ok example of scalp breakout on YM just there, the scalp resistance was at "20... that's in the first picture, whilst i was saving the first picture the breakout happened- price broke above "20 and surged 6 points, only 2 you would have caught though going by scalp ATM parameters.
The breakout happened too quick i didnt get a picture of the actual B/O but got picture of "26 .
i should really record with camstudio im thinking.....upload to youtube?
The breakout happened too quick i didnt get a picture of the actual B/O but got picture of "26 .
i should really record with camstudio im thinking.....upload to youtube?
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im looking at what people think tape reading is, and what i'm doing isn't what most people consider tape reading , wish i could change the title to order flow or something.
Now i realise what i am trying to-find scalp patterns and setups on time and sales/DOM price ladders, finding the times at which these setups are at the highest probability, and lastly opening a trading account and trading these setups live when i am the correct age.
Now i realise what i am trying to-find scalp patterns and setups on time and sales/DOM price ladders, finding the times at which these setups are at the highest probability, and lastly opening a trading account and trading these setups live when i am the correct age.
WOWOWOWOWOWOWOW
there has been a HUUUUUUUUUGE mistake throughout this thread that i didnt realise.
ive been mixing UP LIMIT ORDERS WITH PENDING ORDERS! lol i dunno how this happened but i suppose it made it look like i thought i was able to buy above market price?!?!?
sorry masquerade lol i undersatnd what you are saying now
EVERY TIME I SAID BUY OR SELL LIMIT IN THIS THREAD I MEANT BUY OR SELL STOP ORDER!!
there has been a HUUUUUUUUUGE mistake throughout this thread that i didnt realise.
ive been mixing UP LIMIT ORDERS WITH PENDING ORDERS! lol i dunno how this happened but i suppose it made it look like i thought i was able to buy above market price?!?!?
sorry masquerade lol i undersatnd what you are saying now
EVERY TIME I SAID BUY OR SELL LIMIT IN THIS THREAD I MEANT BUY OR SELL STOP ORDER!!
rathcoole_exile
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YM headed lower- sell stop @ "94- not just beacuse of scalp support, but because there as been a big sell of and this is arounda fibo level, it has pulled back up to fibo and i expect it to go lower- gotta have a mixture of charts and common sense when scalping even, not going long after a biiiig sell off.
edi: yeh it cracked that support and moved 2 points down rather quickly- dont ave TP parameters set up but earlier i said 2 points for TP and SL
edi: yeh it cracked that support and moved 2 points down rather quickly- dont ave TP parameters set up but earlier i said 2 points for TP and SL
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GladiatorX
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Remember that if you enter @ 1000.25 and have a target of 1000.50 you need price to go to 1000.75 and then thats a 0.25 gain - commisions kk
Assume commisions are $5 for now.Remember that if you enter @ 1000.25 and have a target of 1000.50 you need price to go to 1000.75 and then thats a 0.25 gain - commisions kk
did you read you PM i sent you?!?!? lol i think i misunderstood what you were saying totally because i got mixed up between a limit and a pending order
had some great scalp breakouts to look at today that were perfect for me.i also took notice to a quick tick chart (50) this gave me a rough idea of when to stay on the side, or when to look for longs or look for shorts, just as a quick reference really, plus you can see scalp S and R very well sometimes
GladiatorX
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Problem is the odds are very much against you, if you are using a .5 stop loss and a .25 target...
From entry (Using a market order) price must only move down 0.25 in order for your stop loss to be executed, which may be alright as your entering on momentum.
For target, price must move 0.5 in your favour.
Therefore the odds are against you there.
Then the odds are against you in terms of Risk:Reward;
Loss: $25-$5 commision = $30
Win: $12.50 - $5 commision = $7.50
Now to win, the market must move 0.5 you in your favour, to lose the market must move 0.25 against you. If you win (The less probable option) you get $7.50, if you lose you lose $30 ...
Therefore your placing 100% importance on your entry, if your entry doesn't provide an edge then you will definately lose. Using money management will slow the process.
Lets say the entry proves 90% correct.
$60 Win
$30 loss
= $30 gain on the day over 10 trades per contract.
It just doesn't sound viable to me. With my support and resistance i look for bounces of 1-4 points and if i don't believe that will occur i won't trade it, then i have a 0.5-0.75 stop loss behind the support.... Otherwise i look for flag/channel breakouts, a retrace to the 'trendline' and thats when i enter, again very tight stop loss but also a couple of points target.
Try to identify places where prices are likely to have 1point + Bounces, as an example, if the market isn't very directionally strong, but it makes a new low, usually that will provide good support for a very quick bounce.
Don't be scared of losses and therefore take tiny wins, or scared of giving up profits so you take fast profits. Be patient and choose trades you have a high belief in and then try to make them count.
not trading ES- plus it's 2 points for both TP and SL, im actually thinking of moving TP to 3.
i'm now incorporating the chart into scalping, 50 ticks seems a good one and i'm looking for how well patterns like H&S B/Os, flags, boxes and channels breakout on YM
pedro01
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rathcoole_exile
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triple MAs ??
Now why didn't Captain Currency think of that ??????
Now why didn't Captain Currency think of that ??????
GladiatorX
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Because Captain Currency is too busy handing out free PDF files to actually bother trading.
