Price Action Scalp Journey

Decided to journal my thoughts here.

My trades are scalp in nature, using multi-time frame analysis, entry on 1 minute time frame. I aim for at least risk to reward ratio of 1:3, but depending on the price actions and timing of the session, I may close early. I only trade the New York Opening and London Closing Sessions as I'm currently holding a full time job.

Also created a trade explorer to track my progress over the months and years to come.

Any constructive comments are welcome.

Satisfied with this week price action

9/2
Was expecting price to rally as per continuation trade from LO during NYO.
Longed at 1.20939 and price reacted well. As it approach 2R, I shifted my SL to BE, but price retraced and took me out at BE.


10/2
Missed price by 0.5 pips and rallied. A little disappointed as it's a clear winner after sweeping the local lows.


10/2
Took a second try. Longed at 1.2128, price reacted well and hit 2.5R, unfortunately I was aiming higher which falls short. As it was getting late, I closed all at +1R. But hey, profit is still profit right?


11/2
Longed at 1.21343 as I have a long bias. Was actually aiming for highs again, and it fall short. The second rally fails to hit the highs again, so i closed half position. The other half was closed when price broke market structure to the downside after sweeping the local highs. Total profit for this trade was +1.7R.


12/2
Set and order at 1.20896 after price broke market structure at the local highs. I missed the breaking of market structure in DXY which can be used in this scenario. If I entered based on DYX, trade would have triggered and hit my profit target of 4R.


Total profit for this week: +2.7R

Good luck!

Thanks mate. Saw your journal too. Looking good so far!

Hi Keeley.

Interesting thread. I like the 1:3 ratios. Keep up with the posting!

I wont wish you luck but green pips is all you need and may you get it.

Cheers!
Zyzel

Midweek update

16/2
LCKZ trade
EURUSD
Long limit set at 1.20991, price did not hit our entry and went straight for TP.


17/2
Pre-NYO trade
USDCHF
Price reaches H1 FVG and did a M15 sweep, M1 BMS to downside. A sign for pre-NYO reversal.
Not sure whether it will be continuation or reversal, so initial price target is bullish OTE.
Stopped out as price rallied. -1R

17/2
EURUSD
LCKZ trade. Price reaches H1 OB and swept H1 lows a few days back. Coincides with NYO reversal. M1 BMS to upside, entry on M1 BB. Since there is no local sweep, we only enter at half risk. Ended with -0.5R


17/2
EURUSD
LCKZ
Price hits H1 OB, local sweep the lows for reversal, coincides with NYO reversal. entry on OTE without M1 BB. Did not enter this trade personally as I head off to bed, but entry was already on chart. Missed this +5R trade for the day. It's ok. Sometimes we win, sometimes we miss.

Results for this week so far: -1.5R

Missed this trade by fraction of a pip and went for TP at +3R.
18 Feb 2021, Thursday
EURUSD NYO trade.
Price hits H1 OB, notice that there is a sweep of highs earlier into NYO, but that's within first 30 minutes. We expect a deeper sweep of M5 which happened and set order on M1 BB. Price missed by a fraction of pips and head for TP at liquidity pool

All trades are called live in my discord channel

19 Feb 2021 Friday
EURUSD
Pre-NYO
Expecting price to rally into H1 OB, continuation from
M5 swept low, Entry on M1 BB. Reason why price reversed from there is because DXY actually hit the H1 OB first, before EURUSD did. Ended with +1.58R.

Weekly result
15/2: NA
16/2: NA
17/2: -1.5R [https://discord.com/channels/7206319...86328873271306] & [https://discord.com/channels/7206319...21083031142411]
18/2: NA
19/2: +1.58R [https://discord.com/channels/7206319...13010155946084]
Weekly R: +0.08R
Missed 3 winners this week. Missed an entry for 1 winner by a fraction of a pip and went straight to my TP target. Some of you front run the trade and took the full profit, so all's well. Expect more of such misses as my entries are rather precise most of the time with sniper-like accuracy. Feel free to front run them. Execution could be better on 19/2 as i failed to take into consideration price in DXY hitting H1 OB before EURUSD which cause the bearish sweep and do a reversal.

Weekly result
22/2: NA
23/2: -1R [https://discord.com/channels/7206319...81816548524083]
24/2: -1.5R [https://discord.com/channels/7206319...29190613024778] & [https://discord.com/channels/7206319...36040180023296]
25/2: -1R [https://discord.com/channels/7206319...91274140712990]
26/2: -1R [https://discord.com/channels/7206319...13010155946084]
Weekly R: -4.5R

Pretty much gave back my profits from earlier weeks. On hindsight, I did take a number of below A+ setup by fighting against HTF OB, expecting price to penetrate deeper during the sessions. I'd be lying if I said I didn't feel sad when i saw the 2 trades that stopped us out and went straight into our TP. smh. Well.. this is part of trading, sometimes shit like this happens and make you doubt yourself. Note to self - to cut off all trades without A+ setups and not fight against HTF trend.

https://www.tradingview.com/x/VsAA7WZa/
DXY
01.03.21 - 05.03.21 Analysis
DXY played out exactly what was analyzed last week. Very likely, we will be looking at price hitting 91.6 and if this level holds, we will very likely see price getting 94.3.

Are you trading on ABC pattern? Seems like it. Trading on ABC pattern is alright as far as I am concerned even on 1M chart. Wishing you luck.

Not sure what ABC pattern is, but I trade the concepts of ICT and other price actions mainly.

Weekly result
1/3: NA
2/3: -0.5R or +4.25R if you caught it [https://discord.com/channels/7206319...07272489762826] & [https://discord.com/channels/7206319...22294791012362]
3/3: NA
4/3: NA
5/3: BE [https://discord.com/channels/7206319...31121150476289]
Weekly R: -0.5R [Not counting +4.25R as signal account wasnt triggered]
After adding a rule not to take A+ setups, I've been really patient sitting on the side. Yes this is a skill to develop as a trader to prevent us from overtrading. Took only 2 ~ 3 setups this week and results are really good. For the runner on Tuesday, I should have taken into account the DXY weekly analysis and follow it throughout, I deviated from it as I was still in previous week's mode whereby I was expecting the weekly low to be fixed during Tuesday's LO. This case, it would have contradicted my weekly analysis on DXY. Note to self - To follow through weekly DXY analysis and take more profits off the table instead of letting 25% run. The trade would have been closed at 6.5R instead when I noted the potential AMD playing out here https://discord.com/channels/7206319...87785758179349 . Execution here could have improved.

Weekly result
8/3: NA
9/3: -1R or +4.4R if you re-entered [https://discord.com/channels/7206319...59614534762506]
10/3: NA
11/3: NA
12/3: -1R [https://discord.com/channels/7206319...43649772175360]
Weekly R: -2R

Taken 2 setups this week, could have been 100% win rate if it weren't for the stop hunts, and then head straight into our TPs. Very satisfied with my analysis this week regardless. Was a potential 8R week if we didn't get stop hunt. I'm not worried about losses as 1 of my winner will be able to cover at least 3 losses. I've been practicing meditation to avoid myself getting into trades unnecessary, taking only A+ setups and this has proven useful. Let's hope that we won't get stop hunt out the next few trades and get the Rs coming our way.

Weekly result
15/3: NA
16/3: NA
17/3: NA
18/3: -1R [https://discord.com/channels/7206319...08179528941598]
19/3: NA
Weekly R: -1R
Taken 1 setup this week and got stop hunt out before hitting my intended TP. Sitting patiently waiting for setups rather than chasing for price is a crucial skill to develop as a trader. I'm never worried about getting stop hunt or losses as 1 good trade can cover 3-5 losses. No strategy works all the time, that's why we manage risk all the time.

Trading on 1M time frame could be risky. Anyway, you are doing well and this is what counts. I like your trading time. I assume that you would do well on London opening as well. Since you are doing a full time job, do some back testing. Once you are confident, then you may give it a second thought. I am wishing you all the very best.

Thank you for the well wishes. I'm residing in Asia, thus I can only trade the NY session. Already did my backtesting, looking to expand into more pairs

Weekly result
22/3: NA
23/3: NA
24/3: -1R [https://discord.com/channels/7206319...84535805968457]
25/3: -0.5R [https://discord.com/channels/7206319...22190849687562]
26/3: +2.24R; with 25% still running risk free [https://discord.com/channels/7206319...15341801013269]
Weekly R: +0.74R ++

Got to see green after a streak of losses. Many of you have been asking me how do I cope with losses. Trust your trades, go back to your back testing results and look at past journals. Always remember this, you can make money off bad decisions, you can also lose money off good decisions. Trading is a game of probability. We, as a trader, manage risk. We keep them controlled and let our rewards run. If your backtest results is profitable in the long run, let the numbers show themselves. You can be unlucky to lose 10, or maybe 20 trades in a row, but over the long run, you will still be profitable with a proven and backtested strategy. Do I take trades that result in losses? Absolutely, if the trade followed my trading plan. Aim is to cut off all the unnecessary unprofitable trades to differentiate yourself from the breakeven traders.