Learn to be a Scalper - page 41
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Hour open price, High and Low of hour move, then breakout setup.
Took a few on this trade, something I do every hour I am on charts.
Cheers.
I was focusing on the 5min chart tonight, and watching the high and low of the swing.
The low formed, then a lower appeared, and finally an exhaustion of the lows formed with a higher low.
I marked the breakout Long area with the white line targeting a few areas above, taking +8 pips while relaxing.
Basic setups, can be seen on any time frame, I prefer 1/5/15 minute charts.
Cheers.
The business world is not for everyone.(True - and Forex is not for everyone) Unpredictable.Scalping are a gamble because the economy changes in the high action thriller movies that keep you on the edge of seat.(Trading the market is always risky, and short term trading is taking risk at the edge of the seat, taking profits quick and easy)So like to exchange for scalping a technique which usually stands on the currency traders in order Used by good long-term strategy for getting the money so much time.(I have traded some long term strategies in the past, but found my favorite trading strategy in the lower time frame, small risk, and quick returns)
Cheers
Here is the chart showing the Eur/Usd for Friday.
Asia holds range for hours.
London pushes the top and stalls, returns back into range for a short time, then breaks downwards.
London continues downwards into NY session.
NY continues the move downwards, with a nice pullback in the session, but pushed back to support at the end of market this week.
I have blue arrows showing all the scalp setups that make 10+ pips on each setup, the red dots show where the point of supp/res occurred and where I would be looking for a breakout on the 5 minute chart.
You can see the setups are everywhere, it is learning where to enter the market that is the key.
Have a great weekend.
We seen the EUR/USD close at 1.4157 with a low of NY at 1.4132.
Today we had an open on Oanda at 1.4156 which is also the high so far, and the low reaching below Friday low hitting support at 1.4110.
Will see in about 45 minutes when most of the markets open, if will get a top or bottom test.....
cheers.
Price moved down sharply in the NY session, with a test of the daily pivot.
At 11am EST price made a lower move and stalled forming a nice 1min flag pattern for longs, and possibly the low for the days session....
I took 2 entries with the Low as my stop, and clearing profits for both in just a matter of minutes.
Only 2 trades for the NY session, I had several longs on the early morning news, but closed them out quickly knowing we were at London highs for the day.
Cheers.
Shortly after my last post I took a 5min short at the 1.4100 level, also seeing the stall on the 5min was confirmation.
I had a 10 pip stop on the trade, and cleared +10 pips.
So for this hour alone I have cleared +22 pips, my daily goal.
Cheers.
After the market opened, price rose and then found some resistance.
Were now in a small downward trend on the 5min chart.
I took a +7 pip short on the last stage of the down move, I am now expecting a possible move back to market open on OANDA.
Here is the 5min chart showing several options of the coming hour or so.
My recent longs taken on the failure of moving lower.
The purple line is the low of market open, which was also my stop on Trade 1.
The price stalled on down move, then broke higher on the 5min candle, pulled back to that break line, that is where I entered Long Trade 2.
I closed for 10 pips and 4 pips on those.
I will now watch for the 9pm EST move.
I had a small long much earlier, and after a few hours of rest I came back to find this jewel of a short.
+9 pips, even though it will go 20 probably.
This is my last trade of market open.
cheers.