Learn to be a Scalper - page 20
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Check out my trades.This last one gave me +13 pips.I overtrade as hell.
NO NO< we can never overtrade lol.
If you recognize patterns that are consistently losing, try to figure out how to wait a bit and see if it is a real trade setup.
I do early entries also, and at times if I had just waited a few more 1min bars, it would have been perfect.
I am looking at your charts, can you label the time frame so I can look back also to check what your watching.
Thanks.
Wow, took a loss on the first spike of the low when I thought it was just testing, guess there was news on that -6 pips.
Then took a long off of the spike bounce below for +5 pips, and then when it retraced up to 3797 area, I was in short BIG TIME lol. +7 pips 5 lots.
-6 pips
+42 pips
Weekly Total
56 Wins 8 Losses
+280 pips (after spread and losses)
I could not even tell how many pips I just got on both shorts, then longs, then shorts.
I know that I had 7 trades, and 1 of them was a loser.
I will count and add to weekly total in a bit.
2 more shorts from the 3776 to 3779 area.
+6 pips and +9 pips.
Things slowed up a bit, so I had time to get a screen shot.
Weekly Total
64 Wins 9 Losses
+313 pips (after spread and losses)
As priced moved up again, I started the SHORT process and waited for the turning of the circle to the downside to catch my profits.
I closed manually just before my target line that came after the exit, but profits booked are key in scalping, I have seen them go right to the exit and not hit, and end up with 0 in a second.
On that 3 Entry short I cleared +9 pips, +6 pips, +6 pips.
Will take a break for a bit.
Weekly Total
67 Wins 9 Losses
+334 pips (after spread and losses)
My weekly goal is 105 pips, which I have done for the past few years with no problem, this week I am shooting for 500 pips by Friday.
I really need much more screen time to get to see the moves as you do.
I get some of the moves, but i have the need to see some momentum in the direction of my trade, or I'll exit it at BE or even small loss.
My problem is that those losses compound to equal the big moves that i took.
A wise opinion would be not to trade pullbacks, because they're my biggest source of losses but my goal here is to learn, so I get on taking them and trying to understand what I'm doing wrong.
I really need much more screen time to get to see the moves as you do.I get some of the moves, but i have the need to see some momentum in the direction of my trade, or I'll exit it at BE or even small loss.My problem is that those losses compound to equal the big moves that i took.A wise opinion would be not to trade pullbacks, because they're my biggest source of losses but my goal here is to learn, so I get on taking them and trying to understand what I'm doing wrong.
I spent most of my trading career doing the pullback type of trading, and it is still by far my most favorite and profitable setup.
There are a few things to consider in the overall setup that forms after a major move.
I would like to go over those with you to help if I can.
What time frames are you watching? And what time frame are you entering your trades on?
If you can give me a clear picture of a move, pullback, and entry it would help me to see your thought process.
Just watch and it will show you the way.
I am watching and taking longs at the bottom......
Here is a simple thought pattern to think upon when price is moving..
I took the first long on what I thought was the break up, and it stalled on me, so I then wait for the extreme low to test, and took the second entry.
The key is not just 1 position, even though many times 1 position works fine, but when you talking about levels of supp/res there is a lot of playing around and faking out, so you have to play the game and just learn your risk tolerance.
I would not recommend taking more then 5 entries at any time, so there are high risk if failure of the support holds, I will have to just exit with losses, for now I am in only 2, with a 3rd entry reserved for a few pips below the Asia LOW.
There are times I will exit a profitable trade, and re enter on a move back into that area of entry, while holding a losing trade, I have accumulated many wins on the bounces as a 1 or 2 entry is getting hammered. lol
We have had a big sell off today with Euro Zone worries coming back into the market, so the trades will have to be executed quickly if it wins or loses.
I am not sure yet what levels I will attempt shorts, but I won't short a bottom or long a top, no matter the news out.
Exit Longs.
I always have a limit order set for a spike my way, but I would say I always exit before that level reaches.
I closes with +2 pips on E1, and +7 pips on E2.
My goal was 11 and 6, but PROFIT is always a priority, there are hundreds more to grab.
Note: After I closed my LONGS, it went to the target, as usual.
Weekly Total
69 Wins 9 Losses
+343 pips (after spread and losses)
My weekly goal is 105 pips, which I have done for the past few years with no problem, this week I am shooting for 500 pips by Friday.