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Scalpers Lounge: for scalpers to share thoughts, ideas, and plays

  • #21
  • Oct 9, 2012 1:35pm Oct 9, 2012 1:35pm
Quoting Mindsphere
Hey palabara. I actually stopped trading for a while to focus on something that was actually making me money. I always liked scalping, but never managed to achieve constant profitability. I remember watching the Asian and European markets for hours on end.. ahh memories

I'm curious about the basis for your above statement regarding the real money being at 1.2910. A quick glance at the charts doesn't reveal anything to me. What am I missing?
first I hear ya.. I've been doing this for so many years.. When I started back in 2001.. after losing few grand my first week.. I vowed to never give up on this.. here we are now lol! Damn stubborn nature, but after years, I finally achieved full time status.

with all that said.. From my nice sources.. I was notified that there was real money buying on those levels.. I'll even reveal them lol its Forexlive.. and they never mislead you.. when it comes to information like this.. As soon as they put out that there is real money, I knew it was going to pull back.. because a drop this big a barrier.. would equal to people taking profit.. you can always count on greed! as people take profit it would cause it to pull back which would cause people to go long and accelerate the move, at which point it didn't go as fast as I assumed, but it did get there before NY session open!

I've been doing this for so long the euro is like my bastard son! I know the psychology, the mentality, its just like anything else in life you've been doing something long enough you get good at it or get out.

Right now, i am going to ride back from 1.2870 back to 1.2890 for 20 pips. its hit rock at 1.2858 right now.. so its close to support it won't breach it anytime soon(next hours).. its going back up to 1.2890. Once again.. I've got my money on it.
There are those who know, and there are those who don't know.
  • #22
  • Oct 9, 2012 1:47pm Oct 9, 2012 1:47pm
I just want to point out that.. I am wrong at times.. I am not a psychic.. nor do I have crystal balls.. but notice what I do.. I try to put myself near S/R points for example.. 1.2858 is a support point.. I've gotten in at 1.2870.. thats 12 pips.. if it drops below that. I'd X out the position that's 12 pips. Plus 1 to let it get to 1.2858..

I say.. take profit at.. 1.2890 that's 20 pips +/- a few thats a risk reward ratio.. its different then how most people do it.

key thing in trading ALWAYS HAVE A PLAN! Don't just enter the market and "ride it out" Always have a plan!

Now another scenario with this.. You can always do is.. once it crosses X amount can place S/L at BE.. so if nothing else.. you'll safe guard and won't lose anything won't gain anything. With that said You can always.. take less higher position the scenarios are endless.

Personally.. I don't use S/L where I put them out.. I don't want my broker and stop hunters to see how I position them.. SO i sit here and watch it myself.. is it riskier? absolutely. Do I recommend it?! Use your best judgement in how you feel the need to trade.
There are those who know, and there are those who don't know.
  • #23
  • Oct 9, 2012 1:58pm Oct 9, 2012 1:58pm
Now while on on this educating training people mode..

The most 2 important things in trading.. for me are..

Consistency.. and Accuracy.

#1 Consistency...

If you are not consistent.. then how are you suppose to?! get anywhere.. if you work in a place and your company constantly can't preform on the same level.. or manufacture on the same level? if the results are always different then how is anything suppose to be accomplished/presented/sold/done?!

It is important that if you are serious about trading like this you have to be consistent! Now you can be consistently Losing that's perfectly fine if you are in fact consistently losing. Why is it good to be constantly losing?! Because you are being consistent.. if you do the exact same thing and you get the same result and they are losing but you do the same thing! and you keep losing that's an easy fix! you just examine what your doing wrong and fix it and then do it the same way again after its fixed.

if you are lose/win/win/win/lose/lose/win/win/win/win/win/lose/lose/lose/lose

that's inconsistent you can't successfully trade like this.. means you are changing things up as you are going along and getting mixed results. biggest thing in this game.. Most people flip flop strategies.. flip flop how they do things.. you'll get different results and you'll never be able to fix what your doing because you change it. If you got a losing strategy.. you can fix it.. anything can be fixed but keep doing the same thing.. don't change change change and then expect different results where you constantly making money because the first snap and you'll change what was working.

Now Accuracy.. When I first started trading and years after... I used to just open a position and be like giddy-up.. then I used to get upset it go into 30 pips drawdown.. 50 pips drawdown.. and id be like I wish i got it on this level then id be.. +30 right now or +50 right now.. and then I kept doing the exact same thing.. I was consistently bad. At that point.. I used to think it was bad and kept changing it, but still was consistently bad.

Accuracy is important! you want to get to where you will sustain the least amount of draw-down possible, its not easy accuracy takes time.. you don't become an expert shooter first day on the range..

You need to gain consistency and then work on accuracy constantly trying to get into that zone where you are at least hitting the target. There is no magic pill for accuracy it just takes time and precision.
There are those who know, and there are those who don't know.
  • #24
  • Edited 2:29pm Oct 9, 2012 1:59pm | Edited 2:29pm
so we are roughly 8 pips away from my objective right now.. Lets see what happens next!

Update: So we're trading now.. 1.2878-1.2880 we have another hour. and 50 mins before Asian session begins.. 10 pips is not unrealistic for it to achieve before 5 Pm.. but.. if anything will see how close it reaches and will decide if to take it then.

Update#2: upon further investigation.. 1.2883 will be the first bump in the road to cross.. right now after hit 1.2883 the euro has slid back down and resting at 1.2872. once 1.2883 is crossed target will be achieved.
There are those who know, and there are those who don't know.
  • #25
  • Oct 9, 2012 2:38pm Oct 9, 2012 2:38pm
Attached Image (click to enlarge)
Click to Enlarge Name: euro scalping.gif Size: 50 KB



So here is a crappy drawn image of.. a simple Scalp Strategy

very simple..

all you do is.. Use a Momentum indicator in this case.. its MACD.. you can set it to the same values.. I have it..

Then next step is Plot S/R on every level that it hits.. and finds support.. I.E your not looking for Key Support/Resistance your just looking for any levels that it has bounced from!

Upon those bounces you know that a break.. through will cause price movement.. NOW.. the key is.. THIS is just for scalping!!

YOU can use 1M - 15M TF.. I use.. 30M TF..

Upon a break.. you can scalp few pips!.. Key is discipline and practice and don't be greedy! if you want to be a scalper.. "scalp" take a few pips upon a break of either level and GET OUT.

This chart is for Last nights/Todays Activities!
There are those who know, and there are those who don't know.
  • #26
  • Oct 9, 2012 3:53pm Oct 9, 2012 3:53pm
Quoting palabara
so we are roughly 8 pips away from my objective right now.. Lets see what happens next!

Update: So we're trading now.. 1.2878-1.2880 we have another hour. and 50 mins before Asian session begins.. 10 pips is not unrealistic for it to achieve before 5 Pm.. but.. if anything will see how close it reaches and will decide if to take it then.

Update#2: upon further investigation.. 1.2883 will be the first bump in the road to cross.. right now after hit 1.2883 the euro has slid back down and resting at 1.2872. once 1.2883 is crossed target will be achieved....
I have booked 10 pips -- a bit below my goal.. But, I am going to look for re-entry into this position again upon a dip.
There are those who know, and there are those who don't know.
  • #27
  • Oct 9, 2012 6:59pm Oct 9, 2012 6:59pm
Long live scalpers!!!!!!! LOL

Nice thread and the post about the strategy is really big for anyone who is just getting into this business.

Patience, Discipline and Desire combined with being consistent and doing the same thing over and over again will help you find success.

Cheers!
Nothing is impossible, with a willing mind!
  • #28
  • Oct 9, 2012 8:39pm Oct 9, 2012 8:39pm
Quoting palabara
Attachment


So here is a crappy drawn image of.. a simple Scalp Strategy

very simple..

all you do is.. Use a Momentum indicator in this case.. its MACD.. you can set it to the same values.. I have it..

Then next step is Plot S/R on every level that it hits.. and finds support.. I.E your not looking for Key Support/Resistance your just looking for any levels that it has bounced from!

Upon those bounces you know that a break.. through will cause price movement.. NOW.. the key is.. THIS is just for scalping!!

YOU can use 1M - 15M...

hi palabara
do you mean trading range or trade break out supp / resist at m30
thx salaam
  • #29
  • Oct 9, 2012 8:51pm Oct 9, 2012 8:51pm
Quoting mr.kho
hi palabara
do you mean trading range or trade break out supp / resist at m30
thx salaam
Hey, salaam

In this case, I mean trading a break.. I think for a beginner trading a break would be easier then trying to trade a range. In the example, the S/R are not key level once so the moves upon those breaks would be smaller, but for a scalper they would be perfect. Now, spreads is key need to trade with a tight spread to make the most of it.

Now with all of that said practice is key.. If you can consistently show profit over loss.. not how many wins/losses but profit over loss! there is a diffrence.

Then with time and discipline up the position size.
There are those who know, and there are those who don't know.
  • #30
  • Oct 9, 2012 8:54pm Oct 9, 2012 8:54pm
Quoting Trader_V
Long live scalpers!!!!!!! LOL

Nice thread and the post about the strategy is really big for anyone who is just getting into this business.

Patience, Discipline and Desire combined with being consistent and doing the same thing over and over again will help you find success.

Cheers!
Thank you,

Seems like the scalpers are either a dieing breed or going into the shadows. The market is so choppy now that scalping/short term trading/day trading is the way to go.. Long term with so many uncertainty, its like trying to gamble your money over a long period of time, no matter how many technicals you can look at in terms of long day to many variables. In my opinion at least.
There are those who know, and there are those who don't know.
  • #31
  • Oct 9, 2012 8:59pm Oct 9, 2012 8:59pm
I'm fishing right now on the euro..market is trading sideways.. its range trading between..low 1.2950 in the session and high/open 1.2986 -- I'm in for 10 pips run and then come back during london.
There are those who know, and there are those who don't know.
  • #32
  • Oct 9, 2012 9:02pm Oct 9, 2012 9:02pm
Looking forward to reading this thread. Been scalping myself for 2 1/2 yrs, EUR/USD on 30 sec time frame. Use price action and MA's to enter, use tight stop loss and trailing stops for profits. Finally starting to consistently be profitable over last severalonths. Unfortunately I blew out a couple of accounts while learning the trade, so now I am trading a tiny account. If I continue to be profitable thru the end of this year, I plan to fund a larger account.
  • #33
  • Oct 9, 2012 9:20pm Oct 9, 2012 9:20pm
Quoting palabara
Hey, salaam

In this case, I mean trading a break.. I think for a beginner trading a break would be easier then trying to trade a range. In the example, the S/R are not key level once so the moves upon those breaks would be smaller, but for a scalper they would be perfect. Now, spreads is key need to trade with a tight spread to make the most of it.

Now with all of that said practice is key.. If you can consistently show profit over loss.. not how many wins/losses but profit over loss! there is a diffrence.

Then with time and discipline...
The key with trading breaks figuring out when to get in and out. I tried for a long time to trade range breaks with nothing but losses to show for my trouble. Any advice on high probability range break setups?
  • #34
  • Oct 9, 2012 9:32pm Oct 9, 2012 9:32pm
Quoting Mindsphere
The key with trading breaks figuring out when to get in and out. I tried for a long time to trade range breaks with nothing but losses to show for my trouble. Any advice on high probability range break setups?

It comes to.. time of day -- trend direction -- momentum. Things need to line up.

So if the trend is bearish.. if this Support area has been tested and not broken before and its a session with momentum in it.. then need to grab the break.

Now you are not the only one who's looking for this opporunity -- depending on the "strength" or momentum.. other short term traders are doing the same thing as soon as that push happens and it breaks through orders get executed.. it runs and then first wave of profit taken happens which already kills the momentum..

So you need to antcipate after a break that momentum will lose its speed.. with that said.. need to look for and see if there is "buy orders" in this case of our bearish example.. because with losing momentum and enough buy orders it would cause the move to fade and the fade would bring more buying and that break is gone with the wind.

To play the game.. you need to play it from a point of pscyhology.. you are waiting for a move.. whats next?! what are the forces that are driving my move.. what are they thinking -- planning.

Most people forget to realize.. that every time you take money someone else.. loses money.. this market is so liquid that.. we think we are playing against a computer.

Every time you sell someone buys and everytime you buy someone else sells.. this causes all the price flactuations.

Now, when to many people sell it go's down to many buy it go's up.. on the euro the forces shift by small %..So when 45% buy and 50% sell thats 5% move..

but then you have weight in it.. out of the 5%... how many are mini's?! How many are corperations.. How many are hedge funds!? The weight of this move.. who is leading it whos the big dog? who are the puppies..

Its a lot of variables in every transaction in every move is full of someone else doing the exact same thing your doing. Plan it out, and look at it from a diffrent prespective..

For example.. ever notice.. Resistance for example might be at 1.2910.. but it never seems to reach when its running up it turns away at 1.2900 or 1.2902?

Because, everyone liquidates there positions.. So whos everyone?! well the experianced people know that.. its not going to reach so they are first to bail.. so their lot sizes are probally higher weighted.. then you also don't forget dealers play this game.. they can lead others to belive into false breaks and hunt for stops.. So they might trick a small buying frenzzy or selling one.. cut their big positions and leave everyone else to sink..

Problem is with forex is nots transaprent.. we can't measure volume and lot sizes otherwise.. this market be doing tsunami's. We'd see someone selling huge lots.. we'd all be selling.

But, try to imagine what go's on behind the scenes.. watch the price and put the peices togather, you'll see a whole diffrent mechanism.
There are those who know, and there are those who don't know.
  • #35
  • Oct 9, 2012 10:21pm Oct 9, 2012 10:21pm
Quoting Salestrainer
Looking forward to reading this thread. Been scalping myself for 2 1/2 yrs, EUR/USD on 30 sec time frame. Use price action and MA's to enter, use tight stop loss and trailing stops for profits. Finally starting to consistently be profitable over last severalonths. Unfortunately I blew out a couple of accounts while learning the trade, so now I am trading a tiny account. If I continue to be profitable thru the end of this year, I plan to fund a larger account.
Welcome Aboard -- make sure that you confident and ready to go when you fund the larger account! Feel free to share your plays and ideas
There are those who know, and there are those who don't know.
  • #36
  • Oct 9, 2012 10:23pm Oct 9, 2012 10:23pm
so asian session is quite busy for the Euro..range has extended and caught me by suprise.. I think its going to retrace back to where it was prior to the fall.. seeing as that it has found a floor here and unable to move forward for now.
There are those who know, and there are those who don't know.
  • #37
  • Oct 10, 2012 1:21am Oct 10, 2012 1:21am
so euro is trading @ 1.2860 -- I belive that the next move will be up.. As far as, I can tell right now.
There are those who know, and there are those who don't know.
  • #38
  • Oct 10, 2012 1:46am Oct 10, 2012 1:46am
One of this days.. I'm going to stop trading Asia session and waisting hours of focus.
There are those who know, and there are those who don't know.
  • #39
  • Oct 10, 2012 1:50am Oct 10, 2012 1:50am
when we get to 1.2880 there is buyers over there which will give a boost up..so if its already moving up + additional buyers will see a move back into 1.29xx -- Btw peoples.. You can throw in your ideas/suggestions/outlooks into too!
There are those who know, and there are those who don't know.
  • #40
  • Oct 10, 2012 2:02am Oct 10, 2012 2:02am
From a big drop since last week, I don't think E/U will go up just yet. It has to have ranging period. I'm more be careful with the longs.
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