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Scalping the Mini Dow off the M1 Charts

  • #181
  • Jun 2, 2015 8:54am Jun 2, 2015 8:54am
Yeah it was just wicking everywhere around the 18000 mark
  • #182
  • Jun 2, 2015 9:35am Jun 2, 2015 9:35am
Today was not great. It happens.

Inserted Video


Quoting minute
Mmm...didn't play so good today... start was some big wick candles seemed like a lottery to pick a direction, also finding a starting range a bit tricky.
If you can't tell what the herd is doing...you probably are the herd.
  • #183
  • Jun 2, 2015 10:04am Jun 2, 2015 10:04am
Still no losses for you and some gain...a good result! Thank you for posting vid.
  • #184
  • Jun 2, 2015 10:28am Jun 2, 2015 10:28am
Actually I did take a loss on my 2nd trade The first was a small win but the 2nd was just a lapse of judgment. It was clear the market was behaving in a choppy manner and a lot of times, best to just call it quits and come back fighting the next day. There's always tomorrow.

Quoting minute
Still no losses for you and some gain...a good result! Thank you for posting vid.
If you can't tell what the herd is doing...you probably are the herd.
  • #185
  • Jun 2, 2015 11:16am Jun 2, 2015 11:16am
Alright... Ill be hitting it again tomorrow, nailing down some regularity, control and observation... anyway that's the plan.
  • #186
  • Jun 3, 2015 8:47am Jun 3, 2015 8:47am
Did better today, but my software settings were closing my trades after 3 pips, kind of ate into the profit. Still 3 pips up. Would have had a good one otherwise. Levels responded well. I see hope
  • #187
  • Jun 3, 2015 8:55am Jun 3, 2015 8:55am
Killer of a morning.

This is why it's critical that when you're not having a good day, to just walk away and come back fighting and focused the next day because days like this are always just around the corner.

Take for the day on 3 contracts was $365 minus 1 point commission (~ -$15) = $350 on one trade.

Inserted Video
If you can't tell what the herd is doing...you probably are the herd.
  • #188
  • Jun 3, 2015 9:08am Jun 3, 2015 9:08am
Quoting felixcattus
Killer of a morning. This is why it's critical that when you're not having a good day, to just walk away and come back fighting and focused the next day because days like this are always just around the corner. Take for the day on 3 contracts was $365 minus 1 point commission (~ -$15) = $350 on one trade. https://www.youtube.com/watch?v=d23ZdLfKImI
Fantastic! I made my first few trades today. Unfortunately my trade manager didn't work correctly so couldn't close part of my positions but ended up with +46 pips. I'll make sure I get that running for tomorrow! I got in a bit later on the short as my platform crashed lol. Took a long from the bottom when we retraced quickly and the candle turned colour and then my last long a litte further up where price spiked down to an SR and then retraced quickly and changed colour. Felt good and now I can enjoy my afternoon rather than staring at boring charts! haha

Cheers
Rexz
  • #189
  • Jun 3, 2015 9:30am Jun 3, 2015 9:30am
Well done. You nailed it on that trade. Great tune.. I'll be back tomorrow, with my atm settings repaired.
  • #190
  • Jun 4, 2015 8:42am Jun 4, 2015 8:42am
tried to go long here but price moved to quick so didnt execute
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  • #191
  • Jun 4, 2015 8:45am Jun 4, 2015 8:45am
I caught the first short based on the bull trap prior...2 lots 26 pips. First really positive result -- then I freaked out ") Im sure there was more to be had...
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  • #192
  • Jun 4, 2015 10:15am Jun 4, 2015 10:15am
Here were my trades for the morning.

Inserted Video
If you can't tell what the herd is doing...you probably are the herd.
  • #193
  • Jun 4, 2015 10:23am Jun 4, 2015 10:23am


Quoting minute
I caught the first short based on the bull trap prior...2 lots 26 pips. First really positive result -- then I freaked out ") Im sure there was more to be had... {image}
If you can't tell what the herd is doing...you probably are the herd.
  • #194
  • Edited 2:58pm Jun 4, 2015 10:35am | Edited 2:58pm
Hi felix, cool thread. I've been enjoying it. What would you say your win rate is?

I'm going to try my hand at scalping the 5 minute charts of FX. The only set ups that look good to me though are double/triple tops and bottoms. At least in my back testing, those are the only ones I rarely see get stopped out. The head and shoulders pattern seems to be a good one also.

Here's one from last night on UCAD. I didn't take it, but this would have been a good one. Obviously I wouldn't have known that third bottom was going to form, so I would have entered after the second, around 1.2442 with a stop maybe 2 points below the low at about 1.2433. My TP would have been at the next major resistance, near 1.2475. So a 9 point risk, 33 point reward. The only downside is, very few of these set ups can be found each night. Maybe 1 - 3 max.

So whatcha think? I began wanting to trade individual candlesticks like dojis and such, however on such a low time frame those seem unreliable unless they're at a major level of some kind.

Keep up the videos! Been enjoying those as well

Thanks
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  • #195
  • Jun 4, 2015 10:57am Jun 4, 2015 10:57am
Quoting felixcattus
Here were my trades for the morning. https://www.youtube.com/watch?v=DuUO6ACiMJY
Ok so I hope you don't mind me dissecting your video In that area I labeled as previous buyers getting out, what would you look for here to short it? Would it be something like a push back up and then a sell off changing the candle colour?

Thanks
Rexz
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  • #196
  • Jun 5, 2015 12:29am Jun 5, 2015 12:29am
Quoting Rexz
{quote} Ok so I hope you don't mind me dissecting your video In that area I labeled as previous buyers getting out, what would you look for here to short it? Would it be something like a push back up and then a sell off changing the candle colour? Thanks Rexz {image}
Not at all. To short that area (which wouldn't have been a bad short, I just didn't feel it), I would be looking for signs of no follow-through or weakness. So yes, sometimes, just a flash of red is all that's needed to show the weakness. This never happens in exactly the same way - so I wouldn't say I always look for what you describe (a push back up, and then a sell off), but in general, yes, that might get me into the trade (as the "trigger") assuming I had formulated a good case to go short.
If you can't tell what the herd is doing...you probably are the herd.
  • #197
  • Jun 5, 2015 12:41am Jun 5, 2015 12:41am
Quoting AVLtrader
Hi felix, cool thread. I've been enjoying it. What would you say your win rate is? I'm going to try my hand at scalping the 5 minute charts of FX. The only set ups that look good to me though are double/triple tops and bottoms. At least in my back testing, those are the only ones I rarely see get stopped out. The head and shoulders pattern seems to be a good one also. Here's one from last night on UCAD. I didn't take it, but this would have been a good one. Obviously I wouldn't have known that third bottom was going to form, so I would have entered...
Thanks!

My current strike rate is 62%. Avg win is 1.06R / avg loss is 0.88R = expectancy: 0.32R.

The advantage I find in using the minute chart is that it provides a way to read the bull / bear battle in real time as the candles form. I find this a little harder to do on anything higher than a minute chart but I'm sure it can be done if you're patient enough. When I started doing this, I found that I get more information in watching the battle v.s. the end resulting candle formation, which on the lower timeframes can certainly appear "unreliable".
If you can't tell what the herd is doing...you probably are the herd.
  • #198
  • Jun 5, 2015 8:49am Jun 5, 2015 8:49am
Today, up and down like a yo yo, BE result.. was up 13 pips then gave it back. Not moving my stop quick enough cost me 16 pips on another trade... you have to be fast and in sync with this... Still in learning phase. Lesson learnt today.. move your stop quick to capture the profit. If I did that I would be sweet.
  • #199
  • Jun 5, 2015 9:23am Jun 5, 2015 9:23am
Had a great trade - went short at 17900 and got stopped out eventually at 17862
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  • #200
  • Jun 5, 2015 9:30am Jun 5, 2015 9:30am
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