3 minutes 80 pips, doesn’t get much sweeter than that. Nice way to finish the week. Live? I hope?
Sorry to bring up those tools again but I just want to confirm/prove that the price action of GBP/JPY is due to go up strongly >>>
By tymen1 at 2009-06-05
Having observed that the red long averages are becoming steeper, I predict the price action to go up and in the next post consider the implications.
Here is a somewhat more magnified chart of GBP/JPY taken at 12.29 am, Western Australian time.
That is 12.29 pm New York time and 5.29 pm London time. >>>
By tymen1 at 2009-06-05
I have drawn some lines.
The distance between the pink lines is 374 pips.
That seems to be about the qualifying distance for the “scalp lines”, is it not?
The blue line to “scalp” is interesting - 363 pips away from the bottom pink but only 11 pips away from the top pink.
But from my previous chart, the price action is definitely going up!! 
Hmmmmm.
[B]Interesting!![/B] 
The GBP/JPY seems to be noted for the speed at which the price action moves.
I was just watching the 20 minute chart and saw the price drop about 40 pips
in 10 seconds.
The red, long term averages are strong though, and I still contend that the price is going up!!
Thanks! Yes, it’s live. I spent my first 6 months of trading nearly blowing out my first live account, not I’m slowly and fairly conservatively bringing it back from the dead…
Again, that is prediction, based mostly on an indicator. The nickb method just works off of scalp lines and historical S&R & the price action that happens when it gets to them. It doesn’t try to predict what is going to happen in the future. It’s either bounce or break at one of the lines.
IMO, trying to work in a prediction indicator with the nickb method, will actual foul up the method.
Glad you got some pips!
Taking bad lines when you’re learning isn’t really a bad thing. As long as you’re using good money management, which I know you are, then pretty much the worst that can happen is a 50/50 win rate!
It’s very rare for a scalp line trade to take more than 2 hours. Most of them take less than 30 minutes, but some last 1-2 hours. If it’s taking longer than that I’d go ahead and close the trade out if it’s in profit because it’s really just a gamble at that point.
What I will do is leave out the predictions to save annoying you people and merely state the probability if relevant.
What does “IMO” stand for anyway?
Yes, I think the best and [U]most reliable[/U] pips are always at the beginning of your trade!!
I have detailed records on my trades, but I’m not at home right now so I can’t look at them.
I can’t remember how many trades I’ve taken this year, I’d guess about 30, but before this last trade (which was a winner) my account had grown 29% this year from scalp line trades alone.
I’ll post my exact numbers when I get back home on Monday.
Yeah, I agree with ThePhoenix here. Scalp lines can be taken with pending orders, but I wouldn’t do S+R breaks with them. I do those manually depending on price action. I want to see a price spike immediately after the line break before I’ll enter an S+R line break.
The reason is that S+R line placement is more subjective than scalp line placement. Not everyone’s line is going to be in the same exact place like a scalp line. You need that price action confirmation before entering.
It’s lazy internet abbreviation for, " in my opinion." That way I can say it’s just my opinion, instead of looking like a know it all jerk, lol.
It’s not that you are annoying me, it’s that this thread is meant to be a nickb method thread, and thus far has proven very valuable for me. I’d like to keep it on topic.
Keep in mind the nickb method doesn’t try to predict a large movements ahead of time. Doing so just messes with the traders head, at least mine.
I’ve found, so far, that with this method it’s just best to go with price action as it behaves WHEN IT ACTUALLY REACHES the S&R or scalp lines. Working off of prediction hours ahead of times only makes me start to see things that aren’t there or that I hope to see, instead of how price is actually moving.
See, on my last trade I had convinced myself price was going to go down big. Which is why I hastily took the trade, instead of waiting for a real break. I really just got lucky that it went my way. If I had acted, or didn’t act, on what was actually happening I wouldn’t have taken the trade.
I do value your experience though tymen. How bout getting tottally on the nickb method boat, and joining us with input from the stanpoint of someone doing the nickb method as prescribed? Check out forex4noobs.com as well, nick posts his S&R and scalp lines.
I post here because babypips is more active post wise and I get quicker feedback.
Plus, it could confuse some newbies who might otherwise find a simple and easy to trade method in Nick B’s scalp lines. I could see them reading this thread and then thinking “Wait, now I need to take these wavy lines into account!? The guy with over 2,000 posts says I should!” 
Yeah, I would definitely consider 158.57 a scalp line now and I’ll trade it anytime after London opening on Monday.
Just like Wednesday’s trade it’s the double bounce that makes this a good line, in my opinion. I don’t like the lead up to the line, and the retracement time and distance are at the bare minimum for a scalp line, but after the double bounce I’ll trade it.
That’s assuming it doesn’t get fouled up by the weekend gap or the rest of the day today.
160.45 is still good right?
Right. I have 160.45 and 158.57 (assuming the weekend doesn’t mess it up) on the long side, and 143.00 and 139.00 on the short side.
It would pretty much take an act of God for those short lines to get hit, but they are good scalp lines. Plus they’re psych levels, which always make scalp lines better.
But I doubt they get hit before they expire…
Hey phil great thread, nickbs method really is awesome. Have a question about the 158.57 scalp line, nickb recommends a minumum of 10 candles between scalplines, and this one only has 6, he also says he only uses 3pips from the line to call it a double bounce, my chart shows 9pips away. Have you traded scalplines successfully like this before? I may be missing something, or confusing nickbs rules.
You’re not confusing the rules, it’s just that the “rules” for this system really aren’t rules at all. This isn’t one of those systems with set-in-stone, buy “when x crosses y” rules, you have to use your own judgment a little.
In fact, sometime I’ll trade lines that Nick doesn’t like, and sometimes he’ll trade lines I don’t like. We agree 95% of the time, but there are quite a few scalp lines that are open to the individual traders interpretation.
I trade scalp lines like 158.57 all the time. And so does Nick! According to Nick’s blog he traded two scalp lines last week that only had 7 candles between them.
I know “use your own judgment” isn’t the best answer, especially for a person that’s new to this trading style. My advice is that if you don’t like a particular line then don’t trade it, but do watch it when it breaks so you can learn how things move.
Ok cool, so you have had pretty good succes with lines like that? That will open up alot more trades during the week, which is nice. I have been pretty strict when trading scalps, usually only looking for sharp price movement.
Yeah, I’ve had good success with them. Of course stronger lines have a greater success rate, but the lesser lines are still profitable.
Just don’t get too lax with your line placement. I only get 1-2, maybe 3, lines per week. I went almost 2 straight weeks in May with no scalp lines at all. Just don’t try to see lines when they aren’t there and you’ll do fine.