Discuss 1MinuteDaily.com

[M.O.B.]

J Temp PAT

M.O.B, thanx for yr reply.
Have you tried John Templetons 'Price Action', if so would you recommend it and do you think a beginner could pick it up?
By the way, and am sure I speak for many, have followed this thread and find your posts, among others, of tremendous value, Thanx

Thanks!

John Templeton's Price Action Trade program is AWESOME! He is an awesome teacher of Forex. He propelled my trading to the next level and having taken his course, I truly understand the markets.

I have been doing a lot of scalping as of late and I still employ his strategies as far as knowing where the true S/R are located. I highly recommend it to vets and newbies, more so the newbies.

After taking his course and speaking with him through emails, Forex has become my life and I love it!

Happy Trading!

 

[gaith bajubeer]

Thanks!

John Templeton's Price Action Trade program is AWESOME! He is an awesome teacher of Forex. He propelled my trading to the next level and having taken his course, I truly understand the markets.

I have been doing a lot of scalping as of late and I still employ his strategies as far as knowing where the true S/R are located. I highly recommend it to vets and newbies, more so the newbies.

After taking his course and speaking with him through emails, Forex has become my life and I love it!

Happy Trading!

M.O.B

I just purchased the price action by john and loving it!

I want to truly thank you as I have blown a third of my bank using bad System so my Confidence has been hit.I lost my job so trading full time when I get my head around price action.

Thanks for the scalp System too,will look into that after I master price action.

From johns work and your experience any recommendations how to best gain 50 pips average per day?

Im thinking EUR/USD GBP/USD and USD/JPY these 3 are good enough to accomplish this goal and trade from london open to new york close.


Also looking to get 1min system too,after I master making pips daily working the markets full time.

 

[M.O.B.]

50 pips a day

M.O.B

I just purchased the price action by john and loving it!

I want to truly thank you as I have blown a third of my bank using bad System so my Confidence has been hit.I lost my job so trading full time when I get my head around price action.

Thanks for the scalp System too,will look into that after I master price action.

From johns work and your experience any recommendations how to best gain 50 pips average per day?

Im thinking EUR/USD GBP/USD and USD/JPY these 3 are good enough to accomplish this goal and trade from london open to new york close.

Awesome!!

Yeah, those 3 pairs are excellent to work with as they are the most liquid and are true to technical analysis/price action. As you get a feel for it you can start adding more pairs as I have done recently that way you can catch some trending pairs

You can get 50 pips a day simply trading s/r... Easy as that

 

[reaper_unique]

MOB regarding that scalping method, what about today? it was in a trend and if you followed that method you would have made barely any profit. how do you trade that with that method?

 

[M.O.B.]

MOB regarding that scalping method, what about today? it was in a trend and if you followed that method you would have made barely any profit. how do you trade that with that method?

Hi Reaper!

I do well on trending pairs with the scalping strategy I am currently getting 10% a day!!!! Hell, I'd rather stick to this scalping strategy getting 10% a day. It is AWESOME during the Asian Hours, it works great during the morning London/US markets as well, it moves faster during those time frames.

I have been using this scalping strategy as my arsenal. This scalping strategy works GOOD!!! On 1M charts I take 5 pips, although I could shoot for 10 but I like taking my little measley 5 pips, I do this about 20 times a day.

Although currency pairs trend, they do retrace as well, ya know the old theory, buy the dips, sell the rallies. That's pretty much what this is and I know this strategy all to well having traded equities for some time.

When the prices get near S/R, I scalp the hell out of it if it's over sold or over bought and near the blue line, aahhh money in the bank!!!!

You should try it! Demo it! Backtest it! You'll see what I have been seeing! Money! Don't be greedy! Money Management!

Above all, I still keep price action in mind as far as drawing out trend lines and S/R. I'm loving this scalping strategy!!!!!!!

What I have noticed is that you can use this strategy on a numerous of currency pairs! I say EUR/USD USD/JPY during the asian hours is very nice as well because the prices doesn't move as fast but I have noticed that it doesn't get near Stop Loss of 10 pips I'm assuming because the major players aren't in the market and prices aren't as volatile as the European/US markets.

I'm having fun!!!

 

[M.O.B.]

How I use the scalping method

MOB regarding that scalping method, what about today? it was in a trend and if you followed that method you would have made barely any profit. how do you trade that with that method?

Hey Reaper!

I realized that I didn't answer your question properly. You asked how do I trade this method. Well, on the EUR/USD 1M, I wait for prices to get between the yellow and blue line and if the RSI is 80 and above or 20 and Below, I enter and within minutes sometimes seconds, money in the bank. Simple as that

Sweet!

 

[M.O.B.]

Hey Reaper!

I realized that I didn't answer your question properly. You asked how do I trade this method. Well, on the EUR/USD 1M, I wait for prices to get between the yellow and blue line and if the RSI is 80 and above or 20 and Below, I enter and within minutes sometimes seconds, money in the bank. Simple as that

Sweet!

Note that on the 1M I go for 5 pips and 5M I go for 10 pips.... It's good, trust me, you'll love it! DO NOT TRADE THIS STRATEGY DURING MAJOR NEWS BREAKS SUCH AS NFP! Other than that you should be fine in regards to not being stopped out.

I haven't been using Stop losses as of late and have been great, because news is the only thing really that can drive a currency pair 50-100 pips within seconds or minutes and I understand that concept, therefore I don't use Stop Losses while scalping this strategy, I use to and would get stopped out sometimes and then the prices would go in my favor as predicted and I hated that.

I'm loving it! Have patients with it too, these patterns come hundreds of times throughout the day. It's all good!

 

[gaith bajubeer]

HI M.O.B

What an another amazing post bro!

I would rather have a mind opened by wonder than one closed by belief.

So if you dont use stops at the moment how many pip are you down on the trades that go bad before it hits its target? So what im asking is the draw down in pips on the trades that go badly against you on the 1 min and 5 min charts?

What type of minus pips can we expect to see when things go bad on them times frames?

Also the scalping template does not work-could you please check it and give intructions on how to apply it on meta4 (many thanks)

Also the creator from holland said ''Waiting for both indicators to cross is a serious option, it will make entries more secure. However, you could miss a few pips by waiting for the indicators to cross. The question is, how much risk are you willing to take in a trade"

Could you tell me what the both/two indicators are -that he is talking about here? I think it means crossing the yellow and blue line (the price)


Many thanks dude-you the man....Your a good man.....

Note that on the 1M I go for 5 pips and 5M I go for 10 pips.... It's good, trust me, you'll love it! DO NOT TRADE THIS STRATEGY DURING MAJOR NEWS BREAKS SUCH AS NFP! Other than that you should be fine in regards to not being stopped out.

I haven't been using Stop losses as of late and have been great, because news is the only thing really that can drive a currency pair 50-100 pips within seconds or minutes and I understand that concept, therefore I don't use Stop Losses while scalping this strategy, I use to and would get stopped out sometimes and then the prices would go in my favor as predicted and I hated that.

I'm loving it! Have patients with it too, these patterns come hundreds of times throughout the day. It's all good!

 

[Dubai]

Hey Reaper!

I realized that I didn't answer your question properly. You asked how do I trade this method. Well, on the EUR/USD 1M, I wait for prices to get between the yellow and blue line and if the RSI is 80 and above or 20 and Below, I enter and within minutes sometimes seconds, money in the bank. Simple as that

Sweet!

Hi M.O.B,

What do you use the stochs for? Do they have to line up with RSI also? Could post a few s/shots of examples? Visualizing is always easier for me!

 

[M.O.B.]

Scalping Method

Hi M.O.B,

What do you use the stochs for? Do they have to line up with RSI also? Could post a few s/shots of examples? Visualizing is always easier for me!

Here is a screen shot of my chart. As you can see the signal where I put the arrows at are the entries. There is one that is a perfect entry where the thumbs up indicator is on the RSI for under 20, that is a perfect storm and the stochastics are oversold as well.

Hey, a nice stop of 10 pips is good. After last night and this morning, I surely will implement the 10 pip stop loss rule on a 1 Minute chart. Typically on a 1M chart on these setups, prices may go 3-5 pips against you then shoot up to T/P and it happens often. So after going live with this strategy and backtesting it on a 1M a 10 pip stop is perfect, you could even shorten it to 7 or 8, it's on you.

I let a couple get away from me last night and this morning. Rule of thumb, don't chase the bad ones, plenty of these good setups come all day long with the possibility of making your money back. I should have thought about that before I allowed the bad ones to run:hissyfit:

But hey, another day another dollar. Please, go ahead and use a 10 pip stop loss on 1M and on 5M you may want to use a 15-20. This strategy works well and have been producing nice gains man

DO NOT TRADE THIS DURING NEWS EVENTS!!!!!