Hi, Does anybody do forex scalping? if so can you tell me which brokerage do u use and how are you doing with scalping in forex thanks in advance.....
Here's a few techniques for scalping: 1. BO of congestion closest to yesterday's H/L 2. BO of highest high or lowest low of the the last 3 bars on the 4hr chart 3. BO of a few hours worth of 15 minute bars which show tight(say 25 PIP) congestion. This technique works very well around 2am EST. 4. If your interested in doing alot of trading then take the crossover of the 40 SMA on E/$ & Cable/$. Place your stop at the closest extreme prior to the XO and trail it just beyond the moving average. You need volatility for this one so I'd use it during Europe & NY morning sessions. I keep cash & futures FX accounts but usually only use futures for scalping. A few more points: 1. Don't listen to any advisory services. You going to need to keep an open mind whereby you maybe long one hour & short the next. 2. When the market is trending strongly like we saw earlier this week only trade with the trend. My point is if the 40MA on 15M is trending strongly then don't use the 1 minute technique above countertrend. 3. Do they work? Well they work for me but it takes focus so I only scalp when I've got alot of sleep. 4. Pick up "Trading By The Minute" by Joe Ross. 5. Last point: there are bunch of FX shops which offer hedging. I've been trading FX for 10 years full time and hedging on average is nothing more than delaying taking a loss. The techniques I've described happen at least a half dozen times a day and the BO is good for 10 PIPs at a minimum so take the loss and watch for the next setup. Good luck.
I think Ross updated that book. It is now called Daytrading. I think he added a few chapters, but don't know if he removed anything -Skog