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Scalping the EUR at the European open

  • #141
  • May 15, 2017 2:32am May 15, 2017 2:32am
Here are two sets of charts for the EUR pairs this morning. The first shows the situation at about 6:30 and the lower shows the outcome.

We can see that there is inconsistency between the pairs on the left and the pairs on the right. This means it is not a good day to trade the scalp for the EUR. That is unless you wanted to trade in the direction of the 7 am candle and catch scalps in both directions.

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Tellboy
  • #142
  • May 16, 2017 2:18am May 16, 2017 2:18am
A very nice set up this morning resulting in a good series of scalps. See the set up on the first set of charts, followed by the outcome on the lower set.

There was some inconsistency with the 7 am candle on the 15 M time frame, but EUR/USD paved the way with the correct direction.

This is an excellent example of how good the system is if the rules are followed. Caution is needed when EUR/USD reaches a significant resistance level, as it did this morning, but when the pair held its position and did not retrace then all the signs were in place for a good set of bull scalps that enabled the target of 100 pips to be easily exceeded. Entry on all pairs should always be executed with stop orders, just in case.

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Tellboy
  • #143
  • May 17, 2017 3:59am May 17, 2017 3:59am
Following two profitable days, and with significant resistance levels reached, today showed conflicting buy and sell messages. Where there is no synchronicity is a sign to be cautious and stay out of the market.

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Tellboy
  • #144
  • May 17, 2017 2:02pm May 17, 2017 2:02pm
Thanks tellboy for all the examples of when to be and out of the market. Love this strategy. It's conservative but when everything is aligned it's almost always positive.
  • #145
  • May 17, 2017 4:17pm May 17, 2017 4:17pm
Hello Tellboy,i tried this stuff out last week friday till today...positive returns so far,i made 300+ pips today only.
my observation is that you are limiting yourself by placing too many rules...do's and don't. i will post how i use your idea around 5am to 7am Gmt+1,that's the period i check the currency performance and also when i also enter the trade.
NICE ONE.
Nothing stands in the way of a person's will -THE MYSTICS
  • #146
  • May 17, 2017 4:27pm May 17, 2017 4:27pm
Thanks for posting and explaining the charts everyday tellboy. Monday and Tuesday charts were beautiful to trade and make loads of pips, today on the other hand was a obvious 'stay out' shout but still managed a few pips. Strategy works great can't remember the last time i lost using this system kind of gives a direction to trade the rest of the day '7 am' candle is gold.
  • #147
  • May 17, 2017 10:19pm May 17, 2017 10:19pm
from the pics,the marked painted red area shows usd to be showing good and strong performance while only the circled audusd area is the only place where usd wasn't showing good performance...the yellow marked painted area shows where jpy seem to be showing weak performance across the board.
now that made me chose to trade usdjpy which is marked later with a green too. i will just have to wait for a buy opportunity.

Now,as at the time of typing this price was at 111.01...i am not supposed to buy here but rather 110.80. now lets assume i bought now at 111.01 which i just did.

i hope this works now,that's how i have been using this...to add other pairs,i just look at stronger performing pair and cross with the jpy pair like that AUD and EUR. i will just long uj,aj and ej.
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Nothing stands in the way of a person's will -THE MYSTICS
  • #148
  • May 18, 2017 4:45am May 18, 2017 4:45am
Quoting Patrich
from the pics,the marked painted red area shows usd to be showing good and strong performance while only the circled audusd area is the only place where usd wasn't showing good performance...the yellow marked painted area shows where jpy seem to be showing weak performance across the board. now that made me chose to trade usdjpy which is marked later with a green too. i will just have to wait for a buy
opportunity. Now,as at the time of typing this price was at 111.01...i am not supposed to buy here but rather 110.80. now lets assume i bought now...
did you buy usdjpy at around 111.01 today?
  • #149
  • May 18, 2017 5:29am May 18, 2017 5:29am
Quoting Usmahn
{quote} did you buy usdjpy at around 111.01 today?
yes i did...price moved in my favor and i moved stop to b.e ...just came back to see all trades closed at b.e +5
Nothing stands in the way of a person's will -THE MYSTICS
  • #150
  • May 18, 2017 8:54am May 18, 2017 8:54am
Today's conflicting 7 am candles gave a good indication of the sideways price action to come for the day. There were no useful price moves from 7 to 8 where we could grab a scalp.

The first group of charts shows the inconsistency between the pairs, and the lower charts show the inconsistency with the 7 am candles. Therefore these charts illustrate when price channels sideways and when there is little profit to be had with speculation.

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Tellboy
  • #151
  • May 18, 2017 9:41am May 18, 2017 9:41am
Quoting Patrich
{quote} yes i did...price moved in my favor and i moved stop to b.e ...just came back to see all trades closed at b.e +5
that's alright then i asked as usdjpy went down quite a bit today good thing you got out early
  • #152
  • May 18, 2017 11:12am May 18, 2017 11:12am
Quoting tellboy
Today's conflicting 7 am candles gave a good indication of the sideways price action to come for the day. There were no useful price moves from 7 to 8 where we could grab a scalp. The first group of charts shows the inconsistency between the pairs, and the lower charts show the inconsistency with the 7 am candles. Therefore these charts illustrate when price channels sideways and when there is little profit to be had with speculation. {image} {image}
I totally agree EUR didn't start moving till 9:30am
  • #153
  • May 18, 2017 3:16pm May 18, 2017 3:16pm
Here is a review of EUR/USD for this week so far on the 30 M time frame where we can see the value of the 7 am candle to predict a good scalp.

The 7 am candle let us down on only one day (Wednesday) when it was out of sync with the 7 am candle on the other three pairs (not shown). For me this clearly illustrates the value of the 7 am candle for scalping when it is synchronized with other EUR pairs.

Some of you may also be aware of the value of the 7 am candle in predicting a longer trade with a higher target of 50 or 100 pips.

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Tellboy
  • #154
  • May 18, 2017 8:42pm May 18, 2017 8:42pm
Quoting Usmahn
{quote} that's alright then i asked as usdjpy went down quite a bit today good thing you got out early
i waited too long before closing the trade because i was up around 80pips on the 3 trades before moving to b.e ...i will just have a set target of 50pips daily with this style of trading while still trend trading the way i trade. This idea by tellboy is perfect.
Nothing stands in the way of a person's will -THE MYSTICS
  • #155
  • May 19, 2017 12:00am May 19, 2017 12:00am
Quoting Patrich
{quote} i waited too long before closing the trade because i was up around 80pips on the 3 trades before moving to b.e ...i will just have a set target of 50pips daily with this style of trading while still trend trading the way i trade. This idea by tellboy is perfect.
The best time to trade is from now until around 11.00am (BST) yes I do agree
  • #156
  • Edited 11:48am May 19, 2017 1:30am | Edited 11:48am
Here are the charts for Friday 19th May. Where there may be indecision it may be wise to stay with a 30 M time frame and use the 7 am candle for a definitive direction if all pairs agree at 7 to 7:30 am.

The first set of charts show the situation at 06:30 (GMT+1), and the lower set shows the outcome where I made a total of £187. This confirms the value to me of the 7 am candle on a 30 M time frame, together with the patience to let the positions run on for the day.

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Have a good weekend y'all.
Tellboy
  • #157
  • May 19, 2017 5:35pm May 19, 2017 5:35pm
How do you manage your trade? Do you have a trailing stop or use a strict profit target?
Was testing this on the 15 minute chart at the time of entry and used 2:1 (20 stop / 40 target) and it would have hit my targets.

Strategy works very well if you're patient and don't try to force the synch between the charts.

Interested to see how to manage this to get the most profit.

Will look at testing this all next week before putting on a live trade.
  • #158
  • May 20, 2017 7:50am May 20, 2017 7:50am
Quoting doanut
How do you manage your trade? Do you have a trailing stop or use a strict profit target? Was testing this on the 15 minute chart at the time of entry and used 2:1 (20 stop / 40 target) and it would have hit my targets. Strategy works very well if you're patient and don't try to force the synch between the charts. Interested to see how to manage this to get the most profit. Will look at testing this all next week before putting on a live trade.
Hi there Doanut. The answer to your question is all a matter of personal preference. I usually expect a scalp of 25 pips on each pair, but USD often gives the lowest whilst AUD and NZD can give more. Lately I am opening two positions, one with a 25 pip target that is adjusted to just below the next resistance level and the other with a 100 pip target for a longer all-day trade if momentum is present. I never use a trailing stop, and prefer to shift my stop manually.
Tellboy
  • #159
  • Edited 2:55am May 22, 2017 2:16am | Edited 2:55am
Monday 22nd May and the 7 am candle on all four pairs stays true to form with its prediction of direction. But going short against the major trend can be a bit scary, and there aren't usually too many pips to be gained unless the USD is particularly strong. This morning it was the NZD that showed its strength, followed by the AUD. Conservative scalpers would have stayed out, and brave ones would have taken the shorts.

Once again this strategy demonstrates the value of synchronicity between pairs and the validity of the 7 am candle, especially on the 30 M time frame. Trust it.

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Tellboy
  • #160
  • May 22, 2017 2:49am May 22, 2017 2:49am
74 pips gained at the start of eur session as m30 on all four pairs represented a bearish candle.

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