Forex Scalping Strategies for Active Traders - Page 3 - DailyFX Forex Forum

Gregory McLeod · #31 (**permalink**) 05-12-2009, 09:01 AM

10 pip Euro Scalp- Active Trader Market Depth was instrumental at signaling short-term support. Combined with positive MACD divergence and the crossover of MACD and its signal line, Market Depth showed that only 6 million GBPUSD was Offered but their was 14.0 Million Bid. Simply put, there were more buyers than sellers which is the definition of support. I took profits just below the 9:00 am 1 minute-high.

CLICK HERE to see more of what you can do with Active Trader.

Gregory McLeod · #32 (**permalink**) 05-12-2009, 09:02 AM

10 pip Euro Scalp- Active Trader Market Depth was instrumental at signaling short-term support. Combined with positive MACD divergence and the crossover of MACD and its signal line, Market Depth showed that only 6 million GBPUSD was Offered but their was 14.0 Million Bid. Simply put, there were more buyers than sellers which is the definition of support. I took profits just below the 9:00 am 1 minute-high.

CLICK HERE to see more of what you can do with Active Trader.

Gregory McLeod · #33 (**permalink**) 05-12-2009, 10:22 AM

GBP/USD has been quiet buoyant today after hitting new daily highs. After a steep sell-off on a 1-minute chart, Active Trader's Market Depth clearly shows and Buyers outnumber sellers by a margin of greater than 2:1. I had more confidence taking this MACD crossover trade knowing that the short-term market tide was in my favor. Shortly after entry, my trade closed for a tidy 10 pip profit.

Click HERE for the details of the MACD 1-minute strategy.

Gregory McLeod · #34 (**permalink**) 05-12-2009, 10:38 AM

Quote:

Originally Posted by Gregory McLeod

GBP/USD has been quiet buoyant today after hitting new daily highs. After a steep sell-off on a 1-minute chart, Active Trader's Market Depth clearly shows and Buyers outnumber sellers by a margin of greater than 2:1. I had more confidence taking this MACD crossover trade knowing that the short-term market tide was in my favor. Shortly after entry, my trade closed for a tidy 10 pip profit.

Click HERE for the details of the MACD 1-minute strategy.

The trade limited out for 10 pips. Notice the other Market Depth Imbalances that remain.

marty687 · #35 (**permalink**) 05-13-2009, 08:16 AM

Can I get a demo for this ??

Marty

Gregory McLeod · #36 (**permalink**) 05-13-2009, 08:18 AM

Quote:

Originally Posted by marty687

Can I get a demo for this ??

Marty

Hello Marty. You can sign up for a demo by clicking HERE.

marty687 · #37 (**permalink**) 05-13-2009, 10:32 AM

Thanks Greg ! And this will show the market depth too ? Too Cool .

Marty

Gregory McLeod · #38 (**permalink**) 05-13-2009, 10:54 AM

You are very welcome, Marty. Let me know if you have any questions. Here is a link to a video that shows you how to configure Market Depth

Gregory McLeod · #39 (**permalink**) 05-14-2009, 05:08 AM

Scalping or extreme short-term trading is, by, far, has the highest risk of any form of trading. It requires great skill and intense concentration. However, I have found that the Market Depth feature in the Active Trader platform has given me the needed edge to scalp successfully. I would not scalp without it.

Gregory McLeod · #40 (**permalink**) 05-14-2009, 05:30 AM

A Trader asks:
I was one of your student in the just concluded forex power course. I want you to help me with strategies for trading the majors. I read scalping strategies you wrote but do not understand what you mean by market depth and how it favours long or short

Instructor Response:
Hello,

It is good to hear from you. I hope all is well with you and your family.

Market Depth is an indicator that shows levels of liquidity that are being sold (Offered) and levels of liquidity desired to be bought (Bid). Very simply, when there are more buyers than sellers, price goes up. If there are more sellers than buyers price goes down. If buyers and sellers are equally matched, usually prices hold steady.

I only look to trade when there is an Imbalance of buyers to sellers. This can only be seen on the Active Trader Platform which has Market Depth.

When Offers (selling volume) outweighs buying volume by a ratio of at least 2:1 then prices usually fall. I place a Short (sell) trade when I see this imbalance last for 2 minutes or more.

On the other hand, when Bids (buying volume) outweighs selling volume by a ratio of at least 2:1 then prices usually rise. I place a Long (Buy) trade when I see this imbalance last for 2 minutes or more.

Here is a helpful video

http://forexforums.dailyfx.com/245921-post1.html

Regards,
Gregory McLeod
FX Power Course Instructor

marty687 · #41 (**permalink**) 05-14-2009, 01:42 PM

Didnt make a killing my first day out but was profitable. Not bad for never looking at a chart !

Gregory McLeod · #42 (**permalink**) 05-20-2009, 06:00 AM

Quote:

Originally Posted by marty687

Didnt make a killing my first day out but was profitable. Not bad for never looking at a chart !

That was a great start, Marty. Thanks for posting. You really used Active Trader's Market Depth to give you that edge.

lancehibner · #43 (**permalink**) 05-27-2009, 08:07 AM

Some time scalping trategy will not work,scalping is the art of extracting small but frequent profits on an intractable trading basis. Scalping strategies revolve around finding predictable movements in price, and they very often involve trading narrow intractable ranges. Given that currencies tend to fluctuate rapidly through the very short term, it is sometimes profitable to bet that a currency may retrace sudden moves.
_________________________________

Gregory McLeod · #44 (**permalink**) 05-27-2009, 08:14 AM

This is where Active Trader's Market Depth indicator comes into play to help identify these imbalance opportunities.

topsy · #45 (**permalink**) 05-29-2009, 12:48 PM

Hi Greg, thank you very much for your effort in making me become a professional in forex trading. There is one thing i want you to clear for me, the strategies used in trading GBP, USD, EUR and JPY. Thank you