Price and volume in FOREX

As we all know there is no volume in FOREX since it doesnt have any centralized exchange. However in my scalping strategy volume is fundamental element of my trading. I take volume out of the CME(EURO FX FUTURES contract): http://www.cmegroup.com/trading/fx/g10/euro-fx_contract_specifications.html

If you are serious about scalping I recommend you software like: Infnity AT for price ladder (great for the price action and order flow) and for more volume information something like Thinkorswim platform. Scalping strategy is a one of my three strategies I use for trading. I scalp max. twice a day(two scalping trades). Scalping time (that means waiting for the trade and trading the trade) can't exceed more then 2hours a day.

So how I scalp. Well generally I look for price action on Infinity AT price ladder and I just watch the order flow coming through price levels. I focus on major S/R sometimes helped by Market Profile but I dont use that very often.

Basic methodology is to wait what the price is gonna do around S/R, where is the highest volume (Thinkorswim, active trader window). If the price is very fast and volume is rising I most likely take the trend. But the price has to start moving very quickly (for that reason you need some robust futures quotes flow). Metatrader is terrible for that and you are loosing a lot of edge by using just Metatrader. I don't use any signal indicator. Only indicator I use takes the data out of volume and price (its called VolumeFlowIndicator) and it's just for confirmation my direction. No shiny signals. Pretty straight forward. The other indicator is LRC for the direction of the price.

For the exit I either use FIX TP around S/R or I simply watch price action and it's velocity. If it's slowing I usually quit the trade. Time I spent with the trade is usually no more then 15-25minutes (according to my past trades). Average trade takes me 17,6 minutes.

I don't put S/L straight away after I enter the trade. If I am initially wrong I get out straight away. If I am right after the trade move 3/4 of where I wanna get with the trade I will set the S/L.

Down here you can find the screenshots of my desktops with little explanation. Good luck with your trading.