Phil, Does this mean that we can’t trade both short and long on the same scalp line at differrent times in that week ?
For ex - 156.50 acted as long scalp line in the mornng (7.30 AM PST)and quite a few posters profited on that.
And a few minutes back (6.00 PM PST) the same line broke again in reverse…
Though I didn’t trade that reversal, would that actually be a considered as a scalp line again ?
If I’m not mistaken it’s possible on S/R lines, but not scalp lines. Scalp lines are maintained and moved slightly when they drift over time.
Scalp lines are deleted immediately after an entry.
3 ducks, interesting; Phil838, what are you thoughts on this one?
Phil, missed your post earlier today re: 156.43
I used the psych level @ 156.50 & after the rollercoaster, took 50 pips even @ 157.
Scalp line are only meant to be traded one time and then removed from your chart, never to be traded again.
The reason they work is because of the short burst of price momentum caused by traders jumping in when the price crosses the recent swing high/low. On the second cross that momentum will not be there, so trading them more than once is pretty much a 50/50 gamble.
It’s not something I would trade, but it would probably make money if you did it right.
I’m not a big fan of moving averages. They don’t tell you anything you couldn’t see better by looking at the candlesticks.
I think I can make more money with less work trading the way I do, but that’s just my opinion. To each his own!
Thank you !! Good to know this to avoid invalid trades.
I agree with all of that.
I called it a day @ 1pm EST, but MAN!
What a boring day on the GBP/JPY. Stuck in a ~50 pip range all day!?
Small profit made on a discretionary psych level trade @ 157, so I guess I shouldn’t complain…
I decided to take 155.10 on the move down. It was a success.
Anyone else?
Is this a valid NickB trade? Lines do get added as the week progresses, no?
It was a decent formation. The only knock against it was that it was based on a move that was only 240 pips or so, which is definitely at the low end of acceptability.
Hi everybody!
Quick question… are the marked scalp lines invalidated?
(GBP/JPY, H4, 7/6 - 7/29)
Thanks.
Still looks good to me!
I would particularly see 1 & 2 as one opportunity though, favoring 2 since it’s recent. Behavioral Finance suggests the ‘recency bias’ 
(that’s just me though)
I guess from the definition of scalp lines stand point, all 4 looks valid to me. However Since 1 &2 seems closer to each other… I would also bias with 2 since it is recent. Same thing with 3 &4, I would bias with 4.
Is anyone looking at the reversal at GBPJPY?
I think if you were to trade the reversal you should already be out.
Especially with the iffy, long wick on the 20:00 EST candle.
There was a run of almost 100 pips, so with a target less than that the trade should be complete already.
Thoughts?
Although, technically there’s a H4 master candle forming right now if price stays above 154.15 & below 156.30 until the current candle closes.
Anyone trade those? Or just H1 master candles…?
Theme Music: Beck’s - Loser
Hi everybody!
Looking at the USD/JPY H4 7/29/09 8:30pm… Any thoughts?
The ADR(10) is 93 pips.
My trade thoughts is for an entry @ +5 pips above the 95.37 high and the target of +20pips (95.62) with a stop loss at -25pips.
Is my thinking along NickB’s strategy?
I think so… since following is Nick’s scalping characterstics.
My determination of scalp line is on the following qualities (NickB Manual)
However, It looks the price never broke 95.37. It looks like 95.37 seems to be a resistance level (?)…
Next, how did your image appeared along with the text ? Mine always as an attachment.