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

  • #61
  • Oct 11, 2012 6:11pm Oct 11, 2012 6:11pm
Just took a short on the aussie 30 seconds ago..

Here is the chart.

@ 1.0255 riding it down to 1.0220ish

ill explain logic.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd30.gif Size: 26 KB
There are those who know, and there are those who don't know.
  • #62
  • Edited 6:30pm Oct 11, 2012 6:13pm | Edited 6:30pm
Quoting palabara
Just took a short on the aussie 30 seconds ago..

Here is the chart.

@ 1.0255 riding it down to 1.0220ish

ill explain logic.
Attachment
With this chart Can clearly see.. How its been.. making Higher lows! its like a step ladder.. I'd assume its going to go down even lower but thats not how I play the game.. set a goal go with it.. no news for aussie tonight so its all with technical and as long as no surprises cya on the downside. 30 pips will be nice profit from this!
There are those who know, and there are those who don't know.
  • #63
  • Oct 11, 2012 6:58pm Oct 11, 2012 6:58pm
Palabara, great thread. Signing on.
After 2 years trying i am still trying. I have done a lot of hard things in my time, being an old fart, but this seems the hardest. Your approach makes so much since as you are trying to read the market and get into the mind set of the big players.
Have you ever used Nanningbob's recovery system?? The couple dozen times i applied same in demo to break even worked 100% each time.
Further what are your thoughts or experience with Renko bars instead of time frame trading??
JJ
  • #64
  • Oct 11, 2012 7:08pm Oct 11, 2012 7:08pm
Quoting palabara
That is a very valid strategy V.

It works pretty good,, but suggestion when it does that try to draw a line as to make it as support or resistance.. it will make it easier to track and trace for later especially if its making a comeback. So you know to either play the break or sell/buy the bounce.

Question for you.. How much on average do you grab per position?
I will have to pull up some charts and take a look at what you mentioned here. I think I got what you're saying but not positive.

As for avg pips won... I avg between 12 and 15 pips per position per trade. But the thing about that is it's an avg. Because I have find a way that works for me to cut my losers and let my winners run a bit this is what becomes the avg.

I shoot for 2 good trades per session then I'm done. No need to over trade :-)
Nothing is impossible, with a willing mind!
  • #65
  • Oct 11, 2012 7:15pm Oct 11, 2012 7:15pm
the Australian dollar made one more run towards 1.0270 My suspicion it was a stop-hunt for all the shorts that are build up.

The euro also made another attempt at a run towards 1.2940 but not as momentum as the Aussie did.

Got to love dealers and their stop hunts.. if nothing else.. its a better place to grab a short but, I'm over booked with lot sizes. I'll ride out this short storm from our favorite individuals.

To answer a question.. How do I know this was a stop run.. the aussie has been making higher lows..and everyone is ready for a move down hell its no secret.. dealers.. see all the "stop-losses" when they see a cluster of them.. they put a big large size position in to cause the market to shoot up or down to knock those stops that they hedged against they knock the stops and slowly liquidate the positions lowering the market gradually back to where it was before this run.. almost a ninja technique.

You don't know when its going to happen.. but most of the time it happens in markets with not a lot of liquidity. Aka Asia session.

I'm still riding short.. I'm both on the Euro and on the Aussie I will update with end results, and anything else that comes along the way.
There are those who know, and there are those who don't know.
  • #66
  • Oct 11, 2012 7:23pm Oct 11, 2012 7:23pm
Quoting JumpJack
Palabara, great thread. Signing on.
After 2 years trying i am still trying. I have done a lot of hard things in my time, being an old fart, but this seems the hardest. Your approach makes so much since as you are trying to read the market and get into the mind set of the big players.
Have you ever used Nanningbob's recovery system?? The couple dozen times i applied same in demo to break even worked 100% each time.
Further what are your thoughts or experience with Renko bars instead of time frame trading??
JJ
Welcome aboard Jack.

First let me start by saying.. Keep working on it.. success doesn't come over night. It took me 8 years before I started hitting consistent profits. That's depressing to hear, I know.

I have not used.. Nanningsbob's recovery system.. I have not used Renko bar. I just looked it up to get an idea what it is.. Not something, I have came across.

I prefer.. Support and Resistance above anything else.. thats my foundation of my type of trading.. a lot of people think Support/Resistance is unrealistic. but, if its unrealistic.. How come.. out of 20 trades I only had 1 losing trade?! Support and Resistance is a psychological... YES there is nothing that actually most of the time sits behind it.. because its all "orders" that people place.. but this orders are market movers.

Support and Resistance should in MY opinion be a principle of any trading strategy. With that said, my advice would be try whatever you using to incorporate a solid foundation of support and resistance that works with your strategy and then build around it.
There are those who know, and there are those who don't know.
  • #67
  • Oct 11, 2012 7:26pm Oct 11, 2012 7:26pm
Quoting Trader_V

I shoot for 2 good trades per session then I'm done. No need to over trade :-)
That's very important.. never over trade when you feel you accomplished your goal go do something the beautiful principle of forex.. you have freedom!

More importantly.. as long as your winners always surpass your losing trades you always are ahead. The way I like to try and think about it.. as Overhead instead of losing.. because losing is more negative.. but if you say it was an expense of doing business, then its more justifiable and less negative which doesn't hurt our ego's.

So if you say I made this profit minus this expenses this is my revue.. it doesn't sound as "I Lost" and it does wonders psychologically makes you feel better at which point makes for better decisions.

Just wanted to toss that out there.
There are those who know, and there are those who don't know.
  • #68
  • Oct 11, 2012 7:35pm Oct 11, 2012 7:35pm
Here is the chart from earlier

I have labeled it.

Attached Image (click to enlarge)
Click to Enlarge Name: audusd30.gif Size: 35 KB
There are those who know, and there are those who don't know.
  • #69
  • Oct 11, 2012 7:54pm Oct 11, 2012 7:54pm
Just a quick snap shot to show what we have been talking about in regards to the last 15 min of the HR.
Attached Image (click to enlarge)
Click to Enlarge Name: SC-1.jpg Size: 73 KB
Nothing is impossible, with a willing mind!
  • #70
  • Oct 11, 2012 8:02pm Oct 11, 2012 8:02pm
And the follow up for the close of the HR
Attached Image (click to enlarge)
Click to Enlarge Name: SC-2.jpg Size: 90 KB
Nothing is impossible, with a willing mind!
  • #71
  • Oct 11, 2012 8:16pm Oct 11, 2012 8:16pm
Quoting kentashiburo
I'm a scalper too, but I would not call 17 pips scalping
in and out with 2,3 pips is what I look for, and once in a while if placed at the right place and time, you can let one go for 20 and more
Exactly

The definition of scalping can be pretty broad, but 30 minute charts, a couple of trades a day etc, "scalping"? What a joke
  • #72
  • Oct 11, 2012 8:28pm Oct 11, 2012 8:28pm
Quoting havaiana
Exactly

The definition of scalping can be pretty broad, but 30 minute charts, a couple of trades a day etc, "scalping"? What a joke

Anyone can do.. however they feel like doing and label it whichever way they want. The bottom line is that people worry about things that have nothing completely to do with making money!

I don't care if or you or anyone else trades 1 trade per day and calling it scalping -- as long as money is being made.

Thats my bottom line. Joke or not.
There are those who know, and there are those who don't know.
  • #73
  • Oct 11, 2012 8:34pm Oct 11, 2012 8:34pm
Quoting palabara
I don't care if or you or anyone else trades 1 trade per day and calling it scalping -- as long as money is being made.
i'm going to leave your thread in peace. But the above is not scalping, it's making a trade a day and being profitable. If i make 100 trades a day for the spread can i call it swing trading as long as money is being made?
  • #74
  • Oct 11, 2012 8:35pm Oct 11, 2012 8:35pm
Good thread Palabara, Thank You for sharing with us...
  • #75
  • Oct 11, 2012 8:38pm Oct 11, 2012 8:38pm
Quoting havaiana
Exactly

The definition of scalping can be pretty broad, but 30 minute charts, a couple of trades a day etc, "scalping"? What a joke
but while we're on subject.. let me educate everyone what "scalping" was its not about grabbing a few pips.. back in the day.. when you had dealing desks.. Dealers would all offer diffrent prices.

because there was no being connected to the ECN.. So what would happen someone who is very good and quick would have 3 diffrent brokers up.. would see 3 diffrent prices.. you would take in a position with the broker that is the lowest key spread from the other broker and then the price would gap, to reflect the actual price.

Reason it happened it was not automated..

So people would take advantage of this and it would be called scalping. You don't do it like that anymore.. now you catch the trend and do everything else.. Dealers used to hate you tricking them and would requote you all the time.. unable to execute your trades it was a battle between dealers and scalpers. any dealer who still uses dealing desks will say no scalping, or block your trades.

Scalping now is a dead breed you can't scalp anymore the Proper way.. because 90% of brokers use ECNs EVEN if they hedge against you.. they'll still stream ECN prices..

So to say to be POLITICALLY correct.. There is no such a thing as scalping anymore.. even if you get in grab a few pips thats defined as a scalp.. because the amount of time and pips you grab but NOT the true defintion of what a scalp was.. when it was first being done.

with that said.. it really dosn't matter if you scalp or day trade. or whatever the hell you do to be honest.. For me its most important to actually make money.. and I don't care whats the label for it is.
There are those who know, and there are those who don't know.
  • #76
  • Oct 11, 2012 8:44pm Oct 11, 2012 8:44pm
Quoting palabara
the Australian dollar made one more run towards 1.0270 My suspicion it was a stop-hunt for all the shorts that are build up.
What is your stop loss? Is it exact number, mental stop loss, or when indicator say its a loss.
I still working for my stop loss, someone say for a scalper one day loss equals to five day profit.
  • #77
  • Oct 11, 2012 8:48pm Oct 11, 2012 8:48pm
I disagree with your post but I'm not going to waste my time or yours or any one elses by picking it apart.

The point i'm trying to make is

firstly, if someone wants a thread for "scalpers to share thoughts, ideas, and plays", they will have to start a new thread because there is none of that in here.

secondly, some newbie could want some information on scalping and do a search and think what is contained in it might be something remotely related to scalping and it's not. Instead of learning something informative he/she is now misinformed.
  • #78
  • Oct 11, 2012 8:49pm Oct 11, 2012 8:49pm
Quoting havaiana
I disagree with your post but I'm not going to waste my time or yours or any one elses by picking it apart.

The point i'm trying to make is

firstly, if someone wants a thread for "scalpers to share thoughts, ideas, and plays", they will have to start a new thread because there is none of that in here.

secondly, some newbie could want some information on scalping and do a search and think what is contained in it might be something remotely to scalping and it's not. Instead of learning something informative he/she is now misinformed.
Then lets agree to disagree.. and if you feel im misleading then by all means you can start a thread and offer proper information.
There are those who know, and there are those who don't know.
  • #79
  • Edited 9:17pm Oct 11, 2012 8:52pm | Edited 9:17pm
Your both correct, i remember when stocks used fractions instead of decimals. The denomination of 1/16, or a spread of 6.25 cents made it easier to scalp before 2001.
“Every single day, ordinary people do extraordinary things"
  • #80
  • Oct 11, 2012 9:12pm Oct 11, 2012 9:12pm
Quoting koi99
What is your stop loss? Is it exact number, mental stop loss, or when indicator say its a loss.
I still working for my stop loss, someone say for a scalper one day loss equals to five day profit.

That's a good question. fairly enough there is no easy answer.. for me. I don't have a subjective stop-loss..

I don't like actually puting a stop loss as in physical because.. I don't want to be flagged.. It is very risky, because if the market gaps or anything like that, I can be screwed very easily, not something I recommend.

I use S/R for stop losses.. such as a break above/below. Hence when I get into a position.. I try to do it very close to those levels.. I measure the distance between entry and the S/R where if it go's against and breaks.. that i cut the position.

now, at the same time, I try to factor things as quickly as possible.. sometimes choices are smarter sometimes they are not. Everyone has their own diffrent way of putting stop.. this was the biggest issue for me to overcome in my years of trading, but the biggest thing is to cut the position when it neccessary.. and to not allow your draw downs to go down.

Now in terms of scalpers.. scalpers differ from individual to individual how they place stop/loss also scalpers vary from individual to individual.

Some scalpers back in the day we're "gunslingers" they used small accounts high lot sizes..

so what do I mean.. They would start an account size with $1000 and would make $30,000 in a month... they would take 2-3 pips.. at $100-$1000 per pip as the account grows so does their position sizes.

This was years ago.. when we had dealing desks.. and no regulation on forex. NFA was pretty much there just for looks they did no regulation what so ever.

So they would execute the trades within seconds and cut within seconds..

Other scalplers would do.. 30 trades within 2 hours. usually NY Session from 8 Am to 10 Am.. so out of 30 trades if he had 20 winning and 10 losing he would be ahead..

stop/loss would differ from few pips to max 10 pips.

The way I do stop/losses is something that I was able to control in terms of being comfortable with it and also being profitable.. Its something that everyone have to be able to develop on their own, and find a happy balance, in my opinion.
There are those who know, and there are those who don't know.
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