Learn to be a Scalper - page 49
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Had 5 entries average price 1.3766, and rode it down for +6.5 pips on all lots.
I wanted 10 pips, but with 5 entries, I felt good for 6.5 pips.
Now we watch if the move up has any real substance here.
1.3776 temporarily holding???
Spiked above, now will it drop back under???
If it does, I will look to short once again, has to give a good signal.
Update: Spiked up nicely to the Asia High, now were in business....
Waiting
Okay, I am finished for the night, had a few quick shorts after price went sideways on that spike.
Nothing spectacular, 3, 4, and 5 pips a trade.
Overall a good Asia session.
Cheers.
UPDATE: That was the overall high into London, which dropped it 125 more pips.
The benefit for me is less time watching for a setup, I have worked over 7 years in the Forex business, and have found certain formations that pay out.There are many strategies, and time periods, but who wants to stare at charts 24 hours a day to find one nugget, I can find a setup whenever I look at the charts. If I really wanted, I could take hundreds of trades a day, but I realize that I only have to work a few hours to get some decent setups that pay out more then they lose.I am not sure how many trades I have taken the past week, or even month, but I do know that the winning percentage is very high, and when it comes to trading, that is important.I have used many different brokers, and some are good for scalping, others are not.I hope you find your path to success.Cheers
Hello, thank you for your great explanation. I don't want to be to quick to say, but this sounds much more appealing to me than sitting with 12 monitors in my face 24/7 look at charts, as you said. A winning trade is a winning trade, so I suppose more "little wins" will add up quickly. Makes sense.
Thanks again, Monarch!
Hello, thank you for your great explanation. I don't want to be to quick to say, but this sounds much more appealing to me than sitting with 12 monitors in my face 24/7 look at charts, as you said. A winning trade is a winning trade, so I suppose more "little wins" will add up quickly. Makes sense.Thanks again, Monarch!
I use to do 24/7 with a few monitors, and it was very difficult to live a normal life.
I give 2 hours max a day to trading, and there are times I will only watch for setups, and not even take them.
The key is finding the same patterns, and only watching for them. If you do that you will always have a win or loss exit strategy, no holding on for hours or days waiting for it to come back your way.
I hope you stick around and share with us as you learn.
Cheers
Price hit 1.3693 on this drop, I took a Long for a few pips, then seen it stall, I Shorted for a few pips.
Just looks weak for now, it will be more aggressive at the new hour.
Cheers
I watch the 15min chart for direction, as you can see price swings up and down constantly.
I have a 65 EMA which is the yellow MA, and then the envelope showing 65 pips from the 65 EMA.
Price crosses the 65 EMA constantly, and when it reaches the 65 pip distance I start to watch for sideways movement, and the quick reversal trades.
Then when price makes it's way back to the 65 EMA, I look for sideways movement and take trades in the power trend of the 15min.
Cheers
I left the house at 7am this morning, and left the 15m chart in my last post showing the lower portion of the move starting to level out.
Since then, price has shot back to the 65EMA, then held around that line, eventually crossing upwards to the 65 pip line above.
I have drawn the area where the 65EMA should move to, and expect a move back to that MA eventually.
Let's see how it plays out.
Did someone say price was falling, YES it was.
That is why I took a LONG, on the test of the breakout area previously.
Hit it on the head, +10 pips at 1pm in the afternoon.
I like that.
Cheers
Entertaining LONGS if we hold this area of previous breakout in NY today.