Learn to be a Scalper - page 30
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Well there was the move I had been waiting for.
Goes to show, just close charts down an hour before Frankfurt, it plays that way all the time.
Didn't get any of that...
Okay, I am worn out, took +2 pips on a short on that spike, then I took +4 on the long back to Asia low.
That is always hard in Frankfurt, my worse time along with London.
I am heading to bed now.
Updated Weekly Total Post #283
Hi Monarch,
Wonderful topic!
Hi Marduk!
I´ve been reading your talking and I like it.
After suffering for some months with EA´s, I decided to came back to the old style trading. The only one that works for me.
I´ll try to contribute with this excellent talking.
By the way, isn´t it a beautiful ascending triangle in EU M1 at this moment?
Shorted at the 8am EST hourly open bar.
+7 (+14 pips)
The 5min had a double top at 2728 and a double bottom at 3706, price failed to make it back up showing a stall on the 1min for shorts.
Weekly Total
113 Wins 16 Losses
+647 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
Here is the 15m chart with the high and low areas based on the 15m ranges.
On the 5m chart, the Macd has started to turn red, the sync candles are red, but the lower indicators are not even pink or red.
I have the area marked where price will go on a short move.
A move up could reach the top again.
This is just to show the process of a trade setup.
Very good, Monarch!
I´ve sent another post were I introduce myself, but I think it was not accept by moderator yet.
If you don´t mind, I´d like to ask you something: how many hours do you spend analyzing the market and trading in ordinary day?
Thank you.
Trades I took the last 1/2 hour
Longs
+2 = + 4 pips
+4 = +8 pips
+7 = +14 pips
Just closed short
+2 = +4 pips
Weekly Total
117 Wins 16 Losses
+677 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
I am finished for the week.
I will check back in during the weekend and post some charts.
Cheers
Very good, Monarch!I´ve sent another post were I introduce myself, but I think it was not accept by moderator yet.If you don´t mind, I´d like to ask you something: how many hours do you spend analyzing the market and trading in ordinary day?Thank you.
Hello, glad to have you in the thread.
Typically I trade these hours normally: 8am EST to 10am EST (pre-NY, news)
5pm EST to 11:30pm EST (NY close, Sydney open, Asia)
I can analyze the complete charts from daily,4hr, 1hr, 15, 5m in about 5 minutes time to see what I want to target for entry areas.
It is the same thing over and over, you get use to the types of moves, how the form, how they stall, how they reverse, and break out.
I trade EU 95% of the time, so I almost can memorize the past year and where the areas it has slowed, stalled, or excelled.
Hope that helps.
Cheers.
Thank you very much, Monarch.
I´ve been trying to trade with EA´s for some months, but after losing some money, I´ve decided to give up. So, I´m coming back to the old style trading. The only one that works for me.
I re-started manual trading this week on a demo account. Unfortunately it was not good trades. I need more training and studying. This topic you´ve created is helping me a lot.
Thank you again.
Thank you very much, Monarch. I´ve been trying to trade with EA´s for some months, but after losing some money, I´ve decided to give up. So, I´m coming back to the old style trading. The only one that works for me. I re-started manual trading this week on a demo account. Unfortunately it was not good trades. I need more training and studying. This topic you´ve created is helping me a lot. Thank you again.
Good evening.
One thing I have found with trading any strategy is there are wins and losses.
I have used many many systems, and each one have it's own dynamics to consider.
I consider indicators only as confirmation of where price has been, by the time the indicator has given a signal to trade one way, I have already seen it and have exited that trade, and probably trading against what it is saying, so basically I use them to say that move has happened, and now be ready for the other way.
Any one interested is seriously making any progress in FOREX needs to simplify their thought pattern, and focus upon certain setups that form over and over consistently.
I have at least 10 different setups I like to see, some are just quick hit scalps, and others may be for a little more targeted profits.
I am hoping to share some of this here on the thread, but understand, it does not just come quickly, I spent 4 years trading live accounts, and trying everything, getting beaten many times.
The past 2 years I started focusing on THE NOW setups, not really thinking of anything over the 1 hour or 4 hour max trend, but always aware of major trends in progress, sup/res levels that are near or broken, and the time of trades as per session opens, news, etc.
On post #295 I posted a 15m line chart showing the high and low expectation, here is the chart after the fact, those zones are still active.