Looking at the 15 min CSS which I think can give a good look at scalping conditions the pairs are really tightly bound. This will have to open up some to make scalping for more than a pip or 2 literally possible.
Look at second chart below and after will discuss.
Your blue and yellow stochastic's are still your best timing indicators. The 4 in one scalping indicator by Keno works well when there is supply and demand in the market. Presently that is not the case. It simply tell you whether the indicator is bearish or bullish. The CCI set at 9 will react first followed by the RSI. The two out side indicators are slower to change. The ema first and usually timely but the MACD last always. If you went by the MACD you would always loose a few pips on a scalp trade but it is the most reliable so think of it as a stress reducer for the entry you already made. It usually does not change once the trade is started. The other side of that it is not good for exits either.
So I use the stochastic first but I am looking at the digital CCI to see if it is decreasing. It does not have to be red for a bearish entry as seen in the chart. However you want to have seen the momentum shifted. The problem that happens in a tight market is that the spread widens and the momentum of the pairs is so constrained it is hard to overcome the spread.That is why it is nice to keep a look at the power chart and CSS. I like the 15 minute CSS for scalping because it seems to reflect better the current conditions. A power reading above 8 might mean adequate scalping conditions on a pair but it varies depending on pair volatility. In a strongly trending pair you want to scalp the trend. In a ranging market that does not mater as much but you have the red 1440 2:1 stochastic to look at. The ribbons are very important in the system because they will demonstrate increased resistance and support especially in consolidated zones. The rules become more important to remember and that is why Keno's second indicator telling you where the ribbons are in relationship to price and how many pips distance to them is so important. If there is black space between price and the ribbon you want to trade to and the ribbon is 15 to 20 pips away you will probably make that distance, yet still you have to be careful of pivots and round numbers. Also when all the labels go red or green you are clear of the ribbons and if momentum has been good look for a break away trade of some significance. So become conscious of the label colors and where you are in regards to the ocean and sky.
Exits are a little tricky related to the stochastic being able to flatten out but still seeing good momentum in a trade. So it becomes a real skill in learning how to read the chart and indicators to maximize your profit. You will get some idea of a goal from the distance to a ribbon. You have to take into account the spread and the distance to make a judgement on entry and exit.
You have to develop a psychology that is adaptive to scalping. You have to think of your trades as a batting average. You are waiting for the right pitch. You must not trade because you want action. Trading is not a natural process. It is a skill that must be learned. Scalping is the hardest form of trading because you are all the time battling the desire to over trade. You have less data to base a decision on because getting into a trade early is important to profit. So timing becomes a mental battle too. Do I have the entry or not. It is made easier though when there is real momentum in the market. In a dead market like right now you are probably chasing price and being beat by the spread. If you have the time to sit at the computer and master the psychology that is required to trade the one minute time period than that may become your favorite trading technique. However every body new to trading thinks the 1 minute is easy. The truth is it is the hardest trading period to trade. That is why I held up from doing the one minute initially as part of the ribbons. However with lower volatility seeming to be the new condition as we get farther from 2008 it may offer some trading opportunities when there is some separation on the CSS that higher time periods do not offer for intraday trading. However I have always recommended to new people to start with Bob's 10.6. Now since he developed the 10.7 - 10.9 system trading that on the hour and up charts is a good place to start. You can do the latter with my ribbons or with Bobs charts. It does not mean you will not find your way to scalping or for that matter intraday trading. Becoming successful at trading first is easier on the higher time periods. You simply have more data to make a decision when using a good system like Bobs. Lastly, DO NOT SCALP NEWS. Go to a higher time period if you want to trade the news. The 1 minute at the release of news is just to volatile to get your bearing looking at it. A move up looks enormous on the 1 minute but that may be followed by an even bigger move down. You just loose perspective on the one minute. So beware of when these news releases occur. Fading the news may be your best technique with the 1 minute. What is important in trading is the process of trading. Great traders enjoy the process of trading which is documented in some of the books of Jack Schwager. So you have to find your time period to trade that best fits your life and psychology once you have established some success. If scalping is your strong suit you will want to find a broker that offers the lowest spreads. There are a couple in the US that do that. I will not get into naming them but you can do some shopping. If you do have the resources to open a professional account usually over 10000 dollars many broker will give you better spreads. However that is not necessary. Do some shopping and comparison, than I think you will be happy with the results. Out side the US you have even more choices but look carefully for proper regulation.
As I finish this post the power chart is reading 0.97 for the highest pair. :youknow:
Cheers,
Doug[/size][/b][/color]
so I end up back on the higher intraday periods but occasionally looking at the 1 minute.