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  • #651,001
  • Jun 4, 2012 4:04am Jun 4, 2012 4:04am
Quoting srpggamer
I see news is not in favor of EUR and yet the price goes up
Over sold and short covering from NFP. That's one hell of a bullish candle on the 4hr, but technicals don't mean as much in this market. Still, a short cover to 1.262 is possible, but I wouldn't say likely.
An opportunity lost is not a capital cost.
  • #651,002
  • Jun 4, 2012 4:08am Jun 4, 2012 4:08am
Hell! I have lost really a lot today
  • #651,003
  • Jun 4, 2012 4:08am Jun 4, 2012 4:08am
Wait for NY open, wanna zzzzz 1st.. Have a green pips traders bye
1M & 5M scalper. 1Malaysia..
  • #651,004
  • Jun 4, 2012 4:10am Jun 4, 2012 4:10am
Quoting sukkim
May be similar, If I show you my trading via teamviewer, you can think!

i have a few different scalps. micro scalp high confidence, 3-5 pip target and s/l, 1.5x leverage

mini scalp, target 7-10 pips, 3-5 pip s/l, 2x leverage

mini scalp high confidence, target 7-10 pips, 3-5 pip s/l 3x leverage

scalp high confidence, target 15-20 pips, s/l 7-10 pips, 4x leverage



if price action is in favor of the scalp, i'll let it run for more than the take profit. meaning if i scalp the peak, and it looks like its going to roll over and run for 40-100 pips, i'll let it.

edit: such as this trade for instance, we shall see. i may book profit somewhere like the trendline, and look to re enter slightly higher if price action still looks bad after a bounce.
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An opportunity lost is not a capital cost.
  • #651,005
  • Jun 4, 2012 4:12am Jun 4, 2012 4:12am
Quoting Esssex
Which is why we should do whatever your username tells us to do... Tight scalp the range!

It is not a good time to make directional bets at this point of time. Identify the range and scalp it!
but its bouncing of a trendline up on short term charts. im bear bias trades only doesnt make sense to enter high risk trades when low risk trades are just around the corner. 3% loss now affects my account in the future
  • #651,006
  • Jun 4, 2012 4:14am Jun 4, 2012 4:14am
pretty boring this morning
  • #651,007
  • Jun 4, 2012 4:14am Jun 4, 2012 4:14am
Quoting tightscalper
but its bouncing of a trendline up on short term charts. im bear bias trades only doesnt make sense to enter high risk trades when low risk trades are just around the corner. 3% loss now affects my account in the future
Daily Target: 20 pips
  • #651,008
  • Jun 4, 2012 4:17am Jun 4, 2012 4:17am
Quoting BFSGcapital
i have a few different scalps. micro scalp high confidence, 3-5 pip target and s/l, 1.5x leverage

mini scalp, target 7-10 pips, 3-5 pip s/l, 2x leverage

mini scalp high confidence, target 7-10 pips, 3-5 pip s/l 3x leverage

scalp high confidence, target 15-20 pips, s/l 7-10 pips, 4x leverage



if price action is in favor of the scalp, i'll let it run for more than the take profit. meaning if i scalp the peak, and it looks like its going to roll over and run for 40-100 pips, i'll let it.

edit: such as this trade for instance, we...
That's one hell of a well thought out scalping strategy. How do you pick your positions and entries with so many scalps?
  • #651,009
  • Jun 4, 2012 4:18am Jun 4, 2012 4:18am
Quoting srpggamer
Anyway, I am gonna close this shitty position.
if you have a stop loss and tp manual closes always are terrible you have stop losses and target profit for a reason
  • #651,010
  • Jun 4, 2012 4:21am Jun 4, 2012 4:21am
Quoting srpggamer
Hell! I have lost really a lot today
take break , stay away from market rest of the day. come back tommorow with plan and s/l
Mohan
  • #651,011
  • Jun 4, 2012 4:24am Jun 4, 2012 4:24am
  •  alsi
  • | Joined Mar 2012 | Status: The chart is the footprint of money | 40 Posts
I will give you srpggamer a credit for sticking up your neck and admitting that you have lost such a big amount, no many people will say that in this forum............ this is a good sign for getting on the right track.

There are lots of good reasons for not getting into this market today and most obvious one of them it is a thin market due to holidays in UK, plus its a ranging market and my advice is if you are using M5 TF , always look at the 1HR TF before taking any trade to know the bigger picture.
  • #651,012
  • Jun 4, 2012 4:28am Jun 4, 2012 4:28am
Quoting alsi
I will give you srpggamer a credit for sticking up your neck and admitting that you have lost such a big amount, no many people will say that in this forum............ this is a good sign for getting on the right track.

There are lots of good reasons for not getting into this market today and most obvious one of them it is a thin market due to holidays in UK, plus its a ranging market and my advice is if you are using M5 TF , always look at the 1HR TF before taking any trade to know the bigger picture.
for his defence 1hr is showing oversold and like it should of came down. even a bit more of a pullback down. but its a holiday and low volume. shit happens. i would of held till it made a new high. or hit my stop less if i wasnt scalping
  • #651,013
  • Jun 4, 2012 4:31am Jun 4, 2012 4:31am
Made a short after PPI, with a 10 PIP profit... and they are buying. I think I will skip today. Good Luck
"Study the past if you would define the future." Confucius
  • #651,014
  • Jun 4, 2012 4:33am Jun 4, 2012 4:33am
Quoting KiwiTrada
agreed as posted 2390 - 2397 if bears can stay below be nice for me, todays zone defending 2415 - 2431,
yes is desicion, looks boring but actually is big battle going on
I am sell 1 small lot 2427 sl 2437 going to bed
If you are new to Forex? Say Goodbye to your account!!
  • #651,015
  • Jun 4, 2012 4:34am Jun 4, 2012 4:34am
Oh, and technicals guy ... you know you have 3 shooting stars one after another on the M30, right?

Technicals are shit for today's markets, they come in handy when fundies are not the basics. if the euro and the dollar had the same power, then yes, technicals ... else, fundies all the way.
Please, just slap me around if I'm being silly ...
  • #651,016
  • Jun 4, 2012 4:35am Jun 4, 2012 4:35am
Quoting pico_zeh
The drop might start...
Best regards,
Pico.
One post since 2007 and that's what you come up with. No chart no reason no explanation just seven words.
Over thinking over analyzing separates the body from the mind.
  • #651,017
  • Jun 4, 2012 4:40am Jun 4, 2012 4:40am
Quoting 3stepsahead
One post since 2007 and that's what you come up with. No chart no reason no explanation just seven words.
You dont understand. He wants to be mysterious
He knows sthing that we dont know...
Simply, he has short positions and wants affirmation from the forum
"Study the past if you would define the future." Confucius
  • #651,018
  • Jun 4, 2012 4:41am Jun 4, 2012 4:41am
@KiwiTrada Nice position! Good entry and SL.

@daemon_delux you got that right. Everything is fundie driven today and in fact the whole of last week.

I suspect the ECB is buying up Spanish bonds as well as BOJ intervening with the JPY. Price movements are pretty weird if I must say.
  • #651,019
  • Edited 4:51am Jun 4, 2012 4:41am | Edited 4:51am
Quoting Esssex
That's one hell of a well thought out scalping strategy. How do you pick your positions and entries with so many scalps?
i have more scalps than this, and 8 different total trade types. i have them posted on my wall beside my computer (but i have it mostly memorized, its simple after doing it day in and day out) it's all based on my risk reward, confidence in stop loss not being hit + confidence in target being hit

leverage is based on what i call effective risk/reward ratio. if raw risk/reward is 1:1, but you win 75% of those trades, then every 4 trades your risk/reward is actually 1:2, which is what i call max risk/reward (raw risk/reward and confidence in trade success)


However, since it's not actually the raw risk reward, and only based off your confidence in the trade succeeding, i add the raw risk/reward and max risk/reward together, and divide by 2 to get the effective risk/reward.

so if your raw risk reward is 5 pips vs 5 pips, but you think you will win 75% of those 1:1 trades, then over a long enough time you should average 1:2 risk reward on those trades.

+5 pip + 5 pip + 5 pip - 5 pip = 10 pips. Over 4 trades, reward = 10 pip on average, risk = 5 pips, there fore 1:2

but since it's just confidence in the trade, string of losers will still hurt the account using raw risk reward. so i take the raw risk reward + max risk reward and divide by 2, to find what i call effective risk/reward

so for a 1:1 trade like the micro scalp, effective risk/reward is 1:1.5, so i use 1.5x leverage. it's not exact with all the trade types, some are rounded

hope that explains it

this market isn't even worth trading when the range is this horrible. too much risk. good rule of thumb is don't trade when the spread is more than 0.1% of the range.

got out of that scalp for +5 only, stupid green candle. sometimes letting scalps run works, sometimes booking profit would have been smarter.
An opportunity lost is not a capital cost.
  • #651,020
  • Jun 4, 2012 4:41am Jun 4, 2012 4:41am
Quoting 3stepsahead
One post since 2007 and that's what you come up with. No chart no reason no explanation just seven words.
Possibly 4 steps ahead ?
rat
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