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Watch for a break of 1 hour consolidation and switch to 5 minute charts, wait for the price to retrace back into the consolidation area and enter after it shies away from the 10 ema, stop is 5 pips above 10 ema solid stop. Watch for any pivot points on the way once it gains momentum, and remember the sellers or buyers who were in control will almost always try to get the price back into the consolidation area, so be patient and if it goes 5 pips beyond the 10 ema, that’s the cost of doing business and your price is small, you may consider entering in stages on the 1 or 5 minute charts as the trade moves your way. Ultimately this is still a scalp and should be treated as such. We are always minimizing risk and removing risk as soon as possible without being too stingy, thus allowing the trade some room to wriggle on the hook, until the price action is firmly entrenched (relative to the 5 minute time frame). Sometimes it may develop into a swing especially if the daily or 4 hour charts are way over sold or bought and some profit taking from the long termers can be expected. However, we are scalping and treat the first position of the trade as such, letting the 2nd and 3rd ride and tightening stops so that at worst we are in a free trade. This is my favorite breakout system. Search this blog for more about various breakout systems, the longer the consolidation relative to the time frame being traded the more intense the breakout usually.

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Unless you are a perma bull this market has been tough to trade of late, or maybe it’s just me with my skewed view of the markets. I find it hard to buy into a rally that seems false to me, however, what do I know, the punters like it and are buying in. The only market I have been involved with of late has been the Gold market, buying on dips and building a position trade. This is not my usual pattern, basically I am a scalper but having moved to a new house in a new country, scalping has not been possible, so I have been looking for longer term trades, several hours and lo and behold, even overnight with Gold.

The Gold trades have been pretty good and I wonder at how Gold, the S&P and the Euro have all been rising simultaneously, I find it odd, but wtf, have to go with what is. The Euro has been trying to break the 1.35 handle, why, I don’t know, but with the Swissie tanking, could be simply USD weakness and an appetite for risk. Sorry, have not made too many new entries of late, but the move has been pretty hectic and has required full attention.

Euro/GBP has also made some bullish moves and am watching it, to see if it’s time for a decent retrace.

Will be back to scalping soon and will make some new videos once I get back in the swing and out of swing trading, which is not really my cup of tea. The Pivot Point trading has also been pretty weak, with the exception of gain a few pips around the pivots, so still waiting for good opportunities there.
I trust you are all doing well, drop me an email or leave a comment with your views.

Good day and good trades to all.
Mark

Related articles

• Scalping the Forex market (tradeconscious.com)
• Scalping the Euro 1 minute ranges (tradeconscious.com)

Wishing You a great 2012, Happy Scalping and Happy days.

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Ti’s that time of the year again, the first halfhearted snow is falling in London, and the shops are still empty, trying to attract custom with all sorts of deals. The unseasonal hot weather has been blamed and winter clothes are selling at a discount. No proper sales on yet, it’s a tug of war, see who lasts longer, the consumer or the retailers. Seems like most shopping has been done online and red vans with men rushing around with parcels stamped with Amazon all over them were common where I live.

Of course, the late shoppers may have to hit the shopping malls and high streets, worried their Christmas presents won’t arrive on time. So, we may see a last minute rush on retail, but overall not looking great. Investors like to buy equities in the run up to Christmas, expecting the traditional Santa Claus rally, of course this may not happen, and I don’t really care, perhaps a spiritual Christmas as opposed to ‘let’s spend all our available credit‘ on a load of bollocks is not a bad thing.

Personally, I am not buying into any rally, with more and more bull coming out of the ECB and the Eurocrats, mud slinging and France slagging the UK etc. All I trust is small scalps. Scalping the DAX, scalping the Euro and even the CAC now. Some of these trades become swings, but the majority are for a few small pips at a time. Do it enough times, mercilessly cutting any trade that is not immediately in profit, and it all adds up. For currency scalps I am using LMAX as the spreads and commissions are very low. For indices I use various spread betting firms, and at the moment Worldspreads are offering a £300 cashback and zero spread for bigger accounts.

The belief in the Santa Claus rally is like all beliefs, false. One belief is no better than another, you either observe and know or you act like a sleep walker, and the markets are not kind to sleep walkers, so wake up, observe and don’t fear reality

All in all, I wish you all a happy Christmas, I won’t be trading much next week as I am busy setting up some property deals and the pre Christmas market is often thin and treacherous. Whatever you do trade lightly and stay focused.

Best,

Mark

Related articles

• Any Day Now, Santa Claus (blogs.wsj.com)
• A Santa Claus Rally, For Real? (forbes.com)

Until now, when placing a trade you always face the same daunting question:
Will this trade win or lose? That unknown is the RISK…
That’s what sends your emotions on a roller coaster…
That’s what determines how much leverage you can use.

Like I said, until now…

Forex Arbitrage Video here

See, today I’ve got a very different question for you that could change EVERYTHING…

What if you could completely remove that risk and KNOW your pip gain the instant you place your trade?

This isn’t hype and I’m not being silly, though I could barely believe my eyes when I heard about what a top trader colleague of mine discovered…

This is such a revolutionary idea that I’m going to repeat it one more time…

*****************************************************

What if you KNEW your profit when you place your trade?

*****************************************************

Let that sink in. It’s kind of a big deal, I know.

Forex Arbitrage Video here
See, there are some very high accuracy trading methods out there, some that I’ve developed myself.

But the latest discovery by my good friend and trading colleague Jason Fielder is an entirely different approach that is a genuine game changer.

In fact, it was inspired by Warren Buffet and this method comes as close to a sure thing that I have ever seen.

In case you’re wondering, this has absolutely nothing to do with options at all.

You’ve got to see this for yourself.

Forex Arbitrage Video here

WARNING – This strategy is not for everyone, please use with utmost care.

Thanks,

Mark

Related articles

• Is Forex Scalping For You? (tradeforex101.wordpress.com)
• Forex Srategies – Scalping (tradeconscious.com)

I don’t know, but loved this video from Nigel Farage addressing the Eurocrats dominating Europe and discussing the issue of German domination. I thought we’d been there before, not liked it, had millions murdered, tortured and displaced, not nice methinks.

So, what now, a Fourth Reich forming. Europeans are being shortchanged by a bunch of unelected bureaucrats and now by unelected governments, looks like some European countries are taking the places of Lybia and Iraq, talk about flipping pendulum swings.

Anyway, watch Nigel say it as it is.

Related articles

• From Mish: By Any Objective Measure, the Euro is a Failure [Don't miss this!!] (jhaines6.wordpress.com)

Just a heads up  that the new 30 day free trial of Financial Spread betting advice is now available here.

To find out more and how best to use it see the blog entry here.

To open a Zero Spread Spread Betting account with up to £300 cashback click here.

If you need more info please drop me an email or leave a comment and I’ll get back to you.

Best,

Mark

Related articles

• Spreadex bet levels surge by 28% during record month (prfire.co.uk)