Hi all
I would like to start journal on my scalping practice runs. At the moment, I use demo account but I assume to have $25 to practice on. This is my actual account balance at the moment. I will use purely price actions at critical levels.
Rule:
1. Only trade pairs with spread < 3 pip.
2. Never trade in horizontal ranges.
3. Identify established trend channels in 4 hr/1 day chart.
4. Wait until the price approaches the boundaries of the trend channel.
Entry
5. If the trend is steep entry along the trend bias only. If the trend is shallow, either directions will be okay.
6. When I see price reaction near the boundary switch to 5 min, 15 min charts.
7. When I see bounce, enter. The SL placed 2 pips above the bounce extremes.
8. If there is support/resistance too close, making rr ratio near 1:1, don't enter.
Exit
9. Enter 0.02 lots and exit 0.01 lots at 1:1 RR point. This ensures the b/e at stop loss.
10. Remaining 0.01 lot follow the price until sign of curling up appears on next support/resistance level.
I would like to start journal on my scalping practice runs. At the moment, I use demo account but I assume to have $25 to practice on. This is my actual account balance at the moment. I will use purely price actions at critical levels.
Rule:
1. Only trade pairs with spread < 3 pip.
2. Never trade in horizontal ranges.
3. Identify established trend channels in 4 hr/1 day chart.
4. Wait until the price approaches the boundaries of the trend channel.
Entry
5. If the trend is steep entry along the trend bias only. If the trend is shallow, either directions will be okay.
6. When I see price reaction near the boundary switch to 5 min, 15 min charts.
7. When I see bounce, enter. The SL placed 2 pips above the bounce extremes.
8. If there is support/resistance too close, making rr ratio near 1:1, don't enter.
Exit
9. Enter 0.02 lots and exit 0.01 lots at 1:1 RR point. This ensures the b/e at stop loss.
10. Remaining 0.01 lot follow the price until sign of curling up appears on next support/resistance level.