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Scalp, scalp, scalp

  • #2,221
  • Oct 22, 2013 10:43pm Oct 22, 2013 10:43pm
this is a perfect example of a scalp from the convergence.firstly weekly split high daily split high plus the last swing point from 5 and 15 min averages converged to exactly 53 level,pin bar on weekly cycle completion.short on next candle at closest point to weekly split high,stop top of pin
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  • #2,222
  • Oct 22, 2013 10:53pm Oct 22, 2013 10:53pm
5 min chart

so these are our options,close at 5 min split low 48 which wopuld give 6 pip scalp or bring stop to b/e and monitor the values doller related for a overall change.
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  • #2,223
  • Oct 22, 2013 11:00pm Oct 22, 2013 11:00pm
notice the value change in the doller crosses,kept me in the trade,if they stall or turn ill take the pips,

as i type this ive just closed for 9 pips.
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  • #2,224
  • Oct 22, 2013 11:11pm Oct 22, 2013 11:11pm
back to 1 min and cycles,
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  • #2,225
  • Oct 22, 2013 11:22pm Oct 22, 2013 11:22pm
for illustration,

have not calculated any of the fresh levels from yesterdays upmove,this is for example of entry method as asked
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  • #2,226
  • Oct 22, 2013 11:50pm Oct 22, 2013 11:50pm
that was perfect synced structured price behavour,to the very pip.only problem is i only got 9 pips of it ,38 pips available but said in hindsight,but not hindsight was the perfect cycles in 1 min time frame,scary

note the value changes which should have kept me in the trade
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  • #2,227
  • Oct 23, 2013 12:35am Oct 23, 2013 12:35am
Quoting diceman555
{quote} 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...
Hey diceman, whatever you said was exactly what i was talking about. So even if we did a straddle, the news goes in a direction, it might go completely opposite in a while and wipe out those gains. So if you did close your position and wait for the outcome, the question is for how long would you sit by and watch the action before you decide the waters are calm enough to enter again? An hr? A day?
  • #2,228
  • Oct 23, 2013 1:25am Oct 23, 2013 1:25am
Quoting Bullseye Jem
{quote} Hey diceman, whatever you said was exactly what i was talking about. So even if we did a straddle, the news goes in a direction, it might go completely opposite in a while and wipe out those gains. So if you did close your position and wait for the outcome, the question is for how long would you sit by and watch the action before you decide the waters are calm enough to enter again? An hr? A day?

if we look at yesterdays news .my entry was on the pin bar off my level which was a daily average 16169,aprox 2 hours .but this could of happened in 10 mins,i wait for a retrace of the gap and support of the related values,there is no set time.on occasion i have traded into the news using pin as shown on my chart,didnt trade those marked but for example,the problem is lately ive been caught on the wrong side and the slippage cost me close to forty pips ,considering i only risk 7 or 8 pips a trade its not good,i can have guaranteed stop but it cost me 6 pips,sometimes theirs clues as to the direction ,but i use this on secondary news not high impact.

yes options could be used ,i think the question is better directed at a news trader which im not.
  • #2,229
  • Oct 23, 2013 1:40am Oct 23, 2013 1:40am
Thanks for sharing regardless. I'll probably just keep away 1-2 hrs before and after big news i guess. Safer that way. And yeah, try the news trading on a demo account instead. No point risking real money. I did it on a contest account and got disqualified for a 20% drawdown just because of that news. 4-5 trades based on 4 hr charts and above triggered stop loss. haa
  • #2,230
  • Oct 23, 2013 2:10am Oct 23, 2013 2:10am
my interest levels
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  • #2,231
  • Oct 23, 2013 2:43am Oct 23, 2013 2:43am
May i know what currency this is? There might be a trade opportunity if the bigger timeframe tallies although i cannot refer to that.
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  • #2,232
  • Oct 23, 2013 3:08am Oct 23, 2013 3:08am
Quoting Bullseye Jem
May i know what currency this is? There might be a trade opportunity if the bigger timeframe tallies although i cannot refer to that. {image}
this is British pound USD thats the only pair i trade
  • #2,233
  • Oct 23, 2013 3:26am Oct 23, 2013 3:26am
im long at 56 level ,risk protect at or close to open
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  • #2,234
  • Oct 23, 2013 3:34am Oct 23, 2013 3:34am
stop at + 5
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  • #2,235
  • Oct 23, 2013 3:40am Oct 23, 2013 3:40am
stopped out +5 again held out for the next level of interest 3 pips short,
  • #2,236
  • Oct 23, 2013 3:43am Oct 23, 2013 3:43am
reversed short at same level 56
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  • #2,237
  • Oct 23, 2013 3:45am Oct 23, 2013 3:45am
closed + 5
  • #2,238
  • Oct 23, 2013 3:47am Oct 23, 2013 3:47am
chart.coffee time.
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  • #2,239
  • Oct 23, 2013 3:47am Oct 23, 2013 3:47am
Nice work Diceman! I am starting to understand your style, its great!
  • #2,240
  • Oct 23, 2013 3:49am Oct 23, 2013 3:49am
back short at 46 level
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