seeing an exit right at the top of a swing before the pair tanks. I feel smart
I love that! I have saved screen shots of charts with some swing high to swing low trades I have made.
seeing an exit right at the top of a swing before the pair tanks. I feel smart
I love that! I have saved screen shots of charts with some swing high to swing low trades I have made.
Always feels good doesnāt it. Haha.
Hereās a quickie on the EU I took. Broke a line I felt would make for some volatility on the 1 MIN charts. I was right, 3.6 pips on the trade in a few seconds.
One more trade today, this one I did something different.
Checked a fib retracement of the shorting direction, the slight retracement was a 38.2 fib, began looking for short opportunity and scooped up 3.9 pips
Anyone else use fibs when scalping?
This oneās for you Shr1k
Support line was broken, mementum fell as soon as it crossed, I thought this one was a definite loser trade. Picked up some steam after sitting at -2.0 for 20 - 30 seconds.
Picked up 5.3pips on the trade but haha, tell me about picking bottoms perfectly; got it spot on with this trade
Just had a trade a few minutes ago and felt it important to let anyone know while trading this way.
I took the trade on a S/R line break from the 15min charts. On the minute chart, momentum was there, easy entry and was 4 pips in profit. In my mind, I got greedy and tried to go for the daily 5 pip target.
As the chart below shows, I was 1 pip from finishing and it completely reversed. Instead of 4 pips, I closed for 0.2 pips.
Moral of the story, scalping and being greedy donāt go together. Take it slow and steady and let the trades add up.
Thank you for starting this interesting thread. My method is similar. I believe that when you trade on a fast time frame you should keep it simple. One way is to choose a particular pair and timeframe. Pick a moving average and become familiar with how price oscillates around it.
I trade EUR/USD on the one-minute timeframe . I trade on Oanda because I find their Java charts handy for high-frequency trading due to their one-click trade mode, provision of pre-setting values, movable SL and TP, low spreads (0.9 pip), and low slippage. Also, the trade is on their computer, not mine, so if I lose my internet connection (which can happen here on the Big Island of Hawaii) the trade will still be completed.
I use a one-minute chart,with EMA 20, EMA 100, and Ichi 7,22,44 (just the cloud; I turn the other lines black so they donāt show up against my black screen). I enter two equal positions on bounces off the 20 in the same direction as the 100. I take profit on position 1 at two times the delta. I try to let position 2 run.
I size my positions so that each position risks about 1 percent of my account. For example, if the amplitude of the bounce candle is 3 pips, I add 1 pip to cover the spread, for a delta of 4, divide my dollar-amount-to-be-risked by 4, and trade that many mini-lots of 10,000 units each.
My nominal one-click SL, TP, and number of units to be traded are set accordingly, in this example, a SL of 3 (the magnitude of the bounce candle) and a TP of 8 (two times the SL). The trailing SL is always set to 10 pips; if price backs up that much, I want out.
After entering, I adjust my two SLs to just beyond the bounce candle, and I move the TP on position 2 to a safe distance. Or I may delete it and just let the trailing SL protect the position, since I intend to exit manually anyway.
If the bounce candle is bigger than 4 pips, I adjust the size downward and the SL and TP upward accordingly. Vice versa if the bounce candle is less than 3 pips. I donāt write anything down, I just do this on the fly in an approximate way using whole pips (no pipettes), and sit there and push buttons. Itās easy once you get used to it.
I sometimes switch to Heiken-Ashi candles to get a cleaner picture of the trend, but I donāt use them for actual decisions because they distort price action. I may also flash the 5-minute TF on screen.
I exit position 2 on such indications as measured A-B-C move, an overlapping wave, a candle signal, or any other sign that the short-term trend leg may be ending.
I perform this simple process over and over again. The heart of the method is the ability to read price action, which will come with practice once you get rid of all the lagging and confusing indicators. I donāt use MACD to get hidden divergences, a leading signal of trend continuation, because my little scalp trade will be over before a divergence could take effect, and I donāt use ADX to measure trend strength because I can see the short-term trend perfectly well. I donāt trade USD/JPY, which also has a low spread, because I donāt want to dilute my expertise by trying to apply it to two different pairs, or split my attention. There are plenty of opportunities in EUR/USD.
Although I have settled on this particular method, I look forward to reading more about the various ways in which you people trade one-minute candles.