Almost like GROUNDHOG’S DAY.
Another nice scalp off the support bounce.
It is funny the way this disscusion on scalping has flowed, Almost every new trader, First thing wants to trade the news. This is normally scalping at it’s best. But also takes skills and education , and wipes out more accounts than anything… But everyone sees those instant gains. Like ECN says most don’t want to learn. They want the silver bullet. But there are alot of people on this site, That do want to learn. I read everything on here. I have been a member for awhile and just recently felt I had anything to offer.
But we all have our own styles. Rumpled one’s big number trading is close to mine but I use a 15 minute chart and I judge the speed of the price action by watching the candles unfold. If it is slowing near a big number I will get in for those few pips, I aim for 10 , but settle for less if need be. On those types of trades if I am in profit at any point I will close before it becomes a loss. Even if 1 pip it is not directional trading you are trading a fast bounce, Some other traders who are trading directional feel this is a good place to exit or enter hence the change of direction, If it happens to be with the trend you might find yourself in a very good trade but take a gain never a loss, you can always reenter.
The point is know one is wrong or right no strategy is better or worse it works for you and will probablly work for someone else. We are all on this forum to either learn or teach or a little of both. I don’t consider myself a teacher but will give my fews on things , Also putting my strategies on here helps me to carrry them out. if I had the guts I did when I first started and risked what I did on news trades I would be rich.
Of course now I know how to trade news a lot better, also learned on this forum by James 40 to 100 pips thread.
But that is my goal, Like ECN I want to trade large amounts for few pips and be done. So anyway keep it all coming as some of us are sponges and trying to soak it all up. 
scalping is great trading method but it need more careful i think
the big problem is where your stoploss will be you know each currency has different spread and amount of movment so there isnt
method will be suitabile for whole currency so my qustion is
which currency more suitabile for scalping whith big lots and small stoploss my favorit stop loss 7 pips whith spread can i
get this
thx my friends:)
1 Like
TheRumpledOne
Can you explain your chart, I think I am understanding all of the indicators on it but not sure about all of them.
I am seeing the support and resistance lines and your go long/go short lines
I am assuming the dashed lines are the Fib zones
I am also assuming the 2 & 3 are Pivot Points?
ECN I understand you as people want you to do the work for they and they dont want to put forth the effort. I see your a large block scalper on high leverage. High leverage doesnt matter if you always right. I agree people have greed and no patience. They feel it should be automatic with nothing to put up and a small account then theycan become George Soros.
Your goal can be done. on Oanda its really had to scalp the news they widen the spread out. Scalping isnt about if this candle looks right or candle formation. Its about momentum and trends.
Are you willling to experiment for your goal.
pablopluto , When I said I watch the candles unfold that is what I was talking about . Momentum of the action as they are in process not any paticular pattern. When I scalp large numbers or trendlines it has nothing to do with a specific pattern it is more a area of known buying and selling. Though if one is there the more better…
As for news I don’t trade the intial spike… Spreads increase or you get slipped,requoted all bad… I trade after the intial move and it has continued in the direction it went… On the German Ifo at 4:00 am eastern USA time, It was good for a additional 40 pips on second 5 minute candle and total of around 60 if you got in at the retrace. about minute 3… after release… But again this isn’t for the faint of heart it can turn and quick… Got to take what you can. I usually leave a good bit on the table as I am more after a sure thing. It starts turning I am out…
I think this is where scalping comes into it’s own. We are looking for what we think are sure bets. We aren’t looking for longterm trades… But there or hundreds or thousands of small pip trades everyday… We just have to figure out the ones we can see clearly and then go for them… I started trading big numbers after being told NOT to enter trades near big numbers wait till they break. I then noticed they bounce there most of the time way over 50% when you count them all. But then again I personnally don’t like indicators. I just draw trend lines and Support /Resistance lines and sometimes fibs. These are the areas I then look for trades. Longer term and scalping.
That is what I meant in prevous post, We can never learn enough and you never know where the next idea might come from. It maybe something totally unintional (mispell). Like the don’t trade at big numbers… But I took it and made it my own… I am sure who I learned it from didn’t mean it that way.:eek:
I put it on 2 min chart so you can see it . It was also at/near 38 % fib from news trade… good for 5 pips… I always leave my charts on 15 minute… Not sure why just what I do… Guess I think a lot of people are trading on that time frame and I want to see what they ae looking at…
Hey, you know your indicators. You got them all correct.
The chart should be clear.
Go long at the go Long line when price bounces off support.
Go short at the go Short line when price bounces off resistance.
The computer tells you the risk/reward so you can pick the trades that fit in your plan.
I just coded the James 40 method.
Let’s see how good it scalps.