Scalp This!

piptrader

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Hello fellow traders!

I wanted to start a thread to find out what the best chart set up is for scalping the Majors. 5 min candle w/ WMA crossover? Prefer a 15 Min with MACD? Candles, Bars, or Line? Do Stochastics and CCI rule?

I currently use 60min and 15min with Macd and Stoch.

Any feedback here id much appreciated!

Thanks in advance.
 
piptrader said:
Hello fellow traders!

I wanted to start a thread to find out what the best chart set up is for scalping the Majors. 5 min candle w/ WMA crossover? Prefer a 15 Min with MACD? Candles, Bars, or Line? Do Stochastics and CCI rule?

I currently use 60min and 15min with Macd and Stoch.

Any feedback here id much appreciated!

Thanks in advance.

Your front end platform and Broker access is vital in scalping, what are you running?
 
commanderco said:
Your front end platform and Broker access is vital in scalping, what are you running?


yes absolutely!!

scalping isn't even 'allowed' at most retail forex bucket shops either, and no one would be using indicators to scalp. no way jose! (and before you all ask why, indicators are lagging - and thats not much use when you are trying to determine activity a very short time away)

i think this guy may get more positive feed back if he defined what his definition of scalping was exactly, and his set up.
 
charliechan said:
yes absolutely!!

scalping isn't even 'allowed' at most retail forex bucket shops either, and no one would be using indicators to scalp. no way jose! (and before you all ask why, indicators are lagging - and thats not much use when you are trying to determine activity a very short time away)

i think this guy may get more positive feed back if he defined what his definition of scalping was exactly, and his set up.


I agree Charlie, I was going to let that thought evolve, because when you are talking 60M & 15M as has been mentioned here , you might think that you are agressive but scalping is down at the bid/ask coalface on the tick, 30 sec & 1 M level as you know very well.
TA does not apply here, only the Buyers & Sellers.
In fact, when I finally arrived at this level and got a handle on what is going on, I couldnt believe what took me so long.
Incidentally, someone mentioned to me the otherday that >70% of the Bid/Ask on Level 2 is cancelled, it is just sucker bait.
I would be interested on your thoughts CC
 
yeah id agree with that. although obviously this information isnt available if trading at a bucket shop, but if you are trading the true interbank market i guess it would be - and is also available in fx futures markets.

a lot of that size is put up by automated systems and autospreaders. the rest is also put up by other scalpers who pull the orders as soon as they get hit. i guess rotter is the best example of this (spoofing)

the use of the order book to read the market has lost a lot of its appeal imo - whether you trade stocks, futures or whatever. time & sales is more useful as you cant argue with what has printed - and so peoples intentions.

perhaps a useful exercise for people would be to look at the inside bid/ask size on whatever instrument they trade, and figure out why the size is always against the trend. eg if the market is moving up, you will often see say 400 on the bid, but 1000 on the ask. why are more people on the ask if the market is going up? doesnt traditional order book reading suggest that there should be more size on the bid than the ask?

figuring this one out will help people starting the journey to understand the markets a lot more clearly and lead them to being more productive traders, rather than searching for what isn't there, argueing over someones rights to a bit of software, or thinking they're smart by bashing vendors. none of which helps them achieve where they want to go.
 
Scalp

Whale Song said:
Interested in your use of wma on FX majors. What do you use for the Weighting component?

I currently use candles on a 15 min with 5 and 20 wma crossover.
 
piptrader said:
I currently use candles on a 15 min with 5 and 20 wma crossover.

Dear PIP TRADER
On A Crossover of 5 & 20 EMA how often do u get Profitable Day signals ? Do you live trade or demo trade based on this signal ? Do u use any other indicator to confirm the crossover like an RSI or Stochastic

I hope u dont mind explaining these points

Thanks
Latesh
 
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