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EJ - OK - price made 134.15 and as done a small bounce. Not in either way atm - but will look now at scalp buying if we stay above 134 15 and try 134 .25- that would be a clue for a turn being tried or a bounce.

Under 134 10 then more scalp sells for just under the big number at 134.00

Need to watch next 5 mins for next clue ;-)
 
If you dont want to scalp buy - then you could look at selling the EJ again if it makes 37 or 45. Over 45 then it might be trying for the 60 area before dropping again .

For me I have scalp bought now at 23 and will look to sell 37 -45 area.

If price goes under 19 I just come out and look to scalp sell again
 
Ok - EJ - Purple Brain will be delighted - my scalp buy at 23 only went up 4 pips and then I ended up having to exit at 21 and losing 2 pips - ie a massive loss of 2 pips off the 67 pips I have already made this morning from GU trades and EJ sell.
 
EJ now - out of scalp sell taken at the 19 - as mentioned on previous post at 134.10 after a low of 134.08 - so only 8 pips net on that one and now will wait for the hour change for next clues

As now EJ - we would need price back over 25 and 28 to start looking at scalp buys and of course under 08 then still trying lower for big round number at 134.000
 
GU - well interim top still at 6044/5 - but price not broken under 6006 - so technically still in a 40 pip range - with bias still favouring lower. Would look at scalp buys if go back over 32 and 35 with a HL then needed over 26 - but 6018 then its more scalp sells - as long as its not a set up in a time window - which I will explain in another blog section

EU at a interesting low - ie 3660 - as that is a support area - but would need a bounce over 75 to get me looking at scalp buys - as bias still pressing down on supports
 
scholfield said:
For the record, Every trade I take in this thread at the moment is based on a very different method to what I have used before in this thread, and different to what I still use in my oil trading.

Bit of an experiment, loosely based on my interpretation of the way fxpunt trades.(i've been impressed with his trades).
I've had a fairly good patch recently. Bit of a dodgy patch over the last few days, though.
We'll see how it goes.
Click to expand...

Good luck. You obviously have not seen
my trades over the last week !
Hopefully we shall get some more volatility soon.
 
EJ - no low as lasted 30 mins as yet and really we have a double bottom at 13407/8 price - and need over the dynamic resistance at 21 to start me looking at scalp buys

Previously I needed 23 and 25 to scalp buy - but the market is dynamic and every 5 - 10 mins S & R's change so giving new points to review - I hope that make sense

I am not in the scalp buy on EJ yet - but true scalpers will say why not - 08 was low and 10 was a HL saying get in - but instead busy writing this comment and still watching 2 other pairs - including the GU - that as net my scalp buy requirements ;-))
 
FX punt said:
Good luck. You obviously have not seen
my trades over the last week !
Hopefully we shall get some more volatility soon.
Click to expand...

au contraire.
I've seen all of your trades, and my opinion hasn't changed.
In my experience, the only traders who don't have bad spells are the monday morning Quarter-back, hinsight, bull**** artist traders.
We've had a few of them in this thread in my time here.
But we've also had some good traders.
Talking of good traders, any of the old-hands here know what happened to 'chow clown'? I enjoyed his live calls too. No BS, and impressive on the whole.
 
EU and UChf - as we know normally they have a correlation - and with the EU presently falling nearly 200 pips from its high - the Swissy as gone back up approx 160 pips. Both are at their relative S & R ZONE - EU Supports at 42 to 60 and Swissy with resistance at 9035 -40 area.

Therefore if neither are breached we can scalp buy EU and scalp sell the UChf.

Neither are really ready at the moment - but will be keeping an eye on them next 30 mins to see if they become ready.

Meanwhile if Eu does go under 42 and say 35 then its further sells to next supports and similar with Swissy - over 50= then more scalp buys.

its a case of waiting for the correct time window and I will inform if that trade come into play ;-)
 
Eu and Swissy - both now trying to breach their S & R's - is it a fade out - or not ?

Dont know - but will know in next 5 -10 mins and then a decision can be made - such as a scalp buy of EU at a low and scalp sell of Swissy at an high ;-)
 
EJ - now at 134.00 - the big number - so thats 3 pairs all coming to critical prices near an hour change - could there be a set up coming - for changes in direction ;-)
 
Midday UK time - 12.00 pm and yes scalp buy on EU and scalp sell on Swissy - 3631 stop on EU and 9050 on the swissy - and as I type this now dropping ;-)
 
By the way the 2 spikes - one of swissy and one on the EJ - were to take out the trailing stops of traders - and yes - they get away with that ;-)
 
12.08 - GU now at 6044 - ie that last high area from early this morning. If the Eu is going to try up again - then GU should breach through high ATM - I will not scalp buy the GU again - as still too early - and already in other trades
 
Interesting call Schofield on GU - I need 32 to scalp sell GU based on a 1 min trendline breach. Still looking to scalp buy over 46 - but have no real bias either way - so would take either direction for a scalp one criteria's met - GL ;-)
 
GU at 33 - still would not scalp sell at 32 - but would wait for a bounce that needs then to stay under 41. Market teasing atm - so better to be safe than sorry - but you are in profit so at least you can pull if we dont go under 33
 
Just out of interest on scalp stops - 10 pips is really too large - fine if you think 20+ pip is on the table - but for most scalps only getting 5 -15 pips then you need to work on say 7 pip max stops .

This can be the difference between great success and failure - as when you get great entries - you should never need more than 5 -7 pip stop.

Trying to work off 2 -4 pip stops can work if you spread is under 0.6 pip - and you need to get the timing spot on - but that get easier over time - and I use a stop watch to assist me

If I dont think its on - I pull - not always wait for 5 pip stop - sometimes i will get out break even - sometimes with just a 3 pip loss - thats what counts - cutting wrong calls asap and letting the good calls go into "free trades" with stops already in profits ;-)
 
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