Learn to be a Scalper - page 48
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A nice drop here, with retracement in progress, below 1.3838 and will see more movement to 3800/3810 levels.Waiting for shorts here.
Entry 1 and 2 cleared for 5 pips on shorts, waiting for next small move up to test the 3838 to 3844, or the next leg down setup.
1.3844 test, let's see if it falls below 3842 for a quick profit....
Results in a few.
Update: Was up 3, then down 2, then up 6, then closed at -3 pips
Waiting for a new short re-entry on this spike up
Drop below 3850, I will enter short based on the 1min resistance setup presently.
Update: Price moved a few pips higher, now will be monitoring the 3852 line.
Entered Short on the 3852 break, took 6 pips.
That was the final trade of the evening, all profits are locked in.
Cheers.
Hi Monarch, I had a question for you, or anybody else that would like to answer. I'm familiar with the concept of scalping (just quick trading, basically), but I do know that some brokers do not allow it with their platforms, etc. So, what exactly is the benefit of being a scalper trader over the other strategies?
Hi Monarch, I had a question for you, or anybody else that would like to answer. I'm familiar with the concept of scalping (just quick trading, basically), but I do know that some brokers do not allow it with their platforms, etc. So, what exactly is the benefit of being a scalper trader over the other strategies?
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
Here is my trade for Asian session. 1m/5m chart
One winner one loser, so I'm at BE
You traded the 1min and nailed it, the 5min was good after it faded the top a bit later.
I am watching bodies of candles on the 5min chart to find sup/res, even though a wick expands, I try to focus on the open and closes of the candle.
I will post some charts.
A quick pick of my first thoughts at looking where price plays.
From here I go to the 1min chart to find areas of stalls, reversals, breakouts, as you did SERJ on your 1min trade today.
Overall I am looking at all the RED 5min candles, and thinking retrace, and drop again to test part of the lower areas.
Watching 1.3764 body on 1min for stall on move up, will see soon.
Update: Breaks last 1m top......
Watch for spike and back down if it stalls.....
Watching 1min now for lower high setups.......... Taking it's time to stall here on this move up....
Update: New hour bar, the top I am watching is 3770 for now, let's see if we get a test and fail of that top, then SHORT....
I have 2 entries already on this level, but will add as it shows more stalling power.