Mumpips, you can calculate the ADR by going back on the daily chart several days (I use about 10), and noting the low and high for the day; subtracting that difference gives you that day’s range and then you simply take the average of the days you’ve determined the range for.
There’s also a Metatrader ADR indicator, that should show up with a Google search. I believe I saw the link on the Forex Factory page.
Cody
Thanks Cody, good info.
First, it depends if you only trade while watching your charts or are willing to place delayed orders . If you only trade while watching your charts, then I would recommend setting an alert about 20 to 30 pips below 129.67, and then you wait. I know it sounds boring, but the beauty of trading this way is that your life does not revolve around being glued to your computer screen trying to catch a few pips. Let�s fast forward a little and assume that your alarm just got triggered . It�s important not to jump the gun and place your order as soon as price touches the line.
Hi, I finished reading through this thread last week and I am just starting to take the trades this week (with small positions of course). The thread appears to be dying off a bit now.
Did anyone take the GJ 160.50 scalp line yesterday? That one was a winner. Just curious because I did not see anyone give an update on that trade. That scalp line came directly from the NickB blog.
Also, just wanted to say that I kept a log of the post that I thought had the most important/relevant information as I went through reading the thread. I am using that log to go back and create an FAQ for this thread that hopefully will allow us to keep folks from coming on and asking the same questions over and over again. I will post that FAQ in a little while, and I will ask Phil838 to take a look at it and tell me what he thinks. If it is OK, perhaps he will want to post it on the first page. If it is not OK, I will edit it as necessary and then we can hopefully post it out here. I will gladly maintain the FAQ going forward assuming that this thread continues to be active with traders trading the system and assuming that it does not go in a completely different direction (as happens too often).
I know a lot of traders are on the sidelines right now because of the number of losses, but I think this is a good method and that it will bounce back as soon as some “normalcy” returns to price action. I am interested longer term in trying to understand how trading this system on multiple pairs smooths (or not) the equity curve and perhaps DANE will be able to help with that information (I am planning to check out his blog over at meetpips.com so that I don’t muddy up this thread).
OK guys, here is the FAQ that I completed for this thread. As it says in the document, this FAQ is really for the thread as opposed to being for the “method”. I simply pulled out of the thread those questions and answers that I thought were most important to understanding the method with special emphasis on questions that were asked multiple times.
Also, this is not meant as a replacement for reading this thread and for reading NickB’s e-book, I am just hopeful that it will allow us to avoid some of the questions from folks that have not read the thread or the e-book and keep us focused on advancing our knowledge of recognizing and trading scalp lines.
If I can get Phil838 to read through this and give me feedback that would be great. If it is good to go, I would suggest adding it in the first post in this thread. Also, if this is not something that Phil838 wants out here, or if it contains information that breaks the rules of BabyPips.com, then I will gladly edit my post to remove it (it will still be of use to me personally).
Enjoy!
Hello,
I have been reading all the documentation about this method, and I am starting
to work with GBPJPY chart.
I notice that we are near June,12 high, that can be interpreted as a resistence.
Do you agree?
It will be very interesting to see what will happen in the next days.
Regards,
Target
Just bein’ about it more than I’m talkin’ about it…
Still with everyone!
Great job on the thought of creating FAQ’s on this method. I have not read this completely and I will wait until Phil838 reviews these FAQ’s.
On 3rd August trade 160.50, Yes, I took it and the next scalp order 162.60 is in pending state. Hopefully this will also be a winner this week.
guys,any chance of it to go below 160.00?? im staring at it… yesterdae it hit so i thought it gona go down more but too bad it reverse… lucky i didnt enter it… si is the 160.00 a valid short? but my entry will be ard 159.95 or 159.90
i got the 162.00 entry n manage to get only 35 pips… the price seem shy away from 162.40 therefore i take half my position first n then s/l breakeven trailing stop
GBP/JPY is clearly the best pair to trade this method on but if there are good setups on other pairs then there are definitely pips to be made. The emphasis here is on taking only the good setups at the right times, eg London/NY, not around news etc.
Did anyone trade the 162.50 scalp line? I got this line from NickBs blog. I entered at 162.60 with a TP of 163.10 and SL of 162.10, so far price got to 163.09 and has reveresed and is now around 162.54. Am I entering to far past the break? I am at work most of the day and use pending limit orders, should I start entering 6 or 8 pips after the break?
RocketW, I believe that the NickB scalp line was at 162.60, not 162.50. So if you entered at 162.60, you actually had no buffer or adjustment for spread. I did enter the trade, but entered at 162.70 as per my 5 pip buffer, and 5 pip spread adjustment. I got within about 11 pips of the target, and then I saw price start to reverse pretty hard and fast…I had to leave about that time and so did not see the trade to conclusion…not even sure if my stop got hit or not because my Oanda is not accessible right now. However, I am trading this mechanically and so I would not have messed with the trade anyway even if I had been at my computer. I am only trading this with 1% risk with a goal of hitting 1.5R per month average return over time without exceeding 6R drawdown…If I can do that I will be very happy.
I believe my pending order at 162.60 must have been triggerred and I don’t know the status now since I can’t acces my dailyfx.
Ok. I have been interested in this method for quite some time now but i have not yet tried to trade it, so this week i am going to give it a go, i have set my pending orders based on nick’s blog & both are pretty clear to see on the charts, long on the break of 163.09 & short on the break of 158.96, my entries are set 10 pips beyond the scalp line which allows for a 6 pip buffer plus 4pips for half of my spread
i will keep my risk low for now & wait to see how things go
hi i am new to this thread and i am tryin to figure out scalp lines in gbp/jpy 4hr chat i havt attached this image can anyone help me out with this can anyone tell me the lines i have markd there are they valid scalp lines? and once if current price movesup previous scalpline should i get on trade as soon as it crosses or shud i wait for another candle to start forming for confirmation and also what is ADS nickb had been mentioning in his book? thankyou
imran,i guess u get it correctly… but remember… once the scalp line is broken,its not valid animore… remember to plot ur S&R lines too so u wun get fake out…
thankyou very much for your replies the website i have got from here is not free i mean videos are not free you have to pay and secondly MattW2009 support and resistence line would only be touched once in ages so if scalp lines are not valid anymore so u would hardly get any chance to hit S R lines
I am betting on a reversal on GBPJPY;
