GDP/USD scalping inspired by ShakesFx

Ok starting this thread alongside my other thread as I am interested in testing out the profitability of scalping GDP/USD. Today, despite being in a nice profit for EUR/USD, and am a bit bored to be honest in the lack of price movement! The spread for GDP/USD is usually a bit higher, at 3 pips, rather than 2 for EUR/USD, however there seems to be more price fluctuation.

I will use the same strategy, 2 lots, Target Profit of +10 on 1st lot (i.e 13 pips away from starting sell price to accomodate spread), with Stop/Loss at -15 (i/e 12 pips from starting sell price to accomodate spread).

buy 1.4225 (sell price 1.4222)

take profit on both lots of +4, sell at 1.4229 (buy price 1.4232)

You must have quick fingers on that IG platform to close and reverse, and the type on here, 2 trades of 2 lots in 2 minutes, can you share?

THANKS

reverse is easy, though if you look above I closed the trade not reversed.

To reverse simply double what you are trading. For example I bought 2 lots at x. To reverse sell 4 lots at y.

On my other thread my EUR/USD position is open, I am not "actively trading"

cool, thanks

definitely more range here in GDP/USD, since 5pm there has been a range of 30 pips roughly 1.4200 to 1.4230, whereas E/U has only had a range of 16 pips 1.2561 to 1.2577.

Will have to study closer...

Try a buy here at 1.4250

close trade selling at 1.4246 (-4 on each lot)

Sell 1.4246

hi pete, not sure it's a good idea to try to scalp the G/U pair that way. please just take a look at the average daily range (with a monthly period) => 350 pips with a spread of 3
225 for E/U & spread = 2. that's rougly the same ratio but G/U looks a lot less predictable in terms of noise

sorry

TP hit on 1st for +10, move S/L to B/E on 2nd lot i.e. 1.4243 (buy back 1.4246)

good luck pete, hope things go well for you. Don't bite off more than you can chew though! Hopefully the martingale EA 'scambusters' won't descend on this thread...though I assume they will...

Hey Pete,

Good luck with the GU. I thought Shakes said that he wouldn't trade the GU himself, because this pair was "self destructing"?

Dahlia