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Record keeping and personal challenge

  • #1
  • First Post: Jul 29, 2012 11:38pm Jul 29, 2012 11:38pm
Hi all before I started scalping I always wonder, is forex scalping possible? over the last 1 year plus I have tried to learn day trading methods in the system section. I started off losing but after learning just 1 setup well I started making decent profits every week. However the market became unfavorable towards that setup I have been taking. Over the next few months I then focus my energy on M5 scalping, just 2 kind of setup. So far I have been profitable over all but with 2-4 trades a week and about 60-70% win rate.(RR 0.7-1.5 each win, it is not fix)

Long hours in front of the screen(NY and London) just to take 1 trade and quite commonly no trades. In order to improve myself I must maintain strict discipline and most importantly be able to stay in front of the market everyday to learn and not to expect any trades.... That is the price I am willing to pay to be a successful day trader/scalper.

I started this thread as a way to record down my thoughts and my progress as a scalper wannabe so that I can reflect back and hopefully learn something. You are all welcome to give any advice if you have any.
Riding the order flow
  • #2
  • Jul 30, 2012 2:48am Jul 30, 2012 2:48am
As a recent devotee I am now convinced that for me the scalp is the way I am best suited to tke what the market gives. It does give! Between the world that is trading fibbo retracements there is a virtual treasure trove of pips that are available. Thanks for this thread I am anxiousa to read your thoughts and insights. If you would be so inclined I would appreciate your views on my demo work. I expect to trade the demos with even more care than I trade my own money as its my window to the world.
I find no one cares what you know unless you are willing to share it with others. Good pipping
https://secure.forexfactory.com/profile.php?do=explorer
Trading Consultants Inc JJG
  • #3
  • Jul 30, 2012 2:51am Jul 30, 2012 2:51am
These are some of the pairs I scalp. Before each day I look at the higher TF to determine my bias for the day. I will usually only scalp into the direction of my bias. The way I determine my bias is with Naningbob's 10.1 method. While the scalping technique I use is choros, as seen in the system thread.

EURUSD
Daily RSI(20) is above 55 but just, I am unsure of its direction at this point. I will wait latter in the week to determine its direction.

GBPUSD
Market is clearly ranging and it is now at the higher end of the range. I am bearish.

AUDUSD
IS clearly in an Up trend. It cleared last 2 weeks high and I see no reason for it to stop.

AUDJPY
From the daily it is ranging even though RSI(20) is higher than 55. It will have to clear the highest high of the range by at least 50 pips for me to consider it an uptrend. For now I am expecting it to be bearish for the next few days.
Riding the order flow
  • #4
  • Jul 30, 2012 3:04am Jul 30, 2012 3:04am
I am using the Freebie one minute system descibed here by HH. It works for me. The scalps that begin one the one minute oftern become 20 30 pip trades. Entry and exit are visually displayed and whiel subject to interpretation if you use HH guidance seemingly masterable by anyone with practice

Quoting Binyamin
These are some of the pairs I scalp. Before each day I look at the higher TF to determine my bias for the day. I will usually only scalp into the direction of my bias. The way I determine my bias is with Naningbob's 10.1 method. While the scalping technique I use is choros, as seen in the system thread.

EURUSD
Daily RSI(20) is above 55 but just, I am unsure of its direction at this point. I will wait latter in the week to determine its direction.

GBPUSD
Market is clearly ranging and it is now at the higher end of the range. I am bearish.

AUDUSD
IS...
Trading Consultants Inc JJG
  • #5
  • Jul 30, 2012 3:39am Jul 30, 2012 3:39am
Turtle man, thanks for sharing, yeap I will check out the freebie M1 system you talk about. What about your demo work? That link you provided asked me to sign up with the trade explorer.
Riding the order flow
  • #6
  • Edited 4:01am Jul 30, 2012 3:58am | Edited 4:01am
Quoting Binyamin
Turtle man, thanks for sharing, yeap I will check out the freebie M1 system you talk about. What about your demo work? That link you provided asked me to sign up with the trade explorer.
Its a great way to solicit help and guidance from the pros on the site. Learn about the voucher system. If someone has vouchers they are more likely to be helpful as watching what they do. Most of them do not post demos.... too busy trading..hah But if you create a dialogue some are very helpful. As for my trade explorers I run 5 that I display
from amounts of 100K to 1K with the same goals 1 % daily.
I try to place a big trade idea daily in each with the correct size and then I practice scalping in the 1K account.

I am one of those early learners so take anything with its best intentions but its only me unless I share the source like I did with HH.
He is tried and true and if you do it it works I know for sure on that one
He is a nice chap with no motives or sales agend all he offers is free

One caveat do not I say do not jump the process.......
See a 3 ball confirm on the 15 minute then wait 5 pips above the 9 EMA Run it to the 2 or 3 ball shows on the other side.
Do not be surpised to see the 1 minute turn to 20 to 50 pips ... seriously
Also he provides all the indicators and EXperts
Good luck
From now on PM me so that we do not clutter the thread with personal stuff others are not so interested in
Trading Consultants Inc JJG
  • #7
  • Jul 30, 2012 4:09am Jul 30, 2012 4:09am
Quoting Turtle Man
One caveat do not I say do not jump the process.......
See a 3 ball confirm on the 15 minute then wait 5 pips above the 9 EMA Run it to the 2 or 3 ball shows on the other side.
Do not be surpised to see the 1 minute turn to 20 to 50 pips ... seriously
Also he provides all the indicators and EXperts
Good luck
From now on PM me so that we do not clutter the thread with personal stuff others are not so interested in
Thank you
Riding the order flow
  • #8
  • Jul 30, 2012 12:35pm Jul 30, 2012 12:35pm
The markets did move in the direction of my bias, but I expect it to move in that direction for the next few days. I will see how it goes.

As for today I found no setup that I will take, quite a typical scenario on a monday when the direction is not clear and the market tends to range. The closest thing today that I would trade is this 11:45 GMT 1st touch off the 15M 10 EMA but I didn't take it because I only trade the 1st 4 hours of the london and the NY session.

From what I see if the market decides to move it will move in the 1st few hours of NY and London, in between london and NY it will retrace. Same with NY session at the 4th hour.
Attached Image (click to enlarge)
Click to Enlarge Name: 7149848 Interbank FX Trader 4 - Demo Account - [AUDUSD,M15]_2012-07-31_01-30-00.jpg Size: 113 KB
Riding the order flow
  • #9
  • Jul 31, 2012 3:32am Jul 31, 2012 3:32am
I was at a meeting and miss this trade at 7:00 GMT.

15M double top, scoop down and retest with a M5 rejection.

It is not uncommon for me to miss trades because of my job. There is no reason for me to quit my job either since my job is paying more than my trading. This trade would have given me 0.5%. I shouldn't feel emotional even with a missed trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 7149848 Interbank FX Trader 4 - Demo Account - [AUDUSD,M15]_2012-07-31_01-30-00.jpg Size: 133 KB
Riding the order flow
  • #10
  • Jul 31, 2012 4:13am Jul 31, 2012 4:13am
Quoting Binyamin
I was at a meeting and miss this trade at 7:00 GMT.

15M double top, scoop down and retest with a M5 rejection.

It is not uncommon for me to miss trades because of my job. There is no reason for me to quit my job either since my job is paying more than my trading. This trade would have given me 0.5%. I shouldn't feel emotional even with a missed trade.
Trades are public transportation. Buses trains and planes If you miss one there is always another in not too much time later.
Trading Consultants Inc JJG
  • #11
  • Edited Aug 1, 2012 3:32am Jul 31, 2012 11:16am | Edited Aug 1, 2012 3:32am
My head of dept. told me I have to go offshore for a few months to help execute some projects.(I am in the oil and gas line) I will hate to go offshore and take time off trading. I won't be able to execute trades offshore due to bad internet connections.

What I plan to do offshore in my spare time is to spend 1-2 hours everyday analyzing pairs history seeing what I can learn to improve myself.

My only problem with trading is I can get too scared to take any trades or use less position size that I have planned, I will have to work on that issue. I plan to read trading in the zone while I am offshore. If I haven't made any psychological mistakes I could have about 12%-15% more profit this year.

The image bellow is where I will be staying in the next few months, an offshore production platform, an engineering marble in the middle of no where.
Riding the order flow
  • #12
  • Jul 31, 2012 11:35am Jul 31, 2012 11:35am
Charles Faulkner is a world known trainer of traders.
He teaches a process called NLP
I encourage you to get the book and use the time on the rig to get this series of exercises learned.
I am not promoting anything except I know that doing the exercises in this book changed my life by making me congruent with myself.
I examined goals values and reprogramed my brain Let me know how it works for you should you go forward

http://www.amazon.com/gp/product/068...ls_o00_s00_i00
Trading Consultants Inc JJG
  • #13
  • Aug 1, 2012 2:14am Aug 1, 2012 2:14am
Thanks Turtle will look for the book to read it.

AUDUSD- 15M 10EMA + 15M 200MA touch with M5 rejection of the 23 EMA

Scalped it for 6.5 pips +0.33%. I decide to take TP at the previous 15M high.
Attached Image (click to enlarge)
Click to Enlarge Name: 7149848 Interbank FX Trader 4 - Demo Account - AUDUSD,M5_2012-08-01_15-11-07.jpg Size: 163 KB
Riding the order flow
  • #14
  • Aug 1, 2012 3:13am Aug 1, 2012 3:13am
Posting potential "personally identifiable information" here.

Quoting Binyamin
My head of dept. told me I have to go offshore for a few months to help execute some projects.(I am in the oil and gas line) I will hate to go offshore and take time off trading. I won't be able to execute trades offshore due to bad internet connections.

What I plan to do offshore in my spare time is to spend 1-2 hours everyday analyzing pairs history seeing what I can learn to improve myself.

My only problem with trading is I can get too scared to take any trades or use less position size that I have planned, I will have to work on that issue....
  • #15
  • Aug 1, 2012 3:31am Aug 1, 2012 3:31am
Quoting kk007
Posting potential "personally identifiable information" here.
heh good point I don't mind people knowing who I am, then again I do mind actually mm, will take down that picture its a real give away!

Anyway took another trade in EURUSD 1st 15M 10 touch with M5 rejection. market went up to 6.7 pips just to turn around and hit my SL for BE. I don't think there was any error on my part.

From my limited experience August is a time where the market tend to range and with more fake outs. So my strategy this month(if I am still here) is to only take the 1st touch of 15M 10 and 35/50.
Attached Image (click to enlarge)
Click to Enlarge Name: 7149848 Interbank FX Trader 4 - Demo Account - AUDUSD,M5_2012-08-01_15-11-07.jpg Size: 150 KB
Riding the order flow
  • #16
  • Edited 9:07am Aug 1, 2012 8:44am | Edited 9:07am
I did say on monday that GBPUSD looks to me that it will go bearish for the week due to stated reasons. Well it did and it paid off

H1 10EMA, 15M 23EMA and M5 rejection. Scalp for a nice 14 pips with +0.7% TP was at daily S1. I still think there is more room to go bearish and will be watching out for it for the next 2 days.

So far I made 3 scalp trades this week with no losers yet.
Attached Image (click to enlarge)
Click to Enlarge Name: 7149848 Interbank FX Trader 4 - Demo Account - AUDUSD,M5_2012-08-01_15-11-07.jpg Size: 201 KB
Riding the order flow
  • #17
  • Aug 1, 2012 9:01am Aug 1, 2012 9:01am
As a scalper with some experience what work well for me is to anticipate probable trades before it happen. In scalping I don't have time to think, market won't wait for me. If I am late by a minute or even seconds sometimes the market can leave me and run its course without me.

So in order to react fast with confidence I have to see probable trades sometimes hours before it happen and decide there and then the conditions in which I will take the trade. Then when the setup arrive in x hours latter I can pull the trigger with confidence.

I notice that I chicken out from taking trades that I haven't fully thought through.
Riding the order flow
  • #18
  • Aug 2, 2012 2:19am Aug 2, 2012 2:19am
As pointed out by Naningbob, if you look at the weekly chart of any pair, the candle sticks tend to be full bodied bars compare to the lower time frames. Meaning, compare to lower TF the wicks for the weekly TF tends to be shorter with wider bodies (open and close).

What this means for us is, market tends to travel from one end at the beginning of the week to the other at the end of the week. So yes if you can determine the market direction on monday or tuesday you can pretty much ride the move for the rest of the week.

How I incorporate this information into my scalping is to determine the direction on monday or tuesday base on weekly/monthly pivots, previous S/R and market behaviour(trending or ranging) With these info at the beginning of the week I determine the market direction bias and scalp into that direction. Of course I have conditions on when my bias will stop.
Riding the order flow
  • #19
  • Aug 2, 2012 3:21am Aug 2, 2012 3:21am
Here is the point of interest in GBPUSD. Certain scenarios might play out during the NY sessions.

The confluences are DP, H4 10, H1 35/50 and RN.

GU is at the lower part of its range, and if weekly market theory holds, GU will not end its week up north but stay south of the range. Therefore it is likely that market will bounce at the confluence and go south.

3 scenarios can happen

1) Market don't touch that confluence
2) Market go to the confluence and react strongly south
3) As of typical GU behavior, market will test the confluence multiple times before moving south.
4) Market reach the confluence but continue north

I feel that it is safe for me to put a sell order at the confluence but I don't have the courage, I will scalp if the market gets there.

The other opportunity to scalp is to scalp GU if it gives any indication of heading towards that confluence. I know some people will grill me for buying into the confluence but IMO it is a safe trade especially with GU because this pair love coming back to this confluence once it gets near.
Attached Image (click to enlarge)
Click to Enlarge Name: 7149848 Interbank FX Trader 4 - Demo Account - AUDUSD,M5_2012-08-01_15-11-07.jpg Size: 180 KB
Riding the order flow
  • #20
  • Aug 2, 2012 11:53am Aug 2, 2012 11:53am
This is why I always get confirmation from the smaller TF and I never trade choros setups purely with just the higher time frames.

I was at a function and couldn't take any trade in NY but this is the reason why I look for more confirmation from the lower TF. I love it when the methods I use keeps me out from a failed higher time frame trade.

Scenario 4 occurred(arguably). But as I mentioned earlier a scalper could look for trades when the market was heading towards the confluence.

No trades today! But I enjoyed watching the market
Attached Image (click to enlarge)
Click to Enlarge Name: 7148875 Interbank FX Trader 4 - Demo Account - [GBPUSD,H1]_2012-08-03_00-43-41.jpg Size: 154 KB
Riding the order flow
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