Thread: Closed: Discuss EUR/USD News with a DailyFX Analyst

Originally Posted by FLFOREX

Good morning mary,Yes you can, just right click on the chart and select show volume....wallah....... Mike

Hey Mike! Thanks for answering Mary. Sorry I did not get to your post sooner, Mary

Originally Posted by Gregory McLeod

Good Morning All! I hope trading has been going well.

This is a follow up to GreekEUR's question on Tick Volume. I spotted Tick Volume divergence on a 5-minute chart. The Euro was being rejected by the central pivot located at 12695 and price moved through the 5-minute uptrend line. I entered short at 1.2690 and my limit was hit hat 1.2680.

This was a nice way to get the day started. Thanks to Heavy D in Tenn for spotting the Euro at the Pivot.

Happy Trading

Here's a question for you. What made you pick a 10-pip target?

Originally Posted by Gregory McLeod

Hey Mike! Thanks for answering Mary. Sorry I did not get to your post sooner, Mary

I Got you covered GreG

this entire move up from the bottom could just be abc, if so then will see more downside.

but if it is indeed wave 3, will see more upside

Originally Posted by mark27q1

Here's a question for you. What made you pick a 10-pip target?

Hello mark, When I scalp, I have a default 1-click 10 pip limit and a dead stop of 40 pips. I usually see price moving up 10 pips before a small retrace that could allow me to re-enter the trade if the trend continues to hold.

Hi, Greg!

The updated TS 2 looks awesome and am exploring on its new features.

Saw this additional indicators on the Marketscope and just wanna ask for your assistance regarding the ShowSignal indicator.Are there any parameters that need to be adjusted with this indicator as I have noticed on my screen that it only signals the NUMBER 1 for both buy and sell..

Thanks in advance for your kind assistance.

Originally Posted by Gregory McLeod

Hello mark, When I scalp, I have a default 1-click 10 pip limit and a dead stop of 40 pips. I usually see price moving up 10 pips before a small retrace that could allow me to re-enter the trade if the trend continues to hold.

That's a ratio of 1:4. I am a noob (as declared many times ) but I have always been told to keep it at 1:1 in the worst case. With this, you need a success ratio of 80:20 to break even. And if you do achieve that then why don't you go for higher pips?

Originally Posted by avkuvalekar

That's a ratio of 1:4. I am a noob (as declared many times ) but I have always been told to keep it at 1:1 in the worst case. With this, you need a success ratio of 80:20 to break even. And if you do achieve that then why don't you go for higher pips?

If I can take a stab at that, I would guess it's because the trade signal is only good for the very short term after the signal, so you would see a particular pattern and know that the very short term price action after that will be in a particular direction. I would guess the 10 pip limit is to make sure you're out before larger conditions start driving the market in a direction the scalping signal can't reliably predict.

So I guess one could get that 80:20 ratio on very short term after signal, but if you stay in the market long enough to make more pips the ratio drops right off.

Greg, am I on the right lines?

Originally Posted by Gregory McLeod

Good Morning All! I hope trading has been going well.

This is a follow up to GreekEUR's question on Tick Volume. I spotted Tick Volume divergence on a 5-minute chart. The Euro was being rejected by the central pivot located at 12695 and price moved through the 5-minute uptrend line. I entered short at 1.2690 and my limit was hit hat 1.2680.

This was a nice way to get the day started. Thanks to Heavy D in Tenn for spotting the Euro at the Pivot.

Happy Trading

Good morning, Mr. Greg.
How could i get Tick Volume?
Thanks

Originally Posted by fx168

Hi, Greg!

The updated TS 2 looks awesome and am exploring on its new features.

Saw this additional indicators on the Marketscope and just wanna ask for your assistance regarding the ShowSignal indicator.Are there any parameters that need to be adjusted with this indicator as I have noticed on my screen that it only signals the NUMBER 1 for both buy and sell..

Thanks in advance for your kind assistance.

Hello fx168. I just applied it to my MACD indicator and it flattened out the MACD so it is unreadable. I also see the black-circled "1"s marking both buy and sell signals. I believe it takes the traditional crossover. I added another MACD underneath to see if these signals matched and they do pretty much.

To answer your question----No further adjustments need to be made as the circled "1"s show buy and sell signals!

I welcome any other beta testers for comment!

Thanks!

Greg

Originally Posted by dhan1163

Good morning, Mr. Greg.
How could i get Tick Volume?
Thanks

Hello dhan!

Just right click the chart and choose "Show Volume"

Originally Posted by avkuvalekar

That's a ratio of 1:4. I am a noob (as declared many times ) but I have always been told to keep it at 1:1 in the worst case. With this, you need a success ratio of 80:20 to break even. And if you do achieve that then why don't you go for higher pips?

Originally Posted by mark27q1

If I can take a stab at that, I would guess it's because the trade signal is only good for the very short term after the signal, so you would see a particular pattern and know that the very short term price action after that will be in a particular direction. I would guess the 10 pip limit is to make sure you're out before larger conditions start driving the market in a direction the scalping signal can't reliably predict.

So I guess one could get that 80:20 ratio on very short term after signal, but if you stay in the market long enough to make more pips the ratio drops right off.

Greg, am I on the right lines?

Hey guys

I try not to let my trade go to the full 40 pips. I usually scalp in the direction of the 30-minute trend and the ATR is usually around 40 pips. For example, during my live Active Trader trading session, I scalped 5 trades in a row for 50 pips on GBP/JPY in 12 minutes but gave back over half on two trades for 36 pip loss or around 18 pips per position. One of the two lots was up 9.9 pips . So I walked away with 11.8 pips out of 50 which is better than a "sharp stick in the eye" as one of my friends on the desk likes to say.

I usually have a high win percentage which offsets the occasional wide stop. Ideally, I would like a floating stop that adjusts with the distance price is trading from a 30-minute trend line. So if price gets below that 30-minute trend while I'm scalping long, I can be SAR (stopped and reversed) in the new trade direction. When price is bouncing from the 30-minute trend line, my stop can be very tight, but as price moves from this line, the stop can be widened accordingly. I don't have the language ability to program this so I make do with a 40 pip drop dead stop which I can close out my trade before hand at my discretion. Because I enter and exit trades so fast, I don't have time to go back and adjust the risk and reward for every trade. Typically, I may take 20-30 trades a day in 3-4 hour period.

Originally Posted by Gregory McLeod

Hello fx168. I just applied it to my MACD indicator and it flattened out the MACD so it is unreadable. I also see the black-circled "1"s marking both buy and sell signals. I believe it takes the traditional crossover. I added another MACD underneath to see if these signals matched and they do pretty much.

To answer your question----No further adjustments need to be made as the circled "1"s show buy and sell signals!

I welcome any other beta testers for comment!

Thanks!

Greg

Thanks for the reply, Mr. Greg!

Originally Posted by fx168

Thanks for the reply, Mr. Greg!

My pleasure!

Originally Posted by Gregory McLeod

Hello dhan!

Just right click the chart and choose "Show Volume"

Thank you.