The Ultimate DAX Scalping Discussion Thread!

I enter with Limit entries like Scientist but exit using STPLIMIT Chase using Button Trader.. better than Market Orders and if the market is running away you do get filled.

As far as running winners is concerned i used to have that problem.. of closing too early.. No I just wait until I am in profit, move my stop above my netry say 2 points higher , set my target at 20 points (Dax of course) and wait.. or go away and come back..

As far as I can see ther are 3 possible outcomes:
1. I am stopped out at a very small profit or breakeven
2. My tradet is achieved - about 70% of DAX moves are 25 points -30 so a 20 point target seems about ok.
3. My target is not yet achieved but the trade is in profit to some extent.

Come back after 10 mins to see how it's doing. Unless my sense of direction is wrong I should be ok.. but I will have lost nothing. (I used to trail stops and got stopped out half way through the bigger more violent moves..)

Seems to work very well. went out yesterday am (based in UK) with a Long running and came back closed +20) - I missed about 5 points on the move but missed all the watching as well..

MUCH less stressful..

and yes I have set up my systems to reinforce moves with both MAs and TA so direction finding is relatively easy..
..
 
Quote from velocity_trader::

If I'm looking for what I think could be a 4+ pt move I'll let a trade go 2 pts aginst me max. If I still like it after i get out I'll try it again.

For something that is just a quick scalp the next tick goes my way or I'm out.
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Quote from velocity_trader::

I always use limit orders on news, and when scalping I use market orders to get out. Thats just how I trade sometimes one tick will determine if I stay in or get out of a trade so I want to get my price.
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Here we go. This is some great stuff. This is exactly the kind of things I've been talking about in the last few pages.

I'm trying to be helpful here, all the while amateurs here are trying to teach me how to take bigger losses or that entering at market is better! I think my frogs whistle!

I've just read through the entire velocity_trader DAX journal thread, and it's so full of great information, it's hard to believe. Much of the stuff is similar to what I explained in here (and got all kinds of opposition to), I really recommend you read that thread, take it in, and think about it.

This is a scalping thread. The rules of scalping are a little different. You need to get out very fast, and take extremely small losses. Sorry if that doesn't suit you, Baruch, perhaps you just shouldn't scalp at all.

As said, I am trying to be helpful, but if it is not appreciated, don't try to teach me better or discredit it. Go and open your own thread on day trading the DAX with large stops. You are very welcome to.

Otherwise, there is no point in me being here. Might as well not waste my time and leave it up to those who know better.
 
madf, very nice!

I actually use Button's LMT_Chase for exits, too - Most of the time.
What is your hit rate, size of stops, size of targets?

Cheers!
 
Quote from madf:

I enter with Limit entries like Scientist but exit using STPLIMIT Chase using Button Trader.. better than Market Orders and if the market is running away you do get filled.

As
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Good to have you here madf,
would like to hear more .
 
I have a default setting on BT as follows:
stop 4 points (but I almost always reset tp 2 when running
target 20.. always..

I take all trades my system throws at me if they meet my rules

and if close to known resistance (or support) I close 0.5points below/above unless momemntum is big - but it will not be if I have just entered.

My system at 3.35 EST (now) said long at 4037.. we hit 4040 at S0.5 It still says long and we are at 100ema in 1 min charts so I closed +2.5

A profit is not until banked.

My win /loss ratio varies between 50-60%. My win /loss points are in range 15:2... to 5:2 depending on how often I trade.

Some days I trade too much.. some days I just take 4-5..

The more I trade the lower my win:loss points ratio is.

Guess I'm a mixture of swing and scalp trading
 
Grob
What I learned yesterday caused me to go short a 1120.50 when bars 1, 2 and 3 had equal volatility and 2 and 3 closed with extreme tails taping short (?) Many thanks. Almost a mirror image of yesterday.
 
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