What you mean by scalping? What time frame you have in mind? 5min, 15min, 30min, 1h?
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i don't exactly know the tf but i know some level from where prices take bounces and rejection
like i knew well in advance 1.3099 is strong res and i know 3040ish is sup and now i see between 3073/75 ish to 3103 ish and then 3145ish then back to 3103 or 3073 or 3043 then again 3075/77 to 3145 to 3270ish to 3360ish
if you are good at scalping these are numbers for you to consider long/short/long/short
Wolves don't lose any sleep over the opinion of the sheep.
what do u mean by scalping actually?
buying at 12.45 and selling at 12.47 or is it more about intraday trading....????????,
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To me, what I mean by scalping, is like some of the traders on here, who are in and out of trades, every hour. Over and over. But like with everything else, same words (scalping) with different definitions, to different traders.
To me, what I mean by scalping, is like some of the traders on here, who are in and out of trades, every hour. Over and over. But like with everything else, same words (scalping) with different definitions, to different traders.
usually 10 pip or less target , on some pair it go up to 20 pips with very tight /sl (3 ~5)
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Yes, here we have 2 approaches....
I'm more like ExtraPips on that one, i cant manage tight SL. I'm more about having a reasonnable position, with reasonnable SL (according to price noise)
Then if things go wrong, i have lot of room to average my position and get back on my feet. (most of the time)
i don't exactly know the tf but i know some level from where prices take bounces and rejection
like i knew well in advance 1.3099 is strong res and i know 3040ish is sup and now i see between 3073/75 ish to 3103 ish and then 3145ish then back to 3103 or 3073 or 3043 then again 3075/77 to 3145 to 3270ish to 3360ish
if you are good at scalping these are numbers for you to consider long/short/long/short
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There is no difference between trading a daily or the 1 minute chart, scalping the shorter TF's you need better infrastructure and quicker reaction times for yourself.
Price don't care nor knows what TF you use.
The great majority are rarely capable of thinking independently.
OK, take your time mate. I know you are busy. It can be even answered over the weekend. I was asking in general terms not this one specific.
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The most important question you have to continuously ask is WHY? In a sense, our lover boy who's probably now crying over his defunct stop loss grave was right. None of this works.. Lines, fibs, levels etc. However, those are points where one should pay attention, but not take a trade based on them... Yes, the sharks do gun for them and fake the crap out of us there.. but there's still a way if you understand that everybody wants to make money, and not only that.. they want to make the most possible.
So back to the question of why. Each move sets up the next one. If you're in a trade, fine, but even so I always ask why are they doing this... Look at the price right now. it's at 79 as I type.. It went down, but it turned before the NY session low.. Why didn't they take it all the way there? Two reasons, they're either done with this leg down, or they want a better price to short into it and maybe lower.. Either way, that told me to book profit, and move on to the next trade.
So back to maximizing profit.. Watch each session (my sessions are based on stock exchanges times, not fx).... There's a dance between them, and also a fight, more like a game of chess.. Why did I say, this will be a down day or at least we're not going to go too far up? That was last night.. TY was taking it up from 3055... It meant London was very likely to take it down. They do talk to each other and I'm positive the Nipponese knew that.. What's best than make money on the long, and then short, go to sleep and let London bring you back to where you started and making you money in the process.. Then London sold until they couldn't sell anymore, so they switched.. Did you notice where the price was when NY came online? A little bit over the half way back to where they started.. So they waited for NY to both take it up.. London was happy to end up where they started and NY was happy with a better price to short from..
Levels, predictions are not worth much (some trade them though and are successful. I can't because I don't give my trades more than 3 pips SL. I did explain how I'm doing that about 2-3 weeks back), unless we THINK. You see, we have to think unfortunately, there's no way to trade this thing mechanically. Maybe there is, but that's debatable..
Back to your question, on my m15 I see a triple top.. The conventional wisdom says sell the double top, buy the triple, and what did the price do? It dropped from there because it was lse close and all the other reasons when we reached it again.
This is a general overview, we can get into price action as we move along..
The most important question you have to continuously ask is WHY? In a sense, our lover boy who's probably now crying over his defunct stop loss grave was right. None of this works.. Lines, fibs, levels etc. However, those are points where one should pay attention, but not take a trade based on them... Yes, the sharks do gun for them and fake the crap out of us there.. but there's still a way if you understand that everybody wants to make money, and not only that.. they want to make the most possible.
So back to the question of why. Each...
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Really agree on the bold part. Indicators are just tools. One always need to have very conservative approach when using them, especially if using high-leverage.
Then on the underlined part (NY and London), i would be more mixed about it. Sometimes news mess this process quite a lot, especially over the past months, where every EU summit, ECB/FED release, etc... was able to create large disturbances in PA.
Really agree on the bold part. Indicators are just tools. One always need to have very conservative approach when using them, especially if using high-leverage.
Then on the underlined part (NY and London), i would be more mixed about it. Sometimes news mess this process quite a lot, especially over the past months, where every EU summit, ECB/FED release, etc... was able to create large disturbances in PA.
Just my view.
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Of course.. It's not as simple as written in a couple of words, but it still has to do with the question WHY.
This is a general overview, we can get into price action as we move along..
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Thanks for taking the time mate, I have to re-read and analyse what you are trying to point out. There are ways to systematically trade this crap but it does need a lot of effort and experience. I want to write a simple algo of my own to be honest just to be detach emotion from my trading. Many thanks again...
Edit: I am still holding my shorts @3088 and aim for 3050s...
