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  • #581,341
  • Jan 8, 2012 10:59pm Jan 8, 2012 10:59pm
Levels to watch out for today.
1.2720... may signal up direction to do a retrace from the down move.
1.2660... may signal down direction and may want to break 1.2599.

Good Luck!
To Your Success!!
  • #581,342
  • Jan 8, 2012 11:04pm Jan 8, 2012 11:04pm
[quote=abinezer;5276541]
Quoting Taigen
Anyone, as well as I, who is successful would tell you that you should not trade with a lot size any bigger than .10. Most here, and many are successful at it, trade with just one position--I don't. I'm just not that good at finding the tops and bottoms as those people.

For 1k accounts:

Risk should be no more than 1%. That is ten buckaroos of risk capitol which comes to a 1 buck position. If you are shorting the EUR/USD (the long term trend is down so you really have no business doing counter trend long trades until...
You should be trading 10 cents a pip to about 10k or 20k then depending on your broker go 50 cents or a dollar a pip. When you get to 2k in your account your 1% would then be 20 cents a pip. You should rarely stop out. If you are stopping out more than one out of ten times, you are not positioning your stops right. If it's a demo account go without stop losses and see where your turn around is in proportion to your positions when or if you margin out. Remember go with the long term trend until your experience is at a level to counter trade.
Taigen Profit This Month: na
  • #581,343
  • Jan 8, 2012 11:11pm Jan 8, 2012 11:11pm
Trend is our friend.

Short position in the EUR/USD seems to be the most appropriate.
How do we find new resistance points? I believe 1.2666 is resistance due to the market reversing. But how do you trade these low levels?
Even the worst trade can close with profit. Just give it time.
  • #581,344
  • Jan 8, 2012 11:12pm Jan 8, 2012 11:12pm
Quoting dove_alliance
The reason those numbers are not on your 15 minute TF because it is not there. I do not use any chart below a 30 (which I use for conformation) and my trading charts are 1 and 2 hour charts. Anything below a 30 chart are scalping charts and they give you nothing but heart aches when you get caught.

But I agree when consolidation is consolidation - but a true consolidation does not show up until the 1 hour gives the signal.

Using the right upper TF's give out more information then those lower chart do - and that is a fact.

I prefer not to describe scalping as a short term trading strategy. Scalping can be done on any time frame.

A short trade of 50 pips from 1.3 to 1.2950 from the overall trend from 1.49 to 1.26 is still a scalp, its simply a "chunk" of the main trend that you took a bite of.

My scalping strat. involves 4 charts on 1 screen. find the main trend on a 30m, making sure everything lines up on the immediate trend 15m, then entries are on a 5 minute. the link in the signature explains my methods.

From this conversation, you seem like one of the most knowledgeable people I have met in this part of the forum. Do you have a link to your website, or a place where one could check out your work?
  • #581,345
  • Jan 8, 2012 11:12pm Jan 8, 2012 11:12pm
Quoting dove_alliance
The reason those numbers are not on your 15 minute TF because it is not there. I do not use any chart below a 30 (which I use for conformation) and my trading charts are 1 and 2 hour charts. Anything below a 30 chart are scalping charts and they give you nothing but heart aches when you get caught.

But I agree when consolidation is consolidation - but a true consolidation does not show up until the 1 hour gives the signal.

Using the right upper TF's give out more information then those lower chart do - and that is a fact.
I use 1 min and 5 min charts to enter a position and close. Otherwise, yea they can be frustrating.
Taigen Profit This Month: na
  • #581,346
  • Jan 8, 2012 11:20pm Jan 8, 2012 11:20pm
be careful choppy conditions due to low liquidity tokyo closed.
  • #581,347
  • Jan 8, 2012 11:20pm Jan 8, 2012 11:20pm
Quoting MidasFX
I prefer not to describe scalping as a short term trading strategy. Scalping can be done on any time frame.

A short trade of 50 pips from 1.3 to 1.2950 from the overall trend from 1.49 to 1.26 is still a scalp, its simply a "chunk" of the main trend that you took a bite of.

My scalping strat. involves 4 charts on 1 screen. find the main trend on a 30m, making sure everything lines up on the immediate trend 15m, then entries are on a 5 minute. the link in the signature explains my methods.

From this conversation, you seem like one of the...
Nope - I do not - I have a personal forum that I do my training on and my witness are those who I have trained to be successful. I take on two classes a year with 10-14 students of each class. But only a few can make it in each class because patience and focus is everything in this market - and those who do not acquire those virtues never makes it.
The Dove - Forex Trainer
  • #581,348
  • Jan 8, 2012 11:22pm Jan 8, 2012 11:22pm
Quoting dove_alliance
The reason those numbers are not on your 15 minute TF because it is not there. I do not use any chart below a 30 (which I use for conformation) and my trading charts are 1 and 2 hour charts. Anything below a 30 chart are scalping charts and they give you nothing but heart aches when you get caught.

But I agree when consolidation is consolidation - but a true consolidation does not show up until the 1 hour gives the signal.

Using the right upper TF's give out more information then those lower chart do - and that is a fact.
i like dove's approach or set ups. i've been trying to learn this as it's more profitable in the long run. cos i thinkt he risk reward ratio is better. it might take 5 losing trades to take out 1 winning trade. i used to scalp a lot at 1 min, then to 3 min then to 5... a lot of emotions are involved and revenge trading with a scalper strategy... KILLED ME BIG TIME.
  • #581,349
  • Jan 8, 2012 11:30pm Jan 8, 2012 11:30pm
Quoting happytrader
i like dove's approach or set ups. i've been trying to learn this as it's more profitable in the long run. cos i thinkt he risk reward ratio is better. it might take 5 losing trades to take out 1 winning trade. i used to scalp a lot at 1 min, then to 3 min then to 5... a lot of emotions are involved and revenge trading with a scalper strategy... KILLED ME BIG TIME.
Scalping is not trading - all you do in scalping is giving charity to your broker. I always tell a scalper if he wants to give away their money then find a charitable cause beside the broker. At least someone would be blessed from their charity that can really use the money.
The Dove - Forex Trainer
  • #581,350
  • Jan 8, 2012 11:34pm Jan 8, 2012 11:34pm
Well - everyone trade well - we are in consolidation and I'll be back for the USD session. God bless and take care.
The Dove - Forex Trainer
  • #581,351
  • Jan 8, 2012 11:35pm Jan 8, 2012 11:35pm
Quoting dove_alliance
Scalping is not trading - all you do in scalping is giving charity to your broker. I always tell a scalper if he wants to give away their money then find a charitable cause beside the broker. At least someone would be blessed from their charity that can really use the money.
More trades = More spreads for the broker.

Doesn't mean there is anything wrong with many short term positions?
Even the worst trade can close with profit. Just give it time.
  • #581,352
  • Jan 8, 2012 11:40pm Jan 8, 2012 11:40pm
Quoting John Gray
Trend is our friend.

Short position in the EUR/USD seems to be the most appropriate.
How do we find new resistance points? I believe 1.2666 is resistance due to the market reversing. But how do you trade these low levels?
I usually use fib ratio numbers since everyone and their brother is as well. In fact, that's where I set my fib ratio tool. The fib ratio is kind of like the impulse of the market.

Pivot points are good too. I use both.

SMA crossovers seem to work well but a little after the fact. I use them more as a confirmation.

OPINION ONLY!!! We had a 300 pip slide so we are due for a retracement. I think we may go up for a 50% reversal or 38.2. Who knows? Since I don't counter trend trade (call me a woosy) I'll wait till the full retrace and then slide back down.
Taigen Profit This Month: na
  • #581,353
  • Jan 8, 2012 11:43pm Jan 8, 2012 11:43pm
Quoting John Gray
More trades = More spreads for the broker.

Doesn't mean there is anything wrong with many short term positions?
with an ECN broker there is hardly any spread for all majors.

scalpers can be as successful as medium term or long term investors because of this, and also the frequency of trading(i.e. several trades per week)

id be careful shorting here. a technical retracement due, and u can get stopped out quickly.
  • #581,354
  • Jan 8, 2012 11:49pm Jan 8, 2012 11:49pm
Quoting John Gray
More trades = More spreads for the broker.

Doesn't mean there is anything wrong with many short term positions?
Agree with you dude...

Nothing wrong with trading fast charts.

Some of the most successful traders I know and bots that I work with are HF traders. Give a little, take a little, cash in yer chips and as long as you can keep ahead of the game, it really don't matter how long you stay on the field.

Everybody knows that a game is one by a single point...so is a trade IMO.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #581,355
  • Jan 8, 2012 11:49pm Jan 8, 2012 11:49pm
Quoting Halba
with an ECN broker there is hardly any spread for all majors.

scalpers can be as successful as medium term or long term investors because of this, and also the frequency of trading(i.e. several trades per week)
Consider this however. If you feel you hit bottom, or top--whatever, you can get out and if you scalp you can let it go back up (or down) for another scalp. Spreads are simply your cost of admission to enter the roller coaster, I mean market.
Taigen Profit This Month: na
  • #581,356
  • Jan 8, 2012 11:53pm Jan 8, 2012 11:53pm
Quoting dove_alliance

Using the right upper TF's give out more information then those lower chart do - and that is a fact.
No, not really a fact.

Direction is direction no matter what TF you are trading. IF you trip the M1s or the hourlys support and resistance look the same, and will typically trade the same. The only thing that changes is the range of play.

Tripping with the trend will always pay the bigger takes, but the trend starts with a candle on the M1s.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #581,357
  • Jan 8, 2012 11:57pm Jan 8, 2012 11:57pm
Quoting Magix
...............but the trend starts with a candle on the M1s.
Which one?
The Thief of Wall Street
  • #581,358
  • Jan 9, 2012 12:00am Jan 9, 2012 12:00am
I do not think is fair to say that trading a 5m charts is not profitable.
What is right for me is not right for you. Myself I have been very successful trading the 1 and 5m TF. Some week I use to return more than 20% of my capital. You have to be quick on you toes, focus 150% and money can be made.

The secret/non secret lies in fact to find a method that matches your personality at the time.

When I was trading the 1 and 5 minutes. I would definitely lose money trading the bigger TF because I would just follow asleep.
Beauty awakens the soul to act. Dante Alighieri
  • #581,359
  • Jan 9, 2012 12:01am Jan 9, 2012 12:01am
Quoting Chicky
Which one?
Can really only be one can't it Chicky?

If a trend starts in the Mins, it gotta the be the "New" trend, otherwise it would just be a continuation.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #581,360
  • Jan 9, 2012 12:01am Jan 9, 2012 12:01am
Clearly the 1 in the million it's easy to spot.... NOT! But I do give it a try now and then.


Quoting Chicky
Which one?
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