Scalping/Trading the TrendWay (Scalping/Trading the TrendWay)
There are as many systems available for trading as there are people trading. I'm sure what I'm going to tell you here is nothing new, but if you want an incredibly easy way to trade quickly and be successful, then here it is.
I often trade throughout the day hoping to make a profit of 10 to 50 pips at a time. Some may call it scalping, others may just call it day trading... whatever, but this method is accurate and profitable if you follow it to the letter. Statistically, I have traded this method 16 times this week and only lost 1 time. That = 93.75% accuracy.
Additionally, you can basically follow this system for any time frame you want. Obviously, the larger the time frame, the longer you'll have to wait for your return.
Well, the details... it's really simple.
entry:
Find your lows and highs on the chart. Trend lines are drawn by connecting points starting from major highs or major lows. Look for changes in price direction when price breaks above or below the trend line. At that point, you go long or short. See diagram for example.
quit:
There are one of two ways to do this, either hit your profit target and exit at that level, or when your trading trendline is broken and price starts moving against you. When the trend you are operating is broken, you must exit. This concept is important when scalping. Because price action can move against you quickly, and you can get stuck in a direction you don't want to be in. If you exit when the trend changes, you can reduce your risk and move on to the next trade even if you are in the red. It won't take long to recoup the losses. However, I would still recommend using some form of stopping in case of power failure/internet loss.
In the accompanying chart you will find an example using EUR/JPY. The red line represents the trend line. The shaded oval shows the trend breakout and where you enter a short trade (in this example). Speed is necessary when trading because things can move quickly, as in this example. Also, I've marked the highs and lows with arrows on this chart, which makes it easy to plot your points on the trend line. In a downtrend, the trend is drawn simply by the highs, and of course in an uptrend, the lows are used to draw the trend.
If you just follow this method, I think your trading will be quite successful. Use common sense and trade in the direction of market sentiment.
Good luck to everyone and feel free to send questions.
marchi aka girl flyer
I often trade throughout the day hoping to make a profit of 10 to 50 pips at a time. Some may call it scalping, others may just call it day trading... whatever, but this method is accurate and profitable if you follow it to the letter. Statistically, I have traded this method 16 times this week and only lost 1 time. That = 93.75% accuracy.
Additionally, you can basically follow this system for any time frame you want. Obviously, the larger the time frame, the longer you'll have to wait for your return.
Well, the details... it's really simple.
entry:
Find your lows and highs on the chart. Trend lines are drawn by connecting points starting from major highs or major lows. Look for changes in price direction when price breaks above or below the trend line. At that point, you go long or short. See diagram for example.
quit:
There are one of two ways to do this, either hit your profit target and exit at that level, or when your trading trendline is broken and price starts moving against you. When the trend you are operating is broken, you must exit. This concept is important when scalping. Because price action can move against you quickly, and you can get stuck in a direction you don't want to be in. If you exit when the trend changes, you can reduce your risk and move on to the next trade even if you are in the red. It won't take long to recoup the losses. However, I would still recommend using some form of stopping in case of power failure/internet loss.
In the accompanying chart you will find an example using EUR/JPY. The red line represents the trend line. The shaded oval shows the trend breakout and where you enter a short trade (in this example). Speed is necessary when trading because things can move quickly, as in this example. Also, I've marked the highs and lows with arrows on this chart, which makes it easy to plot your points on the trend line. In a downtrend, the trend is drawn simply by the highs, and of course in an uptrend, the lows are used to draw the trend.
If you just follow this method, I think your trading will be quite successful. Use common sense and trade in the direction of market sentiment.
Good luck to everyone and feel free to send questions.
marchi aka girl flyer
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