Learn to be a Scalper - page 14
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
The 5min chart is now showing some rejection of a deeper move.
I am watching the resistance at 3910 for now, I may take longs on a move back down and a higher low setup.
No longs here at this break of 3910.
Another quick short here at +4 pips.
Next stall zone above is 3922 to 3941
Based on the time of the London session, I played the longs of the bottom test.
I was very anxious entering a few early that were in small profits at first, I held them and kept watching for lower entries.
I was going to go to a 5th entry, but 4 was enough.
I changed my targets from 3910 down to the 3908 to lock in profits on all entries.
Attached is the entry and exit chart, also the WHERE IT WENT AFTER chart.
This is my last trades of London session, will be back during the NY close and Sydney open.
Cheers.
E1 +1pip
E2 +4pips
E3 +6pips
E4 +9pips
23 Wins 2 Losses
+106 pips
Hi Monarch.
Glad to see it was a nice day for you.
I would like you to tell me how's your RR, because with so many trades at the 1 to 4 pips profit levels, your RR must be at least 2:1. I say this because in your charts I've seen you open positions and let the price fall back against you for at least 10 pips, and then closing them with 1 pip profit.
Another doubt is about your analysis on the string of R and G. When you refer to them, do you mean they're all closed candles or do you also include an open candle?
Keep up the good work.
Here is the 15min chart from the open of market this week.
Asia dropped hard after opening up with a gap, the move was very big for Asia, anything over 100 pips in Asia is extreme, 150/200 on London or NY is big.
This R or G bars is considered on CLOSED candles.
You can see the danger in LONGS when price is moving like it was, but it can be dangerous going short after it had dropped so far, so I prefer extremes on big moves like this or large time frame sup/res.
The move was a continuation of the NFP from Friday, seemed Asia wanted a part of the sell off.
As far as ratio to stops, it varies.
There are times I exit with a couple pip loss and other times I play the bottom or top with several entry orders, it depends on the areas that are in questions, and if it is a 1 test, or a 2 test, or pressure to break test.
Also if there has been a string of R or G bars on 15m and the 15m or 5m start showing stall patterns, I will play them a little looser.
If your trading on the trend, or the current pressure/move, and your taking the retrace entries, it is likely that the trade will pay out soon enough.
It is all based on your appetite of holding or folding, or if your account can handle a 10 pip draw down, or a 2 to 3 additional entries taking profit as your first is losing.
I do that many times, I see levels that are real appetizing to my trading desire, and if I am in a trade and losing, I will play additional trades making some profits while I wait for the original pays out or goes near a break even, because I have already won a few more while it bounces around in preparation.
This is my current Oanda 15m chart, you can see price is sideways for now, with 3 candles that have formed doji's.
I would think up or down, since that is how the market goes most of the time.
Just have to find which will be the leader here.......
The thing I will look at with this is the previous R Move down, it is now straight lined (DEAD), so it must give a pulse one way or the other to show it is ALIVE.
I will post again after the move happens.
The low of that 15m range played out, I was long on the 1min setup once it failed, since the range is small I just clipped +4 pips and said, THANKS AGAIN...
24 Wins 2 Losses
+110 pips
The 5pm EST price shot down giving future inclination to the next move, then on the way up to the 3928 area I took short entries.
+7 pips
+5 pips
+3 pips
-2 pips
All clear now till Asia open.
27 Wins 3 Losses
+123 pips
Updated 15m chart - Still in that range paying out PROFITS, and waiting for Asia to GO.
2912 area is getting pressured again, making like it is going DOWN....
I will wait....
Still a ways to go to the low of NY 3887