DislikedPersonally I think you have 1-2-3 up to your blue line then the 1-2-3-4-5 down to the low as you show it...That is what I think. For the following. Econ cycle and banks giving out money in the europe to make it move up. This will only work for a short time then they will haft to pay for that. When they haft to pay we will get the 1-2-3-4-5 down. Right now we are in the 1-2-3 up trying to make it out of the hole they are in. When it's clean they are fxxx and no way out....then we get the 1-2-3-4-5 down. That is how I see it playing out.Ignored
- #42,083
- Apr 4, 2013 11:02am Apr 4, 2013 11:02am
Well I do not scalp too hard to get the timing right for me. I can never get in and out correctly. As far as the current position I have. Well I have avg at 1.2771 and I have a stop at 1.2537 so that is about 250 ticks stop loss. I am looking for above 1.36 so that is 800+ ticks that would be 1:3 or so if it works out.
- be honest to yourself. If you donīt feel comfortable with scalping to begin with, take another opportunity - there are plenty!
- obv. donīt risk too much per trade (had 5 losses in a row yesterday. with 5% each that wouldīve been 25% - whichīd really hurt. I try to risk about 2-2,5% at max. (Sometimes I am week and make it 3/4% though - especially if I mess up the entry for some reason... GOT TO WORK ON THAT!
)- find a method which shows you EXACT, meaning with variation of 2-3 pips, the possible turning and/or breakthrough points. For me that is S/R- & Trendlines with fibonachi and partly confirmation through RSI & MA. Want to add daily & weekly pivot in the future.
- come up with a decent SL & TP method and STICK TO IT.
For me that is SL 8 pips TP 11 pips in general. If I see need for more room, I decide BEFOREHAND to widen the stop. But I always look for the TP before entering, taking care that it is
a) not behind one of my possible resistances/supports
b) not less than the SL so that I always maintain R:R >=1
The reason for b) is simply that I aim to be right at least 55% of the time. If I would take trades which are worse than 1:1 but win only around 50% of them, I end up burning money.
The rest of the pie is psychology, psychology, psychology. I make many mistakes there but I always try to make them only once (of course some things need more time to be "cured" ... )
As for position trading, Iīm not patient enough. You got my respect on that, Robby!
edit: one thing I forgot: Never, really never never ever ignore the higher timeframes as it is them who show the most significant pricelevels.
- #42,084
- Apr 4, 2013 11:13am Apr 4, 2013 11:13am
Well that is good you have a system that will work for you! I did try scalping 10 years ago. I tried what you are talking about, breakouts, tend-lines, etc, etc, etc. I could never nail the entry. This group in here has the entry down to a science! Most of the time. Like right now I have a scalp if you want to call it from down below at 1.2755 that I am thinking about taking profit on. Not sure to wait for a break of 1.29 or take it now. When I leave it I will be left with my 25 lots. While I have been holding this everone in here has been out in out in out and in probably short right now too if I am guessing right. Anyways, it is an art that you guys have for doing scalping. I do take my hat off to everyone who has managed to do it successfully!
Main things that make scalping (possibly, time will tell) profitable for me are: - be honest to yourself. If you donīt feel comfortable with scalping to begin with, take another opportunity - there are plenty! - obv. donīt risk too much per trade (had 5 losses in a row yesterday. with 5% each that wouldīve been 25% - whichīd really hurt. I try to risk about 2-2,5% at max. (Sometimes I am week and make it 3/4% though - especially if I mess up the entry for some reason... GOT TO WORK ON THAT!
- #42,085
- Apr 4, 2013 11:15am Apr 4, 2013 11:15am
- Joined Aug 2009 | Status: Trader | 2,576 Posts
WTW!!! WHY IS MY BUDDY SUSPENDED!!!! 
- #42,086
- Apr 4, 2013 11:29am Apr 4, 2013 11:29am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
where have you been
long time no see
long time no see
WTW!!! WHY IS MY BUDDY SUSPENDED!!!!
- #42,095
- Apr 4, 2013 11:44am Apr 4, 2013 11:44am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
no loss
no pain
no pain
SL was hit
- #42,099
- Apr 4, 2013 11:47am Apr 4, 2013 11:47am
- Joined Dec 2010 | Status: Trader | 18,740 Posts
today is over.
we will look for tomorrow.
so far so good not sure if able to make new dly today before tomorrow reports...may test it ...getting os (oversold) i/d