FXCorrelator - Scalping system

ea 39-30 resells .........ok for a handful ......enough for early doors I suppose .......ucad just went 33/34 - 27 ...........very spiky

heres the week

how did you do ?

simple FXCorrelator indicator (available from me or look for links on my forums and websites) on a 20ma / delta 1 default setting .........1H TF for weekly view

I am genrally always hunting the alpha currencies 1 Bear (below the zero) and 1 bull (above the zero) ........I will take pairs off of its annotation ......and not necessarily just match the 2 as that can be challenging intra day (spreads , spiking)

simple - clarity - finding the REAL picture of Currency strengths and weaknesses

N

choppy - gone ti EJ UJ buys as yen is bear again now

ucad now to 27 ..usd still bear

gu bull now .........rebuys aove 54/55 ..it may still sell off here gang

7am bar needs to settle ........

ok I do have to leave any minute .........need to do some errands before work then tied up all day in meetings frustratingly ........
ok have a good day .....stay out of trouble !!
N

Do you set up your chart by using the base currency for example AUDCAD AUDCHF AUDJPY and how many screens you use to trade?

Hi Corpellam.....I have participated in many trading rooms in the past ...(and naturally many 3rd party trading courses and seminars etc etc )...most I have found very average .......and poorly presented and managed.......plus generally in truth the systems have been confused and difficult to follow ..........pretty sad and expensive stuff out there in my experience

My latest scalping thread here (and also copied at Forex factory and Trade2win) was actually launched after a very successful trader was banned from T2win ........(that's between him and the moderators) but a lot of other independent traders like myself were participating in his live call thread that was phenomenally successful and an interesting place to hang out for a lot of us ........

so once that ended in march 2016 I launched my own scalping thread to keep doing what I was doing before ........calling where I saw the market most mornings.....its now been going about 10 weeks and I will soon be reviewing the time and resources I am using here ........

in 2017 I will probably be F/T trading again and getting time to trade easily 6 hours a day if needed ..more than enough to make my target 50 pips a day ......and I will have more free time to work with other traders again ...something I enjoy

i'm sure a trading room will be part of the scene.........but not sure yet if I run my own or participate in a more team based environment .........whatever works best for everyone involved ......

have a great weekend all

N

Hi D........I would love to share my setup charts but its all part of my own bespoke and customised set of indicators designed over the years and like most traders I prefer to keep my own hard earned/learned "edge" to myself......sorry

My aim as a scalper at all times is to ensure I am looking at the pairs in the G8 with the highest potential to generate profitable trades at that time (8 currencies = 28 potential pairs)

so I have some strengthmeter based indicators sitting on 1 screen that act like a giant dashboard showing me where the top 5-10 pairs are .....alongside that I have specialised indicators that flash if specific correlation patterns are setting up in the G8 ..........and a couple of other bits and pieces ........dashboard screen

I also have a screen where the selected pair charts can be brought up if they hit my priority dashboard list ........they each have some individualised strengthmeter based indicators loaded that are customised TO THAT PARTICULAR PAIR.........plus the pair on a candlestick chart where I can also apply more standard checks (like price action / HH / LL / Support / resistance / ma's etc etc)...........I cant take a trade just on strengthmeters alone

It sounds like a lot of things ........but its actually pretty straightforward once you know where to be looking .....and I have spent hundreds of hours developing it to my tastes so I am used to it ......

..........I also have a screen where I place and exit trades .........and also a screen to run the posts/threads here and elsewhere .......I usually have 2-3 laptops / pcs going to manage this as well .....not hard if you set things up ok .........just a big desk and a revolving chair to sit on !!!.....so in answer to your question I don't have all the charts in situ as you suggest ......they will be brought up to be viewed/traded as required when they are in my top pairs to be traded ....

...N

catching up on mega backloads of questions this weekend

heres one of many I get ..........

Message Hi Neil, I'm new in forex and really want to learn more about, from where I should begin. Thanks xx

and heres what I say

hey buddy - and welcome !

ok as a beginner I suggest you connect yourself intitially to the learning areas of perhaps the big forums

ForexFactory.com
babypips.com
Trade2win.com

I am NVP on all of them if you are looking for help.........

check out the beginner areas ........and focus on forex ....although a lot of things for beginners relates to all forms of trading really

don't rush things ..........make lots of notes and slowly go through the basics ........open a demo up eventually and experiment a little ..........but make sure you understand all the basic ways of trading systems (ie the main indicators ....from MA's, Fibonacci, macd, Bollinger bands etc etc ) and also learn about price action trading........(HH, LL, Support , resistance)........get familiar and see if any grab you as a start point for more work .........thats how we all start !!


don't spend any money on systems or training .....theres plenty of FREE generic training out their on the big forums .......save you money for one day when you are more experienced and may need to splash out on some decent specialist support or mentoring don't pay for the free stuff !!!

keep in touch and perhaps in future you may even decide strengthmeter based forex trading is what you want to do

cheers
N

actually theres a cracking question from someone I have corresponded with before giving some advice .............ive asked if I can reproduce the question and answer here ........
its probably one of THE most difficult aspect of trading to crack........especially lower TF trading ............and there is no simple answer ........
but I will try if I can
N

morning all............sorry a little late to posting ........I was fiddling with a new test setting alongside normal scalping so wanted to get it finished ....still work in progress

overnights - Asian Monday is Very important for week

bull bull yen to +70's
Cad the sell .GBP was a seller but has retraced
uSD turning bear into London

London session from 6am
USD is Bear ..........nice selloffs to -15 pips so far
GBP is bull to +20's so far
Euro selling......

Pairs London

nice session ..........not much drama

GU buys to +30 pips from 6am
AU buys to only +15's
EA sells to -20
a little EJ/UK selling to mid teens
Ucad now selling

overall a nice start to week for me .........follow the bear usd until it fades.........rebuys on the GBP should be ok when offered .......Yen is still testing the Asian highs and once it finds its London direction the yen pairs wil open up for more profitable moves

have a good morning - I want to finish off my test tweaks before I start the consultancy day .....enough pips now banked to pay the rent for this morning

later all
N

savage bite back on gbp from 7.30 bar .......ive chased it from the 4200 level south

ucad selling is still steady
EJ buying nicely

market is changing its mind quickly ........which is why a thread like this can be very difficult to manage vs real time trading room etc etc ........

gbp now has really sold off hard in a few minutes ........and usd really under bull pressure
yen looks like it may sell further but the Asian session reveals it is sitting on a big support level ......

lots of pips coming here today I can feel it ............just be patient and let the yen and GBP steer the plays ........

usd now holding and reselling so UCAD sells nice

have to say the GBP is now bullying GU south again........happy to resell under the 4200 as time goes on

later
N

yen looks like the bear is the move ............hammer EJ UJ buys

finished now for the morning.......

ucad has been a nice solid sell as predicted
GU still the resells up to 4200.......but a little tricky at times
uj ej offered a few pips as yen sold off........trickier now .....

London has matured into CAD buys, AUD,NZD buys

Selling Yen , Usd and gbp ........note - that trio aint gonna last folks .....someone will leave town

anyway have a good one ....back later at lunch

N

hey all ..popped back

London morning :-

CRACKING !!!

GBP sold off to -90's .......yen to -50's ........USD stayed net bear as well
CAD , Euro , Aussies stayed the buys

damn I wish I had been trading !!!!!!

pairwise it was easy and 1 way traffic selling GU ........UJ and EJ buys were ok earlier and more recently ...Ucad sells earlier ...a few bounces since
resells on EA

easy street today for you forex traders out there .........

back later .......doubtful if I will trade more today from meetings lines up

N

ok new beginnings as we start early us session

yen and USd booming north
GBP was buying but just took a huge hit
CAD is THE seller early us
Selling Euro

good money here already ..look to pairings above buying the yen and usd

N

haha :lol:

(my wife was part of the crude oil Team on the Shell Trading floors back in the 90's )

she could trade me off the table in any market if she could be bothered to start again ............but she doesnt need to

she possesses the perfect temperament for trading ..........always follows the rules to the letter and is ruthlessly cool under pressure .........

wish I bloody was ..........hahahahahaha :lol:

N

she has offered to help if I start up a few things next year .........lord help me