Interactive Euro Scalping

If price goes down to about 15-20 pips below the old 3112 line and comes up to test it and stalls I might short but only for a punt at 0.1% risk. I've had a good day with 33 pips in the pippy bank and not ready to give much back during these quiet market hours we're heading into. Also I don't really like the lead up to Non Farm Day.

Oh no, here comes a retest. Can't resist such a perfect signal. Oh well one more trade won't hurt will it?

Hmmm not for turning is it just yet?????

Heres my skype address put a contact request across and perhaps we can chat later say 8.30 tonight as taking son to football training in next 10 mins.

clive.packham1

Chat later hopefully.

Thanks for today it was fun.

No problem, yep good day's trading and discussion. 8.30 is 1.30am for me so I will see you back on the thread in the morning from 6amEST/11.30GMT

No sorry I mean 20.30hrs in 2 and a half hours time, is that any good for you?

Don't forget to send your contact to me on skype as we can share screens on skype and exchange charts etc catch you later maybe?

Oh ok cool, I'll add you and see you on a bit later.

Hi guys glad you started this thread, I'd like to try and help if I can. I think that most people fail at scalping because they use short time frames for the entry and exit. I scalp all the time but I still base my entry based on longer term s/r I look for minimum of 10 pips but shoot for 20 most times that way it stops you going into trades where the risk reward is too low. If I think the trade has potential for a bigger move then I will scale out of my position taking half off at 20 pips and leaving the rest to run (don't do this very often though).

The main thing is to find entries where your risk is tiny. It's no good entering a trade with a 10 pip stop just because you don't want to lose more than that. The stop has to be protected by s/r. It's amazing how quickly you can grow your account by taking small amounts out of the market.

I really enjoy helping others so please ask me any questions and I hope I can continue to add to this thread

Hi BigPig,

Thanks for coming and joining in the discussion. You are absolutely right about not using a 10 pip stop just for the sake of it but to base it on S/R. I only take trades where I don't think price will go against me more than a few pips before going in my favour. It doesn't always work but it works enough of the time.

When you say you scalp using the higher timeframes do you still use the M1 for your final entry or do you enter without the need for the M1?

Hi Roofy

Are you free for a skype chat? Haven't received your skype contact request yet?

I normally use the 5 min and look for a double test and enter around the wick area of the last candle providing my 10 Pip stop will keep me in the trade 5 pip stop even better if I can get it but difficult to get in that close sometimes. Then move to b/e ASAP anywhere between 5 and 10 pips. I have used 1 min before for entry but normally stick to 5. The reason I like scalping though is that your risk is always so low and you can trade a decent size. The biggest tool I use is the dollar index.

That's strange. I sent you a request and it brought up a photo of you and everything. I'm on now. I will pm you my user id.

Just went long on the Dow about 1 hour ago. +20 pips stop to b/e

We're really focusing on the Euro in this thread but I'd be interested in seeing a chart of the dow setup you just took BigP.

Sorry I'm on an iPad not sure how to add a picture. It was just a trade of the major daily support I've closed it now for the 20. I will shut up about that though and just keep the eur usd on here. Apologies.

Hi Bigpig

Thanks for your offer of help I'm hoping roofy has started an amazing thread where scalpers can exchange ideas and help each other.

Couldn't agree more with your statement above, tiny risk-huge returns, thats my goal. If I can enter with a 7 pip stop then get 16 or 23 pips profit(2pips for spread) I am making 2:1 and 3:1 trades from just relatively small moves which happen all day long on forex.

With a 2% risk I am getting either 4 or 6% return from a typically 15 minute trade. So all we have to do is find those pionts on the chart where we can expect a good move for little risk. In fact I use a 3 pip break even so all I am looking for is a 3 pip move my way before a 7 pip move the wrong way. After that sitting at break even in a no lose situation I really couldn't care less which way it goes.

Sounds simple enough doesn't it? But as we all know spotting those entry pionts in fact is quite hard.

But what if we only needed to be right 50% of the time? Surely thats not hard, why even tossing a coin should give us that sort of result, so why not just look at the chart toss a coin and trade heads-up and tails - down?

Well it could work, if you were to target 2:1 for every win trade then all your winners will return 4% (on a 2% risk) and all your losers will lose you only 2%.

10 trades later with 5 losers and 5 winners you have won 20% (5x4%)and you would have lost 10% (5x2%) so net gain 10%. Not bad if you do 10 trades in a week, I think most traders would be pleased with that a 10% gain per week.

However what if you did 100 trades in a week with the same 50% hit rate and 2% risk? You would make 10 times that so 100% per week, thats right folks you would double your account every week.

Now you're talking and all you did was take more trades.

But in all honesty I think in practical terms the best you could hope for is 10 trades per day so more like 50% return per week, still an awesome return and don't forget you lost half of your trades.

Of course you could risk as much as 5% on each trade and then you would be returning 250% per week.

So in a nutshell to trade successsfully we need to find a system that gives us a 50% hit rate and a 2:1 average win ratio and we have made it. Furthermore if we have a 7 pip stop we only need a 16 pip trade to make that happen.

Doesn't sound hard does it?????

OK so lets make it really realistic lets assume you only have to find 5 trades per day. Can you do that?

Do 5 trades per day risk 2% per trade with a 7 pip stop, 3 pips break even, 16 pip win with a 50% hit rate and at the end of the week you would have a 25% growth on your account.

Now we know what we have to acheive all we have to do now, is find those 5 entries everyday.

Now thats where you guys out there come in to it, lets put our heads together and find that simple signal, method, strategy that will give us a nice clean entry and move 3 pips one way before it moves 7 pips against you??? Then hold it for 16 pips.

Can't be hard with all you genius's out there, lets go for it!!!!

Oh, and by the way for all those none believers out there I did it today live in front of you all in about 2 hours trading I got 6% growth, so it can be done.

Come on lets do it!!!! Lets make some money!!!!

Sounds easy, and it is simple. It's controlling yourself that's the hard bit. Once you learn how to trade then the psychology kicks in!

A great opportunity is watching around the London open. Watch for failed breakouts. How can we spot these??

When we see a break out on eur usd look at the usd basket chart. If there is s/r on usd chart then high probability of failure and look to reverse. It's a good trade as we know 80% of breakouts fail and when you get the usd basket on your side too then its a great trade.

Let me know if this doesn't make sense. I'm in the uk and getting tired now

nice talking to you, best of luck in the next session.

On skype now Roo and no contact details received as yet?

Send me yours and I will contact you.

Looking forward to a chat soon.

I added you earlier and also sent you a pm with my user name about an hour ago. I've been waiting here ever since. Gotta go now, see you in the morning for some more scalping guys!

Ok thanks lets have a chat tomorrow.


Talking of good signals heres some from todays EU chart I like taking signals from touches on either ema (100 red 200 blue) or the 25 levels.

I also like any CCI signal +150 for a sell -150 for a buy plus stochastic crosses at pionts of support and resistance. But only enter these after an Hieken Ashi colour change.

Also when red ema below blue ema looking for selling signals only.

Last but not least I like the consolidation areas too as breakouts generally result from these as per the Staircase Breakout thread.

Just some ideas to mull over.