Double the Account... by Scalping

And we have another winner. 4th trade in a row. My max consecutive winner trades with this strategy is 9. Let's try beat that record

Since we are scalping, the account grows another 6 dollars. But as you can see we could got easy 10 dollars. But we must fight greed with all our strength.

Lets see if it holds here.
EUR_USD was also with a good setup, but we can only take the best one.

Each day, a tremendous number of news is released worldwide, which have great impact on world political situation, military affairs and economy etc. Forex news trading, basically, is taking advantage of the market volatility and unclear market trend in the event of surprising news to trade forex immediately before or after the announcement of news.

6th trade was a loss.

Well let's not try to be affected by it and wait for another setup.

The stop loss was the low of the hammer, that is 10 dollars.

I can see there is a powerful trend down, but i just want a pullback to scalp.

Lets see if this one gets there. The target on this one is far away, because a bigger pullback is needed

So far we can kept only one consecutive loss.

I see that the method works, but i am not happy with the results.

Why:
1 - Too few trades to follow (one a day)
2 - It will take forever to double a 50 dollar account at this pace...

Account grows another 6 dollars.

Missed one in EUR_USD a while ago. Lets see this one.

We reach the half of the objective that was proposed in the begining of this journal. It took 8 hammer trades and 9 days to get the account 25% profit.

Lets see if we stay in the good path.

LEts see this one !!

Well, can i call this trade bad luck?

Does 'bad luck' exists in trading ?

I believe not. WE make our luck.

This 9th trade was a loss by 1 pip only. Almost had a profit of 6 dollars, then inverted made 1 pip high above the inverted hammer high and then goes to the target zone.

I lost another 6 dollars, because of 1 pip.

CONCLUSION
In order to make this hammer method work, i need the pair in a range zone. If the pair is in a trend up or down, the method fail.

So i will be working in a indicator that will tell me when the pair is ranging / trending in order to open hammer trades.

Man, you are making money already with that strategy, I wouldn't want to change it too much! Don't make the mistake of always trying to improve something that is already good just because of a few losses in a row.

Hi all,

Well i am starting writing again my journal with live trades. This time off was nice for me to put some ideas in my head.

A few modifications in my original method:

- the Trix indicator is gone. I don't need lagging indicators to trade. Price Action should be enough. Almost naked trading is what i want to achieve in my journal;

- The core will be the beloved hammers. I like them a lot. The news here is that before i take an hammer to trade i will wait for the next candle to confirm the hammer direction. I need momentum with the hammer.

- Will use only 5 min timeframe.

- No more dollars in my journal. pips is all i am going to talk about;

- Will keep the 4 pairs looking for hammers: E/U, G/U, A/U, E/J

- The Risk:Reward must change: so far the SL was the hammer high or low ant the target profit only 6 pips. From now on the target will be equal to SL +1. At least i want a 1:1 RR.

Entered this trade a few minutes before news in GU. As soon as it touched the center of the BBs, i got out. Took only 4 pips, and in the first trade i broke my new rule of the 1:1 Racio. lol But could not risk losing 10 pips to the news whipsaw.

Blue area : Support zone. Buy really hard!!

Yellow line: Target for this move.

It's a given. The only thing i dont know is when it will get there. But i am 100% sure it will. Lets wait

Hi sconcha, what is the current balance?

Trade Update:

Lets take this money home shall we ?

Hi Vitez,

well, i am starting again from 0.
I will double the account in less than 1 month.

Starting 100€. trading micro lots (0.01)s.

Stay tunned !

Triple that b#tch! Cheers!

ehehehe I like your attitude!!

We must be fierce in what we do, and enthusiastic also!

So the balance is as follows:

After #1 trade :116€
Profit: 16%

Trade #2

High Probability Trade. The USDJPY will go up. The only doubt is When....