Interactive Euro Scalping

Interactive Euro Scalping (with the Roofless Scalper Method)

7th March 2012 Update:
This is not a system sharing thread but a thread to pull similar styled scalpers together to trade with me and share Ideas and call trades we like. Any trade calls must be called before hand and not after profit is already taken. If you follow my trades do so at your own risk and remember this is super fast scalping so by the time you see my chart posted it may be too late to get in with me but think of this as a learning experience. I will post my ideas for future trades as I see them and then post when I'm in and when have exited.

The strategy I will name the 'Roofless Scalper Method' but this is not a mechanical system. It is price action scalping that requires you to think about each trade and use horizontal support and resistance, overbought/sold areas and price stalling candle signals all on the M1 time frame.

Be warned, this is not for newbies and requires a lot of previous screen time and familiarity with the M1 charts. Some trades can be fast paced requiring you to take 5 pips in less than a minute. And some are easy going trades that reach +10 after ten or twenty minutes. Some will go into loss in a short time. Every trade is different. I do not look for more than 10 pips in any trade and have a fixed TP of +10 with a fixed SL of -7. When profit gets to +7 I move my SL to Break Even.

I get tight spreads and commissions on my account so if you are working with a total transaction cost of more than 1.5 pips or 2 pips at the most on EURUSD this may not be the method for you. Also fast execution is essential. Trading directly on MT4 is not recommended for this method.

Thanks for any and all contributions to this thread. The reason I have created it is I am bored trading on my own and want to show others how I do this and exhange trade ideas and thoughts along the way. If anyone feels this thread is helping them a lot then please vouch for me Thanks!

Roofx

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I wanted to post this in the Interactive Trading forum but since I don't have any vouches I can't post it there and here will have to do.

I'm starting this thread to pull in fellow scalpers who love to scalp EURUSD so we can compare thoughts and learn from each other.

I scalp tops and bottoms for 5-10 pips with a -7 pip stop. Contrary to popular belief, scalping tops and bottoms can be done with success. It is hard, but it is possible and for me it's a much more interesting and proactive trading method than taking 2 or 3 'set and forget' trades per week.

I'll start with my first trade of the day. A short from 3142 for +5 pips. Price action is in a very tight 15 pip range right now so seeking more than 5 pips is not worth it. I'm waiting for price to break out and start making bigger swings of 20+ pips.

Second trade of the day. Another short, looking for 5-7 pips.

Stopped out for -7

Third trade of the day. Short from 3153 looking for +10

+7 reached so moved SL to BE

Out with +5

Hi Roofx

I too love to scalp the 1 minute chart but as yet I have not completely defined my system. But will gladly share my ideas with a fellow scalper.

I think my biggest problem is taking profits and not worrying about what I have left on the table. Just starting to get my head around it now.

But it would help if you could tell me your method and how you decide on entry and exit strategy?

Good luck with your thread I for one will be watching it closely.

By the way how successful are you and how long have you been trading your system?

All the best Clive

I scalp but use futures. Not sure I could do using forex due to spread

Can you tell us some more about how you scalp futures?

I'm in and at break even as move to BE at 3 pips, gives me a few BE trades but protects my account. Do you think its too tight?

Also not sure how to target my profits? Got in with 7 pip stop like yourself so my plan is to get a 2:1 trade so 15 pips target.

However also considering closing when first HA green candle appears and is taken out by the next one.

Price moving down nicely so will try to manage exit.

I took this short too from 3147 and closed for +10. Are you still in? I wouldn't stay in any longer now as price already came close to the bottom of the tight range and headed back up.

No stopped out at BE will have another go if it turns at 1.3150 again.

Was up 10 pips but let it come back, thats a common problem of mine don't know when to take my profits?

Always trying to squeeze out those last few pips

Next thing for me to look for is price to head back up and stall around 3155 with RSI breeching 90 for a sell. Or let's see if price goes down and breaks the lower support line and gets out of this range.

Yea I've been there too. I use a fixed TP of +10 at all times so I never get more than 10 out of any trade. And I usually won't enter unless there is room for at least 5. Once the trade hits +7 I move my stop to BE and just let it sit until it hits +10 or gets stopped out. With scalping the emotion is high so fixed targets and stops is what keeps me sane.

Potential for a long if price gets down to 3130 and stalls nicely for a scalp back up. Or it could break and go through. Let's see what happens next!

Warp speed 9 gentlemen!

I really like the look of this chart for going down so re-entered and at BE again woulkd like to see it break out the bottom of the range this time and give me a nice little 3:1 plus trade.

She's breached the support line! Sit on hands for now and wait! Or use this golden opportunity to go to the toilet and take a dump That's what I will do.

Back in and up 16 pips so again my delemma do I hold now broken through or take profit???

I really like the feel of this chart down so will hold through this pullback but who knows where price will go? One things for sure it doesn't care how I feel about it does it?

Sorry I know I should bank it but you just never know???

Well price has clearly broken support and is below it for he second time so if you are still short from higher up you're in a good position!

Thanks, I think I will hold for now as I think this has space to fall to 1.3100

Its through the 1.3125 level now so next surge is 1.3100 but suspect it will turn back up and retest the old support at 1.3130 if it breaks up through that I am out for sure. No honestly i will take profit then.

But hopefully i won't have to until 1.3100 gets tested.

By the way do you trade the 25 pip levels too?