Scalper

Me again,


I'm doing some tests now.

Seeing your first chart, can you confirm that the entries from the attached image are correct? If yes, there is one bad signal and other 2 goods, and may be the bad signal was some announcement or similar.

Thanks!

Hello guys, nice entry this morning on EJ - took 15 pips long from 58.

Thats my only entry this morning I am currently on the sidelines awaiting next entry... Looks to be low volatility this morning, not much movement so far....

I just remember that I have a friend that take similar entry on local forum. He usually scalp 5-15 pips, and enter after higher low for long and lower high. He trade with 1:1000 leverage, 2 standard lot on $500 account without SL and often average. Crazy guy with steel balls, I know that his success rate well above 90% I am able to replicate in demo but just couldn't pull the trigger on live account. His only monet management is to withdrew after his account tripled and keep his balance at 500. He burn account on monthly basis but his total withdrawals is huge.

Lost contact with him but I'll try to dig his myfxbook and post here if I could find it. Btw, as long as I remember he only use tma true and trade within after price exit tma and reenter. Maybe we could learn from him to filter bad trades.

PA is not very good this week, yesterday I was wiped out on gj short. It's happened quickly and after that price reach my tp, I want to reenter but couldn't pull the trigger.

I agree with you that PA was bad yesterday, I ended up being negative at days end unfortunately.

Its interesting you mention that your friend traded in a similar way. From what you mention, it would appear that your friend trades in a way that I have been considering recently. I find that if price has been outside the bands for an extended period of time, and remains outside then price is trending too strongly at that moment in time to attempt to counter trend trade it. I have had days where I have lost 3, 4 or even 5 in a row due to price bringing me into the trade, only to be taken out within the next 2 or 3 bars. Yes, eventually you will get a great entry and profit once price turns, but theres a chance that you will already have lost more than you stand to gain.
I think it may be best to try and look for pairs where price has been inside band, then moves out of the band, gives you an entry, and you trade it back into the band. I think trying to counter trend trade when price is trending too strongly and remaining outside the band is a recipe for disaster.

FXE, apart from the ADX, anything else you think would be of any help? Either through advice, or other indicators?

I am sure most of you who trade this method have ignored the key skill that I laid out in the 1st post right from the get go. I am sure it's even absurd to most of you, lol. You might want to go back and read it again and again and really absorb it and then go back and hit the charts to reflect back on your previous trades.. it just might do wonders as to how much less you would have been given away. you just might find it useful for such market conditions.
The fact is even our grand mothers could make some money in a bull market!! or at least not lose.
but what separates a great trader from the average and terrible one is in maximizing profit in the bull time and minimizing loss in the bear times.. that's all what trading is all to it.. and Market will not let you know ahead of time whats comping and things could change on a flip. Currency trading is dealt with money.. the whole world is built on MONEY.. one day is gov't shut down another day 911..
I you do not capitalizing big on good times you will not be profitable.. if you do not surviving the bad times for the least damage, you will not be profitable. Trading is not cut and dry, it can not be put a square box around it, you can not count on fix profitability time frame.

.. so it all boils down to this after all said above.. You can not change the market or economy or etc,.. what you need to do in order to come out ahead or for the market to pay you (bcz you should know by now that he is your BOSS and not the other way around), is to make yourself more valuable to the market place. That means and simply put is to become a better trader!!.. become a versatile trader, become a more informed trader, become superior at the necessary trading skills and learn variety of it. all this might just help you to ease down the damage in the bear market and make you excel in the bull market.

"Make yourself more valuable to the market place"


.. technical stand point.. sure why not here is couple of more indies I can suggest.. but before I do remember its a give and take.. it saves from one loss today and takes away a winner from you tomorrow.. it's nothing like a hands on skill, just as a reminder.
Try, stochastic oversold over bought.. Candle formation to spot weakness before entry.. I can go on..

entries at best are 50/50.. what you do after it, it's what counts.. and that's the "Art of the work"..
but what am I saying, its absurd to you all anyways.. lol .

god bless.

Great post bud.

I've inboxed you.

Hi
Just 1 question.

According to the original method your trade duration should be mainly less then a hour. in your trade explorer there are trades with 5-10-40 hour duration.
Have you changed something ?
I have checked the explorer after reading the post till the 9th page. Excuse me if i missed something described later.

Thanks,

Hi folks.. I just opened my own Journal and would be active in the link below.

http://www.forexfactory.com/showthre...20#post7066420

Hi folks.. it's been a long time I have not posted in here but looking to get back active with 2nd version or new method of scalping.

I guess there is some concerns spread around about low volatility/momentum less market which makes the shorter term trading more appropriate and lucrative. Personally it's routine for me to trade both short term/scalp and long term as for always.

This time around I would introduce a simple momentum/trend following method for picking small gains focusing on 8 major low spread pairs. Price action and couple of simple tools is all required. As always with me you will get a full visual TE, especially for this kind of quick in and out method with no time to post charts.. perhaps one of my depleted TE account, lol.

If there is enough interests I continue on for today otherwise I get out the details when I can..


talk at you later..

Looking foward to read your new scalping method. Market's are not trending, so for me would be a great help learning to scalp.

Hey FXE, welcome back, of course I'm interested in your new scalping strategy.
bring it on. Sparrow

Hello FXE,

Good to see some activity on this thread again guys...

The market is Definitely suffering from lack of sustained moves and low momentum at present...

As always, interested to observe any different methods to maximise any potential move the market makes...

I'll keep my eye open on this thread for any details...

FXE good to see you around, I shall look forward to this new set up

hi again to all.. good to see the old boys like FP and sparrow as I recall..

I am going to spit this out in a short time.. to get a quick start on your charts.. plot the 200 ema and the good old macd 6/14/0 setting..

stay tuned..

ok before i get the wording out I post a chart on a live trade on this off eu... the picture should explain a lot..

I call this the step method.. you got to have strong equal or grater steps..

This is a simple momentum following scalping method that I follow on 8 major low spread pairs..
(e/u-g/u-u/j-u/cad-u/chf-a/u-e/j-chf/j)

ema 200 and macd 6/14/0 are the tools...
ema 200 is just used to see direction of the current move.. first and for most we want a strong move striking away from 200ema.. to gauge that you can use the mac 6/14 also as to how it sticks out..
next.. simply we want a pullback... to gauge and trade with discipline we use the mac 6/14.. where we want it to turn to the opposite side and trade it in the direction of the recent move on its first close of narrow bar.
basically it's all price action move and pullback.. to make it more clear and something to go by or discipline it as a plan we use the two tools which I have set the settings of these tools to my needs of price action that I want.

now filtering... obviously your looking at a pattern.. your looking at a step pattern, clean HL/LH.. when pullback is too strong and breaks the previous HL/LH or pullsback to ema 200 or beyond it.. then most likely the strong establish momentum move has been weaken or diminished, therefore you disregard anything afterward.

I get some chart pic up from todays setups for clarity..

au setup presented today..

u/cad strong momo bear move.. pulls back relatively reasonable considering the initial move, still below the breakout level away from ema.. this one not so cleanly stepping though but good enough to get your 10 pips.

yesterdays eu action presented nice setups.. good looking strong clean steps..

we look mostly for one clean setup a day out of each pair.. when getting two a it's a bonus.. three, well I say be careful bcz it could be exhaustion time. I talk more about this stuff..

still some key stuff to cover.. i see if your still interested.. but the basics is covered.. ask questions..

by the way that eu live trade on first chart hit the estimated target as well..

today considers as a good solid scalping day for this simple straight forward method.. it has been fruitful with good clean signals and mostly winners.. as you see it's nothing secret about it for most part one can spot it with even naked eyes.