It doesn't happen often. If the spread is above 1.5p I take only very good trades. This means that I should buy off a very strong support level where for example EMA, trend line, previous hi low, fib intersect. Also the position must have very good initial RR ratio (1:5 and higher).
Today I have some other job to do and I'm in a scalping mode. The entries are based on quote reading. The strong correlation is helping a lot. I've missed one good STE.
As you may have noticed I have two trading accounts. First is for scalping and it is Currenex based with very tight spreads and fast fills. Second is for STEs with good spreads and great position management tools.
morning sfrfx, i thought you would have been on this short e/u with your entry criteria,nice solid move down,didnt manage to get entry on either cable or e/u,but shorting ftse .i was looking at a short e/u due to my attemps to short yesterday,but so much buying at 60 level.anyway missed the entry today
regards
william
morning sfrfx, i thought you would have been on this short e/u with your entry criteria,nice solid move down,didnt manage to get entry on either cable or e/u,but shorting ftse .i was looking at a short e/u due to my attemps to short yesterday,but so much buying at 60 level.anyway missed the entry today
regards
william
edit,just read your previous post,ah ok
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I saw only one good short entry according to my criteria but I've missed it. I'm looking for a correction to 50 EMA after such price move.
Today I have some other job to do and I'm in a scalping mode. The entries are based on quote reading. The strong correlation is helping a lot.
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Hi Srmfx, I am trying to monitor quotes and base entries on them, but I don't know what to look for... Do you prefer to enter into trade when there are a lot frequent ticks or you enter trade during pause in quotes?
Hi Srmfx, I am trying to monitor quotes and base entries on them, but I don't know what to look for... Do you prefer to enter into trade when there are a lot frequent ticks or you enter trade during pause in quotes?
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It's a very difficult question. I probably wait for a pause after a quick move towards support or resistance levels. The correlation is used as additional filter. Basically what I'm looking for is the quotes to jump at the same level 2-3 times. Also all 3 brokers I watch must do the same. I watch the slow broker quotes and they must be stable. At the same time I buy on a down tick of the fast broker, or sell on a up tick.
Today and yesterday the correlation between EURUSD and the stocks is almost perfect and the scalping is easy.
How do you separate "jumps" from each other? By time passed between attempts or you need a pullback from level to say that jump is over?
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Let's say the eurusd drops 20 pips with no retracement at all. On 1M chart you'll see 2 or 3 big black candles with almost no shadows. This means that the bears were selling aggressively. This move is getting exhausted at some point and new sellers are not easy to find. If the price approaches a support level it will usually meet bids sitting there. In order to continue to fall the bears should take all the bids and provide even more supply. But after a 20 pips move they are usually exhausted and need some rest or at least a pause. The jumps I'm looking for show that orders in the opposite direction actually enter the market and may push the price up. I'm not trying to separate the jumps. I'm just looking for them at the right place.
I'm not trying to separate the jumps. I'm just looking for them at the right place.
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But you need somehow distinguish jumps in order to be able to say this is jump 1, and that is already jump 2? If you don't separate jumps you cannot count them...
But you need somehow distinguish jumps in order to be able to say this is jump 1, and that is already jump 2? If you don't separate jumps you cannot count them...
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I don't have any particular requirements for the jumps. More important for me is they occur near support or resistance after exhaustive price move. The major pairs and stock indices must be in correlation. By jumps I mean consecutive up and down ticks of 1-2-3 pips.
By jumps I mean consecutive up and down ticks of 1-2-3 pips.
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So, "jump" is just a couple pips in length? Does level have to hold jumps with precision up to a pip or you allow price to go a couple pips through level and still count level as valid?
So, "jump" is just a couple pips in length? Does level have to hold jumps with precision up to a pip or you allow price to go a couple pips through level and still count level as valid?
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cash_machine, you are helping me a lot with these questions about the jumps. I have to explain all this in my videos, but I've never tried to do it before. Sometimes the price can go a few pips beyond the level. That is why I say around the level. The entry is based on the combination of a strong support or resistance level, previous exhaustive move, price action around that level (the pair must stop moving and jump a few times) and correlation.
Today the market is expecting the NFP numbers and I don't expect good trading opportunities during the European session. I'll look for STE or TTE after the data.
regarding the pause after big move - what do you mean by "pause"? Is it like several seconds without no ticks at all, or few slow ticks also count as pause?
