EUR/USD: IntraDay Scalping and Short Term Swing Trading Only

hi guys

what is top bottom of that mid ?

Hi, top is January top tpo, low is January projected low (top-jan poc (1.1583)=x pips, jan poc-x pips=jan proj low).

sl to be now and off to sleep.

Thanks

SL held at the recent attempt to hit it. There was a prospective mtf hammer/doji in progress 10 minutes ago, but this time, unlikely yesterday and before, I decided to sit and wait though the bar close and wait for follow through instead of immediately closing and reversing, since I got taken out of a good trade because of it.

In hindsight, I would have been better on this trade by placing a limit sell 3 pips below my SL and keeping a wider target, thus giving me more room, potential RR and flexibility with the trade. Instead, I sit and wait mid trade. Going to keep it on, with no changes or manual override.

08:56 giving this 3 more pips extra SL, it's too close, it just missed by 1 tick. Total SL risk 11.2 p

Edit: The upper line did not hold. It blew right through my stop at 57.4 and looks as if it's coming back down through it. Minus 11.3 on this one.

04:30 Try another short at 58.8
TP at 30
SL at 70
Risk 11.2p
RR 2.57


Hoping it breaks down below 55 now, it's now below middle of last 30, 60 and 100 minutes. A break below 55 at this time, would indicate a break below the middle of the last 24 hours.

Straight lines are pre- projected ORHLM and upper lower lines from Asia open. Moving S/R lines is something that after a year of trying and tweaking, finally figured a simple solution to this morning. My previous custom indie was eating up way too many resources and memory and freezing MT4 and my computer.

Plan B for this trade is a buy stop at 70 with a TP at 1.14, for 30pips. There is massive resistance at 1.14 showing at the higher TFs, along with the spreadsheet KzX posted yesterday it might be a good sell point should it reach there.

05:38 update We are approaching 55 bid at 55.4 now, we are now also below the mid mark for the last 4 hours, 55 is the mid mark for the last 24 hours, and then 49 is the mid mark for yesterday, a drop below 49 and my target of 30 suddenly is within reach.

05:57 She ain't givin' up 55 that easily. She loves me...she loves me not

Today's Setup:


Sell:
open 1.1380, 1.1370 1.1360
close 1.1340, 1.1350 1.1355

07:22 After bidding up to 64.3 we are back at 58.8, if we stay in this range for another hour we will print an OR of 40-70 approx. which will make midpoint OR 55 as well. 55 is going to be key for this morning's first swing. Question still remains up or down.

3 hour support line at 57 is holding this up right now, it needs to stop accumulating there.

Still in short here, but changing Plan B to buystop at 62 with target of 1.14.

So, I went out to go buy a sandwich and came back to find my stop buy hedge hit, now holding a hedge at -3.2, and waiting to get out of it.

OR 335-365 for now. Rest as usual.

Scratching the above plan. dax will now open with a gap up, rest of equities up due to nikkei, EG now at resistance. My sl was taken to the minipip at a small spike down (13472 min bid price) so failed to get it out with +20 pips. Gonna wait london open for direction. Only holding a sp short atm at 2029 with stop 1 point above yesterday's high (2031). Stopped and reentered 2033.25.

Thanks KzX, those are 5p lower than what I thought would print this morning. With that, 50 becomes the turn price, instead of 55. I exited the short at exactly BE of 58.8 and am still holding the long order from 62. I have a mental stop on it somewhere under 50. Any build up here over 50/60 and think my target of 1.14 even on the long becomes more reasonable, it's an iffy trade here and still a bit early before Europe gets going, so risky, but the RR is favorable.

I'm on mobile atm but 350 is OR mid, 346 CET open. Below bearish, above bullish.
I shorted UJ again above 120.

I'm thinking below 45 is a run to 30 at least. Above 60 is a run to 00 (hopefully)...any run above 60 is good for me right now. A run to 30 means I completely shat on myself again.

Above is 395-410-425 Go robots, push it!

I sacrificed a 58.8 short and I exited the 62 long at 43. Another prime example of me continuing my trend of getting out of good morning trades mid trade between SL and TP to whip myself. The only thing that would justify this bad trading example is for the market to go straight to 1.14 from here. Then, left alone both trades would have been bad.

Lesson for any newbies thinking about scalping here. Don't do what I do.

Opened l 1351, sl 1344, tp 1366. Hesitation between the 200's. Might be a signal for short, will close manually if it breaks the 100 down for +1 or +2. Closed +1.5.

Maybe you should hedge half position if you lose conviction to your trade.

Bought again at 54 at failure to break 100 down. sl 499, tp 66. Will close manually if it breaks lower circle, move to be if it breaks yellow up and closes above a couple times. sl hit - too fast

Most indies on most TFs are in the middle, only one is pointing UP atm.

I've found that Hedging is hit and miss for me, it's easy to put on a hedge. But difficult to consistently get out of them well.

I've isolated 4 problems with my manual scalping....in order of priority and importance:

(1) Not leaving my trades alone, letting minor PBs mid trade to allow me to get out of a trade and change opinions that took time to formulate. Costing me pips in spread and timing. More times than not, my first opinion turns out to be right, without having my stop hit if the trade had been left alone. Everyone has this experience. We spend a lot of time analyzing and getting the experience to formulate a trading plan with MM built in, and dump it at the first move of opposing price behavior. It doesn't make sense to do this at all. Might even be better to close the terminal after entry SL and TP have been set.

(2) Not waiting for a better price to buy or sell and entering with Limit orders at SR zones or SL points. I thought I could trade well enough with market orders, because I had an amazing run, when I started this scalping journey. I know now that it was timing, luck and also VERY exhausting to trade with market orders constantly monitoring every bar. Exciting but wearing, and hard to focus on for me. Entering with LIMIT orders at or near my original projected SL for market orders would give me a much better price and more room and flexibility and upside TP potential, and also allow me to not trade in between SR zones and get whipped, thus solving problem 3...

(3) Overtrading. I should be putting in roughly half to one third of the trades I do. Although I get good rebates, when I trade

(4) Setting stops too close. This one is more of an art form. Sometimes 2 spreads is enough and sometimes 30p is not enough. If I can focus on 1, 2 and 3 above. I think this one will eventually be easier to do consistently. Many times for me, for my trading style, moving to BE becomes a mistake. My RR and win rate should allow me to NOT move to BE, or allow a robot to move to BE for me and prevent me from adding on to my position. Sometimes adding turns out well for me, sometimes it's a disaster.

These are isolated for me only at this time. Others may have different things to work on. There will be others who read this and think about any of these points to be valid for them as well, so I'll leave this up.

They're all pointing up now. This is a nasty session for scalpers.

That was convincing enough for me to go long again at 70 with a TP to 00 which was my original plan B this morning.

Got a fill at 70. Stop is at 62. Betting they're not coming back for it. There was just too much force catching too many folks off guard, except Sakisf.