second year but I'm kind of getting used to riding these waves. good day to you all

Hey KVTrader,

Is that a zig zag and ichimoku I see on there? (if so I'm clueless on both lol)

Gotta love that heiken ashi.

Feel free to post whatever kind of analysis you like on whatever time frame you would like

[quote=frankkn;3961872]Hey KVTrader,

Is that a zig zag and ichimoku I see on there? (if so I'm clueless on both lol)

I'm not good at explaining but I'll try my best at showing what my indicators mean and how they work, they really help out a lot and took me thousands of hours to get it where it is.

[quote=KVTrader;3962242]
I hear you bud. Indicators are just tools to measure, the real key is spending time with live price action, learning to ignore the pain and triumph, and carving out something that works for you personally (Something I'm still working on)

Woahhh Dizzy doing Rage!?



My girlfriend is babysitting her cousins tonight so I'll be able to focus on the asian session.

Right now I've got my "non-discretionary" setup up, and I'm watching eurjpy. Wow this is one hell of a pair.

I don't ever watch this pair. From what I've seen so far, Tokyo hasn't opened yet and this pair is just dropping hot shit everywhere.

Usually on eurusd gbpusd and usdjpy, a during the retrace after a huge move, RSI will "reset" (we're talking 1m) by coming well above the 50, and then it crosses with MACD (one of them usually goes first and I enter with a market order on the close of the first candle that sees them both resuming momentum).

On eurjpy (from tonight at least) it has been heading in one direction without retracing much, no "resetting" on the RSI, it just stays below 50. MACD does show retrace and entry, however. I have not been taking positions because this is a new pair for me. I will enter if there is a proper retrace.

This pair is definitely different than eurusd (the only pair I've put in thousands of hours on)

Here is a 1m chart showing London smashing some RNs, giving very nice BPCs in the direction of the overall trend.

The second chart is a 1H showing the consolidation we've been in. I wouldn't be surprised to see a re-test of the bottom of the range before we go further.

Edit:

Here is my workstation.

Also check out this ADR tool. It's in pipettes so when it says there's 113 pips (of room to go down per the ADR) it means 11 pips.

AI

The power balance index at the turn of the hour was -4 [scale of -5 to +5] where a negative value shows USD strength and a positive value shows EUR strength.

Edit:

I'm not gonna be updating the indices until monday

Yo!

looks like london had their fun today. You was right and I was wrong about the major trend - but for sure the longer the consolidation the bigger the move. Didn't get in till after the down-turn but scrapped a couple of 8 pip trades on a pullback to the 50sma and a continuation after a fib break and retrace.

It seems trading the 5m with 1m for entry gives you small pips so I need to keep an eye on the 15m to see how far a trade could run or how little breathing space there is. It's nice getting any pips but a lot of concentration going into a trade so why not make it a good entry for a big run rather than a 10pipper.

Doing ADR by eye at the mo but might get something like that. Good luck with jpy, bigger stops required?

Love your comfy chair man! I reckon you must have some English blood in you. Tea and comfy chairs! That's England all over. Must get a bigger monitor now I've seen your tv. My biggest screen (also on 2) is 32inches - pathetic.

If you like UK rap check out Roll Deep, the thing I love about mainstream rap over here is they have a serious sense of humour. It's also less smooth and more raw edge in sound (or ammateurish?). You don't get away with being a gansta rapper over here people wont take you seriously.


how cheesy is this, check out the road signs! can u do the dougie to this??

All the best prettiest PA seems to happen during London, but it might just be sour grapes.

I'm switching gears to longer term positions with short term entries, great RRR potential. I'm also looking back into VSA again.

Lol nobody over here really knows what their heritage looks like, everyone just makes stuff up and tell people that they are 1/3 this and 1/4 that.

I like those guys they seem like they have a lot of fun. Deadly serious hip hop gets old really quick.

For now I've gotta go scramble and try to clean the whole apartment before my lady gets home (always put it off till the last second at least I had the forethought to soak some dishes).

Oh btw here's that indi dude.

Thanks for indi will check that out. Nice to see you trade AND clean, good work. Just saw your future schedule, that's intense dude you could burn out bigtime trying to scalp during all that so moving to mainly longerterm positions is really the only way to go. Scalping well is a full-time job no doubt and you need a clear head and keep practising to keep the feel for it. I love the thought of you sneaking your phone out under the table at work try not to get the sack man!

Feel free to give us some tips or a nice thread on VSA. It's defo seems to be a part of the key to second guessing the big boys? Very usefull for longerterm trading nodoubt.

reA during LO - it's the biggest market so makes sense but even if you are in this timezone you need a day off or no job to trade it!

Hey man

Hope you had a good weekend.

Yeah dude I'm a cleaning machine (never used to be) but recently I've found that when life is hectic, it's nice to have a clean place to come home to.

When there's absolutely no time to analyze charts, a great way to swing trade is to wait till the 3h (or 4h) trend turns to agree with the daily, and then take hourly inside bars with the trend. The key is in taking IBs from very early in the day, from Frankfurt open to London close, and in holding the positions for a long time. When you trade like that you only need to be around a chart during the change of the hour.

At this new place I'll be able to take two 15 minute breaks and a 30 minute lunch. I should be able to take at least one or two of these breaks during the change of an hour, and then I'll be too tied up at work to bother babysitting my position so it could be an advantage in a way . I will probably also look to trade the first 90 minutes (or so) of Tokyo a couple times per week. I am interested in learning the characteristics of some of the jpy crosses.

And VSA is something I'm very excited about getting back into. I'm absolutely astonished at the application (of VSA) to the forex market that I've seen over at malcomb's thread in the interactive part of the forums.

The whole time I've been into forex I've been operating under the assumption that the volume was unreliable, but from what I've seen at the thread I just mentioned, it is totally possible. Apparently you want Interbank FX or FXCM for free volume data, along with better volume 1.4.

Some things that I remember about VSA:

Beware of volume spikes because they are a good sign of supply/demand hitting the market. When price nears resistance from below and volume dramatically increases, this could mean supply is hitting the market. Increasing volume at resistance accompanied by narrowing spreads (of the bars) also shows selling pressure.

The big players can also "test" the market. An example (as I understand testing) would be when they mark price down to see if any bears are around. When you see a bar that dips down into a price level where there has been selling in the past, only to close on or near its high, and on low volume, this could indicated that there is no supply left (no more bears) and that price is ready to rise.

No demand/supply bars are bars that are reaching into new high-ground with very narrow spread (price range of the bar) on very low volume can be an indication of no demand. I can't remember where price is supposed to close on this I'll definitely find out soon.

I read a post recently that compared VSA to learning a language. If the stuff I said above is correct, then you can consider those like phrases of a language that a non-speaker of that language may know. This is different from being able to speak the language. This kind of analysis requires you to interpret lots of things about a chart before you start to draw conclusions based on the types of bars that I mentioned. Everything needs to be in the correct context, and this is where it gets tricky.

If anyone comes across this post and happens to know some VSA please I encourage you to correct me and share !

Edit:

I attached better volume 1.4 and the best market profile indicator I've seen for MT4 by a long shot. Malcomb provided me with both of these so thank him for them!

Also here is a link to download IBFX's MT4 platform. To use these indicators, download them, then go to the download location and drag the files into:
c:>program files>interbank fx..>experts>indicators

then re-start MT4.

Also another note about VSA. An analogy Tom Williams made in Master the Markets was think of price as a car, and the volume as the accelerator.

If price is trying to drive up a hill but the accelerator is not being pressed down, the car will most likely not make it.

So when price is steadily rising while volume is steadily dropping, you can assume that smart money is not behind the move.

The way I think of it is to first identify the direction of price: up or down? Next, to find the validity of the direction I look at volume to see if it is going up or down.

If volume is decreasing, I take that to mean that the direction of the price (be it up or down) is invalid. If volume is increasing, I take that to mean that the direction of price (be it up or down) is valid.

AI at 10:30 is -2.

AI is at -4 at 10:54