Scalping (1m and 5m tf)

[Oskar]

Thanks for the info Oskar. I am trading pennies (micro) with this strategy right now, just trying to see if I can make it work for me. I am currently testing/trading the 5M for the time being so I assume I can delete the 1M BBs as that is a separate entry strat. and not a confirming action. Pls let me know if I have made an [B]incorrect assumption[/B]. d.

dobro, you did, see highlighted text in your post:)
of course only up to a point because you may want to experiment in any way you wish.
I only posted what works for me.
fyer is right, you always trade on the lowest TF you choose and next higher up to watch. The BB 10 1 is the one you really watch for breakout upper or lower Bband and trade on any TF you chose (not to mix up with M1). While you could trade higher TF’s it really is a M1 system (I think), maximum M5, with M15 confirmation. yet I only did this a few times because you still need a lot of screen time, therefore I trade M1. Maybe I am just used to it.
It’s not a “set and walk away” system, also not on M5 entry M15 possible confirm, and on M15 entry M30 possible confirm.
M15/M30 combo was not working for me. Yet, it may work with some modification, or somebody can make it work.
I don’t bother at this point to modify anything since I got it to work for over a year, good enough for me.
Regardless of TF, you should use BB 10 1, BB 20 2, EMA 50. EMA 8 is optional if you would like a easier view of the candles crossing over the EMA50.
Happy Trading and may the trading force be with you.

[dobro]

I thank both Oskar & Fyer for their responses. I hope it didn’t sound as though I was questioning the strategy or its time frames, I wouldn’t micro trade if i had doubts. I just wanted to get the “instructions” correct and you both posted excellent information. I am happy with 1M/5M although I may observe but not trade 5M/15M to see how it acts. Thanks again for the input, enjoy the holidays (if you enjoy light trading that is.) d

[fyer]

Oskar i would like to talk to you in privat. Is that somehow possible? Thanks and a nice xmas to all here.

[forex_wales]

i agree with Pipdealer, 1 min TF is most of the time just too choppy, and i dont see there the chart patterns to hold up good enough to trade them; ie a often 1-3 pips can screw up the while thing, and that much random move is always in the market, but in case of 1 min chart it is the difference between a sound entry or a tight SL hit.

I scalp from 5 min chart, where i find a use for the 1 min chart to confirm my entries, or see some minor support or resistance lines that would be hidden if purely looking at 5 min chart.

Even scalping on 5 min chart, dont forget to pay attention to the bigger news releases, as well be vary to scalp very slow markets with 5-10 pips range, as a sudden still small 20 pips move would change the landscape too much. Scalp when there is enough liquidity, and go for 5 pips when you feel confident there is room for a 10 pips move, not the other way.

all in all if you have time to spend in front of the screen, and able to make quick decisions, scalping is great, and i find it very rewarding.

agreed - usE the 1m TF to confirm entry fo larger TF !

[forex_wales]

Yes and No, that’s where the experience and the know of the pair comes in. I mainly trade the 1M with a preferable confirmation on the 5M. I had times I could see the currency is coming up on the M1 but was still not in the upper part of the M5 yet I jump in because the move to up (or vice versa down of course) is steady. Happens much more during London open then NY time. I trade the NY time of course but it’s not as steady as the London.
Guarantee? I guarantee every body will dye one day that’s about all that is guaranteed in life:)
My main chart and trading chart is M1 then M1 then M1 and always a glance to the M5 as bonus.
I also look at M15 M30 even up to monthly for general direction to be informed, once in the morning and evening. It’s enough to know what had changed during the time period. Sometimes I realize I lost a bit track of the overall trend situation because I focused to hard on the M1. Then I just click on the M5 and look quick to the higher TF’s.
It’s where the watching and slowly the realization (experience) how the pair moves is coming in.
Screen shot of my computer setup from this morning enclosed.
Sorry, can only give the way I trade experience is something everybody has to gain on his own and that takes time.
Happy Trading

Awesome,i also scalp the same TF ,but trade th 5m TF and us the 1m for confirmation, also use the larger TF for general direction, but manage to get some pips on the small pull backs wihin the general trend. I use the BB but only at 14-2 on Oanda
If i trade the 1m TF and the price is in a nice pattern, i use the BB when price breaks it on the up and vica versa
Nice post

[Ricky1423]

Can u help me set up m1 timeframe indicator ? Thank sir

[Redrox]

working this strategy on volatility 250 too?
PS: confirmation on 5M must be above 50 EMA for long position?