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Fast Scalping System

  • #1
  • First Post: Edited May 10, 2013 5:23am May 9, 2013 1:08pm | Edited May 10, 2013 5:23am
Hello fellow traders!

Aren't you tired of spending lots of time analysing the chart just so the price can go agains you no matter how well you think you placed your trade? Because I am. It's easier to trade when you have enough money to sustain drawdowns, but if you are like me, you don't!
So what do you do in this case? The answer is: You time your entries good and you take your profit fast! That means you trade on the lower timeframes, and that means scalping.

So I want to share with you a good scalping system that I have put together. Let me show you what contains:
- A 50 SMA
- A trendline indicator for confirmation
- Daily pivots for Support and Resistance

We don't use any oscillator as they are pointless. We use Price Action!


How to trade:
- Trade on M1 or M5 timeframes only! Any bigger timeframe is useless with this system because of the pullbacks.
- Trade only after London open to NY close, don't trade Asian session as there are small moves.
- Obviously, don't trade against the main trend. Check M5 to see where the price wants to go after London open.



Rules:
- First check the color of the trendline. After it changes get ready.
- If you see a strong price push wait until the first candle closes above/under the 50 MA.
- After that open a position and check the chart closely on M1.

Remember, if you are a scalper you must be quick! Don't wait for big moves, take your profit fast.
Don't trade mechanically only by indicators, they are there only assist you not trade for you!

Close your position when you see the price touching an Support/Resistance line, it shows a reversal or when it just stalling around for too much time.
Of course you must pick the pairs with the lowest spread.


Here's the today's chart on EURUSD
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm1.png Size: 42 KB


54 pips before NY open.


Read the posts for charts and explanations.


These are the indicators and the template. Use Scalpline4 if your broker has 4 digits or Scalpline5 if your broker has 5 digits.

Attached File(s)
File Type: ex4 Scalpline4.ex4   9 KB | 3,819 downloads

Attached File(s)
File Type: ex4 Scalpline5.ex4   9 KB | 4,838 downloads

Attached File(s)
File Type: ex4 PivotsDaily v2.ex4   6 KB | 3,860 downloads

Attached File(s)
File Type: tpl scalper4.tpl   3 KB | 2,913 downloads

Attached File(s)
File Type: tpl scalper5.tpl   3 KB | 3,599 downloads
“A year from now you will wish you had started today.” -Karen Lamb
  • #2
  • May 9, 2013 1:51pm May 9, 2013 1:51pm
Hi Bogdan,
Your system looks simple. I like that and I will test it to morrow.
  • #3
  • May 9, 2013 2:02pm May 9, 2013 2:02pm
Quoting bogdan89
Hello fellow traders! ...
Interesting. But I have 3 questions:

1. according to your rules, points with the red arrows would have been good entries. Why did you not enter or consider entering?

2. according to your rules, point with the green arrow would have been correct, wouldn't it?

3. what stop loss do you use?

I'll try.

Happy pips

gonso
Attached Image (click to enlarge)
Click to Enlarge Name: why_not.PNG Size: 59 KB
  • #4
  • May 9, 2013 2:10pm May 9, 2013 2:10pm
Quoting gonso
{quote} Interesting. But I have 3 questions: 1. according to your rules, points with the red arrows would have been good entries. Why did you not enter or consider entering? 2. according to your rules, point with the green arrow would have been correct, wouldn't it? 3. what stop loss do you use? I'll try. Happy pips gonso {image}
First, what you have marked is not a strong confirmation, as I said don't go blindly in a trade just on the indicator cross. You can put a 10 pips max stoploss, and if the price goes against you for more than that it's not a good trade anyway.

The green arrow entry would be correct only if the Pivot line is broken.

Try on demo before going live!

Good luck!
“A year from now you will wish you had started today.” -Karen Lamb
  • #5
  • Edited 3:16pm May 9, 2013 2:43pm | Edited 3:16pm
I'll explain the chart more clearly

Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm1.png Size: 53 KB



Always be careful at price action and waves! Not all the swings are firmly so you must wait for the clear ones.

And another thing. Sooner or later the price will touch the Moving Average(that's why it's called moving average) so the wider the gap between the price and the MA, the more chance there is that the price will come back to it.
“A year from now you will wish you had started today.” -Karen Lamb
  • #6
  • May 9, 2013 5:18pm May 9, 2013 5:18pm
If it weren't for the time of day (preAsian) I would enter a buy on eurusd and the eurjpy..but best to wait!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusdmm5 fast scalp.png Size: 31 KB
Click to Enlarge Name: eurjpymm5 fast scalp.png Size: 29 KB
  • #7
  • May 9, 2013 5:26pm May 9, 2013 5:26pm
Quoting bogdan89
Hello fellow traders! Aren't you tired of spending lots of time analysing the chart just so the price can go agains you no matter how well you think you placed your trade? Because I am. It's easier to trade when you have enough money to sustain drawdowns, but if you are like me, you don't! So what do you do in this case? The answer is: You time your entries good and you take your profit fast! That means you trade on the lower timeframes, and that means scalping. So I want to share with you a good scalping system that I have put together. Let me...
can you show to us, your real trades ?? you are showing the pic that from your point of view someone should go in a trade... let us showh your real entries, so that we could studie tha chart..

We need to see your trades live, not the picasso, pics .....
  • #8
  • May 10, 2013 2:18am May 10, 2013 2:18am
Quoting bogdan89
I'll explain the chart more clearly {image} Always be careful at price action and waves! Not all the swings are firmly so you must wait for the clear ones. And another thing. Sooner or later the price will touch the Moving Average(that's why it's called moving average) so the wider the gap between the price and the MA, the more chance there is that the price will come back to it.
Hi,

Clear and concise. Thanks a lot.

I agree with you fully: no system is good if you follow it blindly.

Happy pips

gonso
  • #9
  • May 10, 2013 2:31am May 10, 2013 2:31am
One trade after London open today

Attached Image (click to enlarge)
Click to Enlarge Name: LO.png Size: 33 KB


Attached Image (click to enlarge)
Click to Enlarge Name: shortentry.png Size: 34 KB


Attached Image (click to enlarge)
Click to Enlarge Name: profit.png Size: 32 KB
“A year from now you will wish you had started today.” -Karen Lamb
  • #10
  • May 10, 2013 3:24am May 10, 2013 3:24am
This system would be even more better if you took out both scalpline and MA. Then use just pivots and trendlines Enter on the third touch of a trendline. The more lines your chart has the more obscure and clouded your decision making process. When you scalp you have to be very quick. So don't let your brain f**k up the trading with unneeded things on the chart. Always use SL.

Good luck.
For my fallen angels.
  • #11
  • May 10, 2013 3:42am May 10, 2013 3:42am
Nice trade on EU. Used SR from m5, entered on M1. Is this how its done Bogdan89?
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-05-10_0941.png Size: 41 KB
  • #12
  • May 10, 2013 3:44am May 10, 2013 3:44am
Quoting Big_A
This system would be even more better if you took out both scalpline and MA. Then use just pivots and trendlines Enter on the third touch of a trendline. The more lines your chart has the more obscure and clouded your decision making process. When you scalp you have to be very quick. So don't let your brain f**k up the trading with unneeded things on the chart. Always use SL. Good luck.
I don't agree, you need some side confirmation of a strong move.
“A year from now you will wish you had started today.” -Karen Lamb
  • #13
  • May 10, 2013 3:47am May 10, 2013 3:47am
Another trade on EURUSD

Attached Image (click to enlarge)
Click to Enlarge Name: eurusdm1.png Size: 37 KB
“A year from now you will wish you had started today.” -Karen Lamb
  • #14
  • May 10, 2013 3:49am May 10, 2013 3:49am
Quoting Rexz
Nice trade on EU. Used SR from m5, entered on M1. Is this how its done Bogdan89? {image}
It's a good trade, but you should wait and see if the price gets through the support first.
“A year from now you will wish you had started today.” -Karen Lamb
  • #15
  • May 10, 2013 3:53am May 10, 2013 3:53am
Quoting Big_A
This system would be even more better if you took out both scalpline and MA. Then use just pivots and trendlines Enter on the third touch of a trendline. The more lines your chart has the more obscure and clouded your decision making process. When you scalp you have to be very quick. So don't let your brain f**k up the trading with unneeded things on the chart. Always use SL. Good luck.
IMHO, you are describing naked trading. It is not better nor worse. Just a different way of trading.

Somehow, I am not able to trade without indicators, but too many indicators overload the screen and make trading impractical, at least for me.

The good thing I see in this system is that there are only two elements in the screen: SMA50 and scalpline (well, and the pivot line). So the screen is quite clean. And that's why I am going to try this.

As I say, not better nor worse. The aim is to feel confortable with what you use... and have profits.

But again, this is my point of view.

Best Regards and Happy Pips to all

gonso
  • #16
  • May 10, 2013 3:53am May 10, 2013 3:53am
Quoting bogdan89
{quote} It's a good trade, but you should wait and see if the price gets through the support first.
Ahh ok. On that quick pullback that took us to the MA, did that ring alarm bells to you? or was you still expecting a down move?
  • #17
  • May 10, 2013 3:54am May 10, 2013 3:54am
hi bogdan

nice and simple strat!
i got in on the 2nd trade as well.

just a question, on the M1 chart, let say price broke support or resistance,
do u wait for that candle to close?
or enter once it break S/R?

thanks!
  • #18
  • May 10, 2013 3:59am May 10, 2013 3:59am
Quoting david1234
hi bogdan nice and simple strat! i got in on the 2nd trade as well. just a question, on the M1 chart, let say price broke support or resistance, do u wait for that candle to close? or enter once it break S/R? thanks!
A support/resistance break isn't always a clear one. You should wait and see what the price does, and if there's an aggressive price push through it that means a higher chance.
“A year from now you will wish you had started today.” -Karen Lamb
  • #19
  • May 10, 2013 4:01am May 10, 2013 4:01am
Quoting Rexz
{quote} Ahh ok. On that quick pullback that took us to the MA, did that ring alarm bells to you? or was you still expecting a down move?
There were the signals that the price would go down, but you entered just above the support, which isn't a good idea. As you saw the price pulled back a bit, that could have been a reverse move.
“A year from now you will wish you had started today.” -Karen Lamb
  • #20
  • May 10, 2013 4:11am May 10, 2013 4:11am
Have another question It's in the image.
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-05-10_1009.png Size: 42 KB
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