It is a scalper’s market right now. The market is consolidating at these levels and is very choppy, going up 30 pips and surrendering 40 pips and it continues to do so oscillating between highs and lows.

Scalping Pound Dollar on the 1 minute chart

Scalping Pound Dollar on the 1 minute chart

To trade this market, you need to get the help of the Osciallators, Mr RSI and Mr Stochastic. From the chart above, you would have made a bit shorting whenever the stochastic goes above 80 and going long when it reaches below 20.

If you don’t like scalping the market, then stay out. The market is not trending as yet and in my opinion will take some time consolidating at these levels.

To your trading success!

Ardy

Triple Threat Trader

Singapore Forex Traders’ Blog