Good afternoon to all. The purpose of this thread is as follows.
Can you share your methods?
I’ll be sure to share aspects of this system, on the weekends. As during the weekdays I’m mostly trading.
Hi there, looking forward to learn from you on short term price action.
Currently applying price action on Daily chart only as I feel applying price action on charts < daily is difficult and alot of false signals.
Yeah,I think daily-trading is so difficult.There’re too many false signals&it waves too fast. So I’m used to trading with trend.But I’m glad to learn your method,and I wanna be a daily-trader.
I’m now up 369% 
Well from my experience. I would say “The false signals” are experienced because we refuse to take the opposing trade. If we simply train our self to get out of a position once a few pips are loss. You can then take advantage of the price action. About 30% of the times in which we enter a position. If we end up 10 pips in red before we gain 10% do we actually end up gaining more then 20 pips. Higher time frames in no way can give you an accurate entry. As the pinpoint entries are gained once ASIA opens.
Higher time frame do offer the advantage of filtering out the noise in price series (with maximum noise being in the tick chart, reducing at higher time frames, there is a lot of academic literature on this). But that said, the advantage of lower time frames is that it offers more opportunities for trade, provided you have an efficient method of using the noise to your advantage. And its adrenaline rush. 
I have always liked 1-min charts, staying in line with the direction of 15m and 60m trends, and the developing news stories. Though I do not do much of manual trading now as I have a primary job to take care of, I am in as well in learning about your method.
hi bestpickrus,
could you explain a bit more your strategy. Now I can see only a nice growing account.
thanks
This is possible, but it’s not ideal, in my opinion.
There are arguments to both sides of this; some would rather compound their profits.
I would say that the majority of traders would disagree with this. You don’t see a lot of scalpers last in this industry. Most scalpers are new traders looking for action and eventually lose.
I would say 90% of trades would disagree with this. It’s obvious that the higher time frames reduce noise whereas 1M or intraday bars are prone to more false signals. Not sure why you would say that the 1M chart is the most accurate, or rather “best strength indicator”. I’m interested to hear your argument concerning this.
The stat says “95% of those who wager in forex lose money”. All though that is an open ended statement. I would assume they are referring to losing their initial deposit amount before withdrawing any form of profit. I would also assume that most of the people who have forex accounts, aren’t scalping. Only reason why is because scalping is deemed as orthodox. As new traders look to gain help from gurus, one would say that gurus teach them how to use higher tf. Which in turn would mean that 95 of those who trade forex are swing traders.
I believe 1m charts is the most “accurate” way to take a position due to the fact that it only takes one 1m candle to change any trend. Those who rely on higher tf rely on (confirmation). By the time you get confirmation you’ve already spent maybe 1/3 of a trading session, and over 100 pips in potential profit/loss.
The picture below was my entry on a short position. Do you see how accurate that sell was? As in the sense from the time I entered, I never went in red more then 5 pips. If your pip drawdown is less then 8 pips with the spread included, then you have a very accurate entry. Most swingers end up gaining many pips, but not before spending many days/ months in negative territory.
Which leads to the issue of compounding. Swing traders compound because they spend so much time trying to earn profit. Yet, compounding once a loss is experienced will lead to a bias trade which will place you deeper in the hole. Instead of looking towards a high probability trade, we take bias trades. So many things happen in a 24 hours period (As in pivots changing) that aiming for any tp over 100 pips is nothing more then roulette at its finest.
Hope my response sheds a bit of light on my belief (subjective) of why scalping is the most profitable method.
Thank you for your explanation. I appreciate it. I didn’t mean to try to offend you with my post. Just wanted to hear your reasoning behind your statements. It’s definitely a refreshing one, although I am still a little iffy on the 1M being the most accurate just from my experiences with whipsaws and large wicks all over the place.
A fixed pip drawdown doesn’t mean much though when you’re taking fixed-fractional position sizes. The only time I could see it affecting your balance is if you are taking a fixed lot size every trade.
You obviously have the ability to read the market quickly, and somehow know the next direction it’s taking…all I see on that 1 minute chart is consolidation ranging within 12 pips…how did you know an entry in the middle of the consolidation 10 minutes before it broke below, would result in a profit?
The whip lashes which one may see on 1m, will also be seen on higher time frames. You mainly see those whip lashes during PR events. Of course what is seen on 1m is seen on the higher time frames as well. As I’ve mentioned before the issue I have with 1m time frame is awaiting confirmation. Typically higher time frame traders miss breakouts, which scalpers do not.
From my perspective I would have seen that double top forming a lower high… And would have seen that as a nice barrier to place my stop loss behind… Given that you generally look for 5ish pips for a stop loss on the 1m chart, you go short when price is about that distance away from the double top…
My two cents… Probably different reasoning then OP but I would have taken same trade
Ill add two guesses and say market feel and an indicator. When you really know the market you can get a vibe on which way it will break before it does. It helps that when price consolidates, it’s not 100% symmetry, you can use time to help your bias as well. As for indicators, I’m finding them to be more helpful than I originally thought when it comes to short one frames, particularly oscillators.
Hello… Well the answer is pretty simple. I use one MA line as my indicator for entry. Yet, I take the high/low of the first candle which touches the MA line. Then on the cross/recross of the high/low I take my position. Its really that simple. I’ve noticed if you simply use MA lines as your guide for entry. Your view of the market is much different. You basically have no bias at all towards any one position. You simply enter, and exit on a close over the MA high and low. Yet not every candle which touches the MA gets calculated. It has to be the first touch based on the last run which the currency had.
If you have a look at my trades, you will notice I have yet to experience 4 losses in a row. That is only because the MA line does not cause accumulation. You can quickly identify accumulation by using fibs. So you know when the market is flat you stay out.
One more thing to all the new forex traders. One of the biggest mistakes we make as traders are the following.
We settle for losses. We believe we have to lose some pips in order to gain overall. In the case of using a martingale system that is true. Yet with “Straight up trading” that is 1000% false. Here are the biggest mistakes specific type of traders make.
Scalpers
Swing traders
By the time swing traders enter into a rally which has started, they end up entering near the tail end, or at the reversal of the trend. While scalpers see every 1 to 2 candle pull back on the 1m as a sign of reversal when it isn’t so. Which is why you can’t find consistent swing traders or scalpers. Many can give you valuable information on how to become one. Yet none of them can actually prove it.
