“scalping The Aussie Dollar: Rapid-fire Profits In The Australian Forex Market”

“scalping The Aussie Dollar: Rapid-fire Profits In The Australian Forex Market” – On the hourly chart of AUD/USD, the pair started a fresh decline from the 0.6720 area. AUD/USD dipped below the 0.6670 support to enter bearish territory.

The pair even fell below the 50 hourly simple moving average at 0.6630. A low was formed near 0.6595 and the pair is currently consolidating its decline. It is testing the 23.6% Fib retracement level of the downside move from the 0.6750 swing high to 0.6595 low.

“scalping The Aussie Dollar: Rapid-fire Profits In The Australian Forex Market”

On the upside, the AUD/USD pair is facing resistance near a key bearish trend line at 0.6630. The next major resistance is near the 61.8% Fib retracement level of the downside move from the 0.6750 swing high to 0.6595 low to 0.6670. A close above the 0.6670 level could start another steady rise in the short term. The next major resistance on the AUD/USD chart is likely to be 0.6750.

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On the downside, initial support is around the 0.6595 level. The next support level may be 0.6550. If the downside breaks the 0.6550 support, the pair may extend the decline to the 0.6500 level. A further decline could lead the pair towards the 0.6440 support level.

On the NZD/USD hourly chart, the pair followed a similar pattern and broke below 0.6125. NZD gained bearish momentum and traded below 0.6085 against USD.

A low is formed near 0.6050 and the pair is currently trying a recovery wave. It broke a major bearish trend line with resistance near 0.6070 and the 50 hourly simple moving average.

The pair is currently testing the 23.6% Fib retracement level of the downside move from the 0.6200 swing high to 0.6050 low. If the resistance at 0.6085 is broken, the pair could rise to 0.6125.

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The 50% Fib retracement level of the downside move from the 0.6200 swing high to the 0.6050 low is also near 0.6125 and could act as a hurdle. Any further gains could open the door for a move towards the 0.6200 resistance area in the coming days.

On the downside, immediate support on the NZD/USD chart is around the 0.6050 level. The first major support is around the 0.6020 area. The next support level may be 0.6000. If this level is broken on the downside, the pair may extend the decline to the 0.5950 level.

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To the average person, scalping might seem like a scary word. Traders also find that there are many opportunities hidden behind its meaning. In trading, you don’t need to use human scalps for anything. Instead, you can “slice” based on small changes in price. In the literature, scalping is defined as a short-term trading style that helps to profit from small price changes as many times as possible during a day. Experts consider scalping to be a rather dangerous style of trading that requires constant attention on charts throughout the day. Therefore, scalpers need to have nerves of steel and follow the market cautiously. It is very important to understand risk management techniques and set entry and stop loss points in the correct way. A confident novice scalper who doesn’t have an algorithm to enter the market can turn out to be a loser. Today, we’re going to help you out with that and share with you some effective scalping strategies.

If you answered “yes” by more than two points, then you’re a real scalper! For those of you who only answered yes once – you’re probably considering this approach right now. However, the strategy we explain below is straightforward. We’re sure any of you can try them out and see how effective they are.

Let’s look at an example. We’ll look at the EUR/USD chart for July 22. In the first half of the year we can see that the price is moving in an uptrend. The 8-period EMA moved above the 21-period EMA.

We switch to M5 and wait for the candlestick to test the 8-period EMA through its lower shadow. The trigger candlestick occurred on July 22 at 12:55. We counted 5 candlesticks from the triggering candlestick and chose the one with the highest high. We open a buy position at 1.1545. We place a “buy stop” order at the high of the highest candlestick. The stop loss is placed at the low of the trigger line at 1.1537, while the take profit levels are:

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On the first-half chart of EUR/USD, we notice that the pair is moving in a downtrend. The 8-period EMA is trading below the 21-period EMA.

We open the M5 chart and wait for the trigger line. It appeared on August 15 at 16:25. We counted 5 candlesticks from the triggering candlestick and chose the one with the lowest low. This is our sell order at the price of 1.1134. Stop loss is set at the trigger line high at 1.1144. The take profit level is calculated as follows:

The second strategy is for those who love gold trading and want to learn how to scalp the precious metal. Remember, this requires your full attention on the graph.

You need to buy when both slow and fast oscillators break above -30. Close the position when the fast oscillator (9) leaves the zone. Stop loss is placed a few pips below nearby support.

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When you consider opening a short position, you need to sell when both the slow and fast oscillators break below -70, and close the position when the fast oscillator leaves this area. The stop loss is set a few pips above the nearby resistance level.

Below you can see an example of a long order. We open the position when both the slow and the fast oscillator are above the -30 level at 1 946.12 and we close the position at 1 948.67 when the fast oscillator crosses the -30 level down. 1945 is our stop loss.

Now you know what strategies you can use to engage in scalping. We highly recommend you try it out! At the same time, remember to manage risk and not be greedy. This simple advice may help you avoid a failed deal.

Bill Williams is the creator of some of the most popular market indicators: Awesome Oscillator, Fractals, Alligator and Gator.

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