No, thats RSI Im using there in that chart.
But I dont really use it so much, its too slow/laggy for my style.
Its basically just there to spot divergences.
Which when they occur at major confluences, helps my decision to up the trade size. Just provides more confirmation, thats all.
But its definately not a necessary tool in my toolbox though if thats what youre asking.
Nice seeing you back! I am trying every night your method and some nights I make very nice profits and some nights I screw things up(trading counter trend,hoping for a reversal). I will keep practicing
Iām just getting started on my demo account and practice your scalping strategy. Why do you use the Bollinger Band with a 300 period versus using the default 20 period moving average. Most likely because of lack of experience, wouldnāt the 20 period be more beneficial for scalping than a 300 period?
Where have you been? I have been following your thread for awhile now but havenāt seen anything new. I do have to give you a huge thanks, for if anything at all, the motivation that forex trading can replace my day job. Your trades and chart posting have been a huge help and would look forward to seeing more.
I would love, however, to watch you trade as im sure many others who have read this thread would agree as well. Would it be possible for you to do a short clip of a few of your trades? Very understandable if you decline but it would be most appreciated.
But again thanks for your story/highly informational thread, my goal is to master his trading style of scalping as you have done. Scalping just seems to me the only way i can trade and still be able to enjoy and be profitable. Iām an engineer and technical data is as close to home as it gets, watching the news and current events just does not intrigue me enough to stay current enough to be able to trade with it and be profitable.
Hey pip-siphon, i love your strategy! Thank you for sharing and giving me some radical trading ideas to chug on.
So far so great! Iām using Oanda for the one-button trading (awesome) and also MT4 on the second screen for all the squiggly lines.
This strategy has really excited me. I think i need that satisfaction of constant activity. Always thought Iād hate scalping (im mostly a swing trader) but this is really easy with Oanda (vs MT4 as far as quick entry/exits)
I love that you trade the dead hours. Makes a ton of sense to me and also fits my schedule great.
I trade between the hours of 5-7am Eastern. Today it was unusually volatile between about 6-7am. This caused a lot of larger-than-usual candles on the 1min chart (and others Iām sure). It was not as ācomfortableā trading this as the slower times are.
Can anyone recommend a good indicator to help spot when this volatility is picking up?
Thanks
I usually trade some where between 7pm-12am EST and have a similar style based from this thread. Have you based you scalping stratagy similar to Pipsyphons? What indicators are you currently using?
I may be wrong but would volume be an indicator of volatility?
It is exactly the same as pip-siphon, as best as I can tell. Iāve tried to emulate his system as best I can. Over time, Iām sure I will have my own tweaks.
I trade with 3 windows open:
MT4: 1min chart with bollingers and envelopes he uses. Also I draw trendlines from longer periods downward to 5min.
Oanda: 5min and 1min charts. I plot Daily pivots on these and will also draw any trendlines on the 1min chart here, which is what I trade from.
Iām usually watching the MT4 chart most of the time, until it gets close to a level and then I focus on the Oanda 1min chart to place the orders.
Envelopes is the one indicator i canāt find, i use FXCM trading station II. i just feel it was so much easier to use then MT4 and i also use OANDA. I would like to find the envelopes indicator; do you feel this indicator helps you a lot?
Actually would you mind explaining to me what this indicator does/used for.
My understanding is that envelopes are similar to bollinger bands. In this system they are used in the exact same way (a dynamic level that price would be attracted to)
The setting he mentioned (envelopes (30)) does seem to work pretty well on the 1min chart for me.
I think if you canāt find envelopes in the FXCM platform, itās not a huge deal. Itās just one more dynamic level you could trade off of.
Thank you, how long have you been trading this method? I have been pretty consistent at .25-.40% a night. I tend to keep my possition sizes low, i trade pretty conservative, and shoot for 1-3 pips take half off and let the other half ride to 3-5 or close out if it retraces to my break even point.
Iāve only been seriously trading this method for a couple days. It took me a couple days to get comfortable with the chart setup and method. Now after several 2-hour sessions I feel like itās finally starting to sink-in.
The part I struggle with the most is the scaling, mostly for psychological reasons. I am still tweaking the leverage settings (# units). I am limited myself to a max of 4 scale-ins (5 trades total) but I have not yet experienced a situation where the scaling didnāt work. I want to be prepared for the time when Iām just plain wrong and have to close-out the trade. At that point, I want to be comfortable with the amount of loss.
I have tried to keep it as simple as possible. I choose a unit size before I start trading for the day and I buy-in and also scale each leg at this same size. I close the entire trade at once and no partials (so I can get on to the next trade quicker).
I am typically going for about 3 pips but depending on my gut I may close at 2 pips or even 1 if itās not moving. Iām trying to relax a little and let it ride to obvious S/R areas.
Literally sounds identical to how I started but have changed a few things since and Iāll explain.
Scaling:
Same situation I never lost on a scaled into trade or I broke even for while and used 4 scale inās as well, BUT when I lost one it was a snowball effect because I realized my position gets so big that when it comes time to āgive upā then im down almost .1% and would wipe out my whole nights worth of work if not leave me negative from one trade. And eventually became too much emotionally to handle. I have just recently stopped scaling because it becomes to emotionally draining for me. But to each his own and you can take everything I say with a drop in the bucket but maybe when I get more confident at choosing entry points I might start again. But I have heard and also found your gut is a great indicator meaning when you enter if you start hoping for the direction to change its time to get out.
Partials:
I never did partials either but just began to take off some profits. I like it now because it gives me more confidence to let a portion ride longer then I usually would have and if it does retrace I close out at break even but still have a small profit from the first partial taken out.
Its all a learning process and Iām still chipping the tip of the iceberg but I do really enjoy pip siphons method.
