Learn to be a Scalper - page 4
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I took my last trade of the evening, after watching that resistance hold and hold, price shot down and gave indication of a deeper move.
I entered short, then it pulled against me 4 pips before moving for a total of +10 pips.
Attached is the 5 minute chart and the 1 minute chart showing my entry point.
Have a good night and cheers
10:50 pm EST Price is riding the support of Asia at 3892, the next leg down would put the E/U at 3859 area, if it goes, it will strike before Frankfurt open.
Price made it's way down into the lower levels, the 3859 actually was reached during the London hour.
Price actually made it to 2 lower level targets before finding a support and the bouncing back up again.
There is news in 15 minutes, so it is best to watch and wait to see where it leads.
The news at 8:30 am EST had the E/U spiking upwards, I put a Fibo upon the 5 minute candle and when the 1min formed a support area at the 38.2% level I went long for a fast +7 pips.
Here is the 1 min chart showing what I was looking at on that pullback from news spike.
Based on the move up during news, price came back into the 50% buy zone and formed a higher low on the 5 minute chart.
I went long on the 1 minute setup and closed out +5 pips on that trade.
Price is now pressuring that 50% level and looks to be weakening into a lower move.
I will remain bullish above the low at 3845.
Once again price made a deeper low hitting the 61.8% level of the News cycle, I have the 5 min chart showing the Fibo setup, and then the 1 minute charts showing my 2 Long entries, and the 1 minute chart showing the exits at my target line above.
On that trade I cleared +8 pips and +6 pips.
E/U constantly gives trade entries, it is our job to locate the levels where price should bounce, and then take those trades based on the current trend/pressure.
I am only posting the actual trades on the thread here, but normally I take many more setups then what I am illustrating.
I will input my total trade and win to loss percentages on the first page here in a little while, it will surprise you how many trades can appear if we just learn the rhythm, cycles, and patterns.
Cheers
I thought I could edit the first post of this thread, but that option is not available here on FX Fisherman.
I keep a running total of my trades taken on Oanda since June 11th, 2010.
I normally target 21 pips per day profit, 5 days a week for my goal of 105 pips.
Since June 11th I have taken 2090 scalping trades.
Of those trades I have won 1,539 and lost 551.
I have not lost over 20 pips on any trade, and most of my winners are under 10 pips.
My total pips after all losses and spread as of today is +2,964 pips.
I have made all of my profits scalping the market for small amounts, showing that you do not have to wait forever to find a trade and make money.
I normally use a stop no greater then 7 pips, but if the price is at an extreme and I am doing reversal scalps, I will play with those numbers taking several entries based on the formations that are present.
Looks like a nice setup for scalping. Thanks a lot for sharing. 2964 pips is truly very good result. Can you tell me how much time you spend every day for trading?
Looks like a nice setup for scalping. Thanks a lot for sharing. 2964 pips is truly very good result. Can you tell me how much time you spend every day for trading?
Greetings. Glad you stopped by. I would estimate I have made 90% of my profits in the Asia session. I do some early Pre-NY sessions, but I do not trade during NY, Frankfurt, or London.
My normal trading time starts at 7pm EST and I watch off and on with my laptop as I am doing other things and waiting for setups. I normally start closing all charts at 1am EST.
I plan on posting much more information in the coming weeks, how I find price levels and certain formations that appear constantly.
Have a great weekend.
When I look at the charts I have 3 things in mind.
1. Is price ranging?
2. Is price in the process of a breakout move? (50-100 pips)
3. Is there reason to take a trade here, or to wait?
Once I have taken those 3 thoughts into consideration, I then begin the process of elimination, meaning, WHAT COULD GO WRONG IF I ENTER HERE???
I want to know before I consider a trade, what is happening, is there reason for more movement, or is the price at levels where it is slowing or is it at a STOP AREA??
Price can only to 2 things, well 3.
1. GO UP
2. GO DOWN
3. GO SIDEWAYS
So what do I do here and now?
What direction should I trade?
How much am I willing to give on a stop before I make this trade?
How much am I looking for on my target.
Is there enough pressure for this price wave to reach my target?
And the final question I always ask myself "WHAT IS WRONG WITH THIS PICTURE - IS THIS A TRAP?"
After I have looked at the 1hour, then the 5/15 minute, I start to pick my entry points from the formations that are in progress, and with the 1 minute chart, I take my entry.
This 5 minute chart I have the basic trend setups, it shows there are many opportunities trading both ways, but to be conservative, let's look at taking only LONGS in a bullish 5 minute trend.
You can see the price moves over the trend line, and below the indicator crosses the 0 line and is yellow showing pressure is UP.
Once price gives me where it is going, I only have to wait for it to pull back into the trend line and fail, then start looking for LONGS at the yellow indicator showing it is building upper pressure.
I watch for 5 minute stall patterns, since the overall trend is up.
So this chart shows the areas where price drops into the areas where LONGS jump back in to take price up. The gray boxes show the trade/pip availability, once the indicator losses it's yellow pressure, exits should be executed.
I build these charts and mark them manually as price makes it's cycles.
Cheers