ScalpForProfit Discussion

I'm really intrigued by your system. I read in a topic where you mentioned that if a move goes against you by ~5 pips, you close and reverse. I can see how intraday movements would be well followed with rules like that. What I'm noticing, though, is that you regularly lose pips, however your lot allocation is what's getting you to profit so well.

I'm curious, how do you determine when to use bigger positions like you have been?

Good Morning,
                      To answer your question as to when I determine to use bigger positions. I enter a bigger lot size once the price has reversed over my original entry twice. Please have a look at the highlighted trade. If you were to load your 1m chart. You'll notice that my original entry failed, and once it recrossed it I entered on a pending sell. Which not only was activated, but was followed by a huge price surge down. All of my entries are pre-determined and once the price is touched, I'm then entered into the position.

                    You've also noticed the loss of pips. That of course is due to the uncertainty of what the price action will do once my pre-determined price has been met. Of course it can either go up or down. Which is why I enter a very small lot size on my very first wager. My money is made on the first, and second reverse of pre-determined price. Which is why I post negative pips, but +% change.

                    If I were to simply use my reverse orders more often. I would be able to post positive pips return. Which would in turn result in much higher % change. What is very important is to never use high equity on the very first position. As they may result in bias trading which will swallow your free-margin or even margin call you. If you have any further questions. I'm always ready to respond.

I do think I'm getting a good idea of how that works. It'd be nice to see that work in action and understand how the process all comes together. What's your entry approach?

Efficacy posted:
I do think I'm getting a good idea of how that works. It'd be nice to see that work in action and understand how the process all comes together. What's your entry approach?

My entries are pre-determined by calculating the extreme ends of daily pivots using fibs. I then get 16 possible entries. My larger wagers are on the first and second crosses of those entries. Through out the week those very prices remain the same assuming we have not broken the extreme prices. Very simple. The only things I respect are News releases along with nearing of pivots. In no way do I use higher time frames.

As a part of money management. I have made a withdrawal of 470.00 dollars today. About 1/3 of last weeks profit. 😇

That's awesome haha. I'm still trying to see how I could scalp effectively. I would prefer to scalp the pairs that are currently ranging on larger timeframes, but otherwise trade more like day trading or swing trading if they're trending on the higher TFs.

I would need a good system, though, and yours has proven its profitability. As far as entry, have you found that other approaches can work as well, it's just a matter of knowing when to bet how much in terms of lot size?

Made back the first two losses on the third trade. :) Draw down in pips on this third order was about 3 pips.

Efficacy posted:
That's awesome haha. I'm still trying to see how I could scalp effectively. I would prefer to scalp the pairs that are currently ranging on larger timeframes, but otherwise trade more like day trading or swing trading if they're trending on the higher TFs.

I would need a good system, though, and yours has proven its profitability. As far as entry, have you found that other approaches can work as well, it's just a matter of knowing when to bet how much in terms of lot size?

 Correct. Look at my first 2 losses. I have wagered on the long position. Only to have loss on them. Had I martingale the position in the opposite direction. My profit so far today would of been over 20% Yet, I took positions with a bias manner on the long side. On the third wager, I was able to earn every single cent back with the move up. My pip draw down on that last move was about 3 pips.

   I prefer the EUR/JPY pair, only because the reversals are extremely sharp. With a stable EA to set an automatic trail stop at every 1 min candle close. You can guaranteeing profit without ever having to do anything.

BellaVista507 posted:
Made back the first two losses on the third trade. :) Draw down in pips on this third order was about 3 pips.

 Whoa has spiked 10 pips since I took profit. :) Yet entry was picture perfect.

It would be interesting to see this in action. Have you ever thought about making a video?

Efficacy posted:
It would be interesting to see this in action. Have you ever thought about making a video?

 If I make a video it will show my exact entries. Which isn't what I want. 😂

What I will do is give you the following. Look at the white lines. Inbetween the white lines are NON-ACCUMULATION zones. Throughout the sessions to follow. Notice how the price acts when these levels are crosses, and recrossed :) Please mark them on your chart now.

I'm testing with tiny lots right now (more for fun while I wait on bigger moves anyway). I'm basically entering based on naked price action and setting a 4-5 pip s/l with an EA that will run a break even stop then a jumping stop. If it closes against me, I'll take the opposite position and double it.

I'll let you know how it goes :P

Well, let's just say it did not go well lol.

What I will do is give you the following. Look at the white lines. Inbetween the white lines are NON-ACCUMULATION zones. Throughout the sessions to follow. Notice how the price acts when these levels are crosses, and recrossed :) Please mark them on your chart now.

Here is a tip for you . Set a pending sell at 124.07 stop loss 6 pips. If your pending sell is activated. If a red candle closes inside that 124.04 to 124.01 it will go all the way down to 123.79 before you sl is hit!

That sell should be activated right now... Notice the price it bounced off of :)

I'm short here 1 dollar a lot. If we closed under that 124.04 we will ride all the way to the pivot mentioned.

Last candle has closed red inside that zone. Now here we see the action. :)