Hi all, as promised in the chatroom I am going to explain,with screenshots how I manage to scalp the sub and subsub abcds on the 15 minute time frames.This is not an MTI system nor is it from any course I have attended at MTI.It is only because I have Pathfinders blessing that I can share this with you.It has however been through the teaching of the Chief and Pathfinder that I have been able to understand these markets and develope these ideas to try and give us an extra edge.
I will be explaining it in parts so you will have time to digest it fully.
As you all know I am a support and resistance trader and I developed this and several other techniques, as often sub and sub sub abcds on the 15 min can turn on you as the market seeks a deeper C from a larger time frame.
The Turbo trader is an excellent system,but for any system to prove its worth you must embrace it,back test it,believe in it and stay with it through the good days and the bad days. Should you not have that desire and stickability,no system under the Sun will work out for you.
I have developed several scalping systems,but as the Chief and Path constantly state,you must follow the trading rules of each one to the letter at all times.This has proved very successful for me.
To start with I will explain that we will be using support and resistance as our extra confirmation,but maybe in a way you do not use at present Many people use moving averages as one of there confirmation techniques for a long or a short trade.As you all know moving averages are a form of dynamic support and resistance. They may be lagging ,but they are picking up some good information on the recent market behaviour on the way.
In this strategy we will not be using them in the conventional way,but as a form of support or resistance ,combined with a few other confluences.Fibs are very important,but when used on the ab of a sub sub on a fifteen minute time frame they can be quite weak,unless the market is acting like a raging bear or bull. This scalping strategy which I call the Bouncing Pip should help keep you out of whiplashes and help you succeed in a whippy lashy ride to the capital D extn.
I will start to explain the system and its concepts in my next thread but please note for this to work for you it is important that you take the strategy as your own,back test with a method I will explain and follow the rules of entry and exit without thought as it is a pure mechanical system.
Until next time.
Hi all, well it is Friday afternoon and I thought I would start to introduce ths strategy.
As you know we will call it the Bouncing pip.
I have included our first screenshots.Now as explained we will not be using moving averages in the conventional way of crosses to make an entry or an exit but as support and resistance.
This screenshot could be any currency,stock,or any commodity chart and on any timeframe,the principal is the same. You will see in the screenshot we trade with a protective shield.Imagine that you are a bear going short ,well this is your protective shield above you and if you are a bull this will be your protective shield beneath you. I appreciate we have our strong trendlines but consider this as the first line of defence.The 3 moving averages are all fib numbers and emas as they show you all the high and low action that has just passed. Now if you had an idea to go long in a bear market,this shield which must be penetrated before you have any chance of success should make you think twice,as the heavy brigade are waiting to snare you.I want you to look at this and think about the concept and I will be explaining how to use this shield to your advantage next week, God willing.
Hi Folks and sorry for the delay
I hope you have had a chance to look at the screenshots. As explained this strategy is just an add on to your existing confluences and is good to use while trading sub abcds as explained. There are many moving averages which will accomodate this,but I like using what the market seems to respect a lot of the time. On the screenshots we have a ema 21 Close and a 34 and 55.These are all fib numbers so you may want to play with 13,21,34,55,89 which are all fib numbers. I find this useful when the market is moving with momentum and used along with your fibs on the particular sub you are trading.
When the market is in an uptrend it is best to see the 3emas nicely separated and running parallel.we are bursting to go long to get some pips,but we must wait for a pullback and evidence that the trend will continue towards our goal. Sometimes the inner trendline will not have formed in these cases as the market has been moving quite quickly.Wait until we have a pullback into one of the emas.I like to see a pullback into the 21 or 34 ,catch a fib as well and then watch the market reject the bear candle with a bullish candle formation. Your entries for candle patterns are all covered in your UTP package. Once I see it leaving the 21 I am happy to enter as it breaks the counter trendline and take it to my scalping target You can back test this easily by going back in time and performing dummy trades on these scenarios.
Now,if our pullback pushes hard back into the 55 ema and hangs about there without immediate rejection,I consider the scalp trade null and void and go look for another set up. We need momentum and market intention and if we are not getting that, there is not much point in risking the trade. In fact it can often be a good sign that the trend is weakning in that particular timeframe and that the market may be looking for a deeper C. I have included another shot showing an up ABCD followed by it subs fighting to get to the D.
Now if you observe the emas closing together and and starting to twist together it is a good heads up for you as well that we are in a consolidation period and the emas are sending out signals to stay away until the market has decided either to continue on in the same direction or reverse.The direction will become clear again once the emas start opening up again,offering you a future pull back and a high probability trade.
Hi all,I hope you were able to take advanatge of the boncing pip on the 14th and 15th. The NZDUSD was making up abcd subs on the 15 min and offered some nice scalping with the bouncing pip and counter trendline breaks,screenshot attached.
Another tip to help you determine the markets intraday intention is quite a simple one and you may find it useful.
Everyone wants to know if the market is going to continue on its trend from the day before,pullback or maybe consoildate inside the previous days trading range. Everyday go to your daily chart and take the high and low for yesterdays candle. Mark this on your chart and link it to all your timeframes.Now if you are trading on the 60 min timeframe in an up AB in order for the market to progress it must take out yesterdays high.You will now see the market intentions more clearly as you now have this high marked on your lower timeframes. Should the market test it,and reverse.Test it and take it out with momentum,you will now have more of an idea of the market intentions for the session you are trading.