Thread: Short Term Trading Strategies Using Market Depth

Originally Posted by Gregory McLeod

After pulling back to the 30-minute trend line, EUR/JPY broke out above the 112.70 congestion area and rolled to a new monthly high of 114.14. The move started in late New York session trading and gained momentum into Asia na Europe.

Did anyone trade this one?

yes i did it was a good trade

if my replies are late Greg its because im in Australia

Originally Posted by daviedave

yes i did it was a good trade

WATCH 6.03.2010 Scalping Video HERE
Hello Dave, I mentioned you on this latest video. Thanks for the feedback.

I had a busy morning as I was able to close 31 trades in pretty short order all on GBP/USD. Most of the trades were closed before the start of the video. I believe GBP/USD can go lower, however, anything can happen and I would not want to overstay my welcome!

Still waiting for the other 4 trades to close. Will post those results later on.

I gave a little walk through on how to access the new DailyFX+ course.

Thanks Greg
Also i am short gbpusd-and it was before you mentioned it so i feel good about that!

The ADP employment number came out a few minutes ago and was worse than expected. Unemployment claims in the U.S. were higher than expected as well. This should weigh heavily in the dollar's favor and further the down move of GBP/USD.

Hey greg, I'll have to watch the video but for some reason I couldn't access it this morning. Was it a live webinar?

Good trades everyone!

Cheers,
Jmyrm

If you guys need a refresher of how I scalp the market, here it is:

My strategy is pretty simple. I look for a currency pair with a strong 30-minute trend; either up or down. Then I move to a 1-minute chart or a 24-tick chart and look for entries in the direction of the 30-minute trend using Slow Stochastics 14,3,3. If price is trading near the 30-minute trend line, I move to a 1-minute chart and wait for the %K line on slow stochastics to cross above the %D line if the 30-minute trend is up. If the 30-minute trend is down, then I move to a 1-minute chart and sell when the %K line crosses below the %D line.

I set a 40 pip stop and a 10-20 pip limit.

Originally Posted by Jmyrm

Hey greg, I'll have to watch the video but for some reason I couldn't access it this morning. Was it a live webinar?

Good trades everyone!

Cheers,
Jmyrm

Yes it was but I got started late like around 6:30. Did you get a piece of the GBP/USD?

GBP/USD Trade Idea -Update - GBP/USD has moved 68 pips from my post. In that time I was able to close out 43 trades no losers for 711 pips. Negative U.S. employment numbers were the primary driver as GBP/USD collapsed at it broke the 1.4650 area. This is a textbook example of a SELL opportunity using my strategy.

missed out on that lovely trade . Oh well - always another opportunity!

Jmyrm

Originally Posted by Jmyrm

missed out on that lovely trade . Oh well - always another opportunity!

Jmyrm

No worries. There is always another train leaving the station!

Notice when %K crosses below %D price moves in direction of 30-minute trend pinpointing a good shorting opportunities on the GBP/JPY. To learn how to use Stochastics in your trading Click HERE to access the free video course on Stochastics

32 Post-NFP Winners, 0 losses - GBP/USD was my currency of choice. It sold off right from the London open with a high of 14680 and dropping down to an NFP low of 14539. The long wicks on the 30-minute chart looked bullish so I went for 10 and 20 pips from the bounce and was able to close a lot of trades. I think we have a little more room to bounce higher but after being up 288% in 15 days, I think I will sit this out!

Currently long EUR/USD - and sounding awfully similar to Han Solo before he jumps to lightspeed "Common baby don't fall apart on me now".

Jmyrm

Originally Posted by Jmyrm

Currently long EUR/USD - and sounding awfully similar to Han Solo before he jumps to lightspeed "Common baby don't fall apart on me now".

Jmyrm

Euro broke the 1.2000 psychological support. The jobs number was not supportive of risk. Notice how the dollar is getting strong versus the majors.