Scalping the EUR at the European open | Page 4 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trying scalping with a 1000 bucks - Scalping is expensive! 39 replies

EUR scalping at the European Open 11 replies

1M & 5M Scalping System (Scalping Paradise) 21 replies

30 second EURJPY Tokyo Open scalping 7 replies

Scalping Thread Open mind 2 replies

Attachments: Scalping the EUR at the European open
Exit Attachments

Scalping the EUR at the European open

  • #61
  • Apr 25, 2017 2:04pm Apr 25, 2017 2:04pm
Tellboy the 100 pip target is a great idea but i think a trailing stop will cut the profits alot. It should be better to set the stop at 25+ to be and eventually at +50 to 20

because most of the trades will need some time to fill the target. Today as example we got a big retrace in every currency we´re trading with a stop at be the target would be hit. with a stop lets say every 20 pips behind the price we got stoped out.


If im wrong please correct me.
Everyday better.
  • #62
  • Apr 25, 2017 2:17pm Apr 25, 2017 2:17pm
Quoting arlucad
Tellboy the 100 pip target is a great idea but i think a trailing stop will cut the profits alot. It should be better to set the stop at 25+ to be and eventually at +50 to 20 because most of the trades will need some time to fill the target. Today as example we got a big retrace in every currency were trading with a stop at be the target would be hit. with a stop lets say every 20 pips behind the price we got stoped out. If im wrong please correct me.
I agree. I have adjusted my trailing stops to 25/100 to see how useful it is under current conditions. Trailing stops are always tricky, and I think its better to move the stop up manually if you are sitting in front of the chart. But for those who have to leave their workstation for another profession, only trial and error will provide a working T/S strategy. It's all a matter for personal preference.
Tellboy
  • #63
  • Edited 3:01pm Apr 25, 2017 2:47pm | Edited 3:01pm
Yes like you said a few post before, the strength of the move definite the Stop and target and when we have to get out.

time will tell whats the best management. But glued to the charts is never the best opinion^^

if we can catch some 100 pip winners a week we have a big edge and that very constantly.

A day like today with 3x 100 Pip winner would be a 15R day and that is really huge if you ask me.



An Idea could be. We put our target at the highest or deepest Pivot for the day for example. But sometime the pivot is not 100 pips away from the entry.
Everyday better.
  • #64
  • Apr 25, 2017 2:59pm Apr 25, 2017 2:59pm
Quoting redfan
{quote} Personally, I believe that they are doing to the Euro what they did to the Pound. Just before the referendum. If you look at the charts for the Pound. They drove it up all night long and then they sell sell sell everyone jumps on the bus and the pound goes down. That brings me to the Euro the night before the election, which was a Sunday night the euro jumped up and I believe it's going to carry on going up until the election. At which point if mrs la pen wins they can drive it down sell sell sell. They have nothing to lose because they've...
I think you are right. The big banks can manipulate these currencies and exploit the political sentiment. I am seriously considering opening a long position at the next pullback and just let it run until it spikes up before the banks pull the rug and sell short. We need to keep an eye on the French news.
Tellboy
  • #65
  • Apr 25, 2017 3:11pm Apr 25, 2017 3:11pm
Quoting JamieA
Good morning, I'm starting to testing the Strategy. I also live in Europe, so the Strategy fits very well to my Trading Plan. For what do you use the pivot points? greetings
Hi Jamie, Sorry for the late reply. I only trade mornings and have other things to do during the day. In answer to your question, I use pivots as one of the trend measuring tools on the 30 M time frame where they are plotted for every day. Look at my examples. Then on the lower time frame chart, the daily pivot is often used as a platform to bounce the pullback off. I used to call this strategy the 'daily pivot bounce', but it doesn't happen every time, especially when the pullback is too weak to reach it. The important use of the daily pivot is that it marks a significant support level for pullbacks early in the day. When price is above the pivot and MAs are rising then its usually safe to go long. That's why I use daily pivots. I hope this helps.
Tellboy
  • #66
  • Edited 4:09pm Apr 26, 2017 12:05am | Edited 4:09pm
Good morning EUR scalpers. Here is the 30 M chart at 6 am (GMT).

Watch for the pullback. See the lower chart for the outcome.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-04-26_06-01-08.jpg Size: 712 KB


The 15 M chart at 08:40 shows how a pullback can go a long way down due to profit taking. This is the value of placing a buy stop order above the last bar on a 5 M or 15 M time frame chart. When the move carries on down it means you don't get stopped out with the pullback. But there is more:

When the buy stop is not triggered, we could see all pairs settle back down to a support level after the recent rally. Therefore be very cautious. In retrospect lets have another look at the 15 M chart showing price action at 7:45. This last bar, just prior to the 8 am bar is the real key. On all charts where the 8 am spike is long it will be noticed that the 7:45 bar is edging to the upside, but this morning it edged to the downside which in fact indicated a bearish down spike at 8 am. Where we can be deceived into thinking that the 8 am move will be in line with bullish expectations, the 7:45 bar will tell us the truth. When it moved down it is not a pullback. Pullbacks occurr from the 7 am up move and retrace where we place a buy stop above each preceding bar in order to catch the 8 am bull spike. But when the stop is not triggered then we can witness what we thought was a pullback turning into a retracement. Critical price action traders will catch this move with a short trade. I wasn't paying attention and missed it. We'll take another look at the EUR/USD further down this thread.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-04-26_08-38-51.jpg Size: 665 KB
Tellboy
  • #67
  • Apr 26, 2017 12:26am Apr 26, 2017 12:26am
Quoting arlucad
its 5.15 gmt now, isnt it?
It's actually GMT+1 British Summer time. 06:25 now.
Tellboy
  • #68
  • Apr 26, 2017 12:46am Apr 26, 2017 12:46am
Good morning. No pivot to bump off?
  • #69
  • Apr 26, 2017 2:47am Apr 26, 2017 2:47am
Quoting Go5
Good morning. No pivot to bump off?
Watch and you will see it on EUR/USD
Tellboy
  • #70
  • Apr 26, 2017 4:18pm Apr 26, 2017 4:18pm
Let's have a closer look at what happened with EUR/USD this morning.

When the buy stop is not triggered on the pullback, we could see some pairs settle back down to a support level after the recent rally. Therefore be very cautious. In retrospect lets have another look at the 15 M chart showing price action at 7 am. This bar is the real key. On all charts where the 8 am spike is long it will be noticed that the 7:45 bar is edging to the upside, but this morning it plunged to the downside, crossing the 20 MA which in fact indicated a bearish down spike at 8 am. Where we can be deceived into thinking that the 8 am move will be in line with bullish expectations, the 7:45 bar will tell us the truth. When it moved down it is not a pullback. Pullbacks occurr from the 7 am up move and retrace where we place a buy stop above each preceding bar in order to catch the 8 am bull spike. But when the 7 am bar is bearish and the stop is not triggered then we can witness what we thought was a pullback turning into a retracement. Critical price action traders will catch this move with a short trade. I wasn't paying attention and missed it. In future, after a strong rally up to a previous high, look at the 7 am signal, then the bear bar crossing the 20 MA with a vengeance and then the down move of 75 pips. It isn't subtle. It's a strong signal to go short on this pair.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-04-26_22-03-49.jpg Size: 379 KB
Tellboy
  • #71
  • Apr 26, 2017 4:23pm Apr 26, 2017 4:23pm
Quoting tellboy
{quote} Watch and you will see it on EUR/USD
A powerful down move can crash right through the pivot. See the chart above.
Tellboy
  • #72
  • Edited Apr 27, 2017 12:56am Apr 26, 2017 5:02pm | Edited Apr 27, 2017 12:56am
EUR synchronicity has returned after the retracement on the EUR/USD yesterday. Is that a precursor to a retracement across all EUR pairs?
Tellboy
  • #73
  • Edited 3:33am Apr 27, 2017 12:37am | Edited 3:33am
Here are three charts for this morning, showing the synchronicity of a continued move to the upside on the first chart - the 30 M.

Changing to a 5 M chart (2nd chart) to check the 6 and 7 am signals. All MAs are in sync with the low strength in the list, so these indicators suggest a move to the downside from the major trend. Price continued to fall until the 7:30 bar was the turning point to indicate that the pullback from the major trend on the 30 M chart had reached its bottom.

On the final outcome we have a 15 M chart showing the outcome. We can see that the EUR/AUD pivot provided an excellent support. Confirmation of a bull spike at 8 came with the 7:45 bull bar.

These three charts clearly illustrate the principle of a retracement from the major trend that can suggest a move to the downside, but in reality is a pullback that presents us with a good opportunity to go long with the major trend.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-04-27_06-29-56.jpg Size: 660 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 2017-04-27_06-45-49.jpg Size: 589 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 2017-04-27_09-14-28.jpg Size: 607 KB
Tellboy
  • #74
  • Apr 27, 2017 2:14am Apr 27, 2017 2:14am
Strong rezistance at 1.0920(eur/usd) , 7:45 is the key .
The best way to predict the future is to create it.
  • #75
  • Apr 27, 2017 5:39am Apr 27, 2017 5:39am
Slow market on London open , the market is waiting ECB .... . On GBP pairs ....it works fine for me .
The best way to predict the future is to create it.
  • #76
  • Apr 27, 2017 9:23am Apr 27, 2017 9:23am
Quoting tellboy
Here are three charts for this morning, showing the synchronicity of a continued move to the upside on the first chart - the 30 M. Changing to a 5 M chart (2nd chart) to check the 6 and 7 am signals. All MAs are in sync with the low strength in the list, so these indicators suggest a move to the downside from the major trend. Price continued to fall until the 7:30 bar was the turning point to indicate that the pullback from the major trend on the 30 M chart had reached its bottom. On the final outcome we have a 15 M chart showing the outcome. We...
I've just come across this indicator and I was wondering do you think this indicator will be good enough to trade your system.


Thank you.
Attached Image (click to enlarge)
Click to Enlarge Name: 9f8247b5e69b707efc1691622f6ab024[1].png Size: 185 KB


Attached File(s)
File Type: ex4 -- PairsPercentChange_mod_snowy.ex4   113 KB | 267 downloads
Attached File(s)
File Type: mq4 -- PairsPercentChange_mod_snowy.mq4   46 KB | 335 downloads
  • #77
  • Apr 27, 2017 11:12am Apr 27, 2017 11:12am
Quoting redfan
{quote} I've just come across this indicator and I was wondering do you think this indicator will be good enough to trade your system. Thank you. {image} {file}{file}
Thank you for the suggestion.

I will be posting a full week's activity on my selected EUR pairs at the weekend showing the value of the indicators I use, and more importantly the significant pullback entry points for each day. It already looks interesting and informative, but we still have one more day's trading before the weekend.

I will post my 30 M charts in the morning for you all to see what we are dealing with. Happy trading to all.
Tellboy
  • #78
  • Apr 27, 2017 1:12pm Apr 27, 2017 1:12pm
Quoting tellboy
{quote} Thank you for the suggestion. I will be posting a full week's activity on my selected EUR pairs at the weekend showing the value of the indicators I use, and more importantly the significant pullback entry points for each day. It already looks interesting and informative, but we still have one more day's trading before the weekend. I will post my 30 M charts in the morning for you all to see what we are dealing with. Happy trading to all.

Thank you for getting back to me so quickly. I've been trying to find a currency meter like yours. All week. I know you trade with IC market and they give you the currency meter with your trading platform. I trade with tickmill mt4 because their spread is only one point on eur/usd. Trouble is, without a currency meter I can't trade the way you describe. Looking forward to your charts and any tips you may have at weekend.
Thank you
  • #79
  • Apr 27, 2017 1:23pm Apr 27, 2017 1:23pm
Quoting redfan
{quote} Thank you for getting back to me so quickly. I've been trying to find a currency meter like yours. All week. I know you trade with IC market and they give you the currency meter with your trading platform. I trade with tickmill mt4 because their spread is only one point on eur/usd. Trouble is, without a currency meter I can't trade the way you describe. Looking forward to your charts and any tips you may have at weekend. Thank you
I am testing the value of currency metres as a tool in an entry strategy, and I am becoming increasingly sceptical of their true value, as we shall see when I post the entry points for scalps for the week.

On the point of pip spreads, even with a spread of 4 or 5 pips, this is reduced when entering a trade when its relatively quiet, and what does it matter anyway if you are going to make anything between 20 to 50 pips on a single scalp?
Tellboy
  • #80
  • Edited 4:01am Apr 28, 2017 12:02am | Edited 4:01am
Here is the opening scenario on the 30 M time frame for 6 am Friday 28th April 2017, followed by a 5 M chart with the outcome.

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-04-28_05-56-56.jpg Size: 723 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 2017-04-28_09-16-10.jpg Size: 638 KB


On the information colected during the course of this past week, we are able to discuss the follow:

 

  1. The usefullness of a currency strength indicator.
  2. The use of major support and resistance (indicated by the horizontal purple lines).
  3. What determines the decision on the direction to trade.
  4. The key bar to indicate the direction of the coming spike.
  5. When to enter the trade.

Have a pleasant weekend.

Tellboy
0 traders viewing now