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What Is "Scalping" In ForexHello Traders, We thought that we'd make a little guide to those of you who are looking at scalping as a possible trading strategy. This educational idea will give you a few things to consider and we hope that it will inform you of what you can expect from being a scalper. Our Take: Personally for us scalping isn’t our style and we wouldn’t recommend it to anyone but some people absolutely love it and are drawn into this type of trading because of the huge profit potential which is why we thought that we’d make this educational guide so that if you want to become a scalper then you know what you’re getting yourself into. Scalping can be a great way to trade but if you want to break out of that 9-5 job and not sit at a computer all day then scalping definitely isn’t your style. The reward you get from being a scalper comes with an equal risk and this is something a lot of people overlook. A Message From Us: We hope that you liked our guide and be sure to look out for our next educational guide where we’ll go over more lessons in regards to trading. If you have anything you want us to cover then please do contact us and we’ll see what we can do. We’d love it if you could show your appreciation if you liked this post and we wish you the best. Stay Safe - The JPI Team Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
FOREXCOM:XAUUSDEducation
by jpeacockfx
4
NZDUSD short side play??That right I hadn’t played this pair well this last week. However if you have a plan, stick with the plan till you’re proven wrong! Changing from plan to plan isn’t anyway to make it as a trader because you’re guessing or at best not looking for high probability plays. My mentor used to say.... Okay, a self-taught trader doesn’t really have a trading mentor, my mentor was my late DAD. He didn’t trade Forex at all and only got into stocks very late in life. But still the same, he had words of wisdom that apply. Dad said; “ If you plan better, I mean take less crap chances you’ll get less chances to get crapped on!!” With this short side plan on USDNZD my theory was dollar stronger, stocks weaker, so a slightly over sold dollar and over bought stocks should deliver corrections to out sized moves. My overall tone is bullish USDNZD but in currentMy in the short term Selling at new highs seemed like a plan. My mistake was getting my plan and mindset into to short of chart views. Take a lesson from this weeks trades. Go with longer charts and leave the shorter patterns inside of the longer term chart pattern alone unless you get those two point in line with each other. Was scalping the short side from 68 ish last night and entered long this morning looking for a push higher to top trend channel line 6825-75 area to then go short again with better longer term limited risk and pattern resistance to play off of. Over all still a positive trading pair this week—just could have played it way better using the bigger timeframe chart pattern. All the best my friends.
Short
by PipsTradingClub
No one likes the US Dollar, but....No one likes the US Dollar but.... This weeks dollar moves has been challenging to say the least. Sticks down you’d think Dollar up. Right? Yet the Dollar was slightly down or just mixed. Gold was looking like a breakout was in play but no! Followed stocks a bit—this also should have said Dollar get a move on. Not yet! Oil moved higher into my resistance zone of 41-42 for the WTI, and that too showed dollar weakness. But on the flip side there was USDCAD Yes the CAD. Dollar weakness, no, just the opposite. The 1.3140-1.3100 or the right side shoulder of an inverted Head and Shoulders pattern on a daily chart held strong! Even in the case of higher oil prices. All week long I’ve been building a core position to the long side because imo if this one gets more stock selling and if WTI ( oil ) stalls and then dips farther, the stage will be set for a squeeze play. If USDCAD gets above the 1.3250-80 zone I feel it going to push the 1.3350-1.3400 daily fast. As always this is my plan and views. Trade your plan. This isn’t trading advice, but a different trading view and I hope you use it as educational rather then blindly following along. If you do however the risk is all yours. All the best everyone.
Long
by PipsTradingClub
Inverted Head and shoulders planOil orice action as I follow it in the WTI has shot up in prices and discovered not only fib resistance zones but horizontal resistance as well around 41-42 price range. Nothing wrong with that except that USDCAD hasn’t followed oil’s price action. Instead it has carved out a very nice inverted head and shoulders pattern . Should the neckline break then we should see 1.33-1.3350 rather quickly. No wonder then I’ve got my first TP zone there. But I also can see a risk off in stocks developing and so a push higher to the 200 day SMA around 1.35 could also be targeted. Personally I like the 89 SMA shown here on my chart in orange. On the down side. With a clear pattern such as this it could just explode by big banks pushing the stop hunt tactics on very clear patterns. Funny how that really happens. I’m leaning on on the pattern build and eventually breaking higher just because of the for mentioned WTI price action. I’ve been building a core all week and taken some quick hit profits on bounces to and above 1.32 while also increasing my position with small average entry prices. As always plan your trade and trade your plan. This isn’t trade advance but my personal trade and planed trade. Use it for education or if you plan to join in on the trade, the risk is all yours. All the best to everyone.
Long
by PipsTradingClub
NZDUSD one hour takeYesterday offered up some good short term play on NZD against the 6760 area. Today we seem to have a repeat trading opportunity within a up sloping channel so far today offering resistance. In addition we have A great fib resistance zone From the recent highs around the 6780-6800 area. With hourly price action over lapping and grinding slowly higher I’m thinking taking small short trades using the 6760 as my stop zone to see if we get a repeat of yesterday’s late afternoon play. More of a short term trade idea and or scalping trade. As usually use your own trade plans and trade your own plan. Post is not trading advice but a view of my trade / plan be it good, bad, or indifferent, as always the risk is always the traders to bare. All the best my friends.
Short
by PipsTradingClub
2
Oil war over but the virus seems to still control price action Many seemed to believe with the oil war over and the 10 million cut in supply that this would’ve caused price action to rise at the next opportunity. I mean Algo’s would have driven price higher off this kind of news right? The worlds industrialized nations have been filling their tanks as oil was falling—now that the world oil production agreements have come to agree to cut current production the real question is, was it enough, and how do those countries heavily dependent on oil put more oil into the already full tank when the virus caused demand caused it to drop off in such a large way? Everyone is hoping that oil demand and the virus slowed global economies will quickly bounce back to what was before. So there the rub for investors. Will it? And to what degree will a bounce back look like? Personally I’d like to see a bounce in oil. I also see a huge opportunity at current prices seeing now that the oil war is over and price action is little changed today. Seeing still lower prices is posable with this kind of reaction to the ending of the oil war, but more importantly lower prices to me means a even greater buying opportunity. After all one only needs to ask one’s self, how low will oil prices go when the global economy needs it so bad? Sure one can argue what about green energy taking from oil demand and causing it to go lower still. Or at best for the near term slowing demand farther net alone farther into the future? Wouldn’t that also contain oil prices? In my view with ultra cheep oil prices this will cause trouble for green energy And slow it growth substantially. A better case for green energy is when oil prices are above 70 dollars—but with the global economy getting the kick in the nuts from covad 19 I think OPEC needs to cut production farther still to drive prices past the 33-36 dollar range. Sure all of the stimulus packages will cause future inflation and a rise of oil prices certainly, but the heavy cost to green energy will rise as well. In short the global economy needs oil and price of oil will be dependent on it demand. Long and short of it is in my view, oil prices will not go to zero! So with every decline in price from right here ( around 21-22 dollars as I wright this post ) I’d be a buyer on dips, and a partial seller on rips, but with the idea to be a longer term holder of oil. You see the last time oil saw these kind of prices the WTI was around 20 dollars in 2003-4 and then popped up past 100 dollars in a few Short years later. I’m not saying it’s going to happen like that again. But in setting the odds what is the likelihood of... Oil going to zero? Oil still declining in prices to maybe a new low price? Or oil climbing some, then trading around a range and then climbing more? I see these questions as 0%, 50 / 50 %, and more then 50% respectively as my odd setting. With an impossibility of oil staying so cheep in the long term. Plan your trades and trade your plans. In trading you either make dust or you eat dust! All the best my trading friends. This post is my views and my ideas to how I see oil prices in the future. It is not trading advice! Trade if you will with your own risk tolerances and by using your own personalized trading plans. All the best to you and your trades.
OANDA:WTICOUSDLong
by PipsTradingClub
4/12/20 AUDJPY flying high now??Here is another Forex Trading Snack. A Friend on twitter said it like this. “With everything the FED has done plus the fiscal stimulus package one would think that markets will stabilize first, then soar.” Bellehos I agree, In stead we hit a bottom and started in a V shape Stock market recovery. The reason IMO as well as many others is leverage. It is an opinion built of the belief that the global economy is / was / and indeed still may be massively leveraged to some degree. So in my view all of this shapes my bias to be very bearish on stocks. This also leaves me looking at currencies that move in tune with the risk on / risk off stock market movements. One such currency is AUDJPY. At the bottom of my chart you can see a inverted head & shoulders pattern ( indicated in pink ) along with a divergent RSI reading. This pattern compleat At a down sloping channel top trend line by breaking past it, then retesting it, before moving much higher along with similar moves in the stock market. Currently it’s very close to its 61.8 FIB retracement, the same with stocks as in the S&P 500. AUDJPY also in recent days has shown signs of slowing momentum, and again RSI is diverging. With price action well above the 21 SMA and the 21 is well above the 89 SMA, simply makes my case for at least a pull back in the making—or something much bigger. My trade plan is to take small shots at going short as this pair makes new highs, with a over all target to going short if or when it tests the big figure of 70. All the best in your trades. Trade your plan and plan your trades accordingly to your risk tolerances. This is not trade advice, but presented as a form of how I look at the markets and thus should be used as educational materials. In FX trading you either make dust or you eat dust. All the best.
Short
by PipsTradingClub
1
1/12/2020 XAUUSD GoldHere is another Forex Trading Snack. From our breakout trade more then a week ago I’m still holding onto my very bullish bias. It has pulled back to its longer term flag top pattern ( indicated by the horizontal red line ) a shorter term bullish battle zone with the lower 1500 round number being the bullish OH crap zone!! This is a free ride trade for the idea or those who might have traded along. My longer term targets for latter on this year is still firmly at 1700-1800 but I would love to add if we get another dip towards lower ranges around the zone in the earlier part of this post. As always, all the best in your trades. Landscape view daily chart. Always remember, Forex Trading is the hardest easy money you’ll ever make!! Plan your own trades, then trade your plan with your individual risk management.
FOREXCOM:XAUUSDLong
by PipsTradingClub