Scalp to Trend

I have been in and out of Forex for 15 years, treated it more as a hobby than a vocation. Have had some degree of success, nothing groundbreaking. Decided to give it another go. Waiting on my deposit to post to broker, then off we go.

Account is finally funded, will be looking to trade this week. Going to be really busy at work, so may be a bit before I get in a trade. Will explain the method I am trading as I take trades.

It is kind of funny, I posted the above, then opened the charts, saw a set up and pulled the trigger.

So, I trade the 5 minute chart, at the break of a higher swing high, or lowet swing llow. That ends up being a 123 pattern, or reversal pattern. The reversal pattern is if it fails to make a lower swing, I will trade the break of the last swing high.

I cut my losers as short as I can, and get to break even or a few pips profit quickly as well.

I entered Eur/Usd at 1.404 as it broke the last swing high, this was not the best set up, because there was not a well defined pullback.

It went quickly 10 pips in profit, stop is now at break even. Will lock in some pips as soon as it makes sense to. As I was typing, the trade came down to my stop, out at BE.

Looking at this currently, bottom line is the last swing low, top line is the current swing high. Price is pulling back, have a buy order a couple of pips above the top line at 1.4260. I trade with a 20 pip emergency stop, but, it is an emergency stop in case something happens and I can not close the trade. I will cut the loser, hopefully, for a lot less than 20 pip loss.

Ordere was cancelled, large bear bar formed, possibly looking to short below the last swing low.

Order in to sell at 1.4200.

Sorry, mistyped, it is at 1.1400

Got filled at 1.1400, when I first get in a trade protecting capital is my only concern, I am looking only to cut the loss short or get to BE as soon as its feasible.

If a 5 minute bar closes past the line I based my trade off of, I will consider it a loss and close the trade. Not going to give a loser any room to breathe.

I generally will move to BE as soon as I can get above the high of a 5 minute candle, and be at least at BE on a short, below the low on a long.

As you can see candle rose above my line, it xan test that line, as long as it closes below it, which it did, still in trade for the moment.

Moved stop loss to 1.1394, a little above the high of last closed bar.

Now that my position is protected I wait. Price will either take out my stop loss with a few + pips, or it will go down and eventually pull back. If it pulls back and extends my stop will be moved to just above that new lower swing high.

Stop was taken out +6 pips. Looking to short again at 1.1380.

Order cancelled, failed to make a lower swing low.

Long at 1.1399.

Closed at 1.1387, 5 minute bar closed below my line. -7.

Waiting for a new swing before taking another position.

I will take a lot of small losses, BE trades, small wins. What I am really looking for is a runner, and holding onto that runner as long as I can once I get it.

Price made a new swing low, barely, then started making a large bull candle. Have an order to buy above last swing high, and also a sell order under last swing low.