I had ask Greg for permission to post this and he said it was ok.. It was going to be in the other thread but I cannot deal with the romper room atmosphere any longer.................
Scalping the FX market my way.
Its slow so I thought I'd share this. Its been shared in this forum before and one other place and is completely self explanatory. I cannot explain it any better than what the description says so all I can say is practice it if interested.
There have been a few attempts at an EA and some mildly successful but it does take A LOT of trader discretion and cannot be blindly followed for every signal it gives.
This has been tweaked and tuned and used quite profitably for over 7 yrs now, it does work but like anything else forex... requires work and LOTS of chart time. The biggest problem people have is when to cut a trade because 1 20 pip loss can wipe out 4 or 5 or 6 winners. Again this only comes from experience. If you're not willing to give this a few weeks of practice then keep going to the next post.
Why do I do this? I had an awesome mentor in my early days who preached that in forex as in life you need to give back. You reap what you sow, there are lots of names and cliches for it but.... Its why I came back, it was time again to give back to others some of the things I have learned along the way that help make one a profitable long term trader. Use all or none what I have shared wisely, it does work!! I have had many skype rooms but they wear ya out soooo this is one way I can give back. I will not give away all my hard earned secrets or methods. I am headed back to my trading cave soon where I can get in a zone to trade. It is near impossible to trade and post in a public forum.
simple setup...........
2 5 ema's
5 ema applied to the high - color Green
5 ema applied to the low - color Red
RSI - 9 period, with 70 and 30 levels
5 minute chart.
When a candle closes outside of this channel....say a bullish candle closes above the channel AND the RSI is at or above 70...
Enter a Sell trade, to trade the retracement back into the channel....
opposite for long positions using the RSI 30 and candle close.
take the trade at the next candle OPEN, I have a desktop clock that gives me the seconds and my finger is on the mouse waiting for that exact 5 min change
make sure you can cover the spread with the move back into the channel
TP is 3 to 7+ pips
best used on pairs with a spread of 3 or less
I have tried it with 80/20 levels but prefer to use 70/30 but either will work.
demo this for awhile, for some it works great and others will not like it at all.
For me it is one of 3 scalping methods I use to pay my bills every day. All of them developed by me over time to suit my trading style and needs from the 5 min charts to the 4hr.
will this catch every move up and down? NO but the ones it does catch are very good ones.
Dont try to change it, it aint broke dont fix it just use it.
Exits are 3 to 7 pips average, if it looks like more let it ride but do not get greedy. a pip is a pip and any banked pip is a good trade.
this requires a lot of trader discretion as not all setups are valid...How do you know what ones are and what ones are not??
practice, practice practice on ONE pair at a time. You will soon see the bad from the good.
a complete newbie took this and made 46 winners in a row..practice, demo practice demo practice demo practice.
There is really nothing more to add or say, any and all questions are answered above, its simple, it works, do not make it complicated.
here are results from the last 10 months from my scalps on the latest platform. 80% of these are from the above method, it works!!
you're most welcome. I have tried many many times to trade more LT but scalping is in my blood I guess and the thrill of the pip still excites me. I have had mild success at LT and will continue to refine my method when I have time. Maybe someday I'll come back and post it too...lol it really is a work in progress, 18 months now and its getting there slowly, the trade and hold mentality is hard to grasp still.
I had ask Greg for permission to post this and he said it was ok.. It was going to be in the other thread but I cannot deal with the romper room atmosphere any longer.................
Scalping the FX market my way.
Its slow so I thought I'd share this. Its been shared in this forum before and one other place and is completely self explanatory. I cannot explain it any better than what the description says so all I can say is practice it if interested.
There have been a few attempts at an EA and some mildly successful but it does take A LOT of trader discretion and cannot be blindly followed for every signal it gives.
This has been tweaked and tuned and used quite profitably for over 7 yrs now, it does work but like anything else forex... requires work and LOTS of chart time. The biggest problem people have is when to cut a trade because 1 20 pip loss can wipe out 4 or 5 or 6 winners. Again this only comes from experience. If you're not willing to give this a few weeks of practice then keep going to the next post.
Why do I do this? I had an awesome mentor in my early days who preached that in forex as in life you need to give back. You reap what you sow, there are lots of names and cliches for it but.... Its why I came back, it was time again to give back to others some of the things I have learned along the way that help make one a profitable long term trader. Use all or none what I have shared wisely, it does work!! I have had many skype rooms but they wear ya out soooo this is one way I can give back. I will not give away all my hard earned secrets or methods. I am headed back to my trading cave soon where I can get in a zone to trade. It is near impossible to trade and post in a public forum.
simple setup...........
2 5 ema's
5 ema applied to the high - color Green
5 ema applied to the low - color Red
RSI - 9 period, with 70 and 30 levels
5 minute chart.
When a candle closes outside of this channel....say a bullish candle closes above the channel AND the RSI is at or above 70...
Enter a Sell trade, to trade the retracement back into the channel....
opposite for long positions using the RSI 30 and candle close.
take the trade at the next candle OPEN, I have a desktop clock that gives me the seconds and my finger is on the mouse waiting for that exact 5 min change
make sure you can cover the spread with the move back into the channel
TP is 3 to 7+ pips
best used on pairs with a spread of 3 or less
I have tried it with 80/20 levels but prefer to use 70/30 but either will work.
demo this for awhile, for some it works great and others will not like it at all.
For me it is one of 3 scalping methods I use to pay my bills every day. All of them developed by me over time to suit my trading style and needs from the 5 min charts to the 4hr.
will this catch every move up and down? NO but the ones it does catch are very good ones.
Dont try to change it, it aint broke dont fix it just use it.
Exits are 3 to 7 pips average, if it looks like more let it ride but do not get greedy. a pip is a pip and any banked pip is a good trade.
this requires a lot of trader discretion as not all setups are valid...How do you know what ones are and what ones are not??
practice, practice practice on ONE pair at a time. You will soon see the bad from the good.
a complete newbie took this and made 46 winners in a row..practice, demo practice demo practice demo practice.
There is really nothing more to add or say, any and all questions are answered above, its simple, it works, do not make it complicated.
here are results from the last 10 months from my scalps on the latest platform. 80% of these are from the above method, it works!!
after you use it for awhile, add PP's daily weekly and Monthly for added S/R...plot your fibs from the days high/lows, the last major swing or however you use them and look for the added confluence at the 70/30 it can be quite powerful
CodyB - is there a stop loss for this set up? - rest looks very straightforward. Wow
stop loss is completely manual and comes from practice...you'll get to know the bad from the good as time passes. I do not use one when I scalp from this, over the yrs I know when I've screwed up quite fast.
Watch it for awhile, set it up and just observe on any pair you choose. the moves from 70 to 30 are best and there are times when it stays below/above the 50 line and you can take pips all day from the touches at 70/30...these times are rare but fun as he!! when they do happen
after you use it for awhile, add PP's daily weekly and Monthly for added S/R...plot your fibs from the days high/lows, the last major swing or however you use them and look for the added confluence at the 70/30 it can be quite powerful
Done all this and overlaid my 'waves' too - all syncs up fabulous - looks like the entry I have been after for so long.......much appreciated.
I thank you also for your kindness to share this value tool. I find the "teacher" in most all of your post. Again, thank you.
you're welcome too Croatan, we all still have things to learn, thats part of the beauty of forex, its an ever adapting always learning business and very hard to get bored with. It can drain you mentally at times but...step away clear your head and jump back in...gotta love the FX market
CodyB - is there a stop loss for this set up? - rest looks very straightforward. Wow
I can clarify my risk which is .5% to 3% max at any time. When it reaches 3% I close everything no matter what. I'm a very cheap trader and hate to give back to the markets even a pip in the + side. There is always another trade waiting for us so we never miss a trade and never close early. on to the next one!!
I had ask Greg for permission to post this and he said it was ok.. It was going to be in the other thread but I cannot deal with the romper room atmosphere any longer.................
Scalping the FX market my way.
Its slow so I thought I'd share this. Its been shared in this forum before and one other place and is completely self explanatory. I cannot explain it any better than what the description says so all I can say is practice it if interested.
There have been a few attempts at an EA and some mildly successful but it does take A LOT of trader discretion and cannot be blindly followed for every signal it gives.
This has been tweaked and tuned and used quite profitably for over 7 yrs now, it does work but like anything else forex... requires work and LOTS of chart time. The biggest problem people have is when to cut a trade because 1 20 pip loss can wipe out 4 or 5 or 6 winners. Again this only comes from experience. If you're not willing to give this a few weeks of practice then keep going to the next post.
Why do I do this? I had an awesome mentor in my early days who preached that in forex as in life you need to give back. You reap what you sow, there are lots of names and cliches for it but.... Its why I came back, it was time again to give back to others some of the things I have learned along the way that help make one a profitable long term trader. Use all or none what I have shared wisely, it does work!! I have had many skype rooms but they wear ya out soooo this is one way I can give back. I will not give away all my hard earned secrets or methods. I am headed back to my trading cave soon where I can get in a zone to trade. It is near impossible to trade and post in a public forum.
simple setup...........
2 5 ema's
5 ema applied to the high - color Green
5 ema applied to the low - color Red
RSI - 9 period, with 70 and 30 levels
5 minute chart.
When a candle closes outside of this channel....say a bullish candle closes above the channel AND the RSI is at or above 70...
Enter a Sell trade, to trade the retracement back into the channel....
opposite for long positions using the RSI 30 and candle close.
take the trade at the next candle OPEN, I have a desktop clock that gives me the seconds and my finger is on the mouse waiting for that exact 5 min change
make sure you can cover the spread with the move back into the channel
TP is 3 to 7+ pips
best used on pairs with a spread of 3 or less
I have tried it with 80/20 levels but prefer to use 70/30 but either will work.
demo this for awhile, for some it works great and others will not like it at all.
For me it is one of 3 scalping methods I use to pay my bills every day. All of them developed by me over time to suit my trading style and needs from the 5 min charts to the 4hr.
will this catch every move up and down? NO but the ones it does catch are very good ones.
Dont try to change it, it aint broke dont fix it just use it.
Exits are 3 to 7 pips average, if it looks like more let it ride but do not get greedy. a pip is a pip and any banked pip is a good trade.
this requires a lot of trader discretion as not all setups are valid...How do you know what ones are and what ones are not??
practice, practice practice on ONE pair at a time. You will soon see the bad from the good.
a complete newbie took this and made 46 winners in a row..practice, demo practice demo practice demo practice.
There is really nothing more to add or say, any and all questions are answered above, its simple, it works, do not make it complicated.
here are results from the last 10 months from my scalps on the latest platform. 80% of these are from the above method, it works!!
Looks like a possible EA setup, thank you for sharing so selflessly! Will know soon enough when I have time for a new EA to see how well it fares,.... still a lot of uncertainties involved for an EA though.... got to think a bit..
Thanks again!
A beautiful mind is much more important than a fat pocket.
Looks like a possible EA setup, thank you for sharing so selflessly! Will know soon enough when I have time for a new EA to see how well it fares,.... still a lot of uncertainties involved for an EA though.... got to think a bit..
Thanks again!
Hi Cody,
I apply your setups and found that the drop yesterday night would have been a loss, but how would you handle this situation?
A beautiful mind is much more important than a fat pocket.
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Originally Posted by Franosh 
I apply your setups and found that the drop yesterday night would have been a loss, but how would you handle this situation?
