Forex from scratch --a helping hand from pipshower...

[ag_fx]

THANK YOU PIPSHOWER for doing wonderful job here.I went all through your thread in ONE DAY and was very much impressed.I am also trading forex for some time now and was interested in somebody who was from INDIA.I am excited to know about ur starategy and wish to know pivots you use u calculate on daily time frame or weekely?Also what Ankit is doing is also scalping for say 4-5pips with high leverage and achiving same results as u do with strict rule of money management(risking not more than1-4% of account on any trade).My question although being hypothetical isn't it better to develop a scalping system with the most high probabllity trading set ups and trading than usual system whereby although u risk less u need to wait for days together for trade to complete and soemtimes bear some loss too.Also One more thing methodology based on technical analysis gives u freedom of trading vast number of pairs with set-ups ,so shouldn't be technical analysiis(indicators and other tools) be employed for trading.AT the end of day How much profit u earn matters isn't it?Please give ur views.

I agree to the views of pipshower.. Scalping is a different ball game all together....It is NOT for weak Hearted and you need quick reflexes, proper systems to trade it....i would not agree if you say Money Mangement is not rquired in scalping...it is very much required and rather an essential part of the trading...
Scalping uses TA to its core....there are thousands of set ups available accross, to choose one & tune it to one trading style is a tedious,time consuming,painful but rewarding job....

I would also not agree at all that Risk is more in scalping...it is more of a personal parameter...Risk management has to take care of your account's assets..

In the end, what matters is a positive PnL account...As pipshower said...in case u have a Positive return on per month basis...u are gonna stay in trading for long.

Ankit

 

[pipshower]

I agree to the views of pipshower.. Scalping is a different ball game all together....It is NOT for weak Hearted and you need quick reflexes, proper systems to trade it....i would not agree if you say Money Mangement is not rquired in scalping...it is very much required and rather an essential part of the trading...
Scalping uses TA to its core....there are thousands of set ups available accross, to choose one & tune it to one trading style is a tedious,time consuming,painful but rewarding job....

I would also not agree at all that Risk is more in scalping...it is more of a personal parameter...Risk management has to take care of your account's assets..

In the end, what matters is a positive PnL account...As pipshower said...in case u have a Positive return on per month basis...u are gonna stay in trading for long.

Ankit

Oh buddy Ankit!
I dont mean to fight between scalping and my method .
I respect both equally .
I am putting the post in my perspective .
I know many traders who make killing scalping in forex some even at the point of making 300 pips a day ..I respect them and they are my good friends .So are you too buddy...
Nothing personal .:hug:
And this is never a matter of scalping or long term method.
Finally everyone who makes +ROI is winner!:cheers:

 

[pipshower]

eurjpy running!

Here is eur/jpy trade i am in...

Enjoy trading!

 

[TFL]

Re: eurjpy running!

Here is eur/jpy trade i am in...

Enjoy trading!

pipshower,

Lets know your method...will you fix a definite target when you enter the trade or it depends...? I am trading with the same pivot/pin based strategy on paper (not completely devised) I don't have a target point...the target is derived from the market itself at a suitable time.

I use daily charts and uses 100pips as filter(s), just testing and developing...

Thanks.

 

[ag_fx]

Oh buddy Ankit!
I dont mean to fight between scalping and my method .
I respect both equally .
I am putting the post in my perspective .
I know many traders who make killing scalping in forex some even at the point of making 300 pips a day ..I respect them and they are my good friends .So are you too buddy...
Nothing personal .:hug:
And this is never a matter of scalping or long term method.
Finally everyone who makes +ROI is winner!:cheers:

Oh No...I never took ur words as fight....I was just expressing my views as it was solicited.... It was never taken personally
I am glad we discuss forex here...its always good to deal and work with like minded people...
Keep Rocking
Happy Trading
Ankit

 

[bhatiaashish007]

Hey Pipshower Even i did not meant to have any diffrences with ur views.just having ur opinion regarding scalping.Your Thread is simply great and rocking.Keep the good work.Happy Pipping.:thumb::thumb:

 

[pipshower]

Re: eurjpy running!

Here is eur/jpy trade i am in...

Enjoy trading!

Here is update on eur/jpy trade

pipshower,

Lets know your method...will you fix a definite target when you enter the trade or it depends...? I am trading with the same pivot/pin based strategy on paper (not completely devised) I don't have a target point...the target is derived from the market itself at a suitable time.

I use daily charts and uses 100pips as filter(s), just testing and developing...

Thanks.

When entered on weekly analysis i do have some targets on my mind looking at weekly charts but i tend to move my stop loss with time behind the next minor price pivot zone after break and retest is done as shown by price action patterns .This allows more flexiblity to let the trade run for long time .
This method has enabled me to run trades for some thousand pips at a time.
More charts with explaination will come as we progress!
Regards
Pipshower

 

[pipshower]

one trade a month!

SOMETIMES A SINGLE TRADE WHICH TURNS OUT TO BE MASSIVE PIP SHOWER FOR ME IS ENOUGH TO TAKE MY ACCT TO + 10% .
I JUST LIKE THAT KIND OF SET UPS!

 

[ag_fx]

Here is a scalping trade for the day...As they say, we scalpers take home small profits and Run Home

TA is actively involved in scalping too...take a look at the CHF 5 min chart...

A tripple top formation, A FIBO retracement level, alongwith RSI has made about 50-60 pips for me in last 3-4 hours....

 

[pipshower]

more updates

nice run on ej
added 2 more trades on au and uj for small price action scalps of few pips for fun...

:clap::clap: