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Fresh Start...

  • #1
  • First Post: Edited May 29, 2008 7:48pm May 20, 2008 11:13am | Edited May 29, 2008 7:48pm
Wanted to start a journal on scalping. I'm going to try and scalp pairs that have low spreads a little before the NY session starts, probably from 6am-11am EST. I have no clue how this is going to play out but I decided I should give it a try.

I also trade a more conservative style and I will probably list those trades if the scalping doesnt work to my liking.

For SCALP only
5 Minute chart.
Slope Direction Line-(Period 9, Method 3, Price 0)
Stochastic’s – (5,3,4)

When both indicators agree I'm going to follow. Really dont think there is a need to worry about the daily trend since I'm going for a couple of pips. As for my SL its going to be a mental SL.

Maybe this will prove to be profitable, but I have my doubts...
  • #2
  • Edited 12:39pm May 22, 2008 9:47am | Edited 12:39pm
Yeah so scalping sucks!!! I applaud everyone who scalps and is successful in doing so but this is not for me.... At least now I know....

I made 3 successful trades this morning that we’re all shorts. I decided to base my trades off of H1 timeframe. But what I realized is you need to be quick to pull the trigger or it can go bad, very quickly. Now I don’t have the problem with that, my problem with scalping is I'm using such high risk and personally I'm not comfortable with it, this morning felt more like gambling then trading…. Granted I had better luck this morning instead of going to the casinos, lol

I decided I'm going to use this thread to post my other trades.

Currently short EU from 1.5783 locked in a minimum 50 pips profit.
Currently long GJ from 203.21 locked in a minimum 220 pips profit.



I will post some charts and some of my methodology later tonight if I get some time.
  • #3
  • May 22, 2008 8:36pm May 22, 2008 8:36pm
EU closed for a +50 pips
GJ currently at +276 pips, locked in at +220 pips.

When I say pips, I mean this is the total to be gained.
For Example EU Short.
Open @ 1.5578
Closed @ 1.5528
Profit +50 pips.
I only clarify this as I trade multiple lots at times with different TP levels..


New Trade-
Short GU @ 1.9794.
  • #4
  • May 23, 2008 9:41am May 23, 2008 9:41am
isnt this over trade?
  • #5
  • May 23, 2008 10:57am May 23, 2008 10:57am
Quoting Bam Bam
EU closed for a +50 pips
GJ currently at +276 pips, locked in at +220 pips.

When I say pips, I mean this is the total to be gained.
For Example EU Short.
Open @ 1.5578
Closed @ 1.5528
Profit +50 pips.
I only clarify this as I trade multiple lots at times with different TP levels..


New Trade-
Short GU @ 1.9794.
Are the above results on 1h or 5min TF?
  • #6
  • Edited May 26, 2008 7:48am May 25, 2008 5:49pm | Edited May 26, 2008 7:48am
The trades listed above are from my more conservative trading style. They are off the 4HR and DAILY charts. Im giving up on the scalping. As I have said its not for me.
  • #7
  • May 26, 2008 7:43am May 26, 2008 7:43am
No trades for today as it is Holiday for me here in the US.
  • #8
  • May 27, 2008 1:45pm May 27, 2008 1:45pm
Short EURJPY @ 163.70
SL @ 164.50
  • #9
  • May 27, 2008 8:07pm May 27, 2008 8:07pm
Quoting Bam Bam
The trades listed above are from my more conservative trading style. They are off the 4HR and DAILY charts. Im giving up on the scalping. As I have said its not for me.
Thank you. Are you the same parameters and indicator on the 4h or D1 as described in thread #1for 5 min?
  • #10
  • Last Post: May 29, 2008 2:43pm May 29, 2008 2:43pm
Yes same indicators. On 4hr I mostly enter based off the SDL and mainly use the Stoch on lower TF for better entries.
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