AUDUSD Potential Levels to look for bounce / Scalp

AUDUSD Potential Levels to look for bounce / Scalp

• There are two levels today which has good confluence for a bounce
• The first one is at the 38.2 / 50% / 161.8 confluence (however this is done already and I have scalped this for 15pips
• The Second one is a 200ext / 61.8% / Daily Pivot S1

Tips -

Always take note of any economical news event on our provided calender below

AUDUSD Example of Scalp during Asian Session 19th March, 2014

AUDUSD Example of Scalp during Asian Session 19th March, 2014

Wanted to show you another example of an easy scalp
Did not wait for a confirmation entry / noble entry on this one because of the strong level of confluence and the strong bullish momentum from the previous day

There was also a 5min stochastics divergence, and other TF stoch is also showing similar indication.

I risked 5% on this trade and got return 10% gain 

Cheers

USDJPY Level to watch today for a possible scalp? 18th, March, 2014

USDJPY Level to watch today for a possible scalp?

1 Hour Chart

Total of 3 x confluence / overlapping

Area to watch today is the Confluence levels of Weekly Pivot + fib 38.20 + Inverse of todays swing of 127.2 fib ext.

Also on the second chart, the same area is also the top of the kumo clouds which acts as resistance

Have drawn some predictions of possible stochs divergence.

Outlook Trade opportunity

Short Scalp

Risk Level LOW

Tips -

Always take note of any economical news event on our provided calender below

USDJPY Cypher scalp at support

USDJPY Cypher scalp at support

Outlook Trade opportunity

Potential to get long at 78.6 / cypher pattern.
Always know how to trade and know the rules for Profit targets 1 and 2 and beyond

Risk Level Medium to High

Tips -

Always take note of any economical news event on our provided calender below

AUDUSD Scalp Trade - Confirmed Entry with Noble setup

AUDUSD Scalp Trade - Confirmed Entry with Noble setup

Note - This is a 1 Min chart (i Don't usually post any 1 minute chart, but i know a lot of newbie looks at a smaller tf wanting fast trades)

• I took this after a very good bounce from this area (which i have caught with my "catching a falling knife post"
• My entry is my classic strategy ("Noble Entry" I do my high probability scalp trades - here is a blog post about it
• Now i only take trades when price retrace to a 78.6 - so to minimize risk
• Currently still in trade looking for close to 1:2 (risk reward)

Cheers

Update - Trade completed (approx 30min after trade)

• I've taken half postion off when it reached 1:1, then the rest to initial TP 

Tips -

Always take note of any economical news event on our provided calender below

AUDUSD Live aussie Scalp

AUDUSD Live aussie Scalp

Catching a falling knife...

• 88.6 fib, and fib ext of asian range
• and WS1 pivot

Not looking for much, just a scalp at this stage

AUDUSD Trade Setup for 12th March, 2014

AUDUSD Trade Setup for 12th March, 2014

Hourly Chart

• 38.2 from the Lows to high
• Few pips below is the overlapping Daily S1 Pivot and 78.6 of most recent swing 

Tips -

Always take note of any economical news event on our provided calender below

USDJPY Scalp Trade Setup for Monday 10th March, 2014

USDJPY Scalp Trade Setup for Monday 10th March, 2014

30min Chart

Outlook Trade opportunity

Identified a good confluence zone

• - Monthly Pivot
• Weekly Pivot
• Daily Pivot
• 38.20 Fib Retrace
• 161.80 fib ext of initial retrace from Friday

I don't think it can get better than that for a scalp opportunity.

* Scalp requires experience, - don't be greedy is all i can say

Please visit my post on the best confirmation entry strategy for scalping

Tips -

Always take note of any economical news event on our provided calender below

Trading Strategy for Scalping exposed! -HIGH PROBABILITY with Low risk High Reward setups

Trading Strategy for Scalping exposed! 

HIGH PROBABILITY with  Low risk High Reward setups

Technique - Finding areas of confluence

Aim - To find confluence of

• Fib Retrace levels
• Fib Ext Levels (also inverse)
• Daily / Weekly / Monthly Pivots
• Support and Resistance

This is a chart of the AUDUSD H1 chart - 

You will see that i have the following

• Two sets of Fibonacci retrace swing level
• Two sets of Fibonacci Extension swing level
• Daily Pivots shown only 
• Marked area of support and resistance

For details on how to identify swings for fib retrace - there are tons of info online, 

I will however explain the fib extension-

1st Swing is -  from the low to recent high

2nd swing is - consist of both, Previous Days trading range, and also yesterdays swing low to high

What does the chart tell me?

You will see that the 127.2 fib ext, which is overlapping exactly on the 61.8 retrace  - this to me is a very strong and together with previous support which now is resistance.  And whats above? there is a 78.6 from the smaller swing retrace as well as a daily pivot.  

How Should you trade this?

Two ways

1 - Risk takers - , Pending Order there - however stops will need to be wide, perhaps above the daily pivot or even at the the high of the smaller swing.

2 - Conservative Traders / Scalpers

Wait for price to get there, zoom into a 5 min or 15min chart, and look for confirmation entry.

Confirmation entry - there are few techniques, and I could not explain them all , however in this scenario a Shooting star candle was enough!

Below is a 5 min chart - where you see a Shooting star with the body closing in the previous candles body.

nb - bit risky because of the huge jump on the previous candle due to news releases, but you can see your risk is small and when you see that price stalled at the level we anticipate it will reverse.

Another way is what I learnt from Forexmentors Vic Noble Course.

- You will see that there was a buy setup on the AUDUSD after the whiplash action

Word of Waning

Guys, don't be greedy when trading, Don't go for the home run! Get your 1:1 or 1:2 (risk reward) and take your profits of the table. These setups occur everyday, !

Last words

I hope you guys learnt something here.  There are many more techniques and things to look out for, what I have shown is just the basics. :)

I am not the best on explaining things , but my passion is to provide good information to traders out there!

Cheers

GBPUSD - Scalp Trade setup at a pull back (Noble entry)

GBPUSD - Scalp Trade setup at a pull back (Noble entry) 

EURUSD 15min Bat harmonic pattern

EURUSD 15min Bat harmonic pattern

• Took the trade, and by the time i post this on the blog it was up 12 pips
• Took it because it was close to today's low, and hourly stoch was oversold

Took partial profit already

Cheers

USDJPY 1hr chart Bearish Bat pattern

USDJPY 1hr chart Bearish Bat pattern

• Took this trade, and will take partial profit at fib levels
• Took it because D1 chart also have bearish bat
• Took it because I believe market needs to retest the 103.50 area before heading higher

Lets see how this one works out.

Cheers

AUDJPY - 15min chart Another quick scalp with harmonics

Bearish Bat on 15min (AUDJPY)

Here i am bored, found another possible bat pattern, with a risk of only 8 to 10 pips to make at least 16pips + ill look at fib levels and take partial profit with my system.

Lets hope this is a good trade

Cheers

Bored? - Quick scalps using high probability 5 minute chart harmonic / Fibonacci setups

Hey Guys,

Bored with the low volumes and volatility?

I am bored too! no sense of direction markets prior to the major news even in the USA.

I usually won't do this, so I opened my scalping mt4 platform with the harmonic indicator and waited for quick scalps, very quickly it identified a pattern on the USDJPY 5 minute charts, 

One point to take note is with low volitility and volume when the market is waiting for news, usually we trade in the days range with less chance of a breakout .

• The entry is very close to a Daily R1 Pivot, which gives it a high chance for some reaction for a quick scalp!

• Most people are greedy for pips, i know i am! and most of the time you loose potential profit because of greed and market went the other way! 

• So to secure me with a profit, i stay safe and take the first common level to take profit - 50 or 61.8% fibonacci retracement from the most recent leg

It doesn't look much pips, so this kind of trade only applies only if you have a very low spread broker.

Opened a larger than usual size due to range trading environment and good risk reward, i was able to take home 5 pips profit in i think 7 minutes.

Its not much! but a good risk reward!~ The trade was risking 2.5pips (stop loss), and after 4 pips (take profit) - so ratio was over over 1:1 (1.6 : 1)

As you can see, my prediction for a 61.8 retracement was to the pip!, you can see the pin bar formed there too!

Happy trading guys!

Cheers

Howard (#forex_trader168)