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  • #2,321
  • Nov 13, 2013 4:16am Nov 13, 2013 4:16am
Now im closing my long at 27 level.the stall point.need to see the resistence level broken here.to get long again.this shows across the overall market .if related pairs show change in favour of doller weakness I would concider reentry at this or cheaper level.but for moment im pleased to take 22 pips from the market
  • #2,322
  • Nov 15, 2013 4:35am Nov 15, 2013 4:35am
Quoting diceman555
hi all, im william,my intention here is to record my daily trades win,loose . im scalping anything from break even to whatever i feel i can get. im trading this live with 650 gbps start up. my method is pretty much pa ,market flow or whatever other technical names are out there,but basically im watching 4 charts 1min,5min,15min and 1 hour.i take reference from 4 hour and daily for areas of price i want to monitor. once i know my price i switch to my trading platform and study the prices at these areas and make my decision on entry based on the reaction...

what is your criteria for entry and exit ?
  • #2,323
  • Nov 15, 2013 8:31am Nov 15, 2013 8:31am
Quoting whatfx
{quote} what is your criteria for entry and exit ?
Hi what4x.
My entry method has evolved somwhat from the quoted post which was a few years back.
Although the basics principles remain the same.

Firstly I calculate using all time frames the average price levels and there cycle completion points.i look for price levels that have converged on multiple time frames.this gives me an indication of were the most amount of interest is building.
Through stops or pending interest.when price reaches this level I then look for bias .I do that by watching the overall market.14 pairs and and 8 indicies.i determine if the market has harmony or if it is chaotic and in range.i identify the currency that leads the market.
Unfortunatly every day can be different. So for example if the market is flat and in range I determine the point were the overall market stalls and ideally trade from the converged point back into range.if the market breaks its stall point then I will look for best price from the converged point.im trading its flow which is constantly changing with new information.i dont know if that makes any sense to you.very dificult to write in word such a non a b c entry.

I have been working on a indi based scalping method which ive touched on in this journal.i intend to post this in near futer.it has merit.but again has an element of market feel.im trying to eradicate that element but not easy
  • #2,324
  • Nov 24, 2013 4:00pm Nov 24, 2013 4:00pm
Hi diceman555,

Which indicators you think are the most important for scalping? Or, which indicators should I start to learn as a beginner?

Thank you,
  • #2,325
  • Nov 25, 2013 1:49pm Nov 25, 2013 1:49pm
Quoting raulbeni
Hi diceman555, Which indicators you think are the most important for scalping? Or, which indicators should I start to learn as a beginner? Thank you,
Not an easy question to answer.let me first ask you how long or I should say .what have u learnt thus far.?
  • #2,326
  • Nov 25, 2013 2:16pm Nov 25, 2013 2:16pm
Personally I dont use traditional indicators in my live trading.which is illistrated in this journal.having said that ive been working with a set of indicators which are posted around page 70 or so.i intend to post a new journal relating to those indis and devolop or not develop a more rigid system from them.i will post this as soon as time permits.personally I would suggest thats a good starting point.
  • #2,327
  • Nov 25, 2013 5:25pm Nov 25, 2013 5:25pm
Thank you.

I've learned the basics, resistance, support, trend lines, channels, candles, and I'm trying Bollinger Bands now cause I read it was good for scalping. I'm just starting so any advice will help a lot.

Thank you again, going to see page 70 and around now.
  • #2,328
  • Nov 26, 2013 4:38am Nov 26, 2013 4:38am
Quoting raulbeni
Thank you. I've learned the basics, resistance, support, trend lines, channels, candles, and I'm trying Bollinger Bands now cause I read it was good for scalping. I'm just starting so any advice will help a lot. Thank you again, going to see page 70 and around now.
Yes bollinger bands have merit .if you look at the 2 indi I told you about
They derive from bollinger calcs.i think they could be very usefull to learne and adapt a method from them.certainally I had some good sucsess in demo .im going to trade it live soon.combined with the fractal breakout indi.
  • #2,329
  • Nov 26, 2013 4:49am Nov 26, 2013 4:49am
I will post a number of ways I trade those indicies.but the best thing you can do is also have the pairs I study on screen and watch the behavour at the key 0 points and the deviations away from the 0 mean.im overloading you with info.i think better I will post some set ups and add as we go.
  • #2,330
  • Nov 26, 2013 5:53am Nov 26, 2013 5:53am
Hi Diceman, may I ask what is indi 2? Also what bollingerband setting have you found worked best for you when scalping? Thanks again for this thread has helped me a great deal.
  • #2,331
  • Nov 26, 2013 6:31am Nov 26, 2013 6:31am
Quoting Jpatel072
Hi Diceman, may I ask what is indi 2? Also what bollingerband setting have you found worked best for you when scalping? Thanks again for this thread has helped me a great deal.
Hi jpatel.im using the default settings.indi one.rocking donkey.indi two.candie.indi three.fractal breakout.

These work very well together.page 72 has many examples of how I trade them
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  • #2,332
  • Nov 28, 2013 5:36am Nov 28, 2013 5:36am
16367 area is a level I will watch .it is a extreme level of convergence from higher time frames daily and above.
  • #2,333
  • Nov 28, 2013 6:25am Nov 28, 2013 6:25am
Quoting diceman555
hi,all, monday; 1 trade win 9 pips tuesday; 6 trades all win 26 pips wends; 6 trades all win 26 pips thurs; 10 trades all win 30 pips friday; 3 trades 2 win 38 pips 1 loss 4 pips total pips gained 129 pips gain @ 5 uk pounds a point account start mid august 650 uk pounds now stands at 1,447.82 great start to this particular journey,very exceptional week more than doubled the account in 3 weak my risk on the early part of this account was extremely high.i will not increase the lot size as ,i want to conform more to a realistic % of risk per trade,but...
Very nice thread. I was interested in Scalping but got burnt o.o So studying other systems now.
  • #2,334
  • Nov 28, 2013 8:27am Nov 28, 2013 8:27am
Quoting cellics
{quote} Very nice thread. I was interested in Scalping but got burnt o.o So studying other systems now.
Yes not the easiest way to trade especially if your personality dosnt match.it really is all about recognising the flow.the waves.the entry becomes vital as the gains are obviously reduced .so risk protection is vital.also recognising when one is not in synce with price and its music its playing.i stop trading for the day if I have 3 straight losses.

But everything that happens on a 4 hour or 1 hour chart is identical to what happens on a one min chart.infact after trading I mins charts for so long I find them to slow and often trade from the quotes.

Thanks for dropping by
  • #2,335
  • Nov 28, 2013 9:14am Nov 28, 2013 9:14am
Not surprised by the volatility up at these highs towards that 67 level.thers a 30 pip zone of longer term positions and interest which has been convrging for some time.a weekly chart shows this .sitting on the fence .but certainly interesting levels
  • #2,336
  • Nov 28, 2013 1:36pm Nov 28, 2013 1:36pm
Quoting diceman555
{quote} Yes not the easiest way to trade especially if your personality dosnt match.it really is all about recognising the flow.the waves.the entry becomes vital as the gains are obviously reduced .so risk protection is vital.also recognising when one is not in synce with price and its music its playing.i stop trading for the day if I have 3 straight losses. But everything that happens on a 4 hour or 1 hour chart is identical to what happens on a one min chart.infact after trading I mins charts for so long I find them to slow and often trade from...
Thanks for sharing your experience with scalping. Interesting, 1min chart having same pattern as 4 hour and 1 hour chart. I will look into that. I was learning about Intra-trading system working with 1 hour chart. I will be always interested in scalping though. Keep it up!! Your posting greatly helps newbies!
  • #2,337
  • Nov 30, 2013 7:54am Nov 30, 2013 7:54am
Quoting diceman555
16367 area is a level I will watch .it is a extreme level of convergence from higher time frames daily and above.
Ok.were at this level . 16367 .well 2 pips above.initially I will be looking if supported by overall market a retracment. .if price trades above this level then im a buyer.anyways intersting level.
  • #2,338
  • Nov 30, 2013 8:15am Nov 30, 2013 8:15am
The problem with trading fx is our perspective .we use time as a major tool in decision making.this is why overall indi based systems generally fail in an extended period.the fx market does not respect time.its unaware of it.the perspective of a chart does have benifits but must be used without indis that are based on 1 given timeframe will fail.price alone is the only way I have found that can be positive longterm.
  • #2,339
  • Nov 30, 2013 8:29am Nov 30, 2013 8:29am
The problem being.1 time frame with a indi based system does not allow for the inherent path that price will allways collect liquidity .this is why so many are stopped out only to see price go in the direction that there indis suggested.its this restriction of neglecting price because of our time based system.if your unaware of wete orders are building you need to adjust stops to compensate for your systems failings
  • #2,340
  • Jan 7, 2014 2:42am Jan 7, 2014 2:42am
happy new year,

time to get back to my trading,

levels of interest.full split highs and lows to follow
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