I try to keep my scalping and trading generally REAL REAL SIMPLE
I can still do complex believe me ....after 20 years working with some redicluously smart Programmers , traders and Quants.....I have seen complex .....but generally in my and their consolidated opinions and results......its not worth the sweat and tears for the marginal returns produced ......maybe im wrong on that ...
so at this moment (6th Feb at 8am GMT) the GBP has been bear since 6am ....I like GBP .....so i have been selling GBP to date
now GBP is retracing...so i dont sell GBP ............(Durrr)
when GBP starts to fall again i will select a pair and SELL GBP .............(Durr)
is that ok gang ?..........of course it isnt ..........but we have to start somewhere
I have already identified a alpha Currency from the 8 Currencies to follow ...I have ruled out some 21 pairs in the 28 available .....i am already getting nearer where I need to be ......
more later
N
8:00 am
I can see Cable loitering at 2939/36 area ......is it going to resell ?
how will we know ?
by the way its 8am .....should we be scared ?
8:03
so in answer to the questions yesterday I adopt pretty simple stuff most of the time
1) I know GBP has sold off since 6am opens
2) GBP has retraced
3) USD is bull so far today giveing me the inclination to include cable as a sell scalp strategy
4) I wait for suitable price points to sell ...or not ...or choose another better pair to trade
Cable has not started to fall below the area already mentioned ....so why would i make a trade until it does ?
it may never .....
N
8:06
cable is already 2930 and flying south ....
thats it guys .....thats how i scalp .....its not that hard once i like the pair I want to trade :)
COMMENT
Nice work...if you can get it. I've been following your Cresta run on the pound and if that was a "scalp", I've been misled somewhere I too am curious as to your entry set-up. I am assuming that on a 5m 20/1 chart you went for GBPCHF and either got in as GBP and CHF diverged at just before 13h20 or right then as the £ went into negative territory. I've attached a couple of screenshots that may or may not represent what you did and I'd be grateful if you'd explain what in fact you did do.....whatever it was, I can see 60+ pips there for the taking https://www.trade2win.com/attachments/gbpchf5_190205_nvp_60pip_short-png.260017/ Hi Cantagril i have responded below on your chart .........if i had traded GBPCHF then my simple thoughts are below I Have now Identified on a real real simple setup how a trader can get onto the decision Bar for this particular pair ...... I am sorry but i cannot really share the final trigger rules as thats taken me many years to refine and also other traders and proprietary indicators are involved ....... yes that final stage is where the money is ....but thats for us all to find also my indicators are set very different to the 5 min TF for example ......mainly to pick up signals that get me in earlier than the consolidation/continuation signal bars i've shown...........when a pair moves 5min TF or higher is useless to scalp.....its far too slow ! remember by using strengthmeters you have already targeted perhaps just 3-4 pairs MAX where the action is .....thats some 80% of the G8 pairs excluded .....it all makes the difference to increasing yuor edge also you seem to think i have endless trails running on some of these trades ........ when i say im in a scalp area for 60-80 pips for example like yesterday ....I can easily have 5-10 scalps in that zone ..................no one can run pairs down as the chop kills you ......especially Cable .........its a bastard to hold in just 1 trade for more than 10 pips max ............there are much more smoother pairs to trail .....but generally they are also slow and tedious and i leave them to higher Timeframes to trade ........ N
