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Daytrading/scalping with high leverage - my proven strategy

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  • #8,181
  • Aug 21, 2015 2:37pm Aug 21, 2015 2:37pm
Quoting stu
tentative first try {image} closely followed by another though, in hindsight, would the shape of A, B C in comparison to the previous M1 downtrend suggest uncertainty so trade was high risk? {image}
TDI and heikin ashi on H1 are pointing downtrend but price action does not confirm. To your chart to the left, which is H1, support is still being respected so for me shorting thaat EU at the time of your chart would be high risk.,
  • #8,182
  • Aug 21, 2015 2:48pm Aug 21, 2015 2:48pm
Quoting maflip
And by the way forgive me for not explaining how I do things in complete. I tried doing it once and no one can seem to make it work for them so I gave up hah hah. And another thing. I am so bad at explaining things.
Thank you anyway Your ideas are brilliant!
Have a calm weekend!
Just an opinion. Based on research
  • #8,183
  • Aug 24, 2015 2:24am Aug 24, 2015 2:24am
Made money yet? First entry scalp caching on EU Exited at the top of the M5 band then made a new swing high on M1 now waiting on pullback below the cloud at M1 and see if it's going to give some money again. However, if it fails on the pullback we might see more retracement to the downside. We'll see.
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  • #8,184
  • Aug 24, 2015 2:39am Aug 24, 2015 2:39am
Sometimes it sucks to be a scalper

Quiet here I guess everyone is making money cool.
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  • #8,185
  • Aug 24, 2015 6:31am Aug 24, 2015 6:31am
Quoting maflip
{quote} TDI and heikin ashi on H1 are pointing downtrend but price action does not confirm. To your chart to the left, which is H1, support is still being respected so for me shorting thaat EU at the time of your chart would be high risk.,
Tnx maflip....so talking Lance Beggs, on my 1H chart you'd be looking for the SL (just preceeding the highest SH @ 3am) to be broken by a lower-low before you'd start taking bear trades on the 1M?
  • #8,186
  • Aug 24, 2015 7:43am Aug 24, 2015 7:43am
About +20 pips on EU. I did not took the first long signal as it's nearing the high of the day. I first waited for the market to break the high of the day then H1 closed above resistance which I liked the price action. This might go up more but hey I only want to scalp this thing and I'm happy 2 trades on EU both winners. Also, I am looking at this EU at the daily chart and there is supposed to be a heavy resistance around todays day high. I guess they ignored that too today. I really thought EU is going to go back down but hey. We gotta follow the trend and trade what we see not what we think.
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  • #8,187
  • Aug 24, 2015 7:49am Aug 24, 2015 7:49am
Quoting baddindian
Hi Maflip, Do you draw the fib timezones manually or use and indicator? Regards, Fawaz
I draw them manually.
  • #8,188
  • Aug 24, 2015 7:51am Aug 24, 2015 7:51am
Quoting stu
{quote} Tnx maflip....so talking Lance Beggs, on my 1H chart you'd be looking for the SL (just preceeding the highest SH @ 3am) to be broken by a lower-low before you'd start taking bear trades on the 1M?
I drew a line on the support I was talking about. There are other patterns predicting possible reversal using price action not just HH/HL/LL/LH but as a beginner I think you should just stick to the basic HH/HL/LL/LH before looking at other price action patterns.
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  • #8,189
  • Aug 24, 2015 8:13am Aug 24, 2015 8:13am
And this is when the scalper says good job and good analysis then smiles. This EU took off like a rocket ship after breaking the heavy resistance on the Daily chart. wow!!!

Oh well if you guys are long EU you deserve a pat on the back. pat pat pat!
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  • #8,190
  • Aug 24, 2015 8:22am Aug 24, 2015 8:22am
Quoting maflip
{quote} I drew a line on the support I was talking about. There are other patterns predicting possible reversal using price action not just HH/HL/LL/LH but as a beginner I think you should just stick to the basic HH/HL/LL/LH before looking at other price action patterns. {image}
Thanks - as can be seen from my join date I've been nibbling round this site for some time. Based in UK and working full time I'm finally in a position (kids sleep all night now!!) to be able to focus most days for the 2 hrs before London open. Babon, and TBH probably the way Favourite went about passing on his help, has resonated so let's see how it goes.
  • #8,191
  • Aug 25, 2015 12:33am Aug 25, 2015 12:33am
EU, EJ, GJ, AU all TMA H1 outside H4 so no trades

GU had a possible buy at the line, TDI was vague to me but HA was favourable however stayed out for several PA reasons? {Edit...label 'SUPPORT' should, of course, have been 'RESISTANCE'}

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appears to have been correct move

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  • #8,192
  • Aug 25, 2015 1:10am Aug 25, 2015 1:10am
I must confess....due to the above PA (ignoring H1 indicators), had price broken through the yellow line around the arrow candle, I was ready to sell down to M5TMA using the TMA1 beyond cloud - angles on 1M were right.

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and it would have worked <grrr>

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I didn't enter as I thought there were too many subsequent small candles forming ...... would you have entered?
  • #8,193
  • Aug 25, 2015 2:01am Aug 25, 2015 2:01am
Quoting stu
I must confess....due to the above PA (ignoring H1 indicators), had price broken through the yellow line around the arrow candle, I was ready to sell down to M5TMA using the TMA1 beyond cloud - angles on 1M were right. {image} and it would have worked <grrr> {image} I didn't enter as I thought there were too many subsequent small candles forming ...... would you have entered?
no, because of my sentiment on GBPUSD is bullish with possible double breakout,and on your H1 screenshot there is no confirmation that the trend is changed to downtrend,so no short trades for the moment.

Rgs.,
Success is nothing more than a few simple disciplines, practiced every day.
  • #8,194
  • Aug 25, 2015 4:23am Aug 25, 2015 4:23am
Quoting stu
I must confess....due to the above PA (ignoring H1 indicators), had price broken through the yellow line around the arrow candle, I was ready to sell down to M5TMA using the TMA1 beyond cloud - angles on 1M were right. {image} and it would have worked <grrr> {image} I didn't enter as I thought there were too many subsequent small candles forming ...... would you have entered?
I wouldn't even bother looking at GU at the time of your posts. For me that pair is still sleeping with not much momentum. Although at the time of this writing it's up again and about to retest yesterdays high.
  • #8,195
  • Aug 25, 2015 4:41am Aug 25, 2015 4:41am
What woke me up right now and put my eyes glued like an eagle is EURCHF however right now it just tested yesterdays high and closed below it so I'm just spectator of it for the moment. At this time it can go higher or it can be a fakeout and lower. I'm unsure at this time.
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  • #8,196
  • Edited 6:40am Aug 25, 2015 6:07am | Edited 6:40am
Entered long... I'm only targeting the 23.6 area of the fib. And a moving stop trailing the fractal box. If this fails... We might see a little bit of down move.
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  • #8,197
  • Edited 6:42am Aug 25, 2015 6:09am | Edited 6:42am
Moved stop now to +1.7.
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  • #8,198
  • Aug 25, 2015 6:26am Aug 25, 2015 6:26am
bleh stopped out for +1.7. My stop is tight because it could be a double top reversal at the higher TF. Oh well
  • #8,199
  • Aug 26, 2015 1:09am Aug 26, 2015 1:09am
Switched on and instantly sold EJ (TMA1 beyond cloud) on break of yellow as H1 appeared to be heading down. Brain hadn't caught the TMAH1 beyond TMAH4! Yip, I ignored TDI & HA as I thought H1 trend looked down?

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Strength of market on M1 seemed to be continuing downwards.

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Then bailed when I could without loss as pressure upwards seemed to be increasing (more blue?) and the angles looked to be turning in favour of ranging or upwards.

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I bent the rules
  • #8,200
  • Aug 26, 2015 1:33am Aug 26, 2015 1:33am
sold EU. Again a quickfire trade that I 'thought' I saw, taken because H1 went below centreline, red HA. TDI green under red, TMA1 dropping, Babon turned red, price below cloud.

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thought strength was with me

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but stopped out. Finger was itching to close order when arrowed candle closed however crossed fingers and lost some more because of it!

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So in retrospect H1TMA was flat against a climbing H4TMA....H1 would have needed some downward angle. Also, price was still too near centreline of H1. Setting that aside, I should have taken profit at TMAM1 (which I hit) instead of aiming for M5 line since H1 and H4 were not in agreement.
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