YES, 100% jumping on immediate short term momentum! The Trick is to keep it really really really SIMPLE!!
I don't use time frame for my charts. I use volume based. volume / candle could be ten to thousands of contracts, depending on which futures I am trading.
Not sure about the consensus, but I can illustrate s/r on every TimeFrame I look at. Not interested in Major R/S vs minor r/s since I look at one timeframe (1min) mostly.
If I were trading the FX, the lowest TF would be 5mins. I trade futures/NQ so I use the one minute. I do not have a set target most of the time. If a candlestick stick formation goes against me and I am in the green I get out sometimes. NQ gives crazy moves at times. If you are on the right side, you can risk 10-20 ticks to get 50+ ticks. Base hits, base hits, base hits, base hits, and home runs . FYI, just because I do not have a set limit most times, does not mean I do not know where I should get out based on the 1 minute chart
The way you trade is by intuition gathered from experience..this can not be learned which is unfortunate for me as I always wanted to scalp and like padutrader said in another thread... I have always been good chartist but a terrible trader. Do you "pyramid" to a winner or "add-to" a loser? I have overcome emotion by trading a strict style to avoid emotion. "ElectricDoesNotdoIntuitionWellButHasMoreExperienceThanMostSavant"
I hardly ever do pyramids, same with adding to losers. If I have a cushion, say $200 for the day and risk $100 and market comes back almost hits my stop but gives another signal, buy/sell, then I will enter another lot. I may "pyramid" it if it goes my way or just get out with two lots. Depends on how confident I feel at that moment. Sometimes it works but if it doesn't, then I will have to start off slow again trying to build another cushion with one lot. GoodLuck .
legionx, Obviously you are profitable...could you share with the community what percent you net...I understand if this is too personal...but it helps others to see that profitable scalping is possible for some. Who do you admire here in ET? (who do you consider to be better at scalping or more profitable than you)? ES P.S. and...have you thought of automating...or is your intuition difficult to put into a can?