Gregory's: Pip and Run Results and Q&A

[Gregory McLeod]

GBP/USD Bearish A-B-C Pattern Paid off after Intial Stop Out- GBP/USD has had a few long wicked false breakouts today.

[Tess]

Hi Greg,

The trading station has several Pivot calculation modes. Which Pivot would you recommend for scalp and intraday trading ? I'm hesistating between Classic Pivot / Camarilla / Fibonacci Retracement, etc.

Many thanks in advance,

Hello Alex, thanks for the question. I really enjoy helping traders tear down a trade like a 64 Mustang engine and getting to the issue.

First of all, it is important to have enough charting data visible to see the previous trading sessions; New York, Asia, Europe. By looking at 8 to 20 hours of data you can see that the MACD indicator started to diverge from price which is bearish. By itself, negative MACD Divergence is not a sell signal but it is the dog barking a warning that danger is near. Traders who are already in trades that are Long could tighten stops or exit but not enter new longs. Reason two for not entering long but enter short is that the Euro was trading up against the Daily R1 Pivot. When I scalp, I always use the pivot point indicator that shows projected support and resistance lines. Usually a currency pair will travel between the S1 support Pivot and R1 Resistance Pivot. Shorting at R1 and Buying at S1 a usual plan of attack.
World markets; FTSE 100, Cac 40, and DAX were all negative due to Spain as well. rarely will Euro trend up with world stock markets are down.
So Alex, I hope this helps!

Regards,

Greg McLeod
DailyFX Forum Moderator/Trader

[Gregory McLeod]

Hi Greg,

The trading station has several Pivot calculation modes. Which Pivot would you recommend for scalp and intraday trading ? I'm hesistating between Classic Pivot / Camarilla / Fibonacci Retracement, etc.

Many thanks in advance,

Hello Tess! Thanks for your question! I keep it old school with Classic Pivots. I like buying at S1 or S2 and taking profits or shorting at R1 and R2.

[Erixena77]

Real-Time Fast and Furious Forex Trading with Greg McLeodWatch how Greg McLeod, A.K.A the 'Pip Star' takes on the $4 trillion Foreign Exchange Market with his unique High Frequency Trading style in the Pip & Run Trading Room. Greg teaches you how he Day Trades and pulls money out of the market in 60 minutes or less.Greg has traded live. Great!

Please, view this links for more detail to learn more:

[Tess]

Thank you Greg

Hello Tess! Thanks for your question! I keep it old school with Classic Pivots. I like buying at S1 or S2 and taking profits or shorting at R1 and R2.

[Gregory McLeod]

Thank you Greg

You are very welcome, Tess. Let me know if you have any further questions.

[earlybird]

Do you think this will be a suitable strategy for me to use? I did a little research and i found scalping is father inefficient with fxcm as they have spread of 3 pips. Since scalping is taking pip to pip profit this may be very hard to gain profit.

Anyway would you recommend this strategy for me?

sincerely,

earlybird

[Gregory McLeod]

Do you think this will be a suitable strategy for me to use? I did a little research and i found scalping is father inefficient with fxcm as they have spread of 3 pips. Since scalping is taking pip to pip profit this may be very hard to gain profit.

Anyway would you recommend this strategy for me?

sincerely,

earlybird

Hello earlybird. That is a good question. Short-term daytrading (scalping) is one of the most cognitively demanding forms of trading. It is a culmination of many years of trading and pattern recognition of longer term chart patterns in a shorter time scale, so it may not be appropriate for you. However, if you have a short-term temperament for trading then you can overcome some of the challenges.

Spread, though an issue to consider, is the least important if you lack experience, a system, or the temperament. I scalped GBP/USD in 2003-2005 with 5 and 6 pip spreads. 1 pip is good but if your broker is not reliable, you don't have a winning system, and lack the temperament, then the spreads will do nothing to help you.

Knowing yourself as a trader is key. Ask yourself whether you have the time, a successful system, and the risk capital to engage in a certain type of trading.

http://www.youtube.com/watch?v=YtYZhRSicJU
http://www.youtube.com/watch?v=7AmvF...feature=relmfu

Here is a personality quiz:
http://www.babypips.com/school/which...t-for-you.html

I just took it myself and this is what it said

[Gregory McLeod]

Shorting GBP/USD Above R2 Was Profitable- It took 2 hours to make 21 Pips

[Gregory McLeod]

Pip and Run Trading for 10.30.2012 +43 Pips- Hello Traders! Though the US equity market has been closed for 2 days, I managed to squeeze 43 pips in very fast trading. I closed trades on GBP/USD, GBP/JPY, and EUR/USD. I usually keep my trading units the same at 100k but a 1000k order snuck by that I closed for a 7.5 pip gain.

It was risk on trading after the Full moon. I usually look for a reversal of the Euro at or near Full moons! Call it Loonie!

Watch Greg McLeod Trade Live Tuesday, Wednesday, and Thursday at 5:30 ET in the DailyFX Forum Pip & Run Trading Room

[Gregory McLeod]

Day After Election Creates Numerous Pip and Run Trading Opportunities for the Nimble: 10 Trades 10 Wins for +352.3 Pips!

After an initial overnight 'Risk On Rally" in commodities, stock indices and currencies following the re-election of President Barack Obama, the late London session switched into profit taking mode as these overnight gains started to evaporate.
I and a number of traders in the Pip and Run trading room observed reversal patterns and MACD negative divergences on gold, EURJPY, EURUSD, GBPUSD and USDJPY. Trader, Herve, observed a possible reversal unfolding on USD/JPY. Though I am not a fan of that pair as the moves in it have been fairly slow, I pulled up the chart of USDJPY and began my drills. Starting the the 30-minute chart and seeing the price stalling in the 80.40 area. I went short on a trend line break on a 5-minute chart that confirmed the bearish negative MACD divergence. The pair limited out for 12.6 pips.

Trader Siki was trading along and recognized an A-B-C and followed me in short for 13.6 pips. He was so elated that he sent his chart showing his entry and exit:



Trader Kobus pulled in 32 pips as well! Congrats to all of you who I did not mention!

See you in the trading room tomorrow at 5:30 AM ET /10:30 London time

[durgesh147]

Hi Greg , this is my result . Just validates what i already knew .

[Gregory McLeod]

Hi Greg , this is my result . Just validates what i already knew .

Isn't it fascinating how the answers to some non-trading questions can pinpoint our trading styles?
Unfortunately, some bad scalps become swing trades for me! LOL

[Gregory McLeod]

Pip and Run Trading Room 7 Wins out of 9 Trades for +65.5 Pips

Euro was my hero as I rode a break of the 4-hour downtrend line at 1.2700 and added long 12 pip scalps repeatedly as short-squeeze rally unfolded. Some of the Euro trades limited out in 1 minute, a long GBPJPY limited out in 15 minutes for 12 pips as well.

BobNZ cashed in alongside me for over 46 pips, while aggressively overactive Eugene scored +126 pips.

After a lackluster Monday, it was good to have a little volatility in the market!

Join Tues. Wed., Thursdays 5:30AM ET 9:30AM GMT for my next Pip and Run Live Trading Session

[Gregory McLeod]

Euro Marking out Range Boundaries Ahead of US Equity Open 12751-12723-


Important news Possible debt deal:

White House in talks to replace sequester: WSJ

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WASHINGTON (MarketWatch) -- The White House is an advanced internal discussions on a plan to replace the sequester with a smaller package of spending cuts and tax increases, The Wall Street Journal reported, citing people familiar with the planning. The idea would be to push larger deficit-reduction talks into the middle of 2013. House Republicans so far have discussed a similar model, albeit without replacing the non-defense domestic cuts and without tax increases. White House talks with Congressional Democrats and Republicans are due to start Friday.