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EUR/USD Scalp 1 min

  • #821
  • Mar 14, 2011 10:27am Mar 14, 2011 10:27am
Hi Hoss,

I like to ask for your trading methology, do you look at the daily/hr/15m/5m trend before looking to get into a trade in the same direction? Or you solely depend on the RSI, 3 push and pivot/mulley points to get into a trade.

Best regards,
Wincanliao
  • #822
  • Mar 28, 2011 6:47am Mar 28, 2011 6:47am
Welcome Hoss,

Please tell me if while doing transaction on 1M chart you analyze the situation on other time intervals, e.g.1H or 2H?

Or should I treat 1H and 2H as too distant horizon.

Thanks in advance for your response

Regards,
Adam
  • #823
  • May 21, 2011 12:24pm May 21, 2011 12:24pm
I just use the 5 minute level, but I look at the one hour every now and then out of curiosity.
Life is too short to have anything but delusional notions about yourself.
  • #824
  • May 22, 2011 8:13am May 22, 2011 8:13am
for next week is better not scalping in the EU, because EU will be more fun and many surprises
only an analysis, and I'm always wrong, don't follow me,
  • #825
  • May 22, 2011 11:52pm May 22, 2011 11:52pm
Quoting hoss
I just use the 5 minute level, but I look at the one hour every now and then out of curiosity.

Hi Hoss good to see you are still about.Hope trading is going well for you. I have tried other systems at times but keep reverting back to your one seems to fit with me ok although must admit have not been setting the world on fire of late.
  • #826
  • Jun 22, 2011 6:44am Jun 22, 2011 6:44am
Just finished reading the entire thread! Seems like an excellent system for the 1m, but it also seems it takes quite a while to develop the ability to avoid breakouts. I'd like to thank Hoss for sharing his system and checking on the thread every once in a while to answer questions.
I've been looking for a scalping method in the past few weeks, and I believe I will give this a try. Of course it may take lots and lots of screen time to get familiar with it, but that's how this works.
Thanks again, Hoss!
  • #827
  • Jun 24, 2011 10:30am Jun 24, 2011 10:30am
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,...
Interesting scalping style .. how much pips do you risk per trade? How many positions do you open? How big position do you use? Are you still profitable?

Im active scalper, i scalp supports and resistances
  • #828
  • Jun 24, 2011 11:53am Jun 24, 2011 11:53am
Quoting hoss
This is the hard question to answer. Yes, I believe in certain situations I am using all of the indicators, but my success is based on the feel and visualizing when we are due for a retracement based on the look of a wave. I think that comes from screen time and is hard to articulate. But, it can be done. Pick a curreny pair like eur/usd and trade only it for a while. you will develop a feel for movements.
Hey its just my first day here. i really liked the last line you mentioned here hopefully it will work out for me too and hope you develop your skills even better so you can share with us thanks
  • #829
  • Jul 17, 2011 4:43am Jul 17, 2011 4:43am
Quoting hoss
Lit the Euro up today. Check out the divergence. This was after exhaustion after a flag pattern as well. If all you did was wait for days ere stuff lined up like this, it is hard not to make money with this. Remember to let price take off on you. Let it run and run. Then wait to pick it apart when the move is over. You can see I only averaged in once this morning.

can anyone explain this 'divergence' to me ? with chart examples please.

thanks
  • #830
  • Jul 17, 2011 4:59am Jul 17, 2011 4:59am
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,...

hi hoss,


are you a millionnaire yet ?!
  • #831
  • Jul 17, 2011 5:45am Jul 17, 2011 5:45am
Hi there,

WhatFX, check out: http://www.babypips.com/school/divergence-trading.html

lot's of good info there.

Hoss, cool system.......I'm trading something very similar myself using OSMA and Stochastics to identify OB/OS & Divergence + Support/Resistance & Pivots + good old Trendlines.

combined with 5M and 30M charts to understand the bigger picture - and having similar success to yourself
- Look to the left, Trade to the right - I am the system
  • #832
  • Oct 2, 2011 11:29am Oct 2, 2011 11:29am
This is my first post in this forum and I wanted to say your method is very simple and therefore very good.But i just wanted to ask about what you said that you average down on you positions when youre comfortable with them so my question is have you tried without averaging down if you have how did it change your profit number.I ask because I hear a lot that averaging down is a big no-no in trading.


many thanks! joe
  • #833
  • Oct 5, 2011 4:37pm Oct 5, 2011 4:37pm
Scalping the Forex Spot market seems to be an uptrending method of trading in the last couple years. Im definitely interested in learning all about it.
  • #834
  • Oct 5, 2011 10:14pm Oct 5, 2011 10:14pm
Just what I was looking for. This looks good. I'm getting ready to go live in about two weeks with Oanda. I took a $500,000 demo account and turned it into $1.6 million in two hours. By scalping the first hour the market opens on Sundays. Two Sundays in a row with EUR/USD. And with no stop loses. I won't even say how much I lost at first before getting it all back and then some. Sunday opening is weird. But once I start with real money, I know it's not going to feel the same. Thanks Hoss for sharing this.
Time turns trend. - W.D. Gann
  • #835
  • Oct 5, 2011 11:22pm Oct 5, 2011 11:22pm
Guys, you could see if you click on his name, that Hoss hasn't been in here for a few months, but that's cool, it's still helpful to go through some of these past threads. Just can't really expect a timely answer from the thread starter.

On averaging down.... in my own opinion, averaging down when "you still feel comfortable with your position" usually involves reading higher timeframes and almost always involves reading current price action. That's a tough one to define on a per trade basis, especially if one doesn't have a few years in at this. I would say, that if you don't yet have a solid grasp of what acceptable adverse price action looks like compared to 'unacceptable', then averaging down can often become your downfall. New traders often tend to average bad trades and go in with only one position on good trades. That model tends to create a negative edge.

If you are practicing your technique on demo, which is advisable at first.... but starting to trade live with small amounts is also advisable to get to as quickly as possible. But I would suggest treating it like real money, and only using an account balance that is similar to what you might start off with live. If you're trading a large demo account, it is easy to make a few grand on a few pips and think it's easy. But it really needs to be put in perspective.

Practicing with a million dollar demo is like practicing for a debut rock concert on air guitars. It's too easy to say, "I think I got this ".
  • #836
  • Oct 6, 2011 7:09pm Oct 6, 2011 7:09pm
Quote
Practicing with a million dollar demo is like practicing for a debut rock concert on air guitars. It's too easy to say, "I think I got this

Hahaha Well put. Nothing beats learning the hard way though. It instills a discipline like no other.
  • #837
  • Nov 3, 2011 8:21pm Nov 3, 2011 8:21pm
Have been using this style of trading for 3 months now. What screwed me up was listening to other people saying this stye of trading is not a way to trade. Therefore I took a bad loss when I could have easily let it go for some profit and still be up by a lot. I was over double my account live.
Would love to see or hear others still incorporating this style of trading in their own trading. I would really love to know if we have any members on a live account as well.
All posts are my personal opinion
  • #838
  • Nov 15, 2011 4:08pm Nov 15, 2011 4:08pm
I’m new to trading and I guess this is an absolute midfield; from my research and as I guess you already know it all depends on what works for you. I personal have tried 1min and find it useful back with a 4 hour chart.
  • #839
  • Dec 6, 2011 2:48pm Dec 6, 2011 2:48pm
I am still reading the thread but I was just wondering about the stop loss. I saw that you have no set stop loss and you are just putting an emergency sl in case of pwr outage etc. So I am just trying to figure out what the risk to reward ratio. I mean if you figure 10 sl with 5 pip tp then it's a 2 to 1 win loss ratio. That means we must win on 66% to break even. Is this right? How do you deal with this issue?
  • #840
  • Edited 10:46pm Dec 6, 2011 3:43pm | Edited 10:46pm
Just saw the thread and have been developing this kind of scalp system just by myself - so it's been kind of living in a box.

Well, I hate the overall atmosphere here at FF and other get-$$$-fast-and-easy forums where people really don't understand what's going on - for most of the people market's like a simple machine which has only two parts that are price and time. Think that if you put an indicator on chart you're gonna make shitload of money. They haven't even got appropriate tools (MT4/5 is not enough) to operate their trading. Well, apart from dissing...

Well, what I've used:
- market depth (aka the real supply/demand) of gold, oil, e-mini. Using TradersAudio as well. Using a prop firm + eSignal for the data.
- market psychology - trying to get the mental state of the market, hows it feeling
- divergences, they tell is the trend developing strongly and is it near to exhausting (in other words is the wave exhausting). Multi-timeframe (1M, 5M, 1H, D1). My own custom indicator for eSignal (it's very very close to RSI/RSX but using APIs and external data (aka volume data from other products))
- candlestick patterns - when I look at the market, I forget what has happened ten or so minutes ago but the lovely chart tells me that (ie. dojis etc.)

I've been trading EUR/USD with this system since 3. November. The average holding time has been about 2-10 min with average 15,7 pip (75 trades) winning and 7,2 pip losing trade (57 trades). So the net profit is +6 pips per trade so that's pretty close to your objective that is +5 pips.

Well, I've been developing tens of systems for more than four years now (most automatic, mostly for stocks, futures and options) so this is just one of them. FX has an edge because I've been noticing that it's been usually lagging behind the other markets and only about a fourth of it is traded by algo-fucking-robots that's such a good thing.

Well guys, take care of ya.
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