Okay, I admit it.
I’m a scalper.
A pip here, a pip there, sometimes 20… Or more… I don’t intentionally look to scalp, but it is often that way.
The idea with this thread is not to try to convert anyone to my style of trading, or yours, if you’re a scalper too. But rather dispel a few myths I have seen, and share a few trade ideas.
My basic premise is to enter trade setup with what I feel is the highest probability of a quick profit, but with hopes of a promise for more.
I’m not a 30 trade a day guy, maybe 10 though. The time I find the most productive is the Asian session. It also fits my time constraints.
I look for a few setups that occur quite regularly, I’ll get into those later.
I’ll also be posting up an almost blown demo account, (reasons it was almost blown are related to technology failure) so you can see trades happen. My live account does not use MT4, and is somewhat archaic in comparison, so the demo suits our needs better.
Here’s my routine.
#1: Start the trading day by looking at the daily chart. ALWAYS.
#2: Check announcements looking for high impact events.
#3: See what the last 24 hours looked like on a 15 minute chart, and then where price is in relation to that.
#4 Pick the pair with the most activity I look at 3. E/U, G/U, and U/J. Whichever of the 3 had the most movement, especially if it’s a range, I’m there. For a while at least;).
When I look at the daily, I’m looking for the way it shaped up to the days preceding, and what the candles are doing.
I’ll note the announcements, and keep an eye on the clock if I’m contemplating a trade near one. If the announcements are high impact, there is usually a decrease in trading prior to the announcement anyway, so that somewhat negates trading possibilities for a bit. If it’s a medium impact or lower, I trade as usual.
I use the minute chart, with a lot of toggles to the 15 minute, and 1 hour chart.
I’ll mark the day’s high, low, and notable recent s/r lines on the hour chart, and pay attention as price approaches those on the 1 minute.
I trade usually in the direction of the day’s trend, with occasional glances at the longer times looking for retraces, or continuation patterns.
If I go counter trend, I look for a quick in/out. If I get in with the trend, I’ll try to let it run.
I use one indicator, a simple ma 5 set for the open, mostly for direction on the hour chart. I will trade against it if the setup is strong enough.