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EUR/USD Scalp 1 min

  • #761
  • Sep 2, 2010 4:48am Sep 2, 2010 4:48am
Quoting hoss
is anybody else trading this way? Looking for some discussion. I trade mainly with rsi and divergence and look for retraces for about 5 pips after exhaustion. I turned 100k into 300k on demo in about a month in a half and now i am trying it out on a real account with same results with $4k. Have a look at my attachments. I am making $150 to $200 per day at the $4k level and will start compounding every $1k similar to demo. Any thoughts to make it better if any are appreciated although i think it's an eye for price action that makes this work so far,...

can you explain your method and how you set up your indicators and what you look for ? When do you enter and exit ?


Regards
  • #762
  • Sep 2, 2010 10:31am Sep 2, 2010 10:31am
Quoting whatfx
can you explain your method and how you set up your indicators and what you look for ? When do you enter and exit ?


Regards

This is all in the thread. Looking for confluence of several different indicators.
Life is too short to have anything but delusional notions about yourself.
  • #763
  • Sep 2, 2010 10:33am Sep 2, 2010 10:33am
Quoting I am SS
Hoss, I'm having a problem setting up the Murrey Math, what period do you use, and what's the difference between "P" and "MM Period" in the settings, and which indicator you personally use.

One more question, what are you favorite pairs, and do you usually get in if the price is 30 pips or more from the EMA 200, or do you have to have a Murrey Math R or S, or a Pivot of some sort.

Cheers

SS
I use the stock MM on Metatrader and I don't believe I changed any of the settings. I trade the EU and I normally wait for price to move well beyond 30 pips from the 200. I want to see a big move before I get in.
Life is too short to have anything but delusional notions about yourself.
  • #764
  • Sep 2, 2010 12:29pm Sep 2, 2010 12:29pm
Quoting hoss
I agree, but there is also opportunity in there well after these announcements. The price won't move in a straight line forever. Try and get into a trade when the price is outside of the bands.

i also trade in the same way. now{thanks to hoss}
from the day i understand this strategy every day is profit making day for me

i only trade after major news
enter the trade after 10 minutes when rsi is touching its limits, & price is out of bollinger bands. it means price cant go further until a retracement occur. sometimes this retracement is 25 pips long and some times only 5 pips, so what i do is that if price moves away from my entry point i add more trades after every 2-3 pips. sometimes price even go 10 pips far from my entry. but when it comes back to entry point. i have 2-3 trades in profit and one in break-even. i close all trades and take rest until next major news. its been more than two weeks and not a single day in loss. now i m planning to move on bigger lots, i experienced that if i take smaller lots, i m more confident. and got more pips. but in bigger lots i usually close the trade in break-even.
it is the fear of loss i m trying to fight with
one last thing everytime i close a trade, price moves 5 pips more towards my trade direction. and i end up thinking if i waited one minute more. i could get more profits. but now i realized i should stick to my plan it doesnt matter if i lost a opportunity. in forex every 4 hours got a new opportunity
syedhsg
  • #765
  • Sep 2, 2010 12:39pm Sep 2, 2010 12:39pm
Quoting syedhsg
i also trade in the same way. now{thanks to hoss}
from the day i understand this strategy every day is profit making day for me

i only trade after major news
enter the trade after 10 minutes when rsi is touching its limits, & price is out of bollinger bands. it means price cant go further until a retracement occur. sometimes this retracement is 25 pips long and some times only 5 pips, so what i do is that if price moves away from my entry point i add more trades after every 2-3 pips. sometimes price even go 10 pips far from my entry. but when...
Congratulations, but be careful. If you trade right after the news, I suggest you wait for even bigger moves. Good luck and happy pipping..

SS
  • #766
  • Sep 2, 2010 12:42pm Sep 2, 2010 12:42pm
Quoting hoss
I use the stock MM on Metatrader and I don't believe I changed any of the settings. I trade the EU and I normally wait for price to move well beyond 30 pips from the 200. I want to see a big move before I get in.
I don't believe that there is a stock MM on Meta, where did you find it?

Cheers

SS
  • #767
  • Sep 2, 2010 2:13pm Sep 2, 2010 2:13pm
Quoting I am SS
I don't believe that there is a stock MM on Meta, where did you find it?

Cheers

SS
There isn't. I think I just googled it.
Life is too short to have anything but delusional notions about yourself.
  • #768
  • Sep 16, 2010 3:23am Sep 16, 2010 3:23am
I just wanted to drop a couple of lines saying this:

There is a lot of wisdom in pivots, even though it takes some time getting used to them cluttering the wiev.

And there is a lot of wisdom in allowing the market some chaos and using the probably inevitable, definetly dangerous averging in tactic, if carefully calculated and tested.

And for this i am ever grateful to you guys, especially Cube and Hoss, whose wisdom and experience i have benefited from. It warms my heart and brings tears to my eyes knowing there is people still in this wretched, awful, hatefull world that still have integrity, wisdom and love for one another, without even have met the people they are helping.


I hope i can give back in the same coin, so i leave you with these thoughts this morning:

Try multiplying youre periods with apropriate factors, instead of looking at several diffrent graphs in diffrent timeframes. I know this works for me, i have all the wisdom i could gather from at least 3 timeframes in the same timeframe.

Love, peace and understanding among all and everything!
And remember that you are never alone, we are connected to all and everything
My signature is: "Classified".
  • #769
  • Nov 9, 2010 2:42am Nov 9, 2010 2:42am
I just lost my pants when the EUR/USD fell this morning. I went long at about 13900+ when RSI hit oversold. How do I know when to stop losses? I have previously encountered situations where I held my positions and losses just long enough to eventually break even or even profit from losing trades. However, today, the USD/EUR just went down really fast.
  • #770
  • Nov 9, 2010 4:30am Nov 9, 2010 4:30am
Quoting biscuits
I just lost my pants when the EUR/USD fell this morning. I went long at about 13900+ when RSI hit oversold. How do I know when to stop losses? I have previously encountered situations where I held my positions and losses just long enough to eventually break even or even profit from losing trades. However, today, the USD/EUR just went down really fast.
Look, before you even think about putting some real cash on the table you HAVE to, and i mean HAVE to be able to determine when things are moving to fast and/or to one sided and the like. So the important thing is when NOT to enter. There is a myriad of ways to determine this.

Some ways you might want to think about is:

Accelaration is very rapid when candles does not overlap, even in the slightest.

You probably must have a moving, changing way of determining when things are getting to wild, beyond that you should not trade.

Volumes can tell you some of when things are moving too fast or too much, you need a certain value beyond which you will not trade.


These are a couple of things i do, without which i would loose money every hour, every day.
My signature is: "Classified".
  • #771
  • Nov 9, 2010 5:29am Nov 9, 2010 5:29am
thanks yaed. i've just started using real money, been using a demo for some time now. things are really different. anyway, if i held my position until now (i covered it 2 hours ago), i would've made a profit. what should i do when things get rapid, or start moving against me? should i stop my losses early or hold on to cover at a profit. worst thing was that i was buying on the way down as i was confident it would bounce back up in no time but it did not. just lost confidence halfway, really not used to real cash yet.

how would you advise me setting my stop losses? should i only trade when prices fluctuate stably or trend in a direction?
  • #772
  • Nov 9, 2010 10:05am Nov 9, 2010 10:05am
Please look at the printscreen I uploaded and let me know what I did wrong please. I went long when RSI went oversold and at a pivot point which has proved to be a strong support. How do I avoid situations such as these? Feel free to criticize/advise/etc, anything to help me improve. Thanks.
Attached Image (click to enlarge)
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  • #773
  • Edited 2:19am Nov 10, 2010 12:09am | Edited 2:19am
Quoting biscuits
Please look at the printscreen I uploaded and let me know what I did wrong please. I went long when RSI went oversold and at a pivot point which has proved to be a strong support. How do I avoid situations such as these? Feel free to criticize/advise/etc, anything to help me improve. Thanks.
Stuff like that will happen about 1-2 times per week (unexpected, too big moves), someone gets in theyr head that things are really to take off, and because of that it does. I have a channel warning for that kind of stuff. In your case that would be similar to having another Bollingerband that is outside of the first one, and if price gets there i just close that, or try any way i can to get out fast enough.

You know the question you are asking are really this complicated: How do i trade? Easy to ask, takes about a couple of years to answer. Please feel free to read my posts in my journal and otherwhere if you are interested in knowing how i think/trade. The way i trade have some similarity to the way Hoss trade, but also many differences. I rely heavily on moving averages, which Hoss dont. Why not look at how Forexcube trades also.

So the short answer is that you didnt do anything wrong, but you need to be able to roll with the punches so to speak and come up with a way of dealing with this kind of situations. And then when you have thought about it a couple of thousands or hundreds of hours and seen 500 of those things happen, maybe sort of, you have a way fo getting out without getting your behind handed to yah.

I assume you are staying out of news, about 10 minutes before and 15 minutes after orange and red ones, or something like that.

So its really a lot of things you could do to stay away from these kind of things, and none of them is "THE" way. About 75% of my work/thinking/strategising is ways to avoid these situations. And my general conclusion is that you need to be able to judge the PA weather, in many ways, and plan for the types you encounter. You really need to utilize your full brain capacity to be profitable over say 2 months. To give some general indication i have about 15-20 ways of avoiding these situations, and i need to use them all, and still i get caught up in them, often because of ignorance and stupidity. Some of these are: Candle formations, moving channel, multi time frame analysis, slight incremental lot size, RSI limits, CCI compliance, price position relative to MAs, volumes, gut feeling, multi person analysis and last but not least people hwo care about me.

Another important aspect to think about is how stoploss fits into your strategy. You must treat it as an integral part of it all, the strategy depends on the SL and the SL on the strategy so to speak.

Before i go eat breakfast you need to know that these kinds of situation is really the only big trouble there is. If there was an easy way of avoiding them, all would be fine.

One more thing: I dont think you should be trading real money. I have about a 80-90% chance of going + at the end of each day, and im iffy about trading real money, i do but i think id rather not. It would seem you are not ready for real money, because you are asking this question. If you where ready you would have about 10-15 ways of avoiding these things.

And another thing: You are gonna loose, face it. And then yah gonna win some. And then loose some, and so on.
My signature is: "Classified".
  • #774
  • Nov 10, 2010 4:35am Nov 10, 2010 4:35am
Hey Yaed,

REALLY appreciate that long post. Yeah, I've stopped trading cash for the moment. It sucks how everything works out fine on the demo when your confidence don't falter. I constantly take 3-5 pips everytime I get a chance or so, and the success rate has been pretty high. It's just times like these which wipes out a whole bunch of your money. The annoying part is that I know it's going to rally back up, but I just don't have the confidence to place my money there (as compared to the demo). I've just started another demo and I'm doing great on it. But thanks really on the reply. Appreciate it. I'll read up more on this forum and your trading strats. Cheers.
  • #775
  • Nov 10, 2010 10:47am Nov 10, 2010 10:47am
Quoting yaed
... So the short answer is that you didnt do anything wrong
Hang on a minute - he did everything wrong. Look at what he says

>> ... I went long ... when RSI hit oversold
>> How do I know when to stop losses?
>> ... previously ... I held my positions and losses just long enough to eventually break even or even profit from losing trades.
>> ... i was buying on the way down as i was confident it would bounce back up in no time but it did not

If he said - I followed my plan, market did not co-operate and I got stopped out, then maybe you could say that he did everything right.

What is the real issue here - he only ever thought about how much he would make never about how much he would lose if he were wrong and good traders are wrong a lot. Its just that they lose small.
  • #776
  • Nov 11, 2010 12:18am Nov 11, 2010 12:18am
Quoting jzw
Hang on a minute - he did everything wrong. Look at what he says

>> ... I went long ... when RSI hit oversold
>> How do I know when to...
Its a good point. To that i want to add that these sort of things happen a lot, it needs to be one of the first things to plan ahead in order to handle. Something that one must before starting to use real money, wouldnt you say?
My signature is: "Classified".
  • #777
  • Nov 11, 2010 12:40pm Nov 11, 2010 12:40pm
Quoting biscuits
Please look at the printscreen I uploaded and let me know what I did wrong please. I went long when RSI went oversold and at a pivot point which has proved to be a strong support. How do I avoid situations such as these? Feel free to criticize/advise/etc, anything to help me improve. Thanks.

just finished reading the entire thread.... though I have not tried the method...but from biscuit's chart I think there is the first wave from the 200 ema.. which Hoss mention not to trade that.... just my opinion.

Anyway like to thank Hoss for sharing his method, i will try it next week.
  • #778
  • Nov 11, 2010 4:37pm Nov 11, 2010 4:37pm
sorry i don't get the first wave from 200 ema think. I might have missed that from this thread.

and thanks guys, i really appreciate the input. i've stopped trading since that and have just started a demo account to develop a proper solid trading strategy. gotta figure out methods when trades go the opposite way.
  • #779
  • Nov 16, 2010 6:42am Nov 16, 2010 6:42am
Hi All and mainly Hoss.

I just finished reading the whole thread again. I used the system about a year ago and went through 100 trades. I'm back again.

Does anyone know how to get rid of the text in the MM levels. They take my whole chart !

Thanks!
  • #780
  • Nov 16, 2010 8:24am Nov 16, 2010 8:24am
Hi Hoss,

If price hits the BB 2 times and then hits the other side of the BB, do you start your count from scratch for 3 new pushes? In other words, the touch on the other end of the BB invalidates the sequences of 3 pushes?

Thanks so much for all your help!!!!
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