Learn to be a Scalper - page 25
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10:35 pm here, totally wiped.
Heading to bed, I will check in about 7 hours.
Cheers.
As price was nearing the low from yesterday, I had my LONG finger ready to go.
Took 2 longs and exited at the upper trend line, you can see it went through that area and moved a little higher.
+ 1= +2 pips
+ 4= +8 pips
I am playing it safe here this morning, it is a US holiday, so it may want to run fast.
Weekly Total
100 Wins 13 Losses
+587 pips (after spread and losses) (based on 1-10.00 lot size)
My weekly goal is 105 pips, which I have done for the past few years with no problem, this week I am shooting for 500 pips by Friday.
0 pips remain to WEEKLY GOAL
Just closed out 3 more longs here on this consolidation area.
I figure price was going to go to 3720 eventually, but closed with profits quick because I am going to have my morning coffee.
(note: this area was reached during my posting - :ranting
LOL
+2 = +4 pips
+2 = +4 pips
+7 = +14 pips
That reaches 100 wins for the week, same as last week, with just 13 losses, last week I had 15 losses.
The pip count is under 600, I will reach that during Asia today.
Cheers.
I´m definitly going to read ALL your posts here! Good job Monarch
I´m definitly going to read ALL your posts here! Good job Monarch
There may be too much info for that
Welcome, just follow from here on out and you will get the meat of the concept.
Also, good to look at pictures of the past post.
Cheers.
Monarch, do you still do your analysis on the meta4 platform?
I remember that you posted some pics of a method of getting the buy/sell pressure through an indicator that you had on that platform.
Can you share it?
Monarch, do you still do your analysis on the meta4 platform? I remember that you posted some pics of a method of getting the buy/sell pressure through an indicator that you had on that platform. Can you share it?
I use MT4 for all my analysis, I watch the 1min for trade setups on OANDA, which is my broker.
On those indicators, let me see what I can do to upload a few, then can explain some as we go.
Ok, don't put all your money on these LOL.
I will tell you the time frame I use them on and the settings.
I was trying to do my analysis based only on price action using MTF as you do, but i couldn't get a sense for buy/sell pressure without an indicator.
Because of that I was using ADX, but soon understood that it was giving too many false signals, so I switched to RSI and it has been a little better, as it is straightforward to simply wait for a confirmation above the 50 level.
Yet, on some long trends the pullback might be well underway when the RSI confirms it, so until I get the "sense" for up/down pressure, I'll have to use something else to support my decisions.
I was trying to do my analysis based only on price action using MTF as you do, but i couldn't get a sense for buy/sell pressure without an indicator. Because of that I was using ADX, but soon understood that it was giving too many false signals, so I switched to RSI and it has been a little better, as it is straightforward to simply wait for a confirmation above the 50 level. Yet, on some long trends the pullback might be well underway when the RSI confirms it, so until I get the "sense" for up/down pressure, I'll have to use something else to support my decisions.
One of the first things I do when looking at the charts, is take a peak at where each time frame has been and where it is now.
Let me give you a few pics in a little while to help identify the first stage of pressure.
Okay on the indicators.
On the 5min chart I have
21 ema
50 ema
177 lwma,
These MA's will help to tell you the direction currently, the further the 3 are spread apart the great the power pushing price.
If the MA's are bunched, then your in a range and no true direction.
Use MA's as sup/res areas, the 177 is the cross of buy or short.
The only indi I have on 5m is the SNAKEFORCE (input 50 on value)
Change the color as you wish
Doesn't that Snakeforce repaint?
I've read it somewhere.
Isn't that a problem?