Scalping the Momentum

Been on FF for a while now. Decided to start a new journal. I might succeed or I might fail, only time will tell, lol.

My trading Strategy consist of scalping using the 5m, 15m, 1hr and 4hr chart. I execute on the 5m. At the moment I mostly trade some jpy pairs because they are some of the fastest moving pairs with relatively low spreads. Jpy can literally trend for days with minimal pullback sometimes. I try to trade in the direction of the 4hr candle most of the time but I'll honestly go where ever the flow of the H1 takes me. I Watch out for major support and resistance to minimize the amount of trades I take since I am a scalper and don't want to accumulate losses. Price tends to get choppy when it approaches support and resistance.

Everything in Forex clicked for me once I decided to create my own entry strategy, my own exit strategy and my own money management strategy. For me... money management is my exit strategy 95% of the time. Of course I pay attention to news and fundamentals as that is what create trending markets but the charts allow me to see whats happening at the very minute. I usually trade 2 hours during Asia session and 5 hours during US session. I have an issue staying consistent at posting in forums but I will do my best to stay active and post from time to time in this one.

Date - 2/19/2023

Pair - Usd/Jpy

Fundamentals - None/ Bank holiday for Usd

Technicals - H4 bullish, H1 bullish

Today's Expectations = +2% Gain

Today's Expectations outcome = +2.59% Gain

Conclusion - Only traded 1 hour during Asia. Wanted to trade both hours but the usd holiday got me pretty spooked as my
luck isn't always perfect on holidays. Not trading US.

Date - 2/21/2023

Pair - Usd/Jpy

Fundamentals - @9:45am Flash Services PMI, Flash Manufacturing PMI. @10:00am Existing Home Sales.

Technicals - Price choppy at beginning of Asian session. usdjpy been in a range last 4 trading days. Plan is to buy at support and sell at resistance. Prepare for possible break out on the daily since its been ranging so long.

Expectations - +2% Gain

Expectations outcome - +24.68% Gain... 5 break even, 2 win and 1 loss...

Conclusion - Was a beautiful day to trade. There was so much opportunity in the markets today but real life happened. Cant catch them all. I risk (1) to get a reward of (3+). I risk 2-5% per trade depending on the time of day.

Date - 2/22/23

Pair - Usd/jpy

Fundamentals - 2:00pm FOMC Meeting Minutes/ Jpy has bank holiday today. Not expecting big moves but I'll definitely be watching since uj be on some cowboy shyiyt.

Technicals - Uj looks like it wants to remain in the range I talked about yesterday but... "Momentum Myke" is my name and scalping is my game.

Expectations - 2% Gain

Outcome - +15.54% +11.52% = +27.06% Gain. Asian session/ 5 loss, 3 wins.. NY session/ 2 Loss, 2 wins, 1 break even.

Conclusion - Not a bad day. Wasn't really expecting big moves so I cut runners short. Hopefully some real action kicks in tomorrow.




Edit: The market gave me an offer I couldn't refuse for an extra +11.52% Gain. Puts today's total gain at +27.06%

Date - 2/23/23

Pair - Usd/Jpy

Fundamentals - 8:30am Prelim GDP/ Japanese emperor birthday... Bank holiday

Technicals - Still in that daily range so Stick n Move! Just keep Sticking and Moving. (Not holding runners until out of this range)

Expectations - +2% Gain

Outcome - +14.02% Gain 1 Loss, 1 Win during NY session.

Conclusion - Got a late start today. Went out for Jr's birthday last night so no Asian session trades. FF calendar had me thinking the Japanese holiday was on the 22nd when it was in fact on the 23rd. Gonna have to keep a better eye on these holidays. Lack of volume in the markets can kill a scalper with no remorse. My stops are way too small to trade in slow moving markets. could've gotten slaughtered during the Asian session if I were at my computer, Thanks FF calendar (Sarcasm).

Money management is the second most important thing in my trading. Psychology is 1st.

On Fridays I naturally tend to trade scared. Not to mention by Friday I'm usually ready to shut the screens down. I'm in the process of fine tuning my psychological mind frame. This weekend I am going to watch a minimum 8 hours of trader psych videos. Might even throw in a few pages of a psych book. I have been exiting trades pretty early all week because of my psych. When there is a lot of volatility in the markets, I should be focusing on riding trends. I will do a better job of "planning my trades and trading my plans" next week.

Gained +1.5% today. Goal was a minimum of 2%

Funny stuff




Looking forward to this week. Non farm week is always "wild".

Wild week in global banking. Created lots of opportunities for those that were able to capitalize on them. I took a few trades. I have a feeling these moves are going to last a few weeks.

Traded 4 hours today. First two hours (London) session, I caught 2 nice scalps back to back gaining 8% on the day. I was thinking I should chill out the rest of the day since its a Jpy holiday but I figured there would be movement in the (US) session.






I took the first 2 long entries at 8am est US session and got whipped out which is to be expected when there's low volatility in the market. The mistake I made was averaging down on the second entry "twice" which caused a bigger loss than I wanted. My analysis was telling me the market wants to go up so I took a third long and that's when my emotions told me to kick rocks. I closed the 3rd trade at break even and the very next 5m candle went up 30 pips followed by the rest of the hourly candle moving up another 47 pips for 70+ pips after getting chopped out. At 9 am est I decided to go long since the market was rebounding pretty decent. I didn't put my emotions in check and ended up getting chopped out again due to stop losses being emotionally placed instead of systematically placed. Finished the day +2.38%... I traded like a noob today :/

Me in a nutshell!

4 Losses 3 Wins +9.76%

First loss I took during the London session was still in the "Chop Zone". It was also out of the volatile time frame (London pre-market).




US session was "regular degular". The only mistake I made there was at 9am I failed to wait for a Flip confirmation before taking a buy and it immediately went against me.

I only took one trade today during US session. I did not trade the London session. It's best to sit on the hands when there is a lack of news events on the day.

Hi.
If I may ask, the 2% that you are aiming for every time, on what account size do you enter ( including the leverage )?
I tend to ask it from a psychological view.
Thanks

hi , do you still trade this system? Would like to know more

My max risk ever is 2.5% with the trend and 1% or less against the trend

Yes. I trade the flip of the H4 candle. Once the h4 creates a wick, I look for buy/sells, preferably with the trend. I use market structure to determine the trend on the daily and weekly timeframe