Scalping in the 5m chart

Hi all,

I start a new journey here trying to scalp mainly the EUR/USD in the 5m chart based on Phil Nel's 5m approach.

I'll post charts and all trades, plus here's my link to MyFXBook: http://www.myfxbook.com/members/Xaron/scalping/220705

I just went long EUR/USD at 1.27844...

Day 1: Whipsaw! More range trading.


Trade #1

Idea: Long trend, go long in the correction at SMA 50
Long EUR/USD at 1.27844
Spread 1.2
Max plus: +9.4
Stopped out at 1.27542
Result: -30.2 pips

Trade #2

Idea: Counter long at pin bar, with pivot support (1.2739)
Long EUR/USD at 1.27558
Spread 1.2
Max min: -13.5
Closed at 1.27943 (previous high)
Result: +38.5 pips

Trade #3

Idea short at pin bar, with R1 resistance (1.2812)
Short EUR/USD at 1.27891
Spread 1.3
Max min: -14.9
Closed at 1.27941, no appropriate price action
Result: -5.0 pips

Trade #4

Idea: Long in correction
Long EUR/USD at 1.27966
Spread 1.3
Stopped out at 1.27664
Result: -30.2 pips

Trade #5

Idea: Long in correction (50% fib of last move or middle of range) with target at R1 (1.2812)
Long EUR/USD at 1.27744
Spread 1.3
Max min: -3.8
Closed at 1.28139
Result: +39.5 pips

http://www.xaron.net/dl/fx/2012/100s/0001.png

Net result pips day 1: +17.6 pips
Net result percent day 1: +1.0%

I think I'm done for today. One trade one hit.

http://www.xaron.net/dl/fx/2012/100s/0003.png

Done for the day:

http://www.xaron.net/dl/fx/2012/100s/0010.png

Nice, good luck man!

Sehr schoen.

I also scalp 5 min, but I use London Capital Group on the currenex platform for execution of trades. ~.5 pip spread. I also have a Gain Ninjatrader 1tick feed for precision entries and exits.

Keep it up!