Am doing scalping good ..I understart that higher time frame levels ways going with scalping is good than buying in oversold areas...More the higher time frame it goes , more the sellers have some ..I mean the quantity ..
I would like to ask some things from expereinced guys...
Should i always need to look for atleast 1:2 risk reward ...or 1:1 is ok..The thing am asking is this because i see many 1:1 trades ...and less 1:2 trades ..not very less
Thanks
- #662
- Aug 16, 2011 8:17am Aug 16, 2011 8:17am
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
I better get back to work. See you all soon peeps!
EDIT: Forget it - stopped out at BE
- #663
- Edited 10:11am Aug 16, 2011 9:54am | Edited 10:11am
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
Here is a gold scalp!
I hope I have shown you some methods how I scalp, but to be honest, pay attention to Kenny's charts who is the master scalper. Study them, ask questions to yourself AND see if YOU can answer them as to why he entered there!
EDIT: Other 50% got stopped out at BE!
Ask yourself why did I only take a 1:1 here and why did I cash out 50% of my position where I did!
Finally, it is back in demand but I won't take it a 2nd time round because on m5 it did not complete the pole/flag/pole pattern and there is also a bearish engulfing showing now. Does not mean price will go up from here, but I will only take the trade once.
That's all folks!
I hope I have shown you some methods how I scalp, but to be honest, pay attention to Kenny's charts who is the master scalper. Study them, ask questions to yourself AND see if YOU can answer them as to why he entered there!
EDIT: Other 50% got stopped out at BE!
Ask yourself why did I only take a 1:1 here and why did I cash out 50% of my position where I did!
Finally, it is back in demand but I won't take it a 2nd time round because on m5 it did not complete the pole/flag/pole pattern and there is also a bearish engulfing showing now. Does not mean price will go up from here, but I will only take the trade once.
That's all folks!
- #664
- Edited 11:51am Aug 16, 2011 11:17am | Edited 11:51am
- Joined Feb 2010 | Status: Inactive | 6,482 Posts
Took these trades after the gap was closed and price moved rapidly into this area... price exhaustion.
Taken 50% off on both already and moved SL to BE
BTW, I only trade gaps when it gaps into demand or supply. I took this trade because it was clear that there was supply sitting in this area on both ES and FTSE. You should draw a big candle in the gap, so on the FTSE it is a big red candle. Don't trade gaps just because it is a gap! A gap is just a large candlestick red or green!
I hope this all helps! That is it from me for a while! I need to focus on my day job that ultimately pays for the roof over my family's head and I also need to focus my trading. Time on here is not conducive to that.
Long-term, my goal is to become a full-time trader, but one step at a time! I get a big fcuk off salary every month and I need some serious capital, which I don't have, to make the money from trading to replace the lost salary.
I hope I have shared some of my trades that people can learn from. I feel I have given what I have taken. As red would say "Traders help other traders."
EDIT: I have closed both trades now as they are coming into demand and I don't want to be greedy! Final target was 15 points on the ES and 60 points on the FTSE.
Taken 50% off on both already and moved SL to BE
BTW, I only trade gaps when it gaps into demand or supply. I took this trade because it was clear that there was supply sitting in this area on both ES and FTSE. You should draw a big candle in the gap, so on the FTSE it is a big red candle. Don't trade gaps just because it is a gap! A gap is just a large candlestick red or green!
I hope this all helps! That is it from me for a while! I need to focus on my day job that ultimately pays for the roof over my family's head and I also need to focus my trading. Time on here is not conducive to that.
Long-term, my goal is to become a full-time trader, but one step at a time! I get a big fcuk off salary every month and I need some serious capital, which I don't have, to make the money from trading to replace the lost salary.
I hope I have shared some of my trades that people can learn from. I feel I have given what I have taken. As red would say "Traders help other traders."
EDIT: I have closed both trades now as they are coming into demand and I don't want to be greedy! Final target was 15 points on the ES and 60 points on the FTSE.
I'll answer for Emene, and it will be the last question I will answer for a long while.
Trade Management is unique to everyone. How you manage your trade is what you feel comfortable with as there are many different ways to manage a trade and there is no right or wrong. However, I do have some tips -
1. Split a single position into 2 or more parts. It gives you more flexibility and you can scale in and/or out of a trade rather than go all in, all out.
Nothing wrong with the all-in, all-out approach. Pros: Usually a better risk/reward. Cons:...
Thank you very much for such a detailed and informative reply and the encouragement..
Actually I have been working through your attachments today and have found them a great help.
Thanks again - very much appreciated and much success to you too.
Cheers
- #667
- Aug 16, 2011 2:58pm Aug 16, 2011 2:58pm
- | Commercial User | Joined Feb 2010 | 1,267 Posts
Hello.
- #668
- Aug 16, 2011 8:06pm Aug 16, 2011 8:06pm
- Joined Jan 2010 | Status: I'm the greatest, man | 2,516 Posts
- #669
- Aug 16, 2011 8:56pm Aug 16, 2011 8:56pm
- Joined Dec 2010 | Status: Trader | 1,152 Posts
What is any ocean but a multitude of drops?
- #672
- Edited 6:11am Aug 17, 2011 5:32am | Edited 6:11am
- Joined Mar 2007 | Status: Trader | 1,066 Posts
- #673
- Aug 17, 2011 7:39am Aug 17, 2011 7:39am
Sth to learn S&D, just my view. Write down in RED's thread and make a copy here.
I'd like to share the way hw to learn RED's thread. Just my method, maybe not the best.
Ask yourself these questions when reading RED's charts(dont look at the pairs' name or tf):
1. Is it U or invert U?
2. Where's the supply?
3. Where's the demand? (If its a long trade, should ask the No.3 question first --- find entry zone first)
4. What the candlestick patterns to support the entry?
5. Is the entry near a trendline/major support resistance line?
6. Whats the trading routine according to the U/invert U shape? (eg. Top--->Bottom; Bottom--->Halfway; Halfway--->Top. I found the hardest trades is the ones starting from Halfway, coz we dont the trend will continue or reverse)
7. How did RED set up his stoploss and target? Whats his RR for each trade? Soemtimes RED changed his initial plan after entry and just gain as a scalping, why was that?
8. Correlation if there's any.
I'd like to share the way hw to learn RED's thread. Just my method, maybe not the best.
Ask yourself these questions when reading RED's charts(dont look at the pairs' name or tf):
1. Is it U or invert U?
2. Where's the supply?
3. Where's the demand? (If its a long trade, should ask the No.3 question first --- find entry zone first)
4. What the candlestick patterns to support the entry?
5. Is the entry near a trendline/major support resistance line?
6. Whats the trading routine according to the U/invert U shape? (eg. Top--->Bottom; Bottom--->Halfway; Halfway--->Top. I found the hardest trades is the ones starting from Halfway, coz we dont the trend will continue or reverse)
7. How did RED set up his stoploss and target? Whats his RR for each trade? Soemtimes RED changed his initial plan after entry and just gain as a scalping, why was that?
8. Correlation if there's any.
- #675
- Aug 17, 2011 2:28pm Aug 17, 2011 2:28pm
- Joined Mar 2010 | Status: Technical Fundamentalist | 11,563 Posts
Pending conversations? PM for a chat...I am mainly in OTM now
- #676
- Aug 18, 2011 1:41am Aug 18, 2011 1:41am
- | Commercial User | Joined Feb 2010 | 1,267 Posts
Hello.
- #677
- Edited 6:18am Aug 18, 2011 1:46am | Edited 6:18am
- Joined Jan 2010 | Status: Amat victoria curam | 2,333 Posts
Know when to hold them and when to fold them, still holding my dax and added a few.
Still targeting 5600 and lower on dax, im also one of the few people who are looking at euro going much much lower. Will show analysis lateron.
Also crude:
EDIT:
Closed some left some open, all of DAX are still running, keeping remaining 2 euro positions, TP at 4220 ish maybe even 4290ish (earlier tp)
Still targeting 5600 and lower on dax, im also one of the few people who are looking at euro going much much lower. Will show analysis lateron.
Also crude:
EDIT:
Closed some left some open, all of DAX are still running, keeping remaining 2 euro positions, TP at 4220 ish maybe even 4290ish (earlier tp)
- #679
- Edited Aug 19, 2011 1:56am Aug 18, 2011 7:25am | Edited Aug 19, 2011 1:56am
- Joined Jan 2010 | Status: Amat victoria curam | 2,333 Posts
Thanks for posting charts Orbital, I took the same EU trade, closed it at 436 but watching for another entry to ride it further down to 430.
What is your opinion on trading gold and silver? I must admit I'm finding these two tough to trade, and with a large spread wondering if I should bother at all....did you used to trade them and now don't?
Spread really should not be an issue unless you are overleveraged. The nice thing about Silver is that its basically 50$ a point on a standard lot, imo if youre not willing to risk a minimum of 1000$ a trade you shouldn't bother at all. Then again you might aswell trade 2 Dax Contracts and have more stable PA.
The issue is that i used to trade them but i didnt care that extensively about price structure back then as i do now back then it was mostly PA only. If you're uncomfortable with instruments then don't trade them. There is no point in trading something that the masses do unless it makes sense for you. For me currently it doesnt make any. If i have a large enough profit buffer and can risk 2-3K on a trade i might take a silver swing because once the spread is covered its really smooth sailing from there on if you catch the trends.
Silver and Gold are still something that should be buy only, at least gold is, and its to much of a risky instrument for me because of the sheer amount of market manipulation they can have over it. All it takes is for CME to hike the margin requirements and boom down it goes. Remember when we had that flash crash from 49$ to the lows? That was Brutal as hell and they hiked margin requirements like 12 fucking times in a month. Bullshit like that is the biggest nightmare considering silver paper isnt a fully regulated market. Metals are buy only longterm speaking, silver far more than gold and if i find a decent opportunity to invest im going to buy silver and hold it until it goes up to 140$ or so. As for now im avoiding it.
As i said, if you're uncomfortable then dont trade it. Quite frankly these days i barely do currencies at all, they are a waste of time and just dont have the speed i need to trade efficiently.
Hope this helps you somewhat,
Kind regards
EDIT:
No need to clutter up the thread with more of my posts so heres an update, took eurusd out at +146
Also simple enough crude setup:
