A scalper invitation to scalpers

[Incognito]

Quote from 4DTrader:

Incognito,

Tell us about your 7 years of trading (maybe more than 7 years). If you break them down into losing years and winning years, how do they look like?

First year in Qs, a disaster.

Second year in Qs, some profits not consistent.

Third year in Qs, consistency.

.....transition to NQ looking for leverage.

Consistency from the start and although performances has not increased dramatically in the last 3 years in NQ I have been able to increase the car size so some real improvements in fear/greed.

That's pretty much it.

Reason why I do NQ is obvious, did the Qs and I know the index well.

Incognito

 

[overspool]

i'd love to have a scalping thread, although I don't know if this thread is what i'd be looking for. I consider scalping taking free money from the market or in and out of a trade in less than 10-20 seconds. Sounds a little different than what you do.

 

[atonix]

Incognito, I sent you a PM.

 

[swing-scalper]

Quote from Incognito:

Hello fellow scalpers of ET.

I am a Nasdaq future scalper and have been doing this for approximately three years now, graduated from the Qs (4 years scalping the ETF) and never looked back.

I trade using nothing but highs, lows and intraday-multiday trendlines.

In summary, I'm looking for fellow experienced scalpers that are interesting in commencing an intelligent discussion of pure price action scalping for the sake of exchanging ideas and helping us become better traders.

Let me know if anyone is interested we could start our own public or private journal depending on consensus.

I don't want this to be a one man show. If people are willing to participate I would be willing to put the time.

Thank you for reading and great trading.

Incognito

Scalping is a word used often but not well defined in trading (or at ET). It can mean micro-scalping (for ticks) or intraday swing trading (for points or handles).

I'll be interested in the latter. I trade price action. But I do think indicators have some value if used correctly. That's a very debatable subject at ET.

 

[swing-scalper]

Quote from Incognito:

Hi,


The reason for this is because market is not usually content with a single test and when it retraces for a re-test you can capitalize, if it was a fake move, which are very common due to stop runs, and you kept a runner, you can land some nice gains on half of the position. Will post some samples in the future as people join in the discussion to share ideas.

Incognito

I will let the price action tells me whether I want to trade the first test. Using the example to short at resistance.

1) If the trend is down and the price action shows clearly weakness, I will prefer to short resistance at the first test since there is a high odd that there won't be no second test.
2) If the trend is down and the price action shows some strength, I will probably wait for second test.
3) If the trend is up, I definitely won't short the first test at resistance. I need much more confirmation.

As a discretionary trader, the skill to read price action is critical. How we read price action dictates what action we are going to take.

 

[womblevader]

Question for Swing Scalper and Incognito

How do you determine support and reisitance? My view is that S/R is a zone rather than a point.

I simply draw lines on the chart starting with 1 day then 1 hour and 15mins.

For trades I look at the price action and take a position in the direction of the current trend with a stop usally behind S/R [with a view to reversing postion should the stop be hit].

I don't use any other indicators.

It seems to works with most instruments once you understand the time frames and the best times of day for trading.

I successfuly trade gold, euro and cable.

Have failed with HK33 and ASX200.

Am trying oil, S&P and NDX.

Have tried scalping ie targetting 6 ticks or less and couldn't get it to work, am much happier [and more profitable] with 10-40 tick targets.

Am interested to hear your thoughts on S/R.

Cheers

 

[Mr_Black]

Here is a trading setup i use from time to time to scalp it's called "pocket" ... actually this is S/R zones ... The sample is of buy pocket...

 

[Mr_Black]

Here is one more

 

[Mr_Black]

Sell "Pocket"

 

[Cheese]

Quote from Incognito:

Hello fellow scalpers of ET.

I am a Nasdaq future scalper and have been doing this for approximately three years now, graduated from the Qs (4 years scalping the ETF) and never looked back.

I trade using nothing but highs, lows and intraday-multiday trendlines.

Etc

Incognito

Scalping seems to be a wide term for many including what I call short term target trading. But I judge the term 'scalping' as meaning only high frequency very fast trading for a few points each time.

So let me address short term target trading. I don't do this because there is much more to take. But can short term target trading work? 'Yes', is my answer. I refer to CL. You do need to know what you are doing otherwise you will burn yourself badly. Nevertheless if you know this market intimately you can trade it in that manner. There are many moments where you can take the signal, buy or sell, and take 10 or 20 points (cents) usually fairly quickly, sometimes inside a minute and if you know when to hit spikes or reverse spikes you can take 10 or 20 points (cents) under 20 seconds. At many other times it may take up to 5 minutes to collect. For less skilled players, use a stop.