How Many of You Scalp the Daily Chart in Forex Market?
Any active Forex traders who scalp from the Daily Charts using EOD strategy? How is it working for you and are you getting consistent profitability? Pros/Cons? Strategy?
Scalping on daily chart could be very stressful. I have not tried it and will not try it
I would rather master the daily timeframe before I even look at scalping. I also have a job at present and don’t have the time to devote to it.
Even before I saw luckscout,I never used to scalp.scalp is just no sense.you have to muster candlestick and bollingger bands.money will flow to your bank aCcount .
Eric – by EOD do you mean End of Day? Taking the closing price and then setting a TP & SL in both directions or closing candle trend ? Need a bit more explanation of the strategy you are asking about
Yes, end of day and exactly how you described it!!
Scalping is very stressful and must have time to stay on your computer To analyse the market. You must also master lot of things (Market sychology ; Support and resistance levels, trends, price action etc…
I trade daily and weekly time frame.
Yes, I want to devote my time to the daily and weekly time Frames.
I don’t scalp for now, it requires more time on your computer or phone and best good understanding of the market.you must have lot of experience identify strong pattern on time. I prefer higher time like daily, monthly etc…
Scalping does have its place but it is a real skill. You have to have the right mindset and practise practise practise. I have a friend who consistently makes great returns every single day but I cannot seem to replicate his strategy.
I don’t do scalping but I will do it in near future if l Master trading as a professional trader.
If one is to do sclaping,you have to at least follow the direction of weekly,daily and 4 hr time frame, but if you sclap in opposite direction the probability of success become low
If find it very stressing and misleading, it may not give you a clear picture to guide successfully.
I’m currently not trading, but I don’t encouraging anyone to use this EOD. It’s better to monthly, I’m told EOD can only get you into losses.
I SINCERELY ADVISE AGAINST SCALPING ON ANY TIME FRAME BECAUSE YOU CAN NEVER BE A CONSISTENTLY PROFITABLE TRADER THROUGH SCALPING.
Sometimes scalping is too risky if you don’t Master property the scalping strategy.