Interactive Euro Scalping

Ok guys if you know how I can go about setting up a live webinar type thing where I can show multiple people my screen and they can hear my voice please let me know.

http://www.omnovia.com/

Theres a fella that does this ,but on equities using this software ..its a live trading room and he talks on the microphone so all can hear and see his screen aswell.

it costs a bit though i think

http://www.anymeeting.com/

Hi Roofx

Just to say this webinar company recommended by danimogos is excellent but I believe you are limited to number of attendees so I would suggest you only allow those people access who actively take part in your thread, sort of reward for getting involved. you know someone like me.

ha Ha only joking, but it is very good and free if you allow adverts, but not that expensive without and once it gets going charge a small amount.

Anyway another good trading day for you and I lost nothing so still up for the week. Oh Ok OK 0.5 pips

Anyway are you free for a skype chat sometime? Would like to clarify a few things on your strategy.

All the best Clive

Hi Roofx

Can I just ask you some quick questions on your strategy?

I see that you mark previous support and resistance on your chart with a yellow line, how do you choose these areas,? Are they rejection pionts where price has previously bounced hard or just normal support and resistance levels?

And when price comes to these yellow lines how do you enter? In fact how do you decide whether to enter or let it go?

Edit: How do you know a price is stalling as it approaches your yellow lines?

Perhaps a chart to illustrate your answers would be cool.

How successful is your method eg What is the success ratio?

Thanks Clive

I mark out lines where price has either rejected quite sharply once or bounced off twice or more. It's really just standard support and resistance. When price returns to these lines it's not an exact science whether or not I will take a trade.

For one thing it depends on how price approches the level. If it races towards it in a big surge because some big traders are shoving through some massive orders I would lkely proceed with caution because the level will have a greater chance of breaking in thse scenarios.

If it makes its way there calmly but with certainty then it's a level I'd look to trade off. Then I watch for stall signals in the candle patterns (this is really important and helps me decide if it will likely reverse or just keep going). It also usually needs to be an oversold or overbought state in the oscillators. The RSI is the main one but if price is in a tight ish channnel the Stoch comes in to play.

It also depends what has been happening that day already. If significant levels I've drawn are being broken all over the place then my confidence is low in levels holding up. When price gets in a channel and respects the limits of that channel I go in for the kill. Those are my favourite days.

I don't think this can be traded mechanically. You need to think everything through. Avoid news, anything red or orange on the release page try to avoid, even if it doesn't shake the market, but just in case. We are trading with a very very tight stop of 7 pips (excluding commission) so new can spike the market even a few pips and take us out.

The key is timing the entries to get short term reversals, bounces, pull backs at the very turning point, witin a few pips accuracy. It is not easy to do and it is going to tae a lot of practice but this is my favourite and most profitable method of trading by far. I used to scalp some years ago with about break even results, then I got lost in the mist of the misleading BS put out by brokers and traders who write boks because they can't make money trading. I finally came back to what I was good at, my roots, and practiced my scalping every day, again and again until I started to get somewhere. Most traders say "making money from scalping is mathmatically impossible", "scalping is too hard" "the lower time frames have too much noise - you can't trade them". No. it's not noise, it's miniature short term reversals. And that is what true scalpers trade. We grab 5 pips, 10pips, 6 pips, 4 pips with a high hit rate day after day.

Sucessful scalpers are reluctant to share their methods because they are afraid if everyone starts succeeding from their method the method will stop working. I sometimes worry about this too but now I realise that a non mechanical system like this is hard, and most people will not succeed with it even if they watch me trade it live with success. Because most people cannot control their emotions and therefore make bad decisions.

Thanks

Thanks for this link Danimogos

Ok if we get 6 or 7 people interested in a webinar type thing I will set one up some time soon and hopefully you guys can see what I am looking at more easily in real time.

Did not know about free meeting
thanks

I love this style of trading and have been trading this way for over 6months now on a live account and made good profit although I have not been using a hard stop like in this method.
I would like to be a part of this discussion and over my screen shots and any support/help.

Count me in for sure

Hey you've been moved to Interactive Trading Forum so got there in the end congratulations

You got moved

My chart so far. I put in the S/R lines and have some old trendlines, in green, on there as well. No trades as of yet. Roofx, in this scenario, you are only looking for shorts, correct?

Just back home. Took a (late) long but it worked out ok.

Next time I'll drive faster ;-)

Long @ 3238 TP 3260

Dear traders,

first of all thank you for this inspiring thread!
I am scalping full time for 3 years now and I would like to expand my skill.
The approach outlined by Roofx is pretty much what I am trying to become better at.

I have found it easier to scalp when I am looking at several TF at the same time. My main TF are 15-second and 1-minute, but I also have a close look at 15-min.

I have attached a screenshot of my setup.
For placing trades I prefer a DOM window.

Today I managed to scalp about 25 pips out of the rally.
Not too much considering the large 120-pip move of this day.

Regards,
TraderJF

Good job wasn't as easy as it looked.

For some reason I decided to scald gbp/usd instead of eur/usd and man what a nightmare!

sorry for the out of topic but look at that, no idea how i made money on those...



guess time for bed i'm sweating way too much it's 39 degrees outside ( thailand )

Good morning guys! I'm late to the party today because I somehow managed to scratch my eye during my sleep and was up half the night bathing it in water. I must have bee scalping the Yen in my dreams and got over excited. I'm looking at my charts with one eye today. I've missed most of the trading session! Stupid Eye. So Eye'm not off to a great start to my day haha but you g'eye's 'see'm to be doing well on the charts!

I know! We got to the promised land in the end and the air here is crisp and the sky is clear!