Lukas right, xMoah wrong.
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Sorry! I found your answer both amusing and kind of exasperating. I thought it would help others to point out a mistake. I didnāt mean to come across so rudely, but I do see with hindsight that I might have done so.
I apologise.
Weāre not.
And Iām not.
(By the way, that would actually have been ālibelā, not āslanderā - but neither, really, in this case, because there was no defamatory intent at all.)
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Im more agree with xMoah . Scalping seems to be easy but its the most difficult trading style ever. On lower time frames its even more painful/risky. It depends upon the market conditions though. on calm day you can scalp on LTF and volatile days you can switch to 1H
See, this is entirely wrong as well. Scalping as a term has be grossly missed-used by unscrupulous bucket shops and educators for no other purpose than that to relieve noobs of their funds. Why, cause scalping sounds so much more sexy and excotic than day-trading or intraday trading. If itās not crossing the spread and taking profits itās not scalping.
And to top it all off, scalping simply is not possible for us speculatures using retail brokers trading of MT4 or C-trader. It simply canāt be done.
Scalping contains some common problems for beginnerās level but they canāt avoid it. Due to minor balance they have to depend on this short time trading approach. But sometimes it brings maximal result if there is narrowest trading spreads with good money managing approach.
Iāve used scalping when I was learning and started trading. Scalping gave me almost risk free reward. Later I learned other strategies and lost most of my fortune from them. Then, I came back to happy scalping again.
Happy scalping friends!
Would love to hear your setup for your achievement!
Hey Alanlim! Which broker are u using ?
After discovering the long term tendency of the product you choose, it is a must to do the following:
1- Enter in the 1 minute chart only if it has a main chart pattern in formation, after the 5th wave of Elliot, or if thereās a bat, butterfly , three drive, abcd, pennant, bullish rectangule, bearish rectangule and you get the idea. Not in channels, not in fibonacci, not in triangules since these tend to be neutral. Only if the shape is bullish or bearish AND with the ICHIMOKU indicator with 100% in the same tendency of the shape of the one minute chart. For the other charts it doesnāt matter the ichimoku part, only the chart shape.
2- From 1 to 15 minute chart the shapes of the chart has to have the same tendeny (all bullish or bearish).
Hereās where and when you can get the pips of the retracements and extentions.
3- You stay longer in the trade if the tendencies are the same from 1minute chart to 1 hour chart, or to 4 hours chart, and much better if charts from 1 minute to monthly are all in shapes of the same tendency . Longer means one entire session in the same position.
You must not open and close trades from the same product or pair trying to catch the āups and downsā because the spread gets bigger and you will work so much harder to get hard earned pips.
Your pips get in green almost as soon as you enter every position if you trade it this way. After you close the trade, then, you search for another product chart that fills the required signals in this comment. They are easy to find when you have already made a study of the correlations of the product chart you just profited.
I used 5min and 15 min timeframes. I started lot size from 0.01 and increased by +.02 every day according to my success. But i didnāt trade not more than 0.5 lot for each trade. I recommend to trade the currency pair which you have most information and knowledge. I usually hold 2-3 open positions, but not more than 5, for less than 2 minutes. So, i opened an account with $70 and made it more $1000 within 24 days.
I would like to see the charts ā¦ and setups
There is no any trading technique which does not take at any risk with scalping. If you have a great plan and know how to manage money, of course there is a possibility to get maximal result by using any kinds of strategy. It totally depends on you
You missed my point, even though by means of money management it is possible to reduce risk but completely at all. I have said , there are so many trading techniques we have and from all scalping causes a great risk that we canāt avoid in spite of having good trading plan, thatās all.
the setting on your ichimoku cloud; what is set to 5, 15, and 30? I have 4 settings it is asking me for. conversion lines periods, base line periods, lagging span 2 periods and displacement. Thanks in advance
Only long term experience trader can be profitable by scalping. Thatās why newcomers donāt get better result from here in spite of good money management. So, be experienced if you want to make sure regular profit by means of this short term trading techniques.
Iām using oanda. Been with them many yrs
For me I always find m5 too short n m15 too long. I love to use m10 chart as it just nice for my this strategy.
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I do, also.
Trading platforms vary in the way they set up the settings-inputs for Ichimoku.
On mine (with 4 inputs), the first three are the three Alan has shown above, and the fourth is for the number of periods back to set the lagging line, which is called āChikou Spanā.
In the packages with only three inputs, the Chikou Span is normally permanently fixed as the same number of periods as the Kijun Sen line.
I donāt display the Chikou Span, myself (and neither does anyone else I know who uses this indicator).
If you want to display the Chickou Span on yours, and if you want to use the same settings as Alan explains above, the numbers youāll need are 5-15-30-15. But you can test this for yourself by playing with it.
Suggestion: start with 5-15-30-15 and see what it looks like. Then switch to 5-15-30-30 and see whether the Chikou Span line has moved back another 15 bars (I think it will have done), and then youāll know for sure.
If you want to remove the Chickou Span line but your software doesnāt allow for that option, you can probably get rid of it by setting it to be the same colour as the chart background, so that itās invisible.
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I like it also.
Thereās a whole generation of traders āof a certain ageā (Iām in my 60ās) who use 10-minute charts rather than 5-minute or 15-minute, because we learnt to trade from textbooks by Joe Ross, who used a lot of 10-minute charts as examples in all his books.
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