FXCorrelator - Scalping system

scalping isn't rocket science but it does need a lot of practice and bags of focus

these days I can scalp 4 pairs and still manage to post here .........just practice really ....if i'm not posting on 3 forums I can go to 8 pairs in motion ........but cant be ar*sed these days

just practice ......so keep practising !
N

usd looking more and more bull........dynamics changing in market

if usd takes charge in a session it becomes a pipfest on right usd pairs ........fingers crossed

gu still offering daytrips between 66-75..........grab a ticket !!!

this last GU run up is a peach .......I think its gonna pop the breach as well

jees the GU is being manipulated !!!!!

ok things slowing down a little .back later

gu got to 84..........now big consolidation in market

hey all.......
GBP being hammered now London.........shes got to -100 pips selloff........(remember was net bull earlier in my session)
Yen has had a major reversal and gone bull .........these 2 currencies are perfectly correlated negatively (or inverse)
N

gbp fighing back now ..........nice retraces .....frustrating if you were looking for more bounce sells as usd really is still net bull Asian / London
N

double touch on the 4610 mark earlier signalled a new resell phase on GU .........much more where the historic trend is for day so far - better
N

a lot of consolidation around again now as ondon starts to wind down.......

re the pairs I generally scalp only 3 have really had some decent moves this session

GU bear to +100 pips at times
EA bear and UCAD Bull to 50 pips

most other pairs were very flat for session so far ...yen has been a storming buy ans sell at times but with usd and euro tracking it the pairings did not offer lucrative pips

N

extended sell on usd .......nice offerings on those pairs .....especially GBP and Euro

London over .........average day by the look of things .....

GBP took the prizes for most volatile currency ......it swung like sinatra at times from 6am ....yen was also rocking but mainly bull ........

only GU really hammered the pips pairwise........selling to -100 at times off of 6am opens
others way back in pack ......

Summary

forex trading is a lot easier with a compass or map to show you what each currency (and indeed pair) is doing .........if you are focussed on only 1 or 2 pairs I guarantee you are missing out on most of the profitable moves .........

for the G8 Currencies there are 28 pair charts you need to be watching .......is your screen that big ?

unless you can afford that many screens (and multiple pairs of eyes !) you need to introduce strengthmeters into your trading strategy to filter/prioritise the trends and trading opportunities

I decided to take this approach as my main Edge in my trading from early 2000's and it hasn't let me down .......sure it needs focus and concentration at times ....but what doesn't ?

N

What is your typical stoploss and how much pips you aim for?

​hey there D

I go in on multiple contracts 5 pip max S/L and will generally take 5 pips on the first contract letting the balance of contracts run.....

my objective is to win or B/e on a very high % of my trades ..............I am there to make solid money....then take the bonuses from
pairs that extend into 5+ pips .....I am very very tight from 6am....until I get solid pips under my belt ......later in session when I am cruising above targets I can become a little less disciplined in my 5 pips rule .........by then I also have a good feel for the days volatility so perhaps it not as undisciplined as I think

one of my mentors once told me that trading is not about winning ....its about NOT LOSING .......a subtle difference in mindset !! ......so focus on technique and give nothing away ......then the winners are a bonus !

N

I'm not in the us session .shame .......

Euro is the buy at moment , selling gbp .......usd marginally bull so far

pair wise I would be on

EU buys (but be careful its sooo slow ususally)
GU sells
EA buys
EJ buys

if usd comes on strong then use that bias (GU sells) ......perhaps go to Ucad buys as well

N

not getting back to screens tonight .........

I see the GBP is having a howler of a us session........over 100pips down from us openings - ouch !!!

yen predictably then storming north .......jees those 2 currencies are rarely in same correlation mode
makes G/J THE #1 most volatile pairing in the G8

so trade with immense caution .......I don't bother for scalping ....too much danger and spread risk

N

good morning everyone - and it is indeed a good morning !

sorry i'm late to the threads ......if you are trading you will know that the yen has been rocketing since 6am and I have been tied up making the most of it so far ...sorry I didn't start posting but it really came from nowhere and I didn't have my posting laptop fired up fully ....(trading screens always go on first )

anyway here we are

overnights

AUD got big air.......nothing much else to speak of

London 6am
yen took off like a banshee from hell...!.....nothing else came close so far
AUD and usd are lead sells

pairs
UJ and EJ are the sells .........both sold off some 70-90 pips since 6am ....nothing else on radar as so far behind at moment

wish every morning was like this ...........30 mins work and virtually quadruped my daily target

N

I am also on the EA buys ...........but clearly my priority is taking more Yen buys if they come ...............I am also clarly mindful that such a move can generate a big retrace as well ................so will play that if it offers ....but I am not going to chase it either
will also be signing off earlier this morning as my pips are well in the bag ....may take next 1-2 mornings off as well as I do have some other stuff I need to be doing before the weekend
today has delivered more than enough pips already for the rest of the week in truth
N