Today the day was very slow and choppy
We took two scalping trades one in eurjpy and one in gbpusd.
EURJPY
delivered slowly the scalping target of 10 pips in approx one hour
,then for the next two hours stayed almost in the same levels but
presented a high probability pattern I use and name as crocodile which
saw north.
While I was waiting the pattern to deploy with small
stop loss a short signal in gbpusd appeared and entered a limit order in
the breath of the pair.
The order triggered but things went slow for this pair too.
While I was in this pair I have closed the eurjpy trade because I saw the reversal coming ,
Finally
after almost one hour and in the starting of New York gbpusd delivered
the scalping target and closed everything since the choppiness and slow
market tired me.
This pair also tried to reverse just after I
closed the trade by sawing opposite signal and then again reversed with a
final signal which produced 60 pips.
The end of the month is always full of ranging and unexpected moves and today's charts and trading present this in a clear way.
All of the above is written in the two hour video.
Below you can check the three pairs we watch every day with the trades on and the remarks.
best brokers for forex scalping-seven steps to forex scalping success
Which are the best brokers for forex scalping ?I will try to point to the correct direction today.There is a global law for anything:
you get what you pay
The other general principal for our accounts is:
the more capital you have the better services , the less commissions and spreads you pay.
As bullet point we can mention what we are looking for in a broker
1. Brokers must allow all trading including scalping techniques
2. Non Dealing Desk / ECN
3. Clearly regulated.
4. Offering high leverage.
5. LOW SPREAD
6. No bad reports (Such traders do not get paid, etc.).
Many people don't understand this vital difference so I will explain it as simple as I can.
Firstly, you must know that almost all of the MT4(metatrader platform) brokers are running a "bucket shop".
So when you are trading with an MT4 broker, your order is not appeared in the international interbank market, but it appears in the dealing desk of your MT4 broker.
Basically you are trading either with the server, or with someone in the dealing desk of your broker.
So while in demo you might be profitable but when you deposit real money for your live account ,"mystery spikes",(or re quotes,slippage,no executions) not appearing in any other broker close your positions with loss(stop loss hunting)
So your broker is earning from the spread and from the above "unexplainable spikes and events".
An ECN broker is giving you the interbank feed as it is delivered by the ECN network and he is charging commissions for each transaction.
[url]http://en.wikipedia.org/wiki/Electro...cation_Network[/url]
So the broker earns only this commission and the feed you see is not manipulated.
If you want to see a pure feed you must pay a separate feed with monthly subscription.
The spread you will pay depends from the volatility and the pair in the specific moment.Pure demand and supply.You can see zero spread in EURUSD and some times in EURJPY.
The higher the capital you have in your live account, the lower the commissions will be.
Commissions vary from one ECN broker to another and if you are trading a lot of lots each month you can negotiate the commissions with your broker.
The lower the commissions you pay the higher the minimum of lots you are obliged to trade. e.g. Institutional accounts.
If you need any clarifications, I will be happy to answer.
forex scalping-ideal time duration for a scalping trade
Fridays the trade is weird ,ranging choppy and might hav3e a lot of surprises.
The two jpy pairs we are watching were not ideally so we concentrated in pound dollar during the European session.
Pound dollar gave a short signal and we waited with patience to take a breath backwards in order to enter.
Our entry was almost perfect two pips out from the maximum breath.
The
forex scalping target achieved 6 minutes after the entry which is the
ideal time for the first scalping target.Five to ten minutes for the
first target is the ideal time duration for a forex scalping trade.
The higher time frame saw also a broken trendline and our entry was almost in the testing level.
The trade then converted in intraday and the trailing stop start locking profit.
The momentum was extremely good and before we count thirty minutes we were counting approx 60 pips.
A get out of trade divergence appeared but we were waiting a support to form in our trigger chart order to close the trade.
Then price pierced the spine of northern lights and set course in the median trendline were our trailing stop was.
Trailing stop then hit and we finished for our trading Friday with approx 40 pips for our intraday trade.
All was recorded in the video ,have a nice weekend
The three pairs we watch every day and their signals
GBPUSD
Today I have made two videos with forex scalping.
The first one is about handling ranging conditions in gbpusd signal which appeared some time after the London open.
The second one is how I take the breakout from ranging conditions close
theÂ* forex scalping target and convert it in intraday trade.
Two events helped the bears like me today.
a.Fresh USD bids hit the GBP/USD pair and pushed it to a session low of
1.5434 after Fed’s George, a well known dove, sounded less dovish.
Offered below Key fib level
The spot was quickly offered to daily lows once it broke below 1.5460
(61.8% of June rally). The USD bulls made a comeback today after the
spot failed to sustain above 1.55 levels. The bearish pressure on the
Sterling intensified after the upside breakout from the multi week range
of 1.5460-1.5690 quickly failed as the spot made its way back in the
range.
The focus now shifts to the second estimate of the US Q2 GDP, which is
expected to show the economy expanded 3.2%, compared to the initial
reading of 2.3%.
GBP/USD Technical Levels
The pair currently trades around 1.5440. The immediate support is seen
at 1.5409 (38.2% of Apr-June rally), under which the spot could drop to
1.5369 (200-DMA). On the other hand, resistance is seen at 1.5468
(100-DMA) and 1.55 levels.
b.The GBP/USD pair dropped to a fresh session low of 1.5415 after the
upward revision of US Q2 GDP pushed up 2-yr treasury yield indicating a
rise in the rate hike bets.
GBP/USD at lowest since July 10
The spot breached the support at 1.5424 (Aug 7 low) to trade at its
lowest since July 10. The upwardly revised GDP pushed the 2-year
treasury yield to a session high of 0.707%. The yield has now erased
entire losses witnessed in the recent bout of risk aversion.
Moreover, short-end yields represent rate hike bets. Consequently, an
uptick in the 2-yr yield is leading to broad based USD strength.
Meanwhile the drop in the US weekly jobless claims further added to the
bullish tone on the USD.
GBP/USD Technical Levels
The spot is hovering near 1.5415 levels. The immediate support is seen
at 1.5409 (38.2% of Apr-June rally), under which the spot could drop to
1.5369 (200-DMA). On the other hand, resistance is seen at 1.5468
(100-DMA) and 1.55 levels.
The three pairs I am watching daily
gbpusd http://forexraiders.com/blog/wp-content/uploads/2015/08/forex-scalping-gbpusd-27-8-2015.png
