Einstein Line - Learning to Scalp

free & uncensored discussion arena for TheRumpledOne

Moderator: moderators

User avatar
Mira
rank: 1000+ posts
rank: 1000+ posts
Posts: 1688
Joined: Thu Nov 10, 2016 8:37 pm
Reputation: 1578
Gender: Male

Re: Einstein Line - Learning to Scalp

Postby Mira » Mon Dec 09, 2019 6:01 pm

Jhx wrote:On a side note, and I was thinking about this on Friday when I had two wins for +0.84%. I'm not losing more than I'm willing to lose on my trades and I'm keeping it at 1% per trade and adjusting my position size. The problem is if I lose, I'll lose the 1% because now I'm not "cutting it early", and my winners on average won't be over 1%. It's tough, at least to me, to have bigger losers than winners (even if the winrate is high enough, the losers feel heavier). It might be a personal thing, I don't know.

The whole idea about 'widening' my stop to places where it made sense was to give the trade more room to breathe and not get stopped out constantly at unnecessarily tight stops.

But maybe now that I have a wider stop I can use that "extra space" to exit at better places and reducing my average loss...

GU-12-09-CuttingLosers-1.png
GU-12-09-CuttingLosers-2.png
GU-12-09-CuttingLosers-3.png
GU-12-09-CuttingLosers-4.png

I don't kow if there's a better way to do it. This one's the best that I can come up with (exiting at previous lows when going long) but even then some of those feel like very in-the-moment type of exits (the second, third and fourth).

Yes the downside is that it could reverse, then go back up, which gets into the exit > re-enter > exit > re-enter cycle that I was at the first week. Is there a point where I should scratch the idea, not re-enter at the trigger and just say "this one isn't working today?" or should I just keep at it? It's not like I'm going to have 20 entries in the day anyway, but maybe I'm looking at this whole thing with the wrong perspective. I don't know.


1 minute charts are sick :shock:
__________ THE :smt096 IS A LIE__________

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
Jhx
rank: 50+ posts
rank: 50+ posts
Posts: 137
Joined: Wed Oct 18, 2017 12:36 am
Reputation: 96
Gender: None specified

Re: Einstein Line - Learning to Scalp

Postby Jhx » Mon Dec 09, 2019 9:51 pm

I didn't take this short but this is how I look at it. I can exit when price crosses through a previous high. I can't guess an extreme and it might move later on but I least there's the chance to go along for a few pips.

My stop would be up there. I'm really trying to understand when I should just cut the trade and be able to specify how "when it's not going my way" in my exits. But I don't see much to do with it right now.

GU-12-09-ShortExample.png
GU-12-09-ShortExample.png (30.16 KiB) Viewed 603 times

User avatar
Jhx
rank: 50+ posts
rank: 50+ posts
Posts: 137
Joined: Wed Oct 18, 2017 12:36 am
Reputation: 96
Gender: None specified

Re: Einstein Line - Learning to Scalp

Postby Jhx » Tue Dec 10, 2019 1:03 am

A recap so far starting week #3:

- Trying to go after a range that statistically happens about 80%~ or more of the time.
- Only trading in 1 direction, where price is more likely to range towards within the rest of the day (the zone is usually closer to one of the extremes, so that means usually trading with the D1 candle color).
- Using previous highs and lows that I see on the chart to determine my SL.
- Exits can be a 5 pip trailing stop at +10 or using previous highs and lows to trail my stop (if I get a larger run where the previous high / low is now too far apart from the current price, use the +5 trailing stop to avoid giving back more after a strong move).

That's my plan right now. Trying to keep it simple.

Things that I feel didn't work for me so far:
- Trading both directions for the day, or against the D1 candle color for that matter.
- Attempting to cut the trades too early (either in profit or in loss).
- Looking at different timeframe ranges at the same time.

Other stuff that's still there:
- Problem with average win vs average loss

User avatar
Jhx
rank: 50+ posts
rank: 50+ posts
Posts: 137
Joined: Wed Oct 18, 2017 12:36 am
Reputation: 96
Gender: None specified

Re: Einstein Line - Learning to Scalp

Postby Jhx » Tue Dec 10, 2019 6:22 pm

Wasn't much today. Was only looking for longs because of the range, and the only entry was near the end of the session and I had to close it earlier because I wouldn't be able to actively check it. Still exited at +2 net pips (+0.14%). There might've been more room for the range to go.

Entry / stop:
GU-12-10-1.jpg
GU-12-10-1.jpg (235.12 KiB) Viewed 552 times


Exit here:
GU-12-10-2.png
GU-12-10-2.png (63 KiB) Viewed 552 times


This is how it looked and where the day started:
GU-12-10-3.png
GU-12-10-3.png (53.74 KiB) Viewed 552 times

User avatar
Jhx
rank: 50+ posts
rank: 50+ posts
Posts: 137
Joined: Wed Oct 18, 2017 12:36 am
Reputation: 96
Gender: None specified

Re: Einstein Line - Learning to Scalp

Postby Jhx » Tue Dec 10, 2019 6:59 pm

So in the first "phase", the total was 4.2net pips, but I have to admit that the trading was a bit janky.

Since I started trading only one direction, widening the stop (adjusting the position size to 1% risk on each trade), and being a bit more methodical with the exits, the trades were: +0.63% +0.44% +0.84% -1% +0.14% = +1.05% (not counting the 4.2 pips from week 1)

Of course the sample size is still small (15 trades in total for these 2 weeks and something) but still, at least I'm not losing money while attempting to scalp.

Even if these results are a short-term thing (and my end result is still doomed :lol: ), progress is progress I guess.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
Jhx
rank: 50+ posts
rank: 50+ posts
Posts: 137
Joined: Wed Oct 18, 2017 12:36 am
Reputation: 96
Gender: None specified

Re: Einstein Line - Learning to Scalp

Postby Jhx » Wed Dec 11, 2019 1:54 pm

In a long trade right now, waiting to see how it develops. I'm noticing that every day the range stats are going down slowly (tighter ranges). This could be because of the time of year I guess.

Just switched to a 5 pip trailing stop at +10 net pips.

And exit at +15.2 for +1% :D

User avatar
Jhx
rank: 50+ posts
rank: 50+ posts
Posts: 137
Joined: Wed Oct 18, 2017 12:36 am
Reputation: 96
Gender: None specified

Re: Einstein Line - Learning to Scalp

Postby Jhx » Wed Dec 11, 2019 2:06 pm

Entry there, the dark purple line I plotted was my stop.

GU-12-11.png
GU-12-11.png (32.8 KiB) Viewed 520 times


Also, yes I was trading against the D1 candle when I entered but that's why I say that it's usually a trade in the direction of the daily candle color but not always. This is why I trade towards the nearest daily high / low when going after the range, it doesn't happen often but the zone could be plotted like today (below the daily open but closer to the daily high where the range expansion is more likely to happen within the rest of the day). That's how I see it anyway.

GU-12-11-ZoomedOut.jpg
GU-12-11-ZoomedOut.jpg (253.32 KiB) Viewed 519 times


The range I'm going for was met (60~), so that's it for the day. I'll keep looking at the chart though

User avatar
LeMercenaire
rank: 1000+ posts
rank: 1000+ posts
Posts: 2529
Joined: Tue Sep 27, 2016 12:11 am
Reputation: 1916
Gender: None specified

Re: Einstein Line - Learning to Scalp

Postby LeMercenaire » Wed Dec 11, 2019 10:23 pm

Jhx wrote:Entry there, the dark purple line I plotted was my stop.

GU-12-11.png

Also, yes I was trading against the D1 candle when I entered but that's why I say that it's usually a trade in the direction of the daily candle color but not always. This is why I trade towards the nearest daily high / low when going after the range, it doesn't happen often but the zone could be plotted like today (below the daily open but closer to the daily high where the range expansion is more likely to happen within the rest of the day). That's how I see it anyway.

GU-12-11-ZoomedOut.jpg

The range I'm going for was met (60~), so that's it for the day. I'll keep looking at the chart though



Please remember we have a hugely important General Election happening in the UK tomorrow.

User avatar
Jhx
rank: 50+ posts
rank: 50+ posts
Posts: 137
Joined: Wed Oct 18, 2017 12:36 am
Reputation: 96
Gender: None specified

Re: Einstein Line - Learning to Scalp

Postby Jhx » Thu Dec 12, 2019 1:27 pm

Not going to take any trades today. Election day, and even then price is also above the range that I normally trade towards, so just going to watch the chart.

User avatar
Jhx
rank: 50+ posts
rank: 50+ posts
Posts: 137
Joined: Wed Oct 18, 2017 12:36 am
Reputation: 96
Gender: None specified

Re: Einstein Line - Learning to Scalp

Postby Jhx » Fri Dec 13, 2019 2:32 pm

There was a 200 pip move in less than 1 minute at 00:00 and then kept going up for some minutes. Daily range at 366 (lol), so no trades for today.

Yes it has been going down, but now I'm only drawing horizontal lines at highs and lows and watching price move.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.


Return to “TheRumpledOne”