Here is a thread for Traders who checked their butthurt at the door and want to discuss trade set-ups and strategy!
I have a question about trading does scalping work long term does anybody have any proof that people can make short-term deals under an hour long and be long-term profitable???
Define long term? Like always doing it as a trading style to the point it’s always profitable for them?
By long term I mean over a period of years if someone made an average of 10 deals a week with each deal averagely lasting 15 minutes do you think that type of scalping formula can be successful over a period of years?? My conclusion is no I have seen zero evidence that type of scalping is a long-term profitable formula I’m just looking for other people opinion
I have seen evidence that event trading with a scalping type formula can work over a long period of time it’s just a very risky way to make money because you need such a high win rate you are risking more than you’re looking to gain regularly
Holding trades over days/weeks appears to be the best way to be a successful trader it’s easier to manage your risk to reward ratio and you are less likely to panic and make a knee jerk decision
I never did scalping in my trading. Seems like fast money that you need to stay glued to a computer screen for! No thank you.
Or is it the fastest way to lose money. Has anybody got proof of a successful long-term scalper?
Not sure! I know Sarge and a few others do it regularly, but I don’t think they keep the trade open, but trade in short spurts and close the trade when they have met their objectives, such as trading at specific times when volume and movement is at its peaks such as when specific markets open. Exodus would be a good person to ask.
Here are some trades this week I am watching for the week of Aug 5th to 9th
NZD/USD Probably a good opportunity to go long on a retrace. Have to see how today’s candle reacts to resistance.
AUD/USD Again another possible consolidation where longs would be favored in the short term
EUR/AUD Given where this one is, a possible short opportunity is presenting itself. I favor at this time waiting and seeing how this latest candle on the daily plays out before deciding on a short position
EUR/NZD The one I am watching the most but still in a wait and see mode. NZD offers more in terms of selling strength as opposed to other commodity currencies, but again just have to wait and see how this one plays out before deciding a entry on a short position.
Markets are going a little haywire with the Yen gaining strength with the latest development of China devaluing their currency! There is more to the story than that though! China’s burn rate through US Dollars is going hot and the YEN acts a safe haven currency in uncertain times where China’s economy is looking weaker by the day!
One indicator is the US/JPY pair! Bearish engulfing is forming on the daily! Of course we got a long way to go before this candle confirms anything, but clearly by looking at other currency pairs with the YEN there seems to be gaining momentum!
EURO/AUD is the trade of the year for those who trade for longer periods. This was a huge money maker!
AUD bounces back to hold resistance. Next sign to look for is if there is a chance for a retrace? What sign would that be in order for you to consider opening a long position in the short term? Will that retrace reach close to 50%? Questions to consider.
Todays chart. Considering if the pair respects the trend line which judging from yesterdays closing candle that is what it appears to be doing, however I remain on the sideline until I see more evidence that bulls will return for the short term!
This pair we had listed yesterday (EUR/AUD) as being the trade of the year. Looking at the daily candle chart, a different story emerges. Judging from yesterday’s candle and now three dohgi’s in a row, with a possible lower low, do you see a signal here? Have to wait for the close of NY 5pm to confirm if this is a signal.
Look at the EURO/AUD on the daily! Its playing out exactly how we suspected, and may be something to look at next week! Patience is the name of the game. Interesting pattern nvertheless!
Flag pattern with the EURO/USD! Another trade opportunity to look at but today’s closing candle is dependent
AUD/USD Mixed results, but clearly it wants a retrace. More waiting!