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Scalper

  • #61
  • May 15, 2013 3:30am May 15, 2013 3:30am
Quoting FXEmpire
{quote} Thanks for your useless input no offense, and people are free to listen to your suggestion. However, please take the time to read the 1st post in full and understand before making suggestions, as the main point of success i suggested is pointed to risk control. If to trade like a robot like most people like you do, then it's true.. by letting the 50 pips sl to be hit like a ding dung, purpose of 50 pips sl is to be away from the heat in the early stages of the trade to see if its going to find it way to profit target and if not sl will be...
50 pips sl on 1min TF...you got to be kidding me ....stay away..
  • #62
  • May 15, 2013 4:12am May 15, 2013 4:12am
Quoting arogantrader
{quote} 50 pips sl on 1min TF...you got to be kidding me ....stay away..

lol.. plz do stay away, good god.
Passion, Persist, Patience, Protect
  • #63
  • May 15, 2013 6:17am May 15, 2013 6:17am
THis is very interesting strategy. I got +24+24+21+20=89 pips total. Entered on the pink vertical lines as per the rule by FXEmpire. My exit was on the opposite TMA band.No stoploss.
Attached Image (click to enlarge)
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  • #64
  • May 15, 2013 6:21am May 15, 2013 6:21am
Quoting mario777
THis is very interesting strategy. I got +24+24+21+20=89 pips total. Entered on the pink vertical lines as per the rule by FXEmpire. My exit was on the opposite TMA band.No stoploss. {image}
oh my goushhhh, did you say no stop loss!!.. you will get crucified.. lol

well done.. nice ping pong action.
Passion, Persist, Patience, Protect
  • #65
  • Edited 7:10am May 15, 2013 6:58am | Edited 7:10am
some real good opportunities today i thought to post charts and explanations for you.. I got involved on 3 of the 4 good signals but banked good enough on two and bailed early on the gu bcz i had to run out.

now checked out.. all these trades at the time of trigger were look like they are trending.. but as you see now they have turned like a none trending pair.. so now after the fact, you would look at the eu trade which is not a winner and say this one was inside a trend and i should look for a way to filter this one out.. lol.. you get my point!!.. the fact is if you try to filter that one then your should have no business to take action on other ones which are winners.
so to make it short and to the point.. the best filter for scalping is your skill and ability post trigger to identify the loser quick and cut them short.. sure sometimes you will be late or PA might turn on you a bit quicker for bigger loss but still will be out weights by your winners and the extra chances you have given yourself to be in more action and more chances of profit.
now, you might say, what if all or most of my trades turn as a fake out.. ok, its a solid concern.. but the game of trading is the game of probabilities... think about what you got at hand, and ask yourself how often price is trending and how often not?.. its safe to say it trends less than half the time at best and the other half and more is in none trending mood.. and when it is trending it does not move in straight action.. it retraces.. so you got that also working for to either make your profit on larger retrace or on medium retraces to control the risk according to my exit strategy rules (eu as a example with a loss under 5pips) for lesser loss or a BE result. there is more i can talk about this stuff but maybe another time if it requires or you all are interested.i thought to share this as a eye opener for the ones who are interested in this thread to know the details and philosophy behind it.
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Passion, Persist, Patience, Protect
  • #66
  • May 15, 2013 7:20am May 15, 2013 7:20am
Live counter trade on eu..
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Passion, Persist, Patience, Protect
  • #67
  • May 15, 2013 7:35am May 15, 2013 7:35am
Quoting FXEmpire
Live counter trade on eu.. {image}
quick 10 pips out on 1st initial sign of trouble taking into account that maybe eu's "trend" is a bit strong..
but look.. its safe to say this counter trade was on the full strength of eu 5m trend in the eyes of many.. but with well predefined planing you can easily control the risk.

this was live display for your confidence..

ps) but hey look what happen to me when i put too much weight on "Trend".. lol
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Passion, Persist, Patience, Protect
  • #68
  • May 15, 2013 7:51am May 15, 2013 7:51am
Hi ,

My name is Kelly , want to post my trades for today to share out to this thread . I have read the strategy and see whether i done it correctly.
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  • #69
  • May 15, 2013 8:08am May 15, 2013 8:08am
Quoting kellypero
Hi , My name is Kelly , want to post my trades for today to share out to this thread . I have read the strategy and see whether i done it correctly. {image} {image} {image}
Hi Kelly.. just checkout your trades.. your entries are fine.. but on the risk control part, your sl on the first trade is a bit wide as you should not lose no more than 12 pips give or take on this one ( you may have a large spread, which could be the cause).. but to be sure you will need to set your sl 3.3 pips right below the against mac/candle spot.

about double down.. no comment, only to say be careful.. its personal and not advised in this thread by me.

overall you did well.. be happy to see more of your live trades.



ps) I advise to not scalp with large spreads.. use ecn broker with very small spread/commission combo. for example my spread on eu is a floating which averages around less than .5 pips on pairs like gbp/jpy is about avg 1.5 pips where in most regular brokers the spread on this pair is 5-8 pips. anything above 1-2 spread is too much and effects the mechanic of the work.
Passion, Persist, Patience, Protect
  • #70
  • May 15, 2013 11:08am May 15, 2013 11:08am
Quoting FXEmpire
{quote} Hi Kelly.. just checkout your trades.. your entries are fine.. but on the risk control part, your sl on the first trade is a bit wide as you should not lose no more than 12 pips give or take on this one ( you may have a large spread, which could be the cause).. but to be sure you will need to set your sl 3.3 pips right below the against mac/candle spot. about double down.. no comment, only to say be careful.. its personal and not advised in this thread by me. overall you did well.. be happy to see more of your live trades. ps) I advise to...
Hi FXE,

Thanks for your advice . Will be careful on my SL ,
Yes , u r rite about my spread . I be planning to use ECN broker , on the other part will practice more on demo .

Will post my trades more to share .

Thanks .
  • #71
  • May 15, 2013 12:59pm May 15, 2013 12:59pm
Quoting mario777
THis is very interesting strategy. I got +24+24+21+20=89 pips total. Entered on the pink vertical lines as per the rule by FXEmpire. My exit was on the opposite TMA band.No stoploss. {image}
Only the first entry on your screenshot is per the rule by FXEmpire.
Entry 2,3 and 4 closed inside the TMA.

On post#1, the Entry rule says
Quote
-Entry: Buy on the close of the first bullish narrow mac bar candle on a bearish/os tma.. and vice versa for sell. Price must clearly separate itself from the band by at least one candle, prefer to have a visible gap, and the entry point bar candle to be outside of the band as well.

Maybe my understanding is wrong because english is not my native language ?

I wonder why FXEmpire said
Quote
well done.. nice ping pong action.

FXEmpire, would you mind to clarify the Entry rules ?
Or is there a new rule which says: You can enter inside the TMA bands if your gut feeling is telling you to do it ?
  • #72
  • May 15, 2013 1:42pm May 15, 2013 1:42pm
Quoting fxtr51
{quote} Only the first entry on your screenshot is per the rule by FXEmpire. Entry 2,3 and 4 closed inside the TMA. On post#1, the Entry rule says {quote} Maybe my understanding is wrong because english is not my native language ? I wonder why FXEmpire said {quote} FXEmpire, would you mind to clarify the Entry rules ? Or is there a new rule which says: You can enter inside the TMA bands if your gut feeling is telling you to do it ?
fxtr..
my entry rule is what i have mentioned in my 1st post and does not change.. you would hardly see me take action on "just a reaction to the band".. i like to see Price extend beyond it before taking a shot at.
gut feel or playing ping pong are also valid and praise-able if one can consistently make money however not within the rules of my thread but sort of close to the strategy we use here.. so based on above, I say "well done".
.. and your English if fine mate, go barcaaaaa..
Passion, Persist, Patience, Protect
  • #73
  • May 15, 2013 1:43pm May 15, 2013 1:43pm
Quoting kellypero
{quote} Hi FXE, Thanks for your advice . Will be careful on my SL , Yes , u r rite about my spread . I be planning to use ECN broker , on the other part will practice more on demo . Will post my trades more to share . Thanks .
great to have you around..
Passion, Persist, Patience, Protect
  • #74
  • May 15, 2013 2:14pm May 15, 2013 2:14pm
today's action created some really solid setup all around which most turned to be winners. GU was the best pair out of the four, just short of awesome.. i thought to post it for you.
and please don't think i only like to show winners as i think the losers will help you a lot more as to how to control the risk better.. but simply today there were no significant loser.
Attached Image (click to enlarge)
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Passion, Persist, Patience, Protect
  • #75
  • May 15, 2013 5:02pm May 15, 2013 5:02pm
Quoting FXEmpire
{quote} fxtr.. my entry rule is what i have mentioned in my 1st post and does not change.. you would hardly see me take action on "just a reaction to the band".. i like to see Price extend beyond it before taking a shot at.
Thanks for clarification.

Everybody can do what he likes to do, sometimes it is great to
trade reversals at the center line of TMA True, sometimes in a consolidation area it is great
to trade from upper band to lower band and vice versa like playing ping pong.

Just wanted to make sure I understood your rules correctly.
  • #76
  • May 16, 2013 1:28am May 16, 2013 1:28am
already busy trading involved on two trades getting the blood pumping early in the day.. lol

i want to show you guys a example of slick exit which happened live now on my ej trade.. as a major section for risk contol and big difference maker in the bottomline at end of the week, month. I get the picture ready and post it in a few.
Passion, Persist, Patience, Protect
  • #77
  • May 16, 2013 1:52am May 16, 2013 1:52am
ok watch the chart.. short valid counter trade on ej.. tuned out to be a fo as the opposite candle bar against arrived as i have marked.. quickly sl with 3.3 pips buffer sets.. now safe to say that sl is over 7pips and around 12 pips to be exact.. so we go after slick exit before sl take out.. the two red candle's are your resume back.. at this point you must ignore everything that comes to your head but your plan of exit.. raiser sharp to exit for lesser damage and preferably a BE exit.. which in this case could be easily done.

so first comes the HEAT (the against candle).. then comes your stone cold action for exit (the resume back). must recognize it quick and act on it and nothing in between what so ever.

What you don't want to do at this point is to fall into illusion and hope that resume back to continue in your favor and reach your target.. you make that exit by sticking to your plan...
.. ladies and gentleman this is called scalping with full control.. don't give rats ass about what happens afterward even if runs to the moon.. your job is to execute the plan to the best of your ability and the pips will come. there is plenty of opportunities especially for one who scalps.

I hope it serves well.



by the way i am long on gu atm..
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Passion, Persist, Patience, Protect
  • #78
  • May 16, 2013 6:09am May 16, 2013 6:09am
Hello FXEmpire,

Thanks for sharing your system.
In this image there were other setups that you didn't take. Can you please explain why?

Thanks,

Quoting FXEmpire
today's action created some really solid setup all around which most turned to be winners. GU was the best pair out of the four, just short of awesome.. i thought to post it for you. and please don't think i only like to show winners as i think the losers will help you a lot more as to how to control the risk better.. but simply today there were no significant loser. {image}
  • #79
  • May 16, 2013 9:22am May 16, 2013 9:22am
Quoting Ghadeer
Hello FXEmpire, Thanks for sharing your system. In this image there were other setups that you didn't take. Can you please explain why? Thanks, {quote}
bcz of working time..
Passion, Persist, Patience, Protect
  • #80
  • May 16, 2013 10:08am May 16, 2013 10:08am
Hello FXEmpire

I do find your trading idea interesting.
But especially when trading countertrend demands a disciplined MM.
Your 325:1 leverage and floating loss of 44% in a single trade is suicide.

When this Trade Explorer acount (for demonstration purpose, I know) is vanished,
try again with a max leverage of 10:1
I do hope your thread survives

Best wishes
finnsol
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