What a GREAT week it’s been so far guys.
In my last weekly analysis post I mentioned two long scalp line trades I would be taking:
Long @ 135.05 targeting 50 pips +50
Long @ 139.20 targeting 50 pips +50
Both of them were winners 50 pips being made easily from the breaks. The next line was placed on my chart as you could see in the analysis. However, I didn’t mention it in the analysis as I doubted the price would reach that far. Either way it was a scalp line and had you done your own analysis you would have picked it out as a valid trade.
Long @ 140.90 targeting 50 pips +50
Who caught these trades this week? Tell me some of you guys made some pips!
{ 12 comments… read them below or add one }
I was curious to see how many people hit TP on the 140.90 one. On my chart the high that the line was based on was 139.86. With MT4 that’s the bid, so with spread the buy would have been 139.98, or possibly even higher (with Oanda, whom I actually trade with, spread was probably 15 at the time). I figured probably safer to enter at 140.05 to clear that psych line of 140.00, and got stopped out after price fell just short of TP at a high of 141.51 (+46).
No big deal as I’m just demoing, but I would be interested to hear from others. I’m never quite sure to what extent spread should be factored into entries, TPs, and SLs.
Nick,
As I’m new to your system I’m proceeding w/ caution till I get the hang of it. That being said I slept through the first call, watched the second one go down from the sidelines, and caught +50 off that 3rd one!
I never did s+r trading before, but now I’m hooked – especially on the larger time frames. I’m used to intraday trading on 15 min charts, where you can’t really leave the computer or else you’ll miss a good move, and thought that 4 hr charts where too long and boring. But I like ‘em now bc it gives you room to breath, and make calculated decsions.
Thanks!
@orpips:
Could you please read the free e-Book again before trading my method. Targets are from the line not from your entry. So if the line is at 141.00, you’re targeting 50 pips and your entry is 141.07 the target is 141.50 not 141.57 as targets are set from the line. Buy your logic if you got in 45 pips late you would target 50 pips from 141.45…..
You could have entered this one at either 140.90 or 141.00 the high was 141.55 on my charts so the trade should have been closed and either entry would have been profitable.
This is more of technical question, Nick? Where do I find the price alarm feature?
Thanks Nick, that explains it. I read the ebook awhile ago but guess I forgot that aspect while doing tons of other reading and trying different methods.
Deacon, in Metatrader, the Terminal window (under the charts) has a tab for Alerts. Go in there and either hit the Insert key or right-click and choose Create to set a new alert.
I managed to grab both the initial +50 trades, and actually managed to grab some pips as it pummeled down to support line from 141,50ish again. Got some nice +120 (tp) as it headed down tnx to trailing stop losses (simple s/r trade) :)
Nice start on the new year, cheers!
I slept through the first 2 and caught 22 pips on the third. i now have alarms that text me and wake me up. Thanks for the guidance.
Nick,
It was a great week! I made 175 pips total with a break of the 139.20 and the 140.90 and a LWP trade after the high candle of the week. Thanks for the nice start to 2009!
Hi, is everyone (including Nick) using 1 to 1 risk reward????
50 pip stop and 50 target for the scalps?
@Arthur: Hey Artur thats right 1:1 risk reward. My thinking is if you plan to lose 50% of your trades you shoudl have a 1:2 risk reward ration. Personally I plan to and do win an average of 8 in 10 trades so 1:1 is fine.
I had a good week with 100pips had two great trades! Great work Nick.
Chase
Hi,
I would like to know if someone has a short video example showing a candle with Momentum breaking a scalp or S/R line and a video showing a candle with NO Momentum breaking a scalp or a S/R line. When I watch my chart and a candle reaches a scalp line I do not enter beacause I do not know if the candle has a good momentum or not. So a video could help me to understand it.
Roberto.