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  • #782,981
  • Apr 4, 2013 11:13am Apr 4, 2013 11:13am
it's unusual to see such a big EW start right after lunch, but that's a pretty clear prolonged 4th wave we're in now - could easily extend to 2965 (61.8 ext) or 2986 (76.4 ext) - both poss allow w3 to be largest (CORRECTION: actually w5 could go to 3000+ since it is only req'd that w3 not be the smallest)
  • #782,982
  • Apr 4, 2013 11:13am Apr 4, 2013 11:13am
Quoting EuroTrader
I see 1.2900 at least ... all the fears about Cyprus bla bla bla disappear :nerd:
This morning fears about Cyprus and the fact that Draghi say at the beginning of his discourse that the things don't look good make the EUR to plunge.
But after that Draghi say that Cyprus is nothing to EUR and ECB and all country in EU will fight for the EU make EUR strong (the BOJ also contribute).
  • #782,983
  • Apr 4, 2013 11:14am Apr 4, 2013 11:14am
Use proper indicators for scalping. I like to use envelopes combined with macd and adx. When you configure the right setup its easier. And of course you should use stop loss. Unless you don't care about your money...
  • #782,984
  • Apr 4, 2013 11:14am Apr 4, 2013 11:14am
Quoting thestarting
Exactly what i needed to hear. Thank you. I got caught on a short earlier this morning (stupid i know) But if had a SL i would of gotten out for a max of 5 to 10 pips instead of 34. It was my mistake for letting the trade run up on me...now to figure out how to setup SL on scalping sessions is my next homework.
You get with a broker that allows for an extra decimal placement like fxdd. eg.. 1.29000 vs another broker that only allows for 1.2900
This will allow you to tighten sl's and trade m1 charts.

If you are looking for a strategy to use sl's on scalp's, just use hh ll placements on m1 charts. Other than that there is no answer, it is called money management.
Know when to hold em, Know when to fold em!
  • #782,985
  • Apr 4, 2013 11:17am Apr 4, 2013 11:17am
This is a simple bullish stance based on a large expected Non Farms.

EUR Strength is expected after the comments from BOE ECB and FED.

Look for 50% retracement sell off if the Jobs data is on par with expectations or less. 1.2740 to be tested for a third time and broken next week.
  • #782,986
  • Apr 4, 2013 11:19am Apr 4, 2013 11:19am
I`m looking hard for a way to protect me from the WTF days! When I found it I`ll be a milionare!
  • #782,987
  • Apr 4, 2013 11:21am Apr 4, 2013 11:21am
Quoting Tom_D_Trader
Tyrant, I have to disagree here. Euro was falling because it is in deep sovereign crisis, which was yet again reignited by events in Cyprus. Although you are right ECB cutting rates leads to inflation and therefore to weakness of EUR, you are looking at wrong timeframe. Sure, monetary easing results in inflation, but it takes quite some time before money reach the economy, and sometimes (like now) they never reach it and end up in stocks and bonds. Say, it takes like year+ or so (very roughly saying as it varies a lot). So in effect monetary easing...
tom, you do know the immediate effect of interest rate cuts happen to be this?
if ECB cuts rate, EURUSD falls, simples but after 1-2 quarters when the interest rate goes down the piplines, lower interest rates would encourage lending and increase GDP growth, leading to a re-increase in the currency's value...

so a cut in interest rate, has this chronological effect, Immediate: Volatility, Short Term, Falling currency, Long term(after 1-2 quarters) Rising Currency...

Perhaps you not familiar with the how the J-Curve works when interest rates get cut....
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #782,988
  • Apr 4, 2013 11:23am Apr 4, 2013 11:23am
Quoting doggette
I got up late but yes had a good day. I've been waiting for this retracement to begin for aaaages, like two weeks or so. But I still had my demand level at 27650. I closed the first test of it yesterday after UK close. Then today when Draghi was talking, it seemed to me that 2750 was being defended. At one point it even poked its head above 2775 so I figured I should put the buy limit order back again at 65 just in case it ends up working out. Tbh I wasn't sure it was going to hold, but it was worth the chance. I had my level, I got it, blah. S/D...

yes all good thanks.

I was long over night but with a TP so only got 120 from that, went long this morning for 113 then some shorts for around 50, then i went out

Came back a little while ago into a long which I closed and reversed as posted a little while back.

so nice day, great PA in terms of structure and predictability.

now if we can just get a retrace going
  • #782,989
  • Apr 4, 2013 11:24am Apr 4, 2013 11:24am
Quoting thestarting
Any scalpers in here? I know this might be kinda out there but i was trained to never use a SL if youre scalping...anybody scalp around here with some good tips?
That is actually a very very bad practice... who taught you that?? if you're scalping you must be using tight stops.... not open stop... what if a news event hits you in the face... when do you know is the right time to get out?
Your method of not using SL to SCALP is the BEST way to burn an account.... drop that habit cuz its gona kill you one day.
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #782,990
  • Apr 4, 2013 11:25am Apr 4, 2013 11:25am
Quoting mry2001
what is ITM? I am going to hold long until stop out.
ITM = In The Money

OTM = Out of The Money

Not that you would guess it but I hate to type
Trade smaller than rational because the market is irrational...
  • #782,991
  • Apr 4, 2013 11:26am Apr 4, 2013 11:26am
Quoting fxtyrant
That is actually a very very bad practice... who taught you that?? if you're scalping you must be using tight stops.... not open stop... what if a news event hits you in the face... when do you know is the right time to get out? Your method of not using SL to SCALP is the BEST way to burn an account.... drop that habit cuz its gona kill you one day.

Thanks for these words! means a lot
  • #782,992
  • Apr 4, 2013 11:27am Apr 4, 2013 11:27am
Quoting Tom_D_Trader
Tyrant, I have to disagree here.
Just more to the topic. You would be right if we werent dealing with banking sector liquidity squeeze. Understand, banks in EU lost so much thanks to a) mortgage crisis 2007 b) sovereign crisis running now. So they are really in need of cash and monetary stimulus gives them option to invest and gain lost strength.

If they had money and markets behaved normally, you would be right and some of excess cash would flow to SMEs through loans and would result in inflation and lower EUR value.
"I know one thing, that I know nothing." Sokrates
  • #782,993
  • Apr 4, 2013 11:27am Apr 4, 2013 11:27am
Quoting fxtyrant
That is actually a very very bad practice... who taught you that?? if you're scalping you must be using tight stops.... not open stop... what if a news event hits you in the face... when do you know is the right time to get out? Your method of not using SL to SCALP is the BEST way to burn an account.... drop that habit cuz its gona kill you one day.
I hyper scalp and dont use SL. Trade smaller than rational in a pyramid both long and short at the same time.

But thats how I roll. No blown accounts in over 18 months.

If you dont use SL your MM better be good. I have a program for that but everyone here has heard that before from me.
Trade smaller than rational because the market is irrational...
  • #782,994
  • Apr 4, 2013 11:29am Apr 4, 2013 11:29am
Quoting thestarting
Thanks for these words! means a lot
ive been a scalper before and i realize the fact i need to stay in front of the computer 24/7 is not exactly my thing.. thats why i slowly moved to trading daily charts where i only need to look at the chart once a day.. that is when daily candles open, luckily for me thats 10PM GMT right before bedtime.
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #782,995
  • Apr 4, 2013 11:29am Apr 4, 2013 11:29am
I have three long orders targeting 1.3300.

Day 26th March - Long at 1.2860
Day 27th March - Long at 1.2768
Day 28th March - Long at 1.2822

Currently i am +390 pips, how great is that!

The further was going down, more i was buying it. We had a falling knife that started at 1.3700, almost hitted 1.2700 (1000 pips).That was too much to me, but since the patterns started to form i took action.
Work smarter,not harder
  • #782,996
  • Apr 4, 2013 11:31am Apr 4, 2013 11:31am
Quoting fxtyrant
ive been a scalper before and i realize the fact i need to stay in front of the computer 24/7 is not exactly my thing.. thats why i slowly moved to trading daily charts where i only need to look at the chart once a day.. that is when daily candles open, luckily for me thats 10PM GMT right before bedtime.
AMEN fxtryant. There is no free lunch. Scalping requires dedication to the screen. I am self employed and work from home.

When I go to Hot Mama's at night I have a laptop set up on a TV table (like what the senior citizens use to eat on) that I can use while we are sitting on the couch.

I get up in the middle of the night to check the action. You have to be dedicated.
Trade smaller than rational because the market is irrational...
  • #782,997
  • Apr 4, 2013 11:35am Apr 4, 2013 11:35am
Quoting fxtyrant
so a cut in interest rate, has this chronological effect, Immediate: Volatility, Short Term, Falling currency, Long term(after 1-2 quarters) Rising Currency...
Well yeah, you are right. But imo not in these market conditions. Really talking especially about that banking sector liquidity squeeze. They wont give away any cash they get.
"I know one thing, that I know nothing." Sokrates
  • #782,998
  • Apr 4, 2013 11:35am Apr 4, 2013 11:35am
Quoting EuroTraderJD
AMEN fxtryant. There is no free lunch. Scalping requires dedication to the screen. I am self employed and work from home. When I go to Hot Mama's at night I have a laptop set up on a TV table (like what the senior citizens use to eat on) that I can use while we are sitting on the couch. I get up in the middle of the night to check the action. You have to be dedicated.

The pyramid method trading is interesting to me. Do you know some more information on it? Thanks in advance.

When i scalp i trade the 5 into the 1H chart.
  • #782,999
  • Apr 4, 2013 11:39am Apr 4, 2013 11:39am
Gold low may be in now... i have a line at 1545... if it retests that.. use the low as an SL for a medium term entry 1760ish
  • #783,000
  • Apr 4, 2013 11:40am Apr 4, 2013 11:40am
Quoting fxtyrant
ive been a scalper before and i realize the fact i need to stay in front of the computer 24/7 is not exactly my thing.. thats why i slowly moved to trading daily charts where i only need to look at the chart once a day.. that is when daily candles open, luckily for me thats 10PM GMT right before bedtime.
That's what I'm working on. The daily candle opens for me right after supper. Plan my trade, then trade my plan. And let it run, while I go do something else. A lot less stressful.
Time turns trend. - W.D. Gann
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