Learn to be a Scalper - page 11

Monarch
624
Monarch  

4038 long +4 pips (quick counter trend at 8:36 am EST)

Monarch
624
Monarch  

4067 short at 8:41 am EST +4 pips

I am only taking quick hits here as the NFP could reverse complete or just go deeper.

Monarch
624
Monarch  

4085 level looking at short now.

Monarch
624
Monarch  

I took 3 shorts on the spike back to the News open, I had originally put a exit for all 3 to profit at the same level but I took out the highest short first with +7 pips, then the 2nd highest when it was at +7 pips, and the final I was debating for 10, but I closed it with a +4 pips knowing it could easily go negative again.

I should have waited for a higher entry to begin with, knowing NFP is the king of going back to entry and even reversing the overall moves.

I will monitor the next little while to see if there are any more possibilities.

Of course, after I had taken all the exits, price reached my overall target, but with the first couple going negative, I just wanted some profits.

Files:
EU_shorts.jpg 110 kb
Monarch
624
Monarch  

Here is the update to my weekly trades:

83 wins and 14 losses.

Monarch
624
Monarch  

Watching reaction to the trend lines here on the 1 minute.

Somewhere I am seeing a bigger short coming....

Files:
Monarch
624
Monarch  

Once again on the spike I started shorting again.

+10 pips

+ 3 pips

One remains

I am all clear, no more trades for the day.

Cheers.

Monarch
624
Monarch  

Okay, the week is complete.

Many setups, formations, patterns, and profits.......

I will check back in on Market Open.

Cheers.

Weekly Total:


85 wins and 15 losses

Largest Win +18 pips

Average +5 pips per winning trades = +425 pips

Largest Lost +12 pips

Average -6 pips per Losing trades = -90 pips

Total +335 pips after spread and losses. (+3,350.00)

marx85
47
marx85  

Hi Monarch.

Can you guide me thorough your analysis?

I see that you base your entries on S&R levels from bigger TFs, but i still don't know how do you get to pull the trigger on those trades on the smaller TF.

You apply some PA and indicator analysis as I have seen, but the actual time/price at which you decide to enter is still difficult for me to understand.

Is it more discretionary than mechanical?

Thanks in advance.

marx85
47
marx85  

By the way, can you share this indicator?

https://www.mql5.com/en/forum

It seems to be some form of histogram of two moving averages. It looks simple and might be a good tool to get a quick look at the elliot waves.