Einstein Line - Learning to Scalp

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LeMercenaire
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Re: Einstein Line - Learning to Scalp

Postby LeMercenaire » Fri Dec 13, 2019 8:41 pm

Jhx wrote: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.


Christmas was certainly paid for, lol. :P :P :P

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Re: Einstein Line - Learning to Scalp

Postby aliassmith » Sat Dec 14, 2019 2:24 am

LeMercenaire wrote:
Jhx wrote: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.


Christmas was certainly paid for, lol. :P :P :P

Did you double your account? Nah I think it would take over 300 pip run for that. 40% plus is still not too shabby.
Trade Your Way as Long as It Makes Money!

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Re: Einstein Line - Learning to Scalp

Postby LeMercenaire » Sat Dec 14, 2019 2:52 am

aliassmith wrote:
LeMercenaire wrote:
Jhx wrote: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.


Christmas was certainly paid for, lol. :P :P :P

Did you double your account? Nah I think it would take over 300 pip run for that. 40% plus is still not too shabby.


Nah, I played and made a whole lot more on the original Brexit referendum. This time, even though I did call it right, I let it thrash itself out and simply played the reaction.

I was too busy enjoying the spectacle, lol.

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Re: Einstein Line - Learning to Scalp

Postby LeMercenaire » Mon Dec 16, 2019 11:56 am

You seen TRO's new Ask Candle Indicator? Used along with The Einstein Line in the YooToob vid.

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Re: Einstein Line - Learning to Scalp

Postby Jhx » Mon Dec 16, 2019 5:32 pm

No trades for today, range (100~) was way above the range I'm usually looking at.

You seen TRO's new Ask Candle Indicator? Used along with The Einstein Line in the YooToob vid.


I did, but I'm not sure how I could use it, at least for now. I've attempted to scalp a few pips here and there in the past by looking at the tick chart with the bid and ask but I couldn't make it work; if I go for very few pips it tends to stack against me in the long run (spread becomes the #1 enemy there :lol: ).

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Re: Einstein Line - Learning to Scalp

Postby Jhx » Tue Dec 17, 2019 7:55 pm

Well the pound has been moving a lot lately. It was around 100~ last night so I knew I wouldn't be placing any trades today. Range currently at 237.

At this rate I might have to get up earlier or go to bed later :lol: ; haven't placed a trade in 4 days. But I've still been looking at the charts.

3 weeks ago I was too focused on a specific zone instead of looking at what price was doing. I now see price expanding to the higher ranges from the daily highs and lows; yes it can and will reverse but if that happens earlier in the day it might be an expansion to the other side, and bonus points if it reverses, range is still low and goes through the daily open (though usually that doesn't happen by the time I'm trading).

Granted, I'm trusting stats so after a certain % I get uneasy trading a certain direction, that's why I've been targeting a higher % range (hence why I haven't traded these last 4 days). But to be honest after a certain % there's still opportunity to trade the other way as well. This is not to trade both directions within the same day, but to still have trading opportunities within the day.

Something like this:
Range below X > trade towards high / low to go after the range
Range between X and Y > wait
Range above Y > reversal off high / low

But still picking one direction for the day to keep my mind at ease.

---

TL;DR: Picking one direction for the day. If range is low, go after range, if it's high, look for reversal (if it's neither then no trade).

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Re: Einstein Line - Learning to Scalp

Postby Jhx » Wed Dec 18, 2019 8:08 pm

Price below a statistically high range, so picked short as my direction for the day. Entered, waited for price to move some more, then exited at a previous lower high. It was making new daily lows and then reversed off those lows.

+0.70%

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Re: Einstein Line - Learning to Scalp

Postby Jhx » Thu Dec 19, 2019 1:52 pm

So there were news around the time I usually place the line, which ended up being in the middle of the day (kinda). Price above the range, but not really near the highs or lows to look for reversals either, so direction wasn't really clear. Better to stay out for the day.

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Buuut I happened to be awake around this time (uncommon :lol: ) and tried to see if I could catch a "range expansion" from the start.

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I exited the way I normally do, which was ok I think (yes there were more pips to be had because when I exited it was still below the range I was looking at). My stop was at the daily low, so that one netted +1%. Still it wasn't during my usual session hours so that one's off the record :D .

What I'm noticing is that my SL, at least for the last couple of trades, might be too wide now. In theory I could add and reduce the "width" of my stop to mantain the same risk % and have larger winners but then again I don't really know how to add so I think I know where that will lead if I attempt it now :lol: .

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Re: Einstein Line - Learning to Scalp

Postby Jhx » Fri Dec 20, 2019 5:58 pm

So normally I would've traded short because my zone was closer to the low, but I saw this (completely subjective I guess). So picked long as my direction for the day.

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If this didn't work out and price in fact went down (and made a new daily low) then I would be looking to go long on reversals only if price went above the range.

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Entry was at the first break of the long trigger after the yellow line appeared. I placed my stop above the daily low (to not have thaaat much room) in a place where it made sense to me and started to move my stop when price started going up.

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On the last one I wasn't really seeing a higher low where I could move my stop to, so after it made that move after stalling for a bit, I just placed a trailing stop of 5 pips. Exited for +1.25%

I'm just using lines, moving the stop, and if I get a faster move once I'm in profit I just place a trailing stop to not give back much. My lines are kind of, if price gets here I exit, if not I wait, and if it doesn't get there and goes my way I draw a new one or place a trailing stop.

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Re: Einstein Line - Learning to Scalp

Postby Jhx » Fri Dec 20, 2019 8:46 pm

As an unrelated side note, I was looking for an indicator that plotted the open high and low while showing how it moved throughout the day, and indeed there was one, so thanks TRO.

I now have everything I need on the chart and I'm comfortable with it, my Einstein line with the triggers, open, high & low as it happens, and the daily range stats (if I see the the multimeter with a lot of green / red it can also help me with the bias).

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