Hello again tymen1 i saw that you use candlesticks with small time frames and just get small pips . scalping did you try to use them in longer time frame like 1h ?Im sure that you will have better results ....:) like i said i also use them but i dont use Bollinger bands …only stoch rsi and candles but i`m pretty pleased with my results.o yes and how much you average get per day ?
Regards,
Teodosy
I use 12 time frames, the longest of these being 1 hour.
My approach is basically a scalping arrangement with a target of 9/10 pips on the first candle.
But if you go beyond the first candle, anything is possible via the way of earning pips.
My money take is irrelevant, anyway, i spend most of my time on the sharemarket.
I am still keeping on learning Tymen, It’s a great Method…
Regards,
IIN
hi guys
i m trying to trade with candlestick really interesting as it seems. but i use daily charts and go for 100+ pips but at the moment i m struggling to find overbought/oversold indicator as all of them laggy or in accurate( by accurate i don’t mean 100% but atleast 70%). so any suggestions on will be greatly appreciated
thanks
There are many indicators to show price is in overbought or oversold. But may be you can use this one. A stochastic with colors. here is the link to the thread, there are may choices of the stochastic.
Stochastic Color Bar! - Forex Trading
Hope this helps…
Regards,
IIN
hi
thanks for reply, the main confusion is that some say stoch is good some macd, some other indicator, i just need something that is better of the range of indicators that are available. thanks again
cheers
hi guys
this is the most confusing state of the market to me, when the trend keeps going up or down but steadily instead of fast and sweet way :D. any one have any suggestion how to see for reversal ?
cheers
hi
thanks tess for the reply, but the chart i posted is daily chart, so wat to do in that case ?
thanks
hi
thanks again for reply i use just candlestick to enter or exit nothing else on daily chart. bcoz if i use lower timeframe i see too much noise in them and there are too many patterns. which gets me confused on the trade i m in. i believe candlestick give enough information to trade but as u know the limitation with candlestick they cann’t give price targets. i m trying to get some indicators on the charts but normally they raise more questions than answers.
what i need help with is if the trend is moving fast and nearly every day the price is making higher high with big candle body then just look for reversal. but if the trend is moving slowly price is still making higher high but the candle body is not big enough which raises confusion as if trend is losing pace or it will keep on going. any guidence will be much appreciated
thanks
The method I posted on this thread was never designed to run with a trend.
Candlestick patterns have a certain life then another pattern comes along.
With my approach a life of up to 7 candles is definitely maximum. After all, it was a scalping type approach.
I think the first pips you get after a pattern forms are the best pips. A higher leverage is an easier way to make the money using the first pips.
Hello everybody,
This is my first post here. I really appreciate all the information that everyone shares so freely here, it is extremely helpful to a newbie like myself.
My question is this: I have looked at the main brokers out there and have found that they do not favour short term, small pip “scalping”, the price slips or the dealing table holds up your order and I wondered if there were any brokers that anybody out there knew of who did not do this. The problem seems to be that for every broker that you find there are some traders who have had good experiences with them and there are other traders who have been scammed by them. It is really hard to find any that seem consistently reliable and straightforward.
I am based in the UK and trade using the MT4 platform.
Thanks a lot
Richard the …
I am trading the GFT platform thro an Introducing broker in Australia.
I have phoned GFT, Australia, and explained my desire to scalp. They told me that I can do whatever I wish, as long as I click on the price shown on the chart.
That then is easy. I can certainly click on their prices and, thus, scalp.
I persisted with my enquiry, and they had no problems with my method of scalping using them as broker.
Hope this helps.
Yeah I love scalping. lionheart im workin on MT4 i like how they have FIB expansions (extensions) for free and you dont have to get Xtick or that topgun software stuff. as for GFT working on their platform seems slow to me compared to FXCM. I used to do GFT charts + FXCM dealing window for the maximum effect. just my 2 cents.
-ForeX Capitalist
Another 2 pips of mine. If your PC or laptop can handle it which I hope it should or else you shouldn’t be trading with forex on slow specs. Is use MT4 for charting and FXCM as your broker because they dont care about scalping because they have too much capital anyway. MT4 has all the sufficient charting tools BB RSI STOCH All fibs + expansions all free. But you gotta trade minis cant trade them micros with fxcm @ least not that i heard of yet. micros are good with Oanda though but i question their spreads compared to FXCM. in real time for example i see Oandas spreads for EUR/USD as 1.4665(S)/1.4675(b) while the same spread for FXCM is 1.4669(s)/1.4673(b) 10 pip spread vs 4 pips adds up to some good change in your pocket if you use FXCM. i heard Oanda is good but im still testing them out.
-ForeX Capitalist
Id like to share this with you guys, this is a tried and proved method…good reading
Yeah, the whole not allowing scalping thing erupted from some creative methods to trade inside the spread which was depriving the broker of the spread payment. There were even traders selling it as a trading system and made a lot of money by cheating…more or less, and teaching others how to.
Several traders got put on manual orders, and would ***** online that their broker doesn’t allow scalping without admitting that they were cheating them in the first place. This happened at several of the mini lot brokers that have fixed spreads so they rely heavily on those as their bread and butter income. For varying spread brokers, like Oanda, the impact wasn’t so great.
It seems as though the whole thing has settled down in the last year or two.
Thats good reading thanks for sharing. I’m hoping to write a lil something like that with more experience.
-ForeX Capitalist
To Muddbuddha :
Yeah, the whole not allowing scalping thing erupted from some creative methods to trade inside the spread which was depriving the broker of the spread payment.
Thanks for posting this information - I was genuinely not aware of this. It was very unexpected information.
Now I know.
Raggingbull,
Nice little read there.Do you think this goes for different timeframes also?I would think so this is pretty much laws of price action correct?
hey guys, what abt chart pattern compared to candle stick? the problem i have with candle stick is that i have to recognise the pattern which is like so confusing as there are so many of them… thats why i gave up on it and use sole indicators, but i realise that indicators are not as good as it seems… chart pattern seems easier to recognise compared to candle stick
