Ok so yesterday was 4 trades 1 Sell and 3 buys. I have reverted back to Arrows and and Moving averages.
Yesterday was 40.3 pips and a profit of $201.5
Could you do a recap on the method you are now using?
Is it possible you could give your thought process on taking those trades or were they generated for you??
There is a post made I made on October 19 called ‘How to use the system’.
Its not easy for beginners it is based on price retracing back to Moving averages and then opening a trade on the rebound in the direction of the trend.
Use on the 5m chart it will be more forgiving.
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Snipe2020
The system you are now using does not use any of the scalper pro tools.
You are simply using EMA LWMA support/resistance .
Any pivot points
Cheers
Watching …
I have been testing out different systems for scalping 1M chart, The results you can see here
The issue is having a system that gives the highest probability of success with low draw-downs
All the systems I have used are based on Moving Averages I have combined the ones that work the best into an indicator that I am currently testing.
Based on this indicator I have for 4 Trades today The days Range has been 20 Pips I have made 15 pips
Enter Buy Trades :
- When all the squares are green - Which means all the Moving Averages for 1M 5M and 15 are correct
- Arrows come on candle close - Which mean the higher timeframes like 30M 1 Hour and 4 Hour are in sync
Open the buy and Scalp a few pips
Not a good day really
After making 7.7 pips I lost 9 on a sell trade that I entered but it was missing the arrows so I should not have entered it cost me.
The next two trades where good setup they had a DR of about 9 pips but they worked well in the end
Profit of the day was only $23.50 Very poor London session of a 25 pip range
The market liquidity is too low for trading
I suggest you do not trade until next week
Tomorrow we have GBP Bank Rates and other news
Your right the issue has been the scalping indicators have been slow to react to very quick trend changes, When they change the price has hit S/R and gives immediate draw-down.
I am sure you have done it when you open a trade and right away it goes against you, that entry is usually based on some indicator, by the time it changes the S/R has been reached.
Most indicators are based on either Moving averages or previous candle OHLC (Open, High,Low.Close)
I thought why not give Moving Averages a proper test,
As for pivot points I use Trading Central from FXCM demo account they have a free Indicator.
Due to the very low liquidity during the London session I have moved to the 5M Chart and also looked are GBPAUD and GBPJPY Charts
GBPUSD is still very slow movements but GA and GJ have had some good ranges.
Still Based on Moving Averages bounces of 20 LWMA and 60 LWMA
Today 23.4 Pips and $233.74 Profit
Two Trades today on GBPAUD and GBPUSD both Buy trades
Closed GBPAUD with 18.9 pips
Closed GBPUSD with 15.3 pips
Total Pips 34.2 Profit $140.98
GU Drawdown was 10 pips
GA Drawdown was 0 pips
The market is moving more in the USA session it has been like that all last week.
By now the GU London session range is usually 40 to 50 pips today its at 25 pips
The GA London session range is usually 70 to 90 pips today its at 55 pips
The Market is having volume about two hours into the USA Session there you can see the bigger trend moves with more bounce backs to the 60 and 20 LWMA allowing you to enter.
Im hoping this week the market will shift back to more normal London session pip ranges.
When there is Low volatility indicators wont work move one timeframe higher then you normally trade
I am currently on the 5M Chart normally I trade the 1M Chart
Did a Buy on GJ the 5M Arrow came and the price bounced of the 20 LWMA
Got 22.8 pips
Takes the day total to 56.8 pips and $241.00 Profit
