Scalping and Intraday Trading Strategies Discussion - Page 41 - DailyFX Forex Forum

imported_Bigpips · #**602** (**permalink**) 08-23-2009, 03:49 PM

Quote:

Originally Posted by aznet

Yes it looks that way Aznet, the price is above the 50 moving average, we have a potential bull flag and the trendline has been broken too, so we will wait for a breakout and buy after the pullback to the upper channel.

imported_Bigpips · #**603** (**permalink**) 08-24-2009, 01:32 AM

Thanks to our friend Aznet, that USD/JPY trade worked like a charm, an extra +50 pips already, see the chart below. I quickly sold half of my position to lock in profit and moved the stop to break even.

This easy trade was a perfect text book example : we had a bull flag, a price above the 50 period simple moving average, a retest of the upper channel, a price rejection at the 38.2% Fibonaacci and Houston we have a liftoff!

Thanks a lot for the tip Aznet!

Sean Hyman · #**604** (**permalink**) 08-24-2009, 08:54 AM

Here's a pattern that scalpers may love.

You can either scalp within the triangle OR trade the breakout that comes. See the details in the GBP/USD forum.

Mostly Harmless · #**605** (**permalink**) 08-24-2009, 09:04 AM

Hi Forum Moderator

Apologises for interrupting. Could something be kindly done about the highly questionable IvyBot forex robot that good member "imported_Bigpips" is selling for 66% Clickbank commission in his signature line in these good pages in breach of forum rules?

I sure don't begrudge anybody making an honest buck. However, in this instance, I don't want other newbies to experience the same misfortune I did by clicking on imported_Bigpips' signature line under his FXCM forum Post a few days back and ending up $216.95 out of pocket for a product which is little better than a scam.

So, our good member, imported-Bigpips, has scalped me directly via these forum pages.

The Bait

Look at the signature line under imported_Bigpips' latest post on this forum page which reads "4 powerful FOREX robots in one : http://tinyurl.com/4forexrobots"

Clicking on his link takes you to a landing page selling the IvyBot robot for $149.95 with the usual promises of making zillions (yeah, I was silly enough to buy the thing as I merely its overlapping global session highlights).

After buying, here's what happened:

1. Being a novice with exotic FX tools, I discovered too late that running IvyBot requires downloading the MetaTrader forex platform and opening a live cash account there.

2. Like I mean, this product is being sold via FXCM Forums to get our members to open a separate live cash account with MetaTrader!

3. I then found, contrary to the upfront sales pitch, that IvyBot was too technically difficult to install. So, I had to accept their (initially concealed) backend offer to have experts install it for a further $67.

4. Now, 3 days after paying, they still haven't contacted me to do the install and so I did my due diligence (much too late) and found as follows.

About IvyBot

1. The IvyBot in imported_Bigpips' signature line is a Clickbank product, paying huge commissions.

2. Clickbank pays imported_Bigpips 66% commission on each sale made to mugs like me - who click on his signature line in these forum pages and buy it.

3. It specifically targets newcomers to forex ... designed to scalp mugs. OK fair enough, but it should not be sold through these forum pages.

4. It was released on 28 July 2009, in a massive blitz of fake underground marketing filling the first 30 pages of internet searches.

5. This supposedly new revolutionary IvyBot robot, designed by "Ivy League" geniuses, is not new at all ... it is a deviant of the old Fapturbo robot with different currency pairs.

6. It comes out of the old Fapturbo camp complete with exactly the same Fapturbo internet marketing strategy and even some same words in its main internet page.

7. As mentioned, the massive volume of in-house IvyBot underground internet material consumes the first 30 pages of searches, aimed to drown out the several truthful reviews, like as follows.

Independent review of IvyBot

http://www.ivybotreviewblog.com/
IVYBot Review

IVYBot Results August 14 and 22
by IVY Bot Review

Hi, Sorry for my slight disappearence but my home laptop Windows Vista decided to bust up. Anyway…so lets s start…

Trading Week 10th – 14th August: Winning Week
This was a great week for IVYBot. 7 trades, 7 winning trades.
Profit of $54.04 with 0.1 lots default settings.

One thing to note here is that IVYBot left a trade open on Friday which I didn’t like.

Trading Week 17th – 21th August: Confusing Week
Well I was waiting for a loss trade to calculate the stop loss IVYBot is doing by default, and finally we got one, more than one

I had one trade that I am sure of, with a loss of -$171.39, with 0.1 lots. My demo account is $1000, so basically 17.14% loss. NO GOOD. Your risk per trade must always be 2%-5% per trade – NO MORE, in fact recommended is 2%, but 17.14% loss is very bad, extremely bad.

It is a proven fact that even if your account falls by 50%, it will be very difficult to recover. With 17.14% risk, with 4 – 5 successive bad trades, then we can simply close everything down. And hey I am not an expert trader far for it, but I do trade and money management is the most important thing in Forex. Risk more than 5% per trade, keep waiting for your bad trade to become good, and you are wiped out in a day or two.

Anyway back to IVYBot, I still can’t understand why it is risking all that amount, for just 8pip profit!

There were some more good trades along the week, but is useless to talk about them with that -$171.39 loss since the profit is negligible.

And yes I have 3 yes 3 open trades by Friday with total loss between them of around $150. I bet this will end up with $500 compound loss.

Yes Monday morning I stopped IVYBot from my Live account since I knew something is wrong – thank God.

Sean Hyman · #**606** (**permalink**) 08-24-2009, 09:12 AM

Quote:

Originally Posted by imported_Bigpips

Thanks to our friend Aznet, that USD/JPY trade worked like a charm, an extra +50 pips already, see the chart below. I quickly sold half of my position to lock in profit and moved the stop to break even.

This easy trade was a perfect text book example : we had a bull flag, a price above the 50 period simple moving average, a retest of the upper channel, a price rejection at the 38.2% Fibonaacci and Houston we have a liftoff!

Thanks a lot for the tip Aznet!

imported bigpips, you've got to remove your links from your signature so that I can keep you on here. Please do that immediately from all present posts and any future ones. Thanks, man.

Sean Hyman · #**607** (**permalink**) 08-24-2009, 09:55 AM

Triangle pattern breaks to the downside. Short scalps could be in order.

Do Charts Patterns Still Work?

imported_Bigpips · #**608** (**permalink**) 08-24-2009, 11:22 AM

Quote:

Originally Posted by Mostly Harmless

Being a novice with exotic FX tools, I discovered too late that running IvyBot requires downloading the MetaTrader forex platform and opening a live cash account there.

That's BIG FAT LIE number 1, no such requirement exists, you can install this expert advisor on Metatrader and use FXCM as your forex broker.

Quote:

Originally Posted by Mostly Harmless

2. Like I mean, this product is being sold via FXCM Forums to get our members to open a separate live cash account with MetaTrader!

That's BIG FAT LIE number 2. Same BIG FAT LIE but worded differently.

Quote:

Originally Posted by Mostly Harmless

I then found, contrary to the upfront sales pitch, that IvyBot was too technically difficult to install. So, I had to accept their (initially concealed) backend offer to have experts install it for a further $67.

That's BIG FAT LIE number 3. The software is an Expert Advisor (EA) and the website clearly says that you will be receiving an expert advisor (EA) file, that means you must be familiar with Metatrader. If you don't know what an expert advisor is then why are you buying one in the first place? Secondly, the technical fee is totally optional, a simple google search for "install EA" or "intalling expert advisor" could have helped you.

But saying that a software is a scam because you, supposedly, cannot install it is like saying that FXCM is a scam because you cannot (or don't' know to) install the Trading Station.

Quote:

Originally Posted by Mostly Harmless

. Now, 3 days after paying, they still haven't contacted me to do the install

Yeah right, and that's why you DID not ask for ANY refund at all, all this time! Don't you dare lie again I checked your claim with the company, you are still using the software and I dare you to post your dated refund receipt number right here on this forum. Mostly_Harmless, after only a few posts, comes here and starts telling us very convincing sad stories (and blatant lies) and we are supposed to believe him on the spot, without even questionning his ulterior motive.

But let's continue and find out...

Quote:

Originally Posted by Mostly Harmless

Independent review of IvyBot

IVYBot Review
IVYBot Review

IVYBot Results August 14 and 22
by IVY Bot Review

Hi, Sorry for my slight disappearence but my home laptop Windows Vista decided to bust up. Anyway…so lets s start…

Trading Week 10th – 14th August: Winning Week
This was a great week for IVYBot. 7 trades, 7 winning trades.
Profit of $54.04 with 0.1 lots default settings.

One thing to note here is that IVYBot left a trade open on Friday which I didn’t like.

Trading Week 17th – 21th August: Confusing Week
Well I was waiting for a loss trade to calculate the stop loss IVYBot is doing by default, and finally we got one, more than one

I had one trade that I am sure of, with a loss of -$171.39, with 0.1 lots. My demo account is $1000, so basically 17.14% loss. NO GOOD. Your risk per trade must always be 2%-5% per trade – NO MORE, in fact recommended is 2%, but 17.14% loss is very bad, extremely bad.

It is a proven fact that even if your account falls by 50%, it will be very difficult to recover. With 17.14% risk, with 4 – 5 successive bad trades, then we can simply close everything down. And hey I am not an expert trader far for it, but I do trade and money management is the most important thing in Forex. Risk more than 5% per trade, keep waiting for your bad trade to become good, and you are wiped out in a day or two.

Anyway back to IVYBot, I still can’t understand why it is risking all that amount, for just 8pip profit!

There were some more good trades along the week, but is useless to talk about them with that -$171.39 loss since the profit is negligible.

And yes I have 3 yes 3 open trades by Friday with total loss between them of around $150. I bet this will end up with $500 compound loss.

Yes Monday morning I stopped IVYBot from my Live account since I knew something is wrong – thank God.

Hahahaha

Now do you get it fellow traders? No? Go to the website and read that bogus "review" again and look at the ads. Not only is this guy promoting IvyBot via a huge banner ad on the left of his webpage, but he is also promoting other forex robots all well (like the one called Forex Decimator for example), all via his affiliate links.

Well there you have it, Mostly_Harmless only wants to cleverly direct you to another website (HIS without a doubt) where you can buy HIS robots via HIS affiliate links, while still playing the poor victim routine on this forum.

Well I've got to hand it to you Mostly_Harmless, you played us all like a violin.

Sean Hyman · #**609** (**permalink**) 08-24-2009, 11:52 AM

Quote:

Originally Posted by imported_Bigpips

That's BIG FAT LIE number 1, no such requirement exists, you can install this expert advisor on Metatrader and use FXCM as your forex broker.

That's BIG FAT LIE number 2. Same BIG FAT LIE but worded differently.

That's BIG FAT LIE number 3. The software is an Expert Advisor (EA) and the website clearly says that you will be receiving an expert advisor (EA) file, that means you must be familiar with Metatrader. If you don't know what an expert advisor is then why are you buying one in the first place? Secondly, the technical fee is totally optional, a simple google search for "install EA" or "intalling expert advisor" could have helped you.

But saying that a software is a scam because you, supposedly, cannot install it is like saying that FXCM is a scam because you cannot (or don't' know to) install the Trading Station.

Yeah right, and that's why you DID not ask for ANY refund at all, all this time! Don't you dare lie again I checked your claim with the company, you are still using the software and I dare you to post your dated refund receipt number right here on this forum. Mostly_Harmless, after only a few posts, comes here and starts telling us very convincing sad stories (and blatant lies) and we are supposed to believe him on the spot, without even questionning his ulterior motive.

But let's continue and find out...

Hahahaha

Now do you get it fellow traders? No? Go to the website and read that bogus "review" again and look at the ads. Not only is this guy promoting IvyBot via a huge banner ad on the left of his webpage, but he is also promoting other forex robots all well (like the one called Forex Decimator for example), all via his affiliate links.

Well there you have it, Mostly_Harmless only wants to cleverly direct you to another website (HIS without a doubt) where you can buy HIS robots via HIS affiliate links, while still playing the poor victim routine on this forum.

Well I've got to hand it to you Mostly_Harmless, you played us all like a violin.

Bottom line, we don't need any links on here to sites that you guys get paid for. You can post freely on here as long as disagreements don't turn into full blown arguments and as long as the signatures are altered to where the links to FX robots that you get paid for are off of there.

Let's keep the forums clean.

Mostly Harmless · #**610** (**permalink**) 08-24-2009, 06:06 PM

Hi imported bigpips. I do appreciate removal of the sales link as Sean asked.

For record: I didn't install IvyBot as I can't and I have requested my credit card company to reverse the transaction for services not supplied. And, being still a rather green newbie who trades on fundamentals, I didn't even know that forex robots existed before this little incident.

So, let's now put all this behind us as if it never happened and go forward as friends as I'm sure I can learn much from you.

Sean Hyman · #**611** (**permalink**) 08-24-2009, 06:27 PM

Quote:

Originally Posted by Mostly Harmless

Hi imported bigpips. I do appreciate removal of the sales link as Sean asked.

For record: I didn't install IvyBot as I can't and I have requested my credit card company to reverse the transaction for services not supplied. And, being still a rather green newbie who trades on fundamentals, I didn't even know that forex robots existed before this little incident.

So, let's now put all this behind us as if it never happened and go forward as friends as I'm sure I can learn much from you.

Good to hear, Mostly Harmless...I'm sure you two can learn a lot from each other. We're all learning a lot from each other. That's for sure.

Imported big pips, thanks for taking that out of the signature. Mostly Harmless, thanks for acknowledging what he did.

That speaks highly for both of you.

JHayzament · #**612** (**permalink**) 09-01-2009, 03:31 PM

Hi, Im new to forex and fairly new to day trading itself. Can somone please explain to me what "scalping" means? Thank you

Sean Hyman · #**613** (**permalink**) 09-01-2009, 03:35 PM

Quote:

Originally Posted by JHayzament

Hi, Im new to forex and fairly new to day trading itself. Can somone please explain to me what "scalping" means? Thank you

JHayzament, welcome and thanks for posting your question.

Scalping is short term trading and usually for a very small number of pips.

The scalper is more likely to do 10 trades of 10 pip, quick scalps...and the swing trader is likely to do 2 trades of 50 pips each...both using two ways to get to a goal of a 100 pip gain in this example.

They will typically trade off of very small time frames like the 5 or 15 minute charts too.

Sean Hyman · #**614** (**permalink**) 09-02-2009, 12:37 PM

Here's some "big picture" ideas that you could use as a scalping bias intraday: http://forexforums.dailyfx.com/blogs...ow-closes.html

mildredthecat · #**615** (**permalink**) 09-02-2009, 02:38 PM

.

Here is an example in progress:

.