IM BACK :D!
Started this thread to show everyone how i have been scalping for a living in the FX markets. I am going to start posting my trades/scalps that i make each day on this thread. I have added some things to my trading plan than my previous thread.
Trading Desk Set Up:
I will start by showing everyone what my main monitor has up during my trading hours-NY session, 7am-4pm est (check attached images). I also have 2-3 more monitors up and running on my trading desk with News/commentary, more charts, live chat, etc.
Money Management
The MOST important part of trading! With my trading style i use a very strict money management rules, i will not risk more than 2.5-5% (500-1000 pips) of my trading capital each day. I believe trading is more of an art than a science, so i only use a MAX drawdown.
Trading Strategy
I will always have the EU GJ and UJ 1M and 30M heikin-ashi (chart of my choice, great to see where price is slowing) charts up at all times.
On the 1M chart i will have up a 200 EMA and Stoch (5,3,3).
On the 30M chart i will have my daily/weekly/monthly pivot points as well as important S/R levels on the longer term charts with volume (great tool). I also have a 50SMA on the 30M chart.
During the trading day i focus most of my attention to the EU and GJ and take a top down approach (meaning, i look at monthly, weekly, daily and 4H charts so i can see where the most likely place the pairs will be going.). After i check all the time frames i will decide where i believe the pairs are going (long or short), and take more pips on those scalps (long or short) going in the direction i think it is heading.
I keep an eye on the stoch when it is reaching 85-90(short)/15-10(long) on the 1M chart for most entries. But with that in mind, you must have an overall picture of the trend while scalping and be fast with your trading decisions (do not let winners become losers, take a +1 rule & comfortable trading size). With this strategy and my strict money management rules, i will add to losing positions IF i am in a position (long or short) that i believe pair will turn, i will hold (3-6% max drawdown).
Check the images of my scalps from the past 3 days trading. They were a little slow but i took all trades in EU and GJ. Total pips after 3 days: EU+52pips GJ+114 (take profits on the GJ are larger than EU).
Feel free to post any questions or comments! PMs are welcomed!
Thank you for posting your strategy. I am interested in learning this, can you please post your MT4 template? I would like to make my chart exactly like yours and hopefully follow your trades.
Good morning everyone,
Yes i would like to show some trades i have taken. Notice on the image attached, i get into a position when it reaches 10-15/85-90 on the Stoch. With that in mind i like to see the over all trend on the 30M chart, and with EU down from highs, there is a good chance of a small retracement upward. So with short trades, take quick profits. With the long trades, i will be looking for more pips.
check chart below for better explanation. If anyone has any questions, feel free.
here are some more set ups that would have been triggered if you were following my trading system (check attached image).
CHECK CHART FOR MORE DETAIL
UJ had a spike in volume, making me watch more closely, and with me being quite bearish on the UJ, i took shorts when the stoch got near 85…quick pips.
GJ showed some good bearish set ups when stoch got near 90…painless
Check chart for more details:
EU longer term chart 30M, right on trendline…looking for long set ups.
2 easy long trades were triggered when stoch got near 15
here is another example for the GJ…a great set up, the stoch is well over 90 for a short signal to go off…but when you look at the 30M you can see how the volume is decreasing each candle and that it was very close to the downward TL.
i can not stress enough that scalping/trading is more art than science. You need to train your brain to evaluate ALL the situations going on with the charts and make a split second decision. You must be quick, and with the set up that i am using…i believe it makes much easier to see where potential profitable scalps are.
here is another reason why you MUST keep an eye on the daily pivots and s/r.
The EU was getting very close to its daily pivot (where of course a bounce is very likely). once you see the PA get closer to the pivot, you start taking long scalps for quick pips.
I decided to try this with some small trades this afternoon. I trade EU, GU and EJ. I got four trades, all four were wins, for a total of +38 pips. Not bad for a slow afternoon. I should mention that I also use HA bars. I think they give you a tremendous advantage over regular candlesticks. You just need to take the time and learn to read the price action.
Hey guys, didn’t trade much today (+60ish pips for the day). I did take some screen shots of some good trading opps that i would like to share with you.
With the first image you have notice that the EU was in a basing pattern on the 30M chart so when the PA gets near S/R you should wait for the stoch to head towards 90 before jumping in. This trade worked out perfectly.
On the second image, you will notice that the GJs PA was slowing down (notice the heikin-ashi candles closing inside the candle before) near support, so taking long scalps when stoch got near 10 was the right play (check chart). Also you will notice the EU 30M was trading near the upward TL, taking long scalps when the stoch got near 15 wouldve worked perfectly.
check chart for more details.
comments and questions are encouraged. I will be starting my own free chat to discuss scalping techniques, PM me for more details if interested.
Great to hear from you! Those are the largest screenshots i can take. sorry if they don’t come out very clear. But I will be starting my own free chat to discuss scalping techniques, PM/Email me for more details if interested.
here are some trades taken by my system this morning. If you notice the EU is still ranging/consolidating/low volume (be cautious of break out), we took a short as the first trade of the day. check chart
and if you noticed the gj has found major support near 155 so long signals were taken. check chart
