Freebie 1 min trading method

1 min was choppy but finally gave up 23 pips. Left all 3 lots in this time. One more go at this, and hopefully will make my quota for the day. Fingers are crossed!

Do exactly what your rules tell you to do. Your longer term success depends on risk-reward ratio, not the result of one trade, so your stop loss, trailing and take profit policy should be decided before taking any trades not during a trade.

EDIT: Besides, when trading hourly charts I would suggest smart trailing. At lower timeframes, fixed target gives best results. NB! Meaning longer term result (= at least one month).

Iam really starting to like these 1m setups.....

D

Robby...interesting...
I normally stay in the trade until failure off of a major support or resistance area which signals to me that either trend is changing or deep retracement. But trend lines are cool too.

This Mt Trendline is automatic if you like that type of exit strategy, however you may have to disable the fractals and semafors to get just the trendline.

@ Rosso

Two good swings on the EU 1 min since NY open. Hope you had fun!

Seems some here like this swing trading on the M1.

To answer a few PMs at the same time, I scalp the M1.

That is a different approach to managing this TF.
It also includes a different chart setup.

YES, the M1 can turn on the flip of a coin, so taking swings and try to get out as much as there is, is NOT my approach.

I am one for swingin' if that is what the market is giving me. When I am in the market, I am a tick on an elephants back. I take the ride until it is no longer safe! And when the elephant relaxes, I jump back on again. I think that this strategy allows scalping, range trading, trend trading.

But you are right Freddy, you not only have to have the right strategy, you have to have the right chart set up for the trading style of your choice. Scalping is a high adrenaline sport! Fast past but high rewards with great timing. ....gotta' be fit for that type of trading!

This is eclectic trading at its best. IMHO

still going up....good luck guys

Hey Robby could you share your thfx trigger indicator and settings. It sure looks like a good re entry signal. Thanks in advance

What is your approach on the 1 min TF if I may ask

Hi, i will share it in time, since the system i use it's different than the one we are trying to teach here i don't want to confuse the readers...

Well the EU its in negative territory -15, while the GU it's positive +70, i still think overall trend is UP so this retracements are perfectly normal, let's see what is the FOMC later on gives us...

Waiting patiently for my entry to short the aud/usd or go long on the eur/aud....





may bounce in opposite direction before entry.... which creates a better entry point for me. We'll see. Will check in later...


PS: forgot about the news...lets see what happens

Although I like your work here very much, I have developed over the years my own Mayan Scalper.

I stick to the following rules:

1. ONLY trade EU
2. ONLY trade M1
3. ONLY scalp
4. Preferably London & NY session
5. Compound
6. ONLY focus on entry, rest is automated
7. Strive for 2%/d equity improvement

I figured out in time that the brokers are our enemies. They have people in the forums that pretend all sorts of rubbish, while the real way to trade is SOOO easy.

Simply check how they make the grass looks greener on the other side in their ads everywhere.

Becoming profitable in forex has not much to do with the indicators, it has to do with getting educated, like we learned how to walk, ride a bike, drive a car.

As long as a person is unable to reach the level of subconscious trading behavior, he (or she) will not easily make it in trading.

So guys, I am still a newbie (by your terms) so I wanted to post something here for the newbies who may get a little frustrated in these forums:


Do your homework and your face time. Sorry guys, no way around it. I tried. I bought seminars, strategies and signal service and still didn’t trust them enough to even use them. Thousands of dollars down the drain. Know your indicators, know your timeframe, know your tools (fibs, pivots, pitchfork,,,). You will learn that PRICE IS NOT OBEDIENT TO ANYTHING ALL THE TIME. So with that knowledge, REPAINTING IS A NON-ISSUE. Tools and indicators help us interpret price action, not predict it. Which is why we can all see the same screen and each see a different outcome. So take some of the burden off of the hosts of these threads…..they are not prophets… they are just better at interpreting...

Some of these guys here are excellent at what they do: HH-bottom up analysis, FreddyFX- scalping, Robby2007- top down analysis, to name a few but they are winners because they understand the psychology behind the trade. No way for the rest of us to cheat our way there. When I accepted that, I was able to increase my probabilities of a winning trade because I now understand the psychology of my trade. (Kudos for them taking the time to help us.)

Sorry if I sounded like a preacher but I hope this helps somebody. So... find a mentor here on FF. Follow them, understand the psychology of their trades...it will help you get to the "promise land" faster.

BTW-Not advertisement for me. I am a newbie! No way a mentor yet!

PS: My trades are still marinating!

So... I took the aud/usd instead of the eur/aud. Aussie proved weak against the usd which was good but the eur/aud went short instead of long. I know some of the seasoned traders would stay in this aud/usd trade and ride out the retracement. But dont forget... I am just a flea on the elephants back. so.. I "takes" mine where I can "gets" mine!



When I work my way through these fears of the newbie trademark, I may ride it out OR maybe just keep this style of trading up... it seems to work for me. LOL

Stay tuned!

but that is it for me for today guys. Happy Trading!

Can't agree more, the problem is that Brokers, Introducing Brokers, Signal Services, Commercial systems makes us think that we will be rich from night to morning, and they only want to rip you off a couple of hundreds, and then the little bug remanins like a disease in your brain until you can't take it anymore and you dig in your pocket (or borrow) some more money because you think that you can make your lost hundreds back, you often thing that YOU MADE THE MISTAKE, and looking back this phrase comes to mind "I AM SO STUPID, THE SELL WAS SCREAMING, I DON'T KNOW WHY I BOUGHT", and it seem easy that the next time you will be right, well, to be profitable in this business you have to pay what it takes, like a doctor studies for 8 years and they keep doing it until they die, an architect, lawyer, you name it, everyone can be profitable in forex, you just have to go to the university for the necessary years until you master it, unfortunately we start by learning a "SYSTEM", and not the background and hystory of currency trading, what happened 10 years ago, what worked at that time, and how it developed to be what it is today, if you are not an economist "THE ONLY THING THAT WORKS IN FOREX ARE THE BASICS", let me name them for you:

1. SUPPORT AND RESISTANCE
2. TRENDLINES
3. FIBS
4. PSYCH LEVELS, ROUND NUMBERS

All this applied across multiple timeframes, only then you can grab a simple moving average and be profitale with it, because you will not be looking at the SMA, you will be looking through it.
That is why i do not like teaching "System" that i use, because behind them i have a lot of desitions and analisys that i do before making a trade, so my system might not work for you like they work for me....

Enough this is getting too long, besides i think this thread was made for people that has already a little experience in forex, trading the 1M chart can be a suicide for a newbie...

I think we have to focus in trading itself, no other better way to learn that to analize entries, exits, trends and ranges, with pictures...

@ Robby2007

"Enough this is getting too long, besides i think this thread was made for people that has already a little experience in forex, trading the 1M chart can be a suicide for a newbie..."

LOL...still sore from the whippin' the 1 min TF gave me when I first started it. But always been too hard headed for my own good! Although I will trade it, I prefer the 5 min TF!

But only two things can happen in the market - get spanked or get bank!

...but'cha gotta catch me to beat me (ask my folks) and for some of you who are starting to think I dont have a life outside of trading and FF....you caught me! Guilty as charged!

Look at this chart...

I just bought the EU again

EDIT, closed at BE, too much volatility due to Mr. Bernanke