scalping

^eagle^ · #1 09-18-2008, 05:59 PM

I love the idea of scalping. I just started using this method and would like to share it.

I place the 100,50,25 SMA's on the chart (weighted close (h+l+c+c)/4)

I look ofr a trend to finish and use Fib tool to find retracement.

If the price pierces up towards the SMAs I buy

If it punctures down into SMAs I sell.

If it reverses before three pips out of SMAs I manually stop

I close manually at 3 to 10 pips.

Anyone have any ideas to improve this?

alan · #2 09-18-2008, 08:35 PM

Quote:

Originally Posted by ^eagle^

I love the idea of scalping. I just started using this method and would like to share it.

I place the 100,50,25 SMA's on the chart (weighted close (h+l+c+c)/4)

I look ofr a trend to finish and use Fib tool to find retracement.

If the price pierces up towards the SMAs I buy

If it punctures down into SMAs I sell.

If it reverses before three pips out of SMAs I manually stop

I close manually at 3 to 10 pips.

Anyone have any ideas to improve this?

Interesting system. I'm gonna try it out and see if I can find some ways to improve it. But umm, what time frame do you use, and what curreny pairs have you had success with?

Thanks for sharing.

^eagle^ · #3 09-19-2008, 04:28 AM

Quote:

Originally Posted by alan

Interesting system. I'm gonna try it out and see if I can find some ways to improve it. But umm, what time frame do you use, and what curreny pairs have you had success with?

Thanks for sharing.

I use the 1m time frame. I use the eur/usd pair becasue it has the lowest spread. Spread is extremely important in this system so I do not reccomend pairs with high spreads. I am currently looking for another broker that has a spread lower than 3 pips as my current broker, FXDD, has.

alan · #4 09-19-2008, 08:30 AM

Quote:

Originally Posted by ^eagle^

I use the 1m time frame. I use the eur/usd pair becasue it has the lowest spread. Spread is extremely important in this system so I do not reccomend pairs with high spreads. I am currently looking for another broker that has a spread lower than 3 pips as my current broker, FXDD, has.

I'd suggest an ECN broker. Some MT4 brokers may have a problem with your scalping the market like that. I'd check their TOS if I were you

jim · #5 09-24-2008, 02:09 PM

Quote:

Originally Posted by ^eagle^

I use the 1m time frame. I use the eur/usd pair becasue it has the lowest spread. Spread is extremely important in this system so I do not reccomend pairs with high spreads. I am currently looking for another broker that has a spread lower than 3 pips as my current broker, FXDD, has.

IBFX has a 2 pip spread on the EURUSD.

^eagle^ · #6 09-24-2008, 05:11 PM

Quote:

Originally Posted by jim

IBFX has a 2 pip spread on the EURUSD.

Thanks jim. Is that on a mini? Do they have micro accounts? I'll look for myself but for the benefit of posterity you can answer here if I don't first.

alan · #7 09-24-2008, 09:03 PM

Quote:

Originally Posted by ^eagle^

Thanks jim. Is that on a mini? Do they have micro accounts? I'll look for myself but for the benefit of posterity you can answer here if I don't first.

Yes, IBFX does has micro accounts.

balanced · #8 10-23-2008, 09:38 PM

Use candlestick confirmation with the general trend for better results. In this market I have been favoring the sort side. EUD/ USD pair.