Comment by Peter jcp on June 12, 2012 at 10:39am

For me - 27 became a scalp sell again but targets are only  2515 and 2510.

If these hold it will try up again 

If however they let go and then under 2500 - the short term bias as changed again to lower

Comment by Abok Patrick on June 12, 2012 at 10:42am

thx Peter, i apprecate. Abok or Patrick is okay for me. GL

Comment by Peter jcp on June 12, 2012 at 10:54am

With 6 mins to hr - i am still holding scalp sell from 2527 and seeing if it will go lower than presnt 2509

Comment by Peter jcp on June 12, 2012 at 11:03am

Morning Lisa - midday London time and 7am NY - price at 2504 on hr and have taken 70% of scalp sell stake out now.

I have supports here around 2500 - but next 10 mins will tell us if they hold - or if we try lower again 

Comment by Abok Patrick on June 12, 2012 at 11:14am

Hi Peter, am relatively new in FX and trying out "scalp trading". i have a problem of my SL being hit all the time(SL is always at 3-5pips). and this is my main cause for loss. what would be the recommed number of pips for setting SL for scalping? thanx. Abok

Comment by Peter jcp on June 12, 2012 at 11:25am

Yes Lisa - indecision and very tight range from 2528 to really 2498 - for either way. Still think higher if 2500 holds 

Hi Abok - its difficult to explain - but scalping is hard until you have been trading for at least 6 months plus and you understand daily movements etc. Its another skill which if you can add it too you FX toolbox it will always come in handy. 3-5 pips is to tight for any new scalper - you should try say 8-12 pips and aim for targets of 7 pips+.

It taken me over 5 yrs to scalp at a high level - but from 2 yrs onward I was least 70% accurate. Remember I am also looking at 10 / 30 60 min charts as well - plus every 2 hrs will check out all time frames to get a "bigger picture". Get use to watching small frame charts for at least 2-4 hrs a day and then that will assist you.Also get use to being wrong and losing - its all part of the learning journey - regards Peter

Comment by Abok Patrick on June 12, 2012 at 11:32am

Thanks alot Peter, this is indeed very helpful and i appreciate your advice - now i understand why i loose 60% of my scalps every day - Asante sana. Abok

Comment by Peter jcp on June 12, 2012 at 12:53pm

Also another couple of point Abok - you need low spreads - ideally under 1.5 pips and lower for scalping. Pairs with say 7-10 pips spreads I am not so keen to scalp on- but their movements can actually justify it. For example on EU my average spread is just over 1 pip and on GU its 2-2.5 pips. However sometimes on simultaneous trades on both - the EU might move say 12 pips and I net 11 and in the same time the GU as moved 18 pips and I net 15 or 16 pips.

Also scalping as developed a bad name because 70% + of scalpers let the skill down by either not being accurate - or by having large stops of say 25 pips. They might win a lot of trades at 2-5 pips - but then 2 losses wipe there profits out. Get to study all types of trading methods and then over time you will develop more methods to assist you make money on your account.

EU at 10 mins to hr testing 2480 supports. Remember we would need under 2467/68 for an attempt on support 2450-55 - but be careful after the hr change it might bounce again.

Major support is the 2438-40 area.- if price does fall that far and not turn at prior supports

Comment by Peter jcp on June 12, 2012 at 1:10pm

Cheers Max - we got that bounce on the hr and now another half hr to US markets open. Don't know what you guys are thinking - but we need the 2500 support to hold if we are going to try the other earlier high of 2527. Also remember what ever happen this trading 30 mins might change with other markets open.

Have a good US session ;-)

Comment by Peter jcp on June 12, 2012 at 1:54pm

With 5 mins to hr change and 10am NY - if we go under 2467 - then we are in Lower High and Lower Low mode which might indicate further falls - unless  - or until 2510 and 2522 are broken again

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