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simplegreen

10/02/14 6:05 PM

#130691 RE: stkjunky #130690

Aint it the truth stk..consolidation scalping is a cakewalk til breakout occurs...then all the fun is over...can be real tricky because theres trend and or consolidation relative to TFs...my favorite trick is to use M30 and Bollinger 20,2 ..if a trend is in progress I can choose to stay out or try to ride some of the trend in progress...I wait for bolies to tighten and MAs to "catch up"...then as a bottom/or top seems set I wait for the contrarian move up or down...this almost always means that a bounce(from a downtrend) occurs.. I never enter the bounce..I wait for the inevitable next dip then may enter a long scalp when the latest low holds..this gives me a point I can set horizontal lines at top of bounce and bottom of trend.When these levels look good to swing from I get more serious on my scalps after starting quite small..I also drop to M2 to M5 chart to fine tune these entries and BTW the mode is Heikin Ashi on the M2 or M5 chart.
I love action and trading M2 down to tick charts is fun...some of the time they look like major breakouts(LOL)...more important to me than the action is the face that no major move can occur without first having a minor move...IOW if tick chart is dropping like a rock then theres no way an H4 can be going up!....Its where the rubber meets the road and THAT is where I do my best work.Just takes getting used to and having a solid technical chart setup.