GBP/JPY scalpers UNITE!

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Nigel Davis
204
Nigel Davis  

 Hello, 

           Would anyone be willing to add their "scalping" recommendations to this thread? I'd really like to see the best traders of the hardest pair (the dragon) to come together and put up a good fight! Anyone willing to get involved? 

Order 1 is a sell!


 For SELL number I The take profit is 140.605 and the stop loss is a close at or above 141.718 on the 1m

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Should those conditions of the stop loss be met, I would then reverse to a .04 buy with a recalculated sl for that order. 


Let us see how this works out! 

Nigel Davis
204
Nigel Davis  

Almost to tp


 The recommendation is almost at Take Profit! 20 more pips to go! 

Nigel Davis
204
Nigel Davis  
  I took profit here and hoping for about a 20-30 pip move up in order to re-enter into the short for the same lot size.
Nigel Davis
204
Nigel Davis  


 We can see above that the TP was hit! Now we are awaiting a new scalp! Come on guys join in on the fun and post your recommendations!

Sergey Golubev
Moderator
106045
Sergey Golubev  
  1. Simple Ichimoku Scalping  
  2. PriceChannel Parabolic system - 811 dollars for 3 trading days and final statement for scalpings

Forum on trading, automated trading systems and testing trading strategies

Press review

Sergey Golubev, 2014.03.07 09:08

Who Can Trade a Scalping Strategy? (based on dailyfx article)

  • Scalpers look to trade session momentum
  • Scalpers do not have to be high frequency traders
  • Anyone can scalp with an appropriate trading plan

The term scalping elicits different preconceived connotations to different traders. Despite what you may already think, scalping can be a viable short term trading methodology for anyone. So today we will look at what exactly is scalping, and who can be successful with a scalping based strategy.



What is a Scalper?

So you’re interested in scalping? A Forex scalper is considered anyone that takes one or more positions throughout a trading day. Normally these positions are based around short term market fluctuations as price gathers momentum during a particular trading session. Scalpers look to enter the market, and preferably exit positions prior to the market close.

Normally scalpers employ technical trading strategies utilizing short term support and resistance levels for entries. While normally fundamentals don’t factor into a scalpers trading plan, it is important to keep an eye on the economic calendar to see when news may increase the market’s volatility.


High Frequency Trading

There is a strong misconception that all scalpers are high frequency traders. So how many trades a day does it take to be considered a scalper? Even though high frequency traders ARE scalpers, in order for you to qualify as a scalper you only need to take 1 position a day! That is one of the benefits of scalping. You can trade as much or as little as you like within a giving trading period.

This also falls in line with one of the benefits of the Forex market. Due to the 24Hr trading structure of Forex, you can scalp the market at your convenience. Take advantage of the quiet Asia trading session, or the volatile New York – London overlap. Trade as much or as little as you like. As a scalper the choice is ultimately yours to make!

Risks

There are always risks associated with trading. Whether you are a short term, long term, or any kind of trader in between any time you open a position you should work on managing your risk. This is especially true for scalpers. If the market moves against you suddenly due to news or another factor, you need to have a plan of action for limiting your losses.

There are other misconceptions that scalpers are very aggressive traders prone to large losses. One way to help combat this is to make scalping a mechanical process. This means that all of your decisions regarding entries, exits, trade size, leverage and other factors should be written down and finalized before approaching the charts. Most scalpers look to risk 1% or even less of their account balance on any one position taken!

Who can Scalp?

So this brings us to the final question. Who can be a scalper? The answer is anyone with the dedication to develop a trading strategy and the time to implement that strategy on any given trading day.

=================

Trading examples

Metaquotes demo 

GoMarkets broker, initial deposit is 1,000

Alpari UK broker initial deposit is 1,000

RoboForex broker initial deposit is 1,000


Nigel Davis
204
Nigel Davis  

call 2

 Stop loss is a close at or above 140.310 on the 1m

Take profit 140.535

If stop loss is hit I will reverse to a  .3 buy in which I will come back and give you the stop loss and take profit! 

Nigel Davis
204
Nigel Davis  

reverse

 You can see the last recommended position (sell of .22) was closed out at the aforementioned sl, and then I reversed to a long, and not only hit the take profit, but recovered the loss in less than 1 min. It turns out, that was the start of the + 30 pip run up which it would have! 

Nigel Davis
204
Nigel Davis  

3zz


 I stood strong even though my sl came on 2.3 pips from being hit and look how well it turned out! I should had held to the take profit, but i was risking a lot on that increase! 

Nigel Davis
204
Nigel Davis  

 Very little input from this community. Clearly most of the people here are looking for a system to copy! 

Marco vd Heijden
Moderator
8155
Marco vd Heijden  
Nigel Davis:

 Very little input from this community. Clearly most of the people here are looking for a system to copy! 

MQL5 is a programming language.

This is a programming forum.

There is not a single line of code in this topic.

I'm not sure what you are looking for ?

There are some active topics about strategies maybe you will have more luck there.

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