I am also new on this scalp technique. I am a daily trader while I put a few trade daily hoping one of my entry will enter. But sometimes to waits for the entry makes me mad when I shoulds had make the money if I just click the trade button. I was looking for some advise. I did try scalp GBP/USD 1 minit chart, MACD and RSI chart waiting for the cross over then I active the trade with the help of SMA graph to plan my entry. Spread for this pair is big about 7 bips. I put my cut lose at 15bips, limit by 25 bips. Everytime I goes for up the trend when down reverse and I lose quie no of time. Luckily I was trying the demo platform. Below are a few question that I hope some where out there will be able to help me.

1) What is the time frame for this method?
2) How much is the cut losse and limit?
3) Whay pair is the best for this tecnique?
4) Whart indicator is the best for this technque?

I agree, it's sounds simple. The EMA is the EMA of the currency price or the RSI graph? And... you BUY when the RSI flattens out above 80? One would think you SELL in that case...?? Doesn't above 80 mean extremely overbought?

How many trades/week do you get with this method in a currency? I would guess maybe 1 or 2?

Timeframe is 30 min.
Stop loss and Limit are entirely up to You ... you must first get a feel for the System relative to the 30 min Swings within current volatility ... trial and error
I Trade only the USD/CAD Pair ... and like I've stated before ... if you can't take your first Million $$$ trading one Pair ... what makes you think that you're going to take it trading more than one Pair?
(1) EMA (horizontal line)and (2) Stochastic RSI (horizontal line) both in the same Frame so that you can see them actually cross one another.

The EMA (horizontal line) is of the Price ... Stoch RSI (horizontal line) moves entirely on it's own ... driven by a different algorithim.

You're right ... once the Stoch RSI flattens out (above 80) it is "beginning" to become overbought ... the error that most Traders make is that they anticipate the Market too soon ... instead of allowing the Market "Time" to fulfill it's obligation in the strength of that particular Swing direction ... so once momentum has played out (calculated by running Volume on a 4H Chart) the Stoch RSI begins to drop ... crossing the Ema line and then flatlining below 20 for the ride down ... holding the short position (even if the Market trades up against you considerably) until the downside obligation is fulfilled.

This Method offers at least two Swing crossovers per day ... remember that their are a total of 48 - 30 min bars in a Day ... you don't don't have to take everyone of the crossovers ... You use you head by observing Larger Timeframes to get the overall strength/weakness for Day.

You've got to play with it man ... experiment.

OK, I got the Stoch RSI indicator. But when I put the EMA into the same panel with it, the EMA line is just a flat horizontal line at 1.32. Since Stoch RSI only will go from 0 to 1.0, the two lines never cross. I'm wondering what yours looks like...

Bryan

I'm using FXAccucharts and both the EMA and Stoch RSI lines move (curve) independently of one another crossing usually somewhere around 80 on the way back down for a sell after it's flatlined on top "1" to fulfill it's upside obligation ... or ir crosses at around 20 on the way up signalling a buy after it's flatliined on the bottom "0".

OK, bummer -- I guess NinjaTrader doesn't work the same way. I can't get a EMA and StochRSI to work together in the same panel. Oh well... I do like the StochRSI indicator though.

The GBP/USD presented some great opportunities in early trading as a bounce from 1.4100 would be worth 300 pips and the subsequent retrace after a test of 1.4400 which was confirmed by a overbought RSI was worth over 100 pips.The pair has been very technical this week with little data. However, take advantage because a rate decision next week will bring back fundamental factors.

__________________
John Rivera is the author of Market Brief, Top FX Headlines, and Forex Trading Weekly Forecast on DailyFX.com.

Yeah, I am short the GBPUSD at the moment. Technically, I'm thinking that the retrace of the move from 1.4978 to 1.3506 has petered out and the daily trend, which is down, will take hold once again.

We shall see... at least until next week's decision anyhow.

One very simple scalping System ... which is basically a No Brainer ... requiring only some observational skill for any Market that moves 140 pips or more from High to Low on the Day is this ... on your Chart behind your Candlesticks ... on a 15 min Chart ... pull up (1) Bollinger Bands and (2) Parabolic Sar Dots. That's it. You may also pull up some (3) Simple Oscillator Bars on your screen behind your Candles as well if your Charting package has them ... but this is optional. Do this and observe it everyday for One Week. If you don't see anything worth Trading after One Week. Give up trading altogether. SAR stands for "stop & reverse" ... stop & reverse ... get it? This is a good one for newbies.

I'll try anything once... good idea. I already use BB, but I'll try the SAR with it... haven't used that before. I don't know if this FXCM Micro Trading Station software has Simple Oscillator Bars, but I'll look for that too. Thanks for the tips!

One thing I've learned about scalping so far -- I don't like the 1 min. chart... too noisy. You can sometimes get 10 pips or so from a move, but that's about all you can count on. I've been using the 5 min and 30 min for confirmation of the 1 min scalps, so I think I'll go up to scalp off the 5 min chart instead and use the 15 and 60 min charts for confirmation.

Bryan

1) What is the time frame for this method?
2) How much is the cut losse and limit?
3) Whay pair is the best for this tecnique?
4) Whart indicator is the best for this technque?[/quote]

Answers are
1) Multi Time Flame :5min. 15min, 1hr, 4hr
2) Never Setup the stoploss but reversal point
3) High volatile pairs.. GBPUSD, EURJPY,......
4) Rephrase that question..
What indicator is the most famouse and
using it among the all traders?? "MACD"

Hi, This is Luckie and I will put the live thread on Feb.2
pacific time 8:00~14:00. Do not follow it till you are convinced

Agreed pairs with volatility generate the best scalping opportunities. Therefore with interest rate decisions coming up for the ECB and BoE expect the Euro and Pound crosses to see a pick up in volatility.

__________________
John Rivera is the author of Market Brief, Top FX Headlines, and Forex Trading Weekly Forecast on DailyFX.com.

Current 8:59

EURJPY BUY 114.35

Target 20pip

Love that SAR indicator. Together with that, RSI, trendlines and support/resistance lines I draw, I'm all set. I wait until the 5 min. RSI is over bought/sold, then check the 15 and 60 min charts to see where we are on RSI for them. If it looks like the trend is turning and about to reverse, I get in for the ride once the SAR on the 1 min. chart turns two dots in my direction. whee! I've managed to get up to $250 now from my $75 starting balance!