Scalp, scalp, scalp

values,overall market structure uniformed and controlled.a steady ship at present

ref; 03.35 London time

long from daily average 16172 ,minimal risk ,looking at converged prices 91 to 99.

stop at b/e

stopped b/e

back in long better price 66

stop at b/e 66,

both longs had 10 pips scalps,im tasting the stall point from the overall values

stopped b/e

long from the daily average 72 level take 4

stopped out _ 5,

not having a good day here

short on cable from the daily average

im cutting and running with my 13 pips,my days been testing so happy to finish with regaining some + pips

nice work

thanks max,

needed a pick me up ,

Hi diceman, I like your trading style, but I dont fully understand how you decide when to enter a trade, could you please explain that or direct me to the post if you have already explained it?
Thanks

I like to execute my trades in the 5 mins although my reason for entry is based on bigger time frames from H1 to D1, just like u. Now the problem is my trading is sound except when events like NFPR comes in and everything goes haywire. After all, there are news events everyday. I try to avoid these as best as i can but still get caught sometimes. How should i avoid these and for how long should i stay out? Any opinion?

hi bullseye jem,

there is news and news.my advise would be to establish what news has in general has the most inpact.as you have stated in your question nfpr can dramatically effect your position.if that news was in your favor you would not ask the question,but you and i never know the outcome.for example if you had a short position which was in positive pips leading into a news release you are at risk.you have two choices ,close your position and wait for the outcome or bring your stop tight and protect your positive pip count.

you see the problem is even if the news supports your position the liquidity is pulled out gradually leading into major releases.the spread opens up.on release price will gap to the liquidity often in the opposite direction .it will bye its natural instinct fill the new demand were ever it sits.if you believe you know those levels then its possible to take advantage of this,but its bloody hard and personally best left to those with more information than we have.

but the good thing from news release is the increase in volatility ,after all thats what we want.i study the price after the news to determine its effect.and it is not always the outcome the news suggests it should be.you see theres a bigger picture ,bad news today can enable more informed to take advantage of the less informed of this injection of fresh liquidity based on necessity or the fact better news follows tomorrow.what a conundrum !!!

let the price dictate your position

hi akurs,

thats a big question .

after ive slept i will answer in detail.

food for thought,

would you risk a long position ,considering the range ,the average price ,the two extremes of the range and the break of trend line at the low end of the extreme point of range,some trades need to be taken and worthy of risk,if wrong then the reversal trade for break of range .

the most important thing and more vital to success is risk,most people loose in this game because of there misunderstanding of risk.the maths will always win.you need to skewer the maths.the entry point is important but risk protection is vital.

not directed at you just talking aloud,will answer your question tomorrow

my entry method,

the first and most important part of entry is my risk management.this was the hardest thing i had to learn and unfortunately the last thing i learnt .it should be the first.

i map my chart out with all the big levels.these are monthly weekly daily 4 hour .i take the average of each one of these at the start of the week.
i look for convergence of these averages.i also use a calculation to give me the extreme point at which each time frame may travel to which respects the range.pivots can be used but they are not as accurate as mine and are to static.you can use s/r levels ,supply and demand zones ect.

i then zoom in to 1 hour, 15 mins,5 mins.they begin to converge to one point or level .from this i know there is a possibility of change,there will be a build up of orders.

from this converged level i look at 1 min chart and watch price im also watching the value changes of related pairs.im looking for example buying of the lows .which will show as pin bars.if you watch the values of the related pairs you will notice a stalling point across the overall market.ideally i like to see an influx of money flow,this shows in the values stalling point,pairs will break there values stalling point.you can see momentum building .i then enter the lowest low to the converged levels in the direction of the overall bias unless cable is lead currency in which im front running and can be more riskea.i manage the risk with the converged level a few pips below the level and i close .i get many b/e trades,and sometimes 5 or six entries before the momentum takes me into safty.but my risk is b/e to a maximum 8 pips,and that only happens seldom when i am immediately caught on the wrong side of the trade,i can tell this as the spread opens against me.no way out .

its all about managing the risk when trading this way.yes i have many trades i close out at b/e or loose the spread which are good trades and go onto be 30 40 pip wins,but id rather manage the risk,because i know ill catch my share overall.the fact i dont take much loss is the winning point to my trading.

not sure this is helpfull to you,but i will do some live trades with more explanation which will be easier to understand.on paper it sounds complected but its very simple when you can see what your looking for

i think if anybody spends enough time they can get good entry and if combined with strict risk protection can have a positive longterm outcome.
my problem at the moment is holding my trades at b/e and not closing for + pips when the overall market stalls.monday was a good example my first two trades immediately went 12 and 13 pips with no drawdown.and i could see the overall market had hit its stall point but i held them only to get b/e,so thats what i need to work on