Scalping with Only a Chart

[neeko13 10]

Is there anyone that can actually do this and mastered it? I would love to learn from you.

 

I have been practicing with a real account on a 150 tick Heiken-Ashi chart looking for double bottoms and double tops as well as previous support and resistance generally in the direction of the market for the last 2-3 days. I am only doing 1 contract on the YM shooting for 5-10 ticks. I eventually plan on adding more contracts if it works so i can attempt to get some runners....all good in theory. It appears to be sort of working at the moment. I trade only in the first 2 hours of the US futures market.

[ScottColeFTA 10]

How has it worked out for you so far?

[jpennybags 11]

Is there anyone that can actually do this and mastered it? I would love to learn from you.

 

I have been practicing with a real account on a 150 tick Heiken-Ashi chart looking for double bottoms and double tops as well as previous support and resistance generally in the direction of the market for the last 2-3 days. I am only doing 1 contract on the YM shooting for 5-10 ticks. I eventually plan on adding more contracts if it works so i can attempt to get some runners....all good in theory. It appears to be sort of working at the moment. I trade only in the first 2 hours of the US futures market.

 

The most important thing to learn in scalping is how to manage a trade. Crisp entries are important too, but developing a feel for when to scrub a trade (or take profits) is something that takes a lot of screen time. It's a mind set that must be developed, and that's up to you... it's not knowledge that can be easily transferred.

 

I don't have any experience in trading Heiken-Ashi charts... if it works for you; good enough. I would suggest experimenting with a standard tick chart. I say that because I think the standard tick chart provides a better read on price action.

 

Spend a good deal of time in understanding how channels develop and progress, and how price turns to break out of a channel. This too is something that is better observed than instructed.

 

"Mastered It"... are you kidding?

Edited December 16, 2014 by jpennybags

[zdo 20]

btw peeps - neeko is 'gone' ... ie this is for general 'discussion' / fyi purposes only

 

re:

...practicing with a real account on a 150 tick Heiken-Ashi chart ...

and

re:

...looking for double bottoms and double tops as well as previous support and resistance generally in the direction of the market for the last 2-3 days. ...

 

My question would be - why utilize the HA at all?

 

...it is the equivalent of an exponential moving average...

 

Used alone,

or in conjunction with the additional 'indicators' mentioned,

or even in conjunction with unmentioned / unconscious additional 'indicators' ,

across time ( and various, and typically much lower 'vix'es) , would it help a trader, esp. a beginner, outrun the whip ?

 

tried to attach an illustration...

Manage Attachments button does nothing...

more censoring? ...

more of TL taking to disingenuously claiming they're somehow revolutionizing online conversation -- by making sure there's less of it. ?

[jpennybags 11]

zdo...

 

Don't you mean "goner"... a person that is doomed or can not be saved.

 

HA! I've grown weary of pissing on noobs for trading live accounts... given up. Let them have at it.

[zdo 20]

moneybags,

 

re: "Don't you mean "goner"... a person that is doomed or can not be saved. "

Actually, I was just noting that it was an old thread.

I typically encourage traders to go live right out the gate and discourage 'paper trading'...

We can't really say about neeko. Maybe one post was all he ever needed to see through the 'voice of trading' and he's doing fine...

Edited December 18, 2014 by zdo

[jpennybags 11]

moneybags,

 

re: "Don't you mean "goner"... a person that is doomed or can not be saved. "

Actually, I was just noting that it was an old thread.

I typically encourage traders to go live right out the gate and discourage 'paper trading'...

We can't really say about neeko. Maybe one post was all he ever needed to see through the 'voice of trading' and he's doing fine...

 

Once you understand the task at hand and the tools used for the job... sure, go live (in a small way). As a teaching device... nothing like losing a little skin. Trading in simulation is a good way to gain an understanding of the task at hand and the tools involved, but a person can hang out there too long... that I would agree.