Scalping with Alpha-Bet


jack

Administrator
Staff member
Ramy3 said:
Always had issues with publicly posting my things. May get over it one day,. would not hold my breath though, lol. :/
The issues I have with it relates to people shadow trading me. There's no way I can transplant my brain into someone else so it's impossible for them to understand why I'd cut a trade short, not take a setup I just talked about, stop and reverse mid-trade... etc... you can teach methods but you can't transplant thousands of hours of screen time and experience.

Back in my "chat" days (when I'd spend most of my trading day on a trader's chat provided by Thinkorswim) I used to call out my scalps in real time on a few FX pairs.. and people took notice when they saw my hit rate (which was a lot more impressive back then upon recollection.. lol..)

One guy asked what my opinion of a short was on EURUSD, and I replied that I wasn't interested until it got up about 30 pips north of where the market was. He interpreted it as I was going to short and had a pending order up there, which wasn't the case.

The EUR rallied straight up in a few minutes, with a really strong move and nearly no pullbacks... so what did i do? I went long, screw the short idea, the EUR was going up way stronger than I anticipated and I trade what I see happening.

Of course, buddy (trying to shadow trade me) went short and watched the EUR blow well past his entry. He exploded on chat asking if I was "still short".. and I replied that not only was I not short, but I had gotten long and I took profit on the long already. He blew up, ranted, followed me from chat room to chat room to heckle me. It was pretty bad. He got slapped by the chat mods but still gave me attitude whenever in the same chat room as me (even when nearly all the regulars who knew me would tell him off.)

It was entirely buddy's fault, not only had I not confirmed going short, but I didn't even say I was going to trade it short, just that I was interested in looking for shorts should we get to that given level...

After that experience, I stopped giving out live ideas of what "could" be done and just stuck to calling trades as I took them. Later I got kinda bored of the chat since most were trading on TOS (being the company's chat) and TOS doesn't provided aggressive enough spreads for people to scalp the same setups... so I felt like I was just talking to myself and traders who could only swing trade.

In a way, it was a good thing, since I moved on to forums and eventually found you guys. :p
 

jack

Administrator
Staff member
Alpha-Bet said:
Nerve racking?
It's a trade.
Nothing to prove.

Just roll the dice.. play the game.
LOL.. you know, sometimes I like to imagine it's like a slot machine that you've tweaked to have a slight edge over the house... you put a quarter in, pull the lever, and see what comes out.

Sometimes it's nothing, sometimes you get a free pull, and sometimes you hit the jackpot. All that matters is you keep pulling, and that you have modified the machine first to have an edge (else you're just tossing quarters away.)
 

Alpha-Bet

Well-Known Member
Jack said:
LOL.. you know, sometimes I like to imagine it's like a slot machine that you've tweaked to have a slight edge over the house... you put a quarter in, pull the lever, and see what comes out.

Sometimes it's nothing, sometimes you get a free pull, and sometimes you hit the jackpot. All that matters is you keep pulling, and that you have modified the machine first to have an edge (else you're just tossing quarters away.)
Exactly. Provided you have a real and quantifiable edge, you take every trade as it presents itself.
Stop Loss is placed. Take profit is placed. Trade plays out.

Money lost is nothing. Confidence lost is everything.
 

TopFroxx

Well-Known Member
Alpha-Bet said:
Exactly. Provided you have a real and quantifiable edge, you take every trade as it presents itself.
Stop Loss is placed. Take profit is placed. Trade plays out.

Money lost is nothing. Confidence lost is everything.
there is no "like button" or something like that on this forum, is there?

well, wanted to give this my thumbs up.
 

jack

Administrator
Staff member
Jack said:
My interest will pick up highly if we touch 0.8850's within the next few days. (Again, we're talking a very low leveraged swing trade.)
Ok, I didn't take the long (didn't have an order set and wasn't around when price dipped to the level) so I can't even begin to brag.. but we touched that level and went up 80+ pips from it.



We could easily sweep back down and test lower, so I wouldn't be expecting much from this since the charts on daily and longer timeframes still look bearish, but in the short term, holding for higher prices before taking the majority off the table would be my aim (had I taken the trade of course.)
 

jack

Administrator
Staff member
Of course, the movement to the downside will be much harder and faster than any move upward (unless some news event changes things.) Like, to be fair, this could just turn into a bear flag pattern on the 15m and break down hard if the bears haven't finished selling this thing off yet.

This was just a "if I was already in it, I'd hold and see, but otherwise I'm a bench warmer" kinda review.
 

Alpha-Bet

Well-Known Member
Jack said:
Ok, I didn't take the long (didn't have an order set and wasn't around when price dipped to the level) so I can't even begin to brag.. but we touched that level and went up 80+ pips from it.



We could easily sweep back down and test lower, so I wouldn't be expecting much from this since the charts on daily and longer timeframes still look bearish, but in the short term, holding for higher prices before taking the majority off the table would be my aim (had I taken the trade of course.)
Was a nice call Jack. The 3 pip range bar formed a one leg pattern between .8848 and .8868 supporting your .8850 call.
 

Alpha-Bet

Well-Known Member
Alpha-Bet said:
Short AudUsd @.9150
SL@.9170
Target@.9124
Stopped -20.

Made another push for that 1 min trend line.

Time to watch Aussies vs Poms in Fourth test Cricket.
Hope they do better ... ;D
 

Top