good morning traders, NFP #s this morning…i do not trade the news at all, so i will be waiting at least 20 minutes after the release to start trading for the day.
P1PTRAD3R
took first trade of the day on the longside of GJ, for a +20 pips.
DECEMBER 5TH’S GRAND TOTAL: +20 PIPS
9 DAY GRAND TOTAL: +1,487 PIPS
P1PTRAD3R
with NFP #s being so horrible, you have to be cautious today…take on less trades…days like today are the ones where a 500 point range in the DOW, is almost expected.
you also have to know that where the markets are now (at lows), these #s were somewhat expected and that the #s could be priced in…which means a retracement could occur.
and it is friday, and noone wants to hold anything over the weekend with this volatility.
[B]P1PTRAD3R[/B]
took another long scalp in the gj for a +22 pips.
DECEMBER 5TH’S GRAND TOTAL: +42 PIPS
9 DAY GRAND TOTAL: +1,509 PIPS
P1PTRAD3R
i took a short scalp in GJ for a +18
DECEMBER 5TH’S GRAND TOTAL: +60 PIPS
9 DAY GRAND TOTAL: +1,527 PIPS
P1PTRAD3R
Alrite, well it was a slow day for me today I only made 60 pips. It was a Friday and NFP #'s came out today. With the numbers being as bad as they were it didn’t make sense to force any trades. I have made over 1500 pips in the last 2 weeks and I definitely don’t want to get stuck in a position over the weekend when a large gap up or down is a very real possibility. I would hate to get stopped out and give back 1000 pips being greedy. I will wait until Monday and take a look at the tape and try to see where we are heading next.
Everyone have a great weekend.
[B]P1PTRAD3R[/B]
P1PTRAD3R, your gains are incredible. Where can I read more about your system? I’ve browsed the first page but can’t find any text related to that. Do you plan to start a live trading room?
I will try to explain my system for you a little better. It is a cross between scalping and swing trading. Scalping usually consists of tight stop losses, but when I first started scalping I realized my personality did not allow me to get stopped out 40% of the time to only see my tp would have gotten filled later in the day. I originally tried swing trading, but that was way to slow for my personality and I knew that the secret to making money was to compound it continuously. So I started mixing the two strategies.
The first thing I do is look at the chart on the longer term time frame and decide which direction I would trade if it was a swing trade. Then I start scalping using the 1 and 5 min charts in the direction that I would have taken a swing trade. My goal is to keep scalping for quick profits and never get stuck in a position. However, that does not always happen. So I start adding to positions when I see set ups on the 1 min chart. I can do this because my position sizes are very small for my account size so getting in to multiple positions is not a big deal.
My money management consists of a max drawdown instead of a SL. I do this because in my beginning days there were way to many times my SL got hit only for the market to immediatley reverse leaving me frustated. In my system it does not matter how many positions I am in 1-10 when my account balance says I am down 10% (typcically about 1000 pips, but I have been trading smaller lately because of the increased volatility) I close every position. This may seem strange to many of you but it works for me because my maxdrawdown typically gets hit only about once every 3 weeks and during that time I am usually up substantially.
It takes a little while to get used to, but when large losses are an expected part of your strategy they are much easier to deal with. If you have any more questions feel free to ask.
[I]for any questions on live trading room, email/private message me. Thanks.[/I]
[B]P1PTRAD3R[/B]
please continue with your post, i am very 
morning everyone, today should be interesting. GJ trading near 140.00, which has been the number to beat. GJ could possibly take another run at it during NY.
[B]P1PTRAD3R[/B]
Sorry again for the delay in posts,buiness matters in the way, i took 5 trades…both long and short trades. +20 +3 +15 +24 +20
DECEMBER 8TH’S GRAND TOTAL: +82 PIPS
10 DAY GRAND TOTAL: +1,609 PIPS
P1PTRAD3R
took a long scalp in GJ for a +20
DECEMBER 8TH’S GRAND TOTAL: +102 PIPS
10 DAY GRAND TOTAL: +1,629 PIPS
P1PTRAD3R
took 3 more trades in the GJ, one for a break even…+0 +22 +22 (check chart, see breakeven trade 2 circles).
DECEMBER 8TH’S GRAND TOTAL: +146 PIPS
10 DAY GRAND TOTAL: +1,673 PIPS
P1PTRAD3R
How can I zoom-in on your charts ? Would that be something on my end ?
I’ve been able to zoom-in on other charts before (not yours) …
hey guys took two moe trades in the GJ, short. i will put a TP set for a +20 and one in for a breakeven…i could take a small loss here at the end of the day. but i feel that those prices will be hit by tomorrow. check the chart for more details.
DECEMBER 8TH’S GRAND TOTAL: +146 PIPS
10 DAY GRAND TOTAL: +1,673 PIPS
P1PTRADER
doggie01,
actually i have no idea how to get my charts to be zoomed in more.
but you can always just zoom in by holding on your keyboard “ctrl and +”
hope that helps,
[B]
P1PTRAD3R[/B]
No problem, thank you
Where did you learn about Heikin-Ashi Candles ?
I don’t think I’ve come across them on this BabyPips site. If you are unable to respond because of link violation or anything like that, maybe private message me ?
What is it about Heikin-Ashi Candles you find better than normal candlestick charts ? And do other brokers have this option on their platform (that you know of) ?
I’ll pick your brains on this one if that’s okay …
P1P,
You got me interested again in Heikin-Ashi Candles. I created a system were I will stop and reverse when all colors change and close out all positions when I have 20 pips net. Thanks for the inspiration.
-PC
PIP CHASER,
GREAT! i can not use anything but heikin-ashi candles when i scalp, a visual aid for trend reversals and tape slowdown, especially for scalping…easier to grab those 10-20pips.
[B]P1PTRAD3R[/B]
doggie,
Check out investopedia, easiest way to learn about heikin-ashi candles and get the basic knowledge on how they work and the benefits from using them.
Not sure which platforms have them as an option, oanda has them as an option…maybe worth testing for you.
[B]P1PTRAD3R[/B]