I’ve been playing with a simple scalping method, based on the eotpro elite series indicators (which I authored, and so I obviously think they are the bee’s knees).
What I like about this chart, is that it’s all price action. No subgraphs. It is deceptively simple-looking, though… I would never take every trade that sets up this way. I use my other charts to decide when good scalping times are. Still, as an easy in-and-out method, I like it. In this morning’s trendless, oscillating market, I was able to find some little trades to make this way.
Basically, the entry is always just after price comes down and tags the rolling VWAP (that blue line). Then, for longs, entry when the paintbars (bonnie’s bars) turn green. Then exit at the math lines, and bail on any remaining contracts if bonnie’s bars turn against the trade.
Very easy to follow, but like I said, you still have to know when the right times to believe in this kind of setup are. That takes a bit more finesse and experience.
May 31st, 2008 at 11:14 am
Well Played. :)
E.