Boogie Man Is Coming To Get Pips... (Boogie Man Is Coming To Get Pips...)
Hello everyone….
I am not basically a scalper but I have been testing my scalping method since last month...so far the results are very good but personally I am using this system of mine which works very well for me with high profitability and tight stop losses.
http://www.forexfactory.com/showthread.php?t=54614
I've posted all the results and details of my previous system in their thread...
Anyway, scalping is a different way to trade, but it sounds really cool to use my standard account to get some quick ideas since I have both mini and standard accounts. If my target is 30+ pips, then I prefer to use my mini account, where 5 mini lots means $5 per pip... I only use my standard account (two standard lots means $20 per pip) on those trades where I am 100% sure to win, and the target is only 15/20 pips. Anyway, let’s talk about my scalping method, it’s really simple and easy to use…
index...
1) P-SAR point = 0.1, 0.11
2) RSI = 21 + put Moving Average (MA) = 10 into it…
See screenshot #01
Currency Pairs = All Japanese Yen and non-volatile currency pairs, but on 5 minute charts…
Recommended broker = any ECN or any broker with tight spreads...
Timeframe = 1 minute chart (volatile currency pairs) and 5 minute chart (non-volatile currency pairs)...
Charting package = anything including MT4….
Entrance! ! !
Enter short only when RSI = 21 crosses MA = 10 clearly downwards and the first P-SAR point appears above the candle, vice versa for long…
quit! ! !
For example, when a suitable P-SAR point appears above the candle for a long period of time and the RSI crosses the MA downwards... but the exit will only occur if both triggers trigger the exit at the same time. If one exit signal fires but the other doesn't fire, don't exit, otherwise just continue or vice versa... (see screenshot for more info)...
SL = When the appropriate P-SAR point occurs and the RSI crosses the MA and both occur at the same time…
TP = (My take profit style) = 3- pips per trade on 1 minute chart with regular brokers & 5- pips per trade with ECN brokers & TP = 5/7 pips on 5 minute chart…
= Or you can keep taking points until the appropriate P-SAR point appears and the RSI crosses the MA at the same time...
Scalping time = any time...
Recommended time = 5 – GMT or US time…
Method #02
index...
1) P-SAR point = 0.1, 0.11
2) Relative Strength Index = 7
Enter...
When you see a clear crossover of 50 levels of RSI up or down for the bulls and bears respectively and the P-SAR point is in the right direction…
quit...
When the right point comes along with the right RSI, the 50 level crosses over and both triggers fire simultaneously to exit…
SL = When the corresponding P-SAR point occurs and the RSI is in its direction...
Time range = 1 minute or 5 minutes only
See screenshots #2 and 3
Things to note! ! !
A) Avoid entering any news time 15 minutes before and after...
B) Enter only when you see the RSI clearly crossing the MA and the P-SAR point is favorable for entering long or short. (Method #01)
C) Only enter when you see a clear cross between the 50 level RSI and the point at the right place... (Method #02)
D) Do not use this system without good internet connection speed. Because you have to scalp quickly, especially on a one-minute chart…
E) Don’t be lazy, you have to be active with our good active senses…
Some thoughts of my own!
I use this system to only target 3 pips profit per trade on the one minute chart because sometimes everything happens so fast that it is difficult for us to understand on the one minute chart, especially for volatile currency pairs, also a target of 3 pips per trade is safe and reliable as we may have many opportunities to scalp in a day, but you can continue until there is a proper P-SAR point and RSI cross MA and two triggers that trigger exit at the same time (method number #1) and RSI clearly crosses 50 levels, P-SAR points are in the right direction, and both trigger exits at the same time (Method #2), but do so at your own risk. I don't use an ECN broker because I don't like their trading platform and I'm not a scalper, it's not my trading style and the ECN trading platform is not user friendly in my opinion. The best currency pairs that seem to suit my system are G/J and E/J... but other pairs related to the Japanese yen can also be used... Try my scalping system first in the demo and then in the real one... The main purpose of method 2 is to avoid false signals because if you go with method 1 then you may find a lot of signals and sometimes it may be difficult to enter while waiting for the RSI crossover, especially on the one minute chart but method 2 So simple, a simple signal may appear again and again but it won't mean going into all I think when we have a series of long candles like 5/6 or more and then the RSI crosses down 50 level, point at the right place and then try to enter this scalping trade or vice versa, the best way is trend lines but if you draw them wrong then they can get you in trouble and also confuse you but if you are expert in drawing them then I think they can be your best weapon & I think the best time for scalping is US time and you might find some effective signals anyway I have tried my best to make this system simpler but if you feel like If some additional indicators will work for you, then I will be happy ... Also, if you want to scalp, focus on a pair at that time... Don't concentrate here or there, don't be greedy... Also, the only purpose of using one minute charts is to minimize the number of pips lost in case of stop loss... I think one minute charts are best for volatile currency pairs and five minute charts are best for non-volatile pairs, but you can use any time frame like one minute or five minutes but not more than that but at your own risk...
Good luck! ! !
Umair…
I am not basically a scalper but I have been testing my scalping method since last month...so far the results are very good but personally I am using this system of mine which works very well for me with high profitability and tight stop losses.
http://www.forexfactory.com/showthread.php?t=54614
I've posted all the results and details of my previous system in their thread...
Anyway, scalping is a different way to trade, but it sounds really cool to use my standard account to get some quick ideas since I have both mini and standard accounts. If my target is 30+ pips, then I prefer to use my mini account, where 5 mini lots means $5 per pip... I only use my standard account (two standard lots means $20 per pip) on those trades where I am 100% sure to win, and the target is only 15/20 pips. Anyway, let’s talk about my scalping method, it’s really simple and easy to use…
index...
1) P-SAR point = 0.1, 0.11
2) RSI = 21 + put Moving Average (MA) = 10 into it…
See screenshot #01
Currency Pairs = All Japanese Yen and non-volatile currency pairs, but on 5 minute charts…
Recommended broker = any ECN or any broker with tight spreads...
Timeframe = 1 minute chart (volatile currency pairs) and 5 minute chart (non-volatile currency pairs)...
Charting package = anything including MT4….
Entrance! ! !
Enter short only when RSI = 21 crosses MA = 10 clearly downwards and the first P-SAR point appears above the candle, vice versa for long…
quit! ! !
For example, when a suitable P-SAR point appears above the candle for a long period of time and the RSI crosses the MA downwards... but the exit will only occur if both triggers trigger the exit at the same time. If one exit signal fires but the other doesn't fire, don't exit, otherwise just continue or vice versa... (see screenshot for more info)...
SL = When the appropriate P-SAR point occurs and the RSI crosses the MA and both occur at the same time…
TP = (My take profit style) = 3- pips per trade on 1 minute chart with regular brokers & 5- pips per trade with ECN brokers & TP = 5/7 pips on 5 minute chart…
= Or you can keep taking points until the appropriate P-SAR point appears and the RSI crosses the MA at the same time...
Scalping time = any time...
Recommended time = 5 – GMT or US time…
Method #02
index...
1) P-SAR point = 0.1, 0.11
2) Relative Strength Index = 7
Enter...
When you see a clear crossover of 50 levels of RSI up or down for the bulls and bears respectively and the P-SAR point is in the right direction…
quit...
When the right point comes along with the right RSI, the 50 level crosses over and both triggers fire simultaneously to exit…
SL = When the corresponding P-SAR point occurs and the RSI is in its direction...
Time range = 1 minute or 5 minutes only
See screenshots #2 and 3
Things to note! ! !
A) Avoid entering any news time 15 minutes before and after...
B) Enter only when you see the RSI clearly crossing the MA and the P-SAR point is favorable for entering long or short. (Method #01)
C) Only enter when you see a clear cross between the 50 level RSI and the point at the right place... (Method #02)
D) Do not use this system without good internet connection speed. Because you have to scalp quickly, especially on a one-minute chart…
E) Don’t be lazy, you have to be active with our good active senses…
Some thoughts of my own!
I use this system to only target 3 pips profit per trade on the one minute chart because sometimes everything happens so fast that it is difficult for us to understand on the one minute chart, especially for volatile currency pairs, also a target of 3 pips per trade is safe and reliable as we may have many opportunities to scalp in a day, but you can continue until there is a proper P-SAR point and RSI cross MA and two triggers that trigger exit at the same time (method number #1) and RSI clearly crosses 50 levels, P-SAR points are in the right direction, and both trigger exits at the same time (Method #2), but do so at your own risk. I don't use an ECN broker because I don't like their trading platform and I'm not a scalper, it's not my trading style and the ECN trading platform is not user friendly in my opinion. The best currency pairs that seem to suit my system are G/J and E/J... but other pairs related to the Japanese yen can also be used... Try my scalping system first in the demo and then in the real one... The main purpose of method 2 is to avoid false signals because if you go with method 1 then you may find a lot of signals and sometimes it may be difficult to enter while waiting for the RSI crossover, especially on the one minute chart but method 2 So simple, a simple signal may appear again and again but it won't mean going into all I think when we have a series of long candles like 5/6 or more and then the RSI crosses down 50 level, point at the right place and then try to enter this scalping trade or vice versa, the best way is trend lines but if you draw them wrong then they can get you in trouble and also confuse you but if you are expert in drawing them then I think they can be your best weapon & I think the best time for scalping is US time and you might find some effective signals anyway I have tried my best to make this system simpler but if you feel like If some additional indicators will work for you, then I will be happy ... Also, if you want to scalp, focus on a pair at that time... Don't concentrate here or there, don't be greedy... Also, the only purpose of using one minute charts is to minimize the number of pips lost in case of stop loss... I think one minute charts are best for volatile currency pairs and five minute charts are best for non-volatile pairs, but you can use any time frame like one minute or five minutes but not more than that but at your own risk...
Good luck! ! !
Umair…
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