Indicators For Scalping, please post here

Trading Discussion
1

Dear Forex Experts, who have experiences in scalping, let’s share and discuss the method. And maybe you use your special indicators ? What are the best setting for them ? I wish this would help everyone who wants to learn scalping…:slight_smile:

OK, you can post here, please…

Regards,

IIN

2

what is “scalping” ?

I know what it is with sports tickets :smiley: but not when it comes to forex :confused:

3

I think it is short term trading on steriods. Really short term…like opening and closing trades in minutes.

4

Yes, that’s right yolybear, something like that. We take an open position then close it when condition changes in short term. And Scalping trading usually use small TF, like 1M and 5M, and it’s really difficult for swing traders to do this, cause they usually use big TF like 1H above…

Regards,

IIN

5

If you have the right broker and the right strategy for scalping, you can do pretty well.
You asked for an indicator. Let me post you some pictures.
To get the info as where this indicator can be found you have to email me at <[email protected]>

The yellow dots represent "support area"
The purple dots represent "resistance area
The red dots represent “sell signal” and they are also used to indicate where stop should be (usually few pips above the reddot)
The blue dots represent “buy signal” and they are also used to indicate where stop should be (usually few pips below the last blue dot)

You sell when red dots are close to the purple dots (meaning: you sell at a solid resistance point)

You buy at the yellow line if the dots are blue (you are buying at the support level)

I don’t know if there is anything easier then this for scalping or for getting 10-50 pips a day with 3-6 trades per day.

6

Yes, the indicators are very nice, why don’t you just share them here, so we can learn and discuss them…
Ok, i have sent you my e mail…
thanks my friend…:slight_smile:

Regards,

IIN

7

I think that there are some errors here regarding the idea of scalping.

Scalping can involve large lots (positions) and any time frame.

The essence of scalping is that you only profit a few pips, such as 1-5 pips.

By using a large position it is still possible to profit well…but…the majority of brokers will want to shut you down.

How is this done?

It is automated and written in the computer language code of the charting program.

I am not a computer programmer but, in simple language, it goes something like this…

[I]If trade large
and
If trade positive
and
If pip gain small
then
trade close signal=NO SIGNAL[/I]

ie, your charting program friezes.

I do not use indicators for scalping - I do not use indicators at all. Instead, I am a candlestick trader. When I shifted from indicators to candlesticks, I stopped making repeated losses and, for the first time, started to make real profits.

I scalp (but prefer to let my trades run) using candlesticks.

I use a broker that permits scalping.

Regards, Tymen Wortel, Perth, Western Australia.

8

I agree with Tymen’s explanation about scalping, sorry guys, for my wrong explanation about it.

In my opinion, candlestick is an indicator too. may be you can share your experience here, so we can learn more deeply about the candlestick in scalping, if you don’t mind, please.

Regards,

IIN

9

To Iinzall :

My scalping candlestick approach is [B]still under development [/B]but it basically uses 3 strategies :…

[U]1) Recognizing the appropriate candlestick pattern.[/U]
This is obvious.

[U]2) Trading ONLY those candlestick patterns that appear on or above the Bolinger bands.[/U]

In this way you are trading an extreme and, if the price action has been walking the bands to some extent, then, when the pattern appears, a change is anticipated, ie price is expected to move into the centre.
For example, the evening star pattern seen on the upper Bolinger band.

[U]3) A staged entry.[/U]
The position size is divided into 2 or more parts.

A first entry may, if so desired, be made as soon as the first new candle   after the pattern appears.
Then, using a 1 minute chart, aided by its own Bolinger band and a MACD, we watch...................

                            a) If the trade goes the right way (into the centre), we profit.

But this profit may be only a few pips, say 10, or 5 after commission.

Therefore we use quite high leverage (standard lots) and maybe two lots.
We then get a suitable profit.

                            b) If the trade goes against you, then the 1 minute chart with MACD and BB comes into play.

                                We watch for the price action to reach its total extreme, then do a 2nd entry.
                                The computer now averages the 2 entries to give one good entry.
                                Being at an extreme, the price now is expected to reverse to the centre - the probability of it doing so is very high.

                                So down it goes, not much though, and we collect the profit as before.

NO STOP LOSS (disaster stop only). The Bolinger band acts as a “stop loss” in that it limits price action extremes - have you ever seen price action go past 3 standard deviations??!!

We can let our profit run onwards into more candles and so make more pips, say 20, under suitable conditions.

So far, I have had only one loss with this approach, but I want to stress that this whole idea is [B]still under development.[/B]

I use a whole range of time frames from 20 mins to 1 hour to get sufficient patterns - plenty so far.

Finally, a suitable broker is needed to be able to trade like this.

Kind regards, Tymen Wortel, Perth, Western Australia.

10

Sorry, for my late answer Tymen, cause the electricity in my place is always off once a week :frowning: .

I really interested in your method, cause actually i learnt about candlestick too several months ago, but i change then, and use some indicators in my trading way.

You said that you combined BB and MACD, what are their setting ?

I guess if you have time, would you add some screenshots to make it easy to understand.

Best Regards,

IIN

12

i too am interested in your method as i am getting creamed in the market, i prefer making short trades and then get out of the market. let me know please.

thanks

13

To Iinzall and Pipstinger :

This is to let you know that I have seen your requests and I will post some screen shots next post. :slight_smile:

I can do the “attached files” method but have never before done the direct pictures method but Elang has shown me how to do it. So it will become my first attempt.

I shall edit it in Microsot paint first with some editorial notes.

So hang in there!

Kind regards, Tymen Wortel, Perth, Western Australia.

14

OK, i am waiting for it patiently, Tymen…:wink:

Regards,

IIN

15

I’m also enthusiastically waiting to waiting to see how you trade, Tymen. All your posts have been very useful, and it will be incredibly helpful to see how you go from start to finish in a trade, and exactly what you are looking for in combination with the candlesticks.
Cheers

16

To Winner :

Wow! I had barely finished typing a reply to you recommending this thread and you are already here!

This is going very fast - please let me catch my breath! :o

Now that everything I reply to is directed to this thread, I can concentrate on one theme and not let my ideas be scattered around.

Before I say anymore please note that my ideas are still [B]under development [/B]and are by no means fixed in concrete as yet. Feel free, therefore to view the ideas with skepticism. :rolleyes:

The essence of my approach is [B]simplicity [/B]. Being under development, ideas and input are welcome, but please be simple!

Ok, now I am going to look at the forex market, find a trade, then take the screen shots direct from there and edit them.

Then try to post the material in a form to be understood. Again I am indebited to Elang, Master contributor, for telling me how to post charts etc via Image shack. :slight_smile:

It is now Saturday night here in Oz, and the market is closed.

So I will have to wait till Monday when it all happens. :smiley:

Kind regards, Tymen Wortel, Perth, Western Australia.

17

if you want to post the screenshot, you can use this site too, TinyPic - Share The Experience!�, you upload your pic there, then several choices appear, i always choose “for forum”, “copy”, then paste it to the reply…that’s all.
If you want to try this way…please do.
hope it can help.

Regards,

IIN

18

Thanks Iinzall, will try that!

Kind regards, Tymen Wortel, Perth, Western Australia.

19

Thank you for sharing. Im looking forward to seeing you this plan in action.

20

just testing image shack - TinyPic tested.

[http://img297.imageshack.us/img297/1374/93134714wo2.png[/IMG]"]]([IMG)

Yay!!! It works!!! Thanks Elang!

This picture is just a [U]test[/U].

Sorry Iinzall, I have tried TinyPic but with dial-up internet, it simply uploads too slowly.

But the good news is that i can now post my approach with pictures!

That is… my super furry ginger cat has decided to go to sleep on my lap…an unexpected crash in my forex trading!

Oh dear…he really has gone into a deep sleep!

He is heavy.

I am such a woos.

Kind regards, Tymen Wortel, Perth, Western Australia.

22

No matter my friend. Just Do which the best for you…:wink:

Regards,

IIN