Simple Scalping System

kaygee

Member
Hey Riffster,

Got a question about the video you posted...
Ive been trialing this strategy this last week & I like it. Its patient that I really enjoy. For the week im 26 winners & 3 losers, but as you said patients is the key.
Guess id like to pick your brain a little with regards to how you manage the losers, considering the capital management is inverted. What i mean that your loses are twice the amount of the winners . I do understand that the success rate is very high but was wondering whether you had any tips or ideas to recognize when the plan sticks to 9.9.
For example I noticed all my losers where the AUD & NZD against the USD. They would hit -9.9 to buy the dip but it just would sit at -9.9 & keep dropping. I do understand that the equities where falling most of the week which makes it a risk off sentiment, considering there high yield currencies. Do you just take the hit & move on to the next trade or is there something I can look at to give me a early warning & manage the position better?
Love to hear what you think.

Cheers.

Kaspa
 

riffster21

Member
Staff member
Hey Riffster,

Got a question about the video you posted...
Ive been trialing this strategy this last week & I like it. Its patient that I really enjoy. For the week im 26 winners & 3 losers, but as you said patients is the key.
Guess id like to pick your brain a little with regards to how you manage the losers, considering the capital management is inverted. What i mean that your loses are twice the amount of the winners . I do understand that the success rate is very high but was wondering whether you had any tips or ideas to recognize when the plan sticks to 9.9.
For example I noticed all my losers where the AUD & NZD against the USD. They would hit -9.9 to buy the dip but it just would sit at -9.9 & keep dropping. I do understand that the equities where falling most of the week which makes it a risk off sentiment, considering there high yield currencies. Do you just take the hit & move on to the next trade or is there something I can look at to give me a early warning & manage the position better?
Love to hear what you think.

Cheers.

Kaspa
Sorry, just saw this. Yeah, each pair has a different volatility profile. The AUD and NZD pairs turn slower than other pairs. They usually give a secondary push after the PBT data hits +/- 9.9. Hope that helps.
 

kaygee

Member
Sorry, just saw this. Yeah, each pair has a different volatility profile. The AUD and NZD pairs turn slower than other pairs. They usually give a secondary push after the PBT data hits +/- 9.9. Hope that helps.
Could your elaborate on your experience with the volatility on each of the 17 currency pairs?
With regards to which make a second push etc?
Thanks heaps for the heads up.
Appreciate the help
 
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riffster21

Member
Staff member
Could your elaborate on your experience with the volatility on each of the 17 currency pairs?
With regards to which make a second push etc?
Thanks heaps for the heads up.
Appreciate the help
NOTE: my comments are in reference to the PBT scalps and NOT the GTV trend reversals. For the most part, GTV reversals, if you follow the rules, are MONEY. I've only had 2 GTV losing trades in 10+ years.

First disclaimer:
I don't trade all 17 pairs. Typically I trade EU, AU, UC, GJ and GA. If AJ, EJ or NJ gives a strong signal, I'll consider those, but I never trade EG, USDCHF, NU, CJ or EC. From my experience:

GBP pairs usually give a secondary push before they fade, so wait for another push before entering. You'll miss a few trades, but you'll avoid a bunch of losers.
EU is money. When it signals, you can bet the farm, and I usually do.
AU turns slowly. Not really a second push, it will go higher but can take 20-30 Mins to turn
UC same as EU, but rarely gives a signal
JPY pairs are tricky. If JPY is in a strong selloff, expect a 2nd push. Similar to the GBP pairs.

From other traders using our tools:
EG turns on a dime like EU, but doesn't always give 5 pips, so push to BE quickly
GU is a mess rn, just ignore signals
NU gives a lot of losers, probably ignore this one too, unless GTV turn is signaled.
EC is a good pair and turns quickly.

My 3 tips
1. Move your Stop to BE when you are +3 pips.
2. Don't get greedy. Take your 5 pips and get out. (unless you are near a major Fib level or other key price levels, sometimes I'll hold these a bit longer, but my Stop is still at BE after +3 pips)
3. If you miss the entry, NEVER chase. Just wait for the next one. I miss trades a lot. It happens. Just move on and wait for the next one.
 

kaygee

Member
Perfect!
Thats exactly the info I was after.
The other question I do have thou is when you say another push on the GBP & JPY pairs do you use a ATR value to determine the push or is it more just visual & wait for another 9.9 reading?
Appreciate all the help & support.
Thanks heaps
 
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riffster21

Member
Staff member
Perfect!
Thats exactly the info I was after.
The other question I do have thou is when you say another push on the GBP & JPY pairs do you use a ATR value to determine the push or is it more just visual & wait for another 9.9 reading?
Appreciate all the help & support.
Thanks heaps
Hmm, I've never considered measuring the push with an ATR, that might work, but no, I usually just wait for another price jump 5-15 pips depending on the pair's ATR. It takes a little practice, then it just kind of makes sense? Also:

Tip 4: After you get a signal from a pair, don't re-enter the scalping trade on the very next push. I wait like 30 minutes or so. Sometimes the PBT data will push, drop, then push again real quick (this is usually a losing trade). wait for the PBT value to cycle down to around +/-5 before taking the next signal.
 

kaygee

Member
Oh ok. Tip 4 changes things a little to what I've been doing, great to know.
Also hate to be a pain but would there be an opportunity to get a few videos of live trades?
Hate to be a pain but that would be amazing, just for reference?

Thanks heaps
 

riffster21

Member
Staff member
Oh ok. Tip 4 changes things a little to what I've been doing, great to know.
Also hate to be a pain but would there be an opportunity to get a few videos of live trades?
Hate to be a pain but that would be amazing, just for reference?

Thanks heaps
I'll try, but timing the entry can be tricky and they happen so fast. You should also submit a request to Trade Vision via a feature request or something?
 

riffster21

Member
Staff member
Will do.
Quick question with regards to Tip 4. Does that also apply to GTV trades or just PBT?

Thanks heaps
I will make a video, but GTV only gives one signal. Remember, we are waiting for 9.9 and with the GTV, we will hold those trades for a day or longer. I'm still in the AU trade, but I'm at BE now.
 
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