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Interactive Euro Scalping

  • #221
  • Mar 8, 2012 9:10am Mar 8, 2012 9:10am
Last night before bed I took a look at the upcoming news and decided either I wasn't going to trade today or I would keep my risk low because there was so much news, one after another all morning until 10.30 and I hate those days. Lookng over this morning's chart I am glad I missed the action because it would have been tricky work for me.
  • #222
  • Mar 8, 2012 9:11am Mar 8, 2012 9:11am
Quoting RRRulio
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...

Attachment

guess time for bed i'm sweating way too much it's 39 degrees outside ( thailand )
Tricky going! You managed to get some pips though so goog work my friend!
  • #223
  • Mar 8, 2012 9:15am Mar 8, 2012 9:15am
Quoting TraderJF
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...
TraderJF thanks for joining in the discussion. with 3 years of scalping under your belt your ideas and contributions will be great to hear. Yes a multi-timeframe approach is useful. I always begin by checking the M5 chart and M15 and seeing what's happening there while I draw in my S/R lines before switching to M1. 15 second sounds like a hoot! I knew a guy who tades the 15 second tick chart he was a very intense character.
  • #224
  • Mar 8, 2012 9:45am Mar 8, 2012 9:45am
took 5 pips out of this one, from 1.32449 to 1.32499. I have been trading 123's on M5 charts. This M1 takes getting used to. Have had a few losses already. Glad for this win.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 20 KB
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #225
  • Mar 8, 2012 9:48am Mar 8, 2012 9:48am
Are your entries ad exit marked on that chart?
  • #226
  • Mar 8, 2012 9:53am Mar 8, 2012 9:53am
Quoting Roofx
Are your entries ad exit marked on that chart?
No, they are not. I use the MT4 only for monitoring and place trades with the Oanda platform.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #227
  • Mar 8, 2012 9:58am Mar 8, 2012 9:58am
I'm staying out of this market for the moment guys.
  • #228
  • Mar 8, 2012 5:15pm Mar 8, 2012 5:15pm
Quoting Roofx
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.
Hi Roofx

Thanks for your reply its much appreciated and is helping me improve my method enormously. But could you clear up one area for me?

What are the "stall signals" you are looking for?

Thanks again.
Feel the Fear and do it anyway!!!
  • #229
  • Mar 8, 2012 5:28pm Mar 8, 2012 5:28pm
Quoting Roofx
FXCM offer super fast execution too and tighter costs than what you quoted above. I usually get 0.3-0.7 pip spread on EURUSD and commission of 0.7 pips. But for that tier it requires you to trade 1M per day and have a certain account balance.
I find Interactive Brokers even better:
- Usual spread 0.5 - 1.0 pips (sometimes 0.1 - 0.3 better after the fill)
- Commission 0.25 pips per 100K (below 100K its fixed $2.5)
- Minimum deposit only 10K
- I use MultiCharts because IB's software is crappy
- Funds should be quite safe there
  • #230
  • Mar 8, 2012 6:08pm Mar 8, 2012 6:08pm
Sorry just realised I'm just taking and not giving here so here's an example of my entry criteria.

Lets use my infamous "Trade of the Day" as an example.

Looking at 1st chart below i like to trade when there is a strong trend like this clearly going down so i look for selling signals only as I like to try and hold my trades for at least a 2:1 risk reward and more if possible.

I look for deep pullbacks onto some form of resistance/support I define deep by my CCI indicator going +/- 150 level.

Once the CCI signals a deep pullback i am looking for the first resistance to come along and then look for my reversal signal.

My resistance can be in the shape of either an EMA 100 or 200, a 25 pip level, in particular a 50 or 100 level or previous support or resistance.

In this case I had all 3 touch of 200EMA, 1.3150 level and nearby resistance at 1.3155 so all thats needed now is my reversal signal which to me is an opposite colour HA candle in this case red, when that candles low is taken out by 1 pip I'm in!

Then hold it for as long as possible to 2:1 plus reward in this case I got 3:1 reward which equates to 6% of account. (risk 2% per trade).

Oh and stop is always 7 pips and move stop to break even at 3 pips.

Well thats my entry, any questions please feel free.

happy Trading Clive.
Attached Image (click to enlarge)
Click to Enlarge Name: trade of the day 1.jpg Size: 199 KB
Feel the Fear and do it anyway!!!
  • #231
  • Mar 8, 2012 6:21pm Mar 8, 2012 6:21pm
Entry close up HA candle turns red and taken out by next candle by 1 pip, also note CCI signals at 150 plus levels very reliable.
Attached Image (click to enlarge)
Click to Enlarge Name: trade of the day 2.jpg Size: 170 KB
Feel the Fear and do it anyway!!!
  • #232
  • Mar 9, 2012 4:11am Mar 9, 2012 4:11am
Hi Folks

Doubt if anyone else is crazy enough to be trading today as its run up to NFP but I was watching and got a signal so took it.

Lets see what happens from here?
Attached Image (click to enlarge)
Click to Enlarge Name: nfp day trade.jpg Size: 181 KB
Feel the Fear and do it anyway!!!
  • #233
  • Mar 9, 2012 4:13am Mar 9, 2012 4:13am
Oh well at BE now so no harm done needs to break this support at 1.3212 for a home run
Feel the Fear and do it anyway!!!
  • #234
  • Mar 9, 2012 4:17am Mar 9, 2012 4:17am
Quoting clivepackham
Oh well at BE now so no harm done needs to break this support at 1.3212 for a home run
Out at BE
Feel the Fear and do it anyway!!!
  • #235
  • Mar 9, 2012 4:24am Mar 9, 2012 4:24am
Will have one more go if price comes to top of my box and turns back down, I know must be mad?????
Attached Image (click to enlarge)
Click to Enlarge Name: nfp day trade.jpg Size: 166 KB
Feel the Fear and do it anyway!!!
  • #236
  • Mar 9, 2012 4:26am Mar 9, 2012 4:26am
Quoting clivepackham
Will have one more go if price comes to top of my box and turns back down, I know must be mad?????
Would be really cool if 200ema came into play too. Look at how good the last 200ema signal was.
Feel the Fear and do it anyway!!!
  • #237
  • Mar 9, 2012 4:31am Mar 9, 2012 4:31am
Nothing on now until nfps
  • #238
  • Mar 9, 2012 4:40am Mar 9, 2012 4:40am
Quoting clivepackham
Would be really cool if 200ema came into play too. Look at how good the last 200ema signal was.
Nope not this time, oh well thats it getting too close to NFP now anyway.
Attached Image (click to enlarge)
Click to Enlarge Name: nope not for turning.jpg Size: 162 KB
Feel the Fear and do it anyway!!!
  • #239
  • Mar 9, 2012 4:57am Mar 9, 2012 4:57am
Quoting Bigpigtrader
Nothing on now until nfps
Yes should've known better really but it was trending down nicely and if I had got the turn at 200ema would of gone for it but there you go.

My problem is I get bored and the more I look at the charts the more my finger starts to itch.

But heh no harm done this time.
Feel the Fear and do it anyway!!!
  • #240
  • Mar 9, 2012 6:34am Mar 9, 2012 6:34am
Quoting clivepackham
Yes should've known better really but it was trending down nicely and if I had got the turn at 200ema would of gone for it but there you go.

My problem is I get bored and the more I look at the charts the more my finger starts to itch.

But heh no harm done this time.
Took the same trade but took it earlier this morning. Got out immediately after the third bounce for +16..Waiting for NFP..Nice simple method, BTW..
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