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I would like to give a few tips here, as I was recently contacted privately, but think this information is better kept public for everyone. General recommendation for all who want to trade like this: Depending on your monitor and field of vision, arrange 3-5 charts from top to bottom on the screen. Jumping back and forth between charts is nonsense, it doesn't work because you lose the feeling for the price action each time. My personal preference: EUR/USD, GBP/USD, USD/CAD, AUD/USD. In addition, there are sometimes small information advantages if...
No tree, it is said, can grow to heaven unless its roots reach down to hell
- | Joined Mar 2018 | Status: finally | 147 Posts
Hi Veni and Jens,
Would you take the same trade?
Where would you put your positive stop loss after price reversing?
My earlier plan is to put SL to BE once it reverses, but as we can see, the price suddenly move against it, which will stop my trade at BE.
On that trade, i close it early after seeing big long leg, which i think tend to be reversed. But i will miss more profit, if the price keep moving down
Would you take the same trade?
Where would you put your positive stop loss after price reversing?
My earlier plan is to put SL to BE once it reverses, but as we can see, the price suddenly move against it, which will stop my trade at BE.
On that trade, i close it early after seeing big long leg, which i think tend to be reversed. But i will miss more profit, if the price keep moving down
@Jaymantos: Yes, that looks good. As an additional recommendation, I would add horizontal lines or a grid to make it easier to spot areas that are on a similar price level than the PA you're currently watching. @jojofx A higher timeframe doesn't really make sense for what we're doing. Understanding the bigger picture is important, sure. Veni and also I talked about it here before, but our bigger picture is usually visible within the last couple of hours because of the short holding time and not some overarching trend that lasted the last couple...
@phoenix777 For quite some time i had the same issue: feel remorse for the missing continuation trend. But the essence of scalping is getting in and out to just grab few pips and don't care about the rest. If "missing money" is your issue, one thing that can help is raising the amount of volume/lot you trade such as even 5pips it will result in good money but you need to learn to be profitable first or you will just wipe your account. The best would be just don't care about money because they will come anyway if you learn properly. Even 10 pips a day can make you rich
Another thing you can do is close half of position and then keep the other half to see if the trend continues, from what i saw a lot of times price comes back to our entry point before continuing, maybe because there is where a lot of liquidity is standing.
I'm sure venividivici and JensG can give you more valuable tips.
Cheers.
- Joined Jun 2015 | Status: Retired | 923 Posts
{quote} I did take this trade this morning. It was on EUR/USD, wasn't it? I put my entry a little bit higher than you to make sure the previous low was safely broken. This was a buy-trade in a downward channel within a downtrend after all. Be that as it may, momentum was on our side and this channel showed good legs in both directions but, because of these circumstances, I decided to not move my SL into positive territory but instead to exit manually. I typically don't bet on channels to be broken, so there is no point in trying and milk it, furthermore,...
- Joined Jun 2015 | Status: Retired | 923 Posts
A leg up was formed and I started to look for opportunities to get in on a reversal, getting in too close to that previous daily high didnt make sense, I would be risking a continuation of a bullish trend, so I waited for price to get back downwards within the earlier range below the days high, with a little bearish momentum whilst looking at the nearest levels (disturbances) to keep me alerted to where I would possibly have to close my trade.
{image}{image}{image} A leg up was formed and I started to look for opportunities to get in on a reversal, getting in too close to that previous daily high didnt make sense, I would be risking a continuation of a bullish trend, so I waited for price to get back downwards within the earlier range below the days high, with a little bearish momentum whilst looking at the nearest levels (disturbances) to keep me alerted to where I would possibly have to close my trade.
I (and i'm sure many others) appreciate the explanation of the reason of why you took the trade.
I'm in this trade right now but it seems market already slowed down and big players waiting for the news "Core CPI" to move the market. Missed few opportunities this morning because i wasn't in front of the screen
EDIT: close at high of the day. +4 pips
