Interactive Euro Scalping (with the Roofless Scalper Method)
7th March 2012 Update:
This is not a system sharing thread but a thread to pull similar styled scalpers together to trade with me and share Ideas and call trades we like. Any trade calls must be called before hand and not after profit is already taken. If you follow my trades do so at your own risk and remember this is super fast scalping so by the time you see my chart posted it may be too late to get in with me but think of this as a learning experience. I will post my ideas for future trades as I see them and then post when I'm in and when have exited.
The strategy I will name the 'Roofless Scalper Method' but this is not a mechanical system. It is price action scalping that requires you to think about each trade and use horizontal support and resistance, overbought/sold areas and price stalling candle signals all on the M1 time frame.
Be warned, this is not for newbies and requires a lot of previous screen time and familiarity with the M1 charts. Some trades can be fast paced requiring you to take 5 pips in less than a minute. And some are easy going trades that reach +10 after ten or twenty minutes. Some will go into loss in a short time. Every trade is different. I do not look for more than 10 pips in any trade and have a fixed TP of +10 with a fixed SL of -7. When profit gets to +7 I move my SL to Break Even.
I get tight spreads and commissions on my account so if you are working with a total transaction cost of more than 1.5 pips or 2 pips at the most on EURUSD this may not be the method for you. Also fast execution is essential. Trading directly on MT4 is not recommended for this method.
Thanks for any and all contributions to this thread. The reason I have created it is I am bored trading on my own and want to show others how I do this and exhange trade ideas and thoughts along the way. If anyone feels this thread is helping them a lot then please vouch for me Thanks!
Roofx
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I wanted to post this in the Interactive Trading forum but since I don't have any vouches I can't post it there and here will have to do.
I'm starting this thread to pull in fellow scalpers who love to scalp EURUSD so we can compare thoughts and learn from each other.
I scalp tops and bottoms for 5-10 pips with a -7 pip stop. Contrary to popular belief, scalping tops and bottoms can be done with success. It is hard, but it is possible and for me it's a much more interesting and proactive trading method than taking 2 or 3 'set and forget' trades per week.
I'll start with my first trade of the day. A short from 3142 for +5 pips. Price action is in a very tight 15 pip range right now so seeking more than 5 pips is not worth it. I'm waiting for price to break out and start making bigger swings of 20+ pips.
7th March 2012 Update:
This is not a system sharing thread but a thread to pull similar styled scalpers together to trade with me and share Ideas and call trades we like. Any trade calls must be called before hand and not after profit is already taken. If you follow my trades do so at your own risk and remember this is super fast scalping so by the time you see my chart posted it may be too late to get in with me but think of this as a learning experience. I will post my ideas for future trades as I see them and then post when I'm in and when have exited.
The strategy I will name the 'Roofless Scalper Method' but this is not a mechanical system. It is price action scalping that requires you to think about each trade and use horizontal support and resistance, overbought/sold areas and price stalling candle signals all on the M1 time frame.
Be warned, this is not for newbies and requires a lot of previous screen time and familiarity with the M1 charts. Some trades can be fast paced requiring you to take 5 pips in less than a minute. And some are easy going trades that reach +10 after ten or twenty minutes. Some will go into loss in a short time. Every trade is different. I do not look for more than 10 pips in any trade and have a fixed TP of +10 with a fixed SL of -7. When profit gets to +7 I move my SL to Break Even.
I get tight spreads and commissions on my account so if you are working with a total transaction cost of more than 1.5 pips or 2 pips at the most on EURUSD this may not be the method for you. Also fast execution is essential. Trading directly on MT4 is not recommended for this method.
Thanks for any and all contributions to this thread. The reason I have created it is I am bored trading on my own and want to show others how I do this and exhange trade ideas and thoughts along the way. If anyone feels this thread is helping them a lot then please vouch for me Thanks!
Roofx
---------------------------------------------------------------------
I wanted to post this in the Interactive Trading forum but since I don't have any vouches I can't post it there and here will have to do.
I'm starting this thread to pull in fellow scalpers who love to scalp EURUSD so we can compare thoughts and learn from each other.
I scalp tops and bottoms for 5-10 pips with a -7 pip stop. Contrary to popular belief, scalping tops and bottoms can be done with success. It is hard, but it is possible and for me it's a much more interesting and proactive trading method than taking 2 or 3 'set and forget' trades per week.
I'll start with my first trade of the day. A short from 3142 for +5 pips. Price action is in a very tight 15 pip range right now so seeking more than 5 pips is not worth it. I'm waiting for price to break out and start making bigger swings of 20+ pips.