Simple Scalp Machine

How you feel more comfortable. I like the risky one sometimes and at some other time I wait for the second candle and another time I go in at the first candle with one order and wait for the confirmation & would go in the market with the second order at the second or third same color dot, also depends on the actual time frame if I trade M1 or M5 and during the London/NY open session or not.

Whenever a dot is missing - it is an indication of a sideways moving market ahead. On the screen we can see that as an empty thin red line stretching alongside several candlesticks in a row. This means a trend is pausing and we may encounter range-bound conditions ahead.

Hi thanks for sharing this. This indi seems to work really well on my grid charts. I've been looking for a way to make trading seem a little more fun and less strenuous, but still be profitable. (I already made three good trades in a row with this.) Seems to fit the bill. Thanks again.

Sure you could use "wellxAMA" it at higher time frames just as well.

Sewn up! That's fine!

Whenever a wellxAMA dot changing its color the trend changes to the opposite.

Forexcube, thank you for sharing the system!

I have two questions:

1). What lot size would you recommend? I never scalped before, I usually trade 0.1 lot for every thousand dollars in my account. Is it too much for scalping?

2). I don't want to annoy you, but I have to ask a really stupid question: does this WellxAMA indicator repaint?

Thank you.

As long as the dots are of the same color the current trend continues.

If you are in a trade when the wellxAMA begin to range, consider to tighten your stops.

If you haven't started your trading you should keep out of the market until the trend is resumed.

You can set a stop loss according to the scalping well known instructions.

I will pass a comment another time.

Actually I'm scalping it on the 5min. I just showed the larger TF so peeps could see what the whole chart was about. But yeah-39 pip boxes (each box is 1/8 of the previous weeks range high to low,), with your indi-its workin!

Thanks for the instructional information as well-

This thread is open for all users now!

A warm welcome to everyone here. Hope you are all safe and sound wherever you may be.

Kindest regards
FXcube

I wish to let all readers well aware that the purpose of this threads existence is of positive intentions. So please respect the fact that all of us are here because we're willing to contribute.

Thanks forexcube......will be following with interest....

How long have you used this method?

Do you have any pip target in mind for each trade?and approx.. how many trades you take in a day?

Also,is this a method that can be used around the clock or at specific times?

Sorry for the questions,im sure i'll have a few more

TIA

Thx for sharing ... I will test it the next days

What is the Best Time to Trade Forex?

By John Russell

What is the Best Time to Trade Forex?

In the 24-hour Forex market, timing is critical. Choosing the best time to trade is a powerful way to maximize the profit potential of every trade. Professional traders know this secret. They carefully choose the timing of their trades to produce the most profits. You can make this same choice — and maximize your profits on every trade. In short, you can choose to trade the Power Hours. Let’s examine what gives the Power Hours their remarkable potency. This can be summarized in two words: volume and volatility.

What Are The Power Hours?

The Power Hours are the times when volume and volatility rise to peak levels. High trading volume means that many lots of a particular currency pairs are being bought and sold. High volatility means that currency pair prices are moving fast and trending quickly.

The combined force of high volume and strong volatility can cause large pip movements in nearly every major currency pair during the Power Hours.
When Are The Power Hours?

The Power Hours run from 8am to 12pm EST.
Yes, the most active trading period lasts only four hours every day! This is the US-European overlap session, which is the time when the world’s two most active trading centers cross -- as the European session is closing and the US session is opening. It is a small, but very active, window that some currency traders call the “hot zone.” And many professional traders focus their best efforts on trading during those four powerful hours.
Which Currencies Should I Trade During the Power Hours?

Look for the following currencies to make the largest pip movements during the Power Hours.

 

1. EUR/USD
2. USD/CHF
3. USD/CAD
4. GBP/JPY
5. GBP/CHF

Are You Busy During The Power Hours?

There are other trading times that can produce good results though usually not as dramatic as in the Power Hours. The European and the U.S. sessions can also show strong volume and volatility for trading. Remember, they are the world’s two largest trading centers so the trader can still find good price action.
The European Session
The European session is headquartered in London. The large number of market participants has made London the world’s most volatile market for trading currencies. And it links with both the Asian and American sessions.
Look at the GBP/JPY and the GBP/CHF for strong price movements as European assets are converted into dollar-denominated assets. These conversions can cause the currencies to make strong price movements.
Be prepared to get up early (or stay up late) because the European session runs from 2am to 12pm EST.
European Session Watch List:

 

1. GBP/CHF
2. GBP/JPY
3. USD/CHF
4. GBP/USD
5. USD/CAD

The US Session
The US session is headquartered in New York. The GBP/JPY and USD/CHF show high volume and volatility during this time since their transactions require US dollars. Trading during this session becomes even more active when the US stock and bond markets open because foreign investors need to convert their currencies into dollar-dominated assets. The GBP/CHF often makes strong price movements during this period.
The US session runs from 8am to 5pm EST.
US Session Watch List:

 

1. GBP/CHF
2. GBP/JPY
3. USD/CHF
4. GBP/USD
5. USD/CAD

When Should I Avoid Trading?

The least active time to trade -- dare we call it the “cold zone” -- is the European-Asian overlap session. Most traders are sleeping (or taking a nap) during this short period. Trading volume is very thin and trends are unpredictable during this period. Stay out of the cold zone! However, this is a good time to get prepared for the opening of the European session.
The cold zone runs from 2am to 4am EST.
Remember, timing is a strong and important tool that action-seeking traders can use to find strong price movements. The Power Hours open a window for many trading opportunities. So, be prepared to trade like (and with) the professionals to make quick profits during these powerful hours.


http://forextrading.about.com/od/basicforex/a/powerhours_ro.htm

The Best Times to Trade the US Dollar

By John Russell, About.com Guide

Introduction: The US is the second largest trading center in the world. It is the third trading session of the day, following the European session. Trading during this session constitutes twenty-two percent of the world’s total currency trading volume for the day. In this respect, it is very similar to volume during the Asian-Pacific session. Since New York gets the largest share of the region’s trading volume (19 percent), it is the headquarters for the US trading session. The major currency focus during the US session is the US Dollar (USD). The high value of US Dollar-transactions leads to high volatility and volume levels.

Session Hours: The US Session runs from 8am (ET) to 5pm (ET).

For Risk-Tolerant Traders: The US session presents a moderate to high risk for traders. It can present unique challenges to risk-tolerant traders because of its interaction with the stock and bond markets.
Currency pairs with good pip movements during this session are:

 

1. GBP/USD
2. GBP/JPY
3. USD/JPY

The average pip range is approximately 95 pips. The USD/EUR is also a strong alternative during this session, but can make even larger moves during the European-US crossover session.
Another viable option is the USD/CAD, which averages 84 pips during the session.

For Risk-Averse Traders: The European session presents a moderate to high risk to traders. During this session, price changes with European currencies can be quick and erratic, particularly after the European session has closed.
Currency pairs with lower risk during this session are:

 

1. EUR/GBP
2. EUR/CHF
3. NZD/USD

The average pip range is approximately 45 pips.

My Thoughts: The US session is very exciting and challenging. Economic data is usually released early in the morning (between 8:30am and 10:00am) and certain reports cause the FX market to move during the US session. A huge number of transactions involve the USD so it will be in constant motion. The bond, stock, and commodities markets are closely connected to the FX market so any news or events that affect those markets will move the USD. This is particularly true for the bond market. Watch for any news or holiday closures in that market because the USD will be affected.

My Basic Trading Practices: It is both safest and most potentially profitable to focus on trading the USD during this session in either a long or short position. Currency pairs that involve non-major currencies (like the New Zealand Dollar (NZD) or Australian Dollar (AUD)) might be tempting, but they are more suitable for long-term trading or investment positions rather than day trading or swing trading. However, major currencies like the British Pound (GBP), the Swiss Franc (CHF), and the Japanese Yen (JPY) can major strong and reliable price moves.

My Advanced Trading Practices: My focus during the US session is on trades that are strong trending on the daily or hourly charts. I can usually find currency pairs with an ADX of 30 or 35. These trends will be even stronger when economic data has been released. The Non-farm Payrolls, the ISM Manufacturing Survey, the Consumer Price Index (CPI), the Gross Domestic Product (GDP) and the Retail Sales report are the biggest USD movers. Fed meetings and decisions will also move the USD in big and sometimes surprising ways. However, do not ignore the power of the European Central Bank (ECB) and Bank of England (BOE) to put pressure on the USD.

http://forextrading.about.com/od/for...radeUSD_ro.htm

Hi Omi

Markets with a high volume and a high volatility are excellent.

Take a look at the articles #35 & #36 please.

With a similar indicator like wellxAMA since several years and with wellxAMA since two years. WellxAMA has given me better results.

Thanks forexcube.

The power hours are when im at work

Do you have any pip target in mind for each trade?
No I don't want to have a strict pip target in my mind. It depends furthermore at my lotsizes per trade and the quantity of open orders.

...how many trades you take in a day?
Between 20 and 200 trades per day. Often I go in with many identical trades at the same time (4-10) with several different exit points. I like more the dynamical trading, e.g. go out with the 1st order by 2 pips, next one by 5 pips, next one by 8 pips, the most one exits follow the Exit Rule at M1 and/or M5 level.

If M1 is in the trend with M5 and M1/M5 are getting stronger I let the win run.