I’ve mostly only ever scalped because I always thought that swing trading required much larger stops, but your strategy doesn’t and is something I can comfortably risk.
I was trying to target around 20-30 pips/day even if that was accomplished with a few trades a day…increasing the lot size according to my account size as it grows.
I had been doing that very successfully on demo, but I wasn’t using a stop. When I went live, my demo account crashed which affected my ability to trade that way live… so otherwise long story short, here I am…
But no, seriously (and I am about trading), it’s hard to get that many during the Asian session alone. Now it would seem that I could initiate a swing trade for other sessions with larger pip movements, and stick to scalping the Asian. Sounds like the best of both worlds.
You can use EURUSD or GBPUSD for scalping during asia session.
I’ve said several times to monitor price movements in 5mtf for entry. If supertrend and CCI has given signals on 30m, then we have to find the best places for entry in 5mtf.
Triggered when CCI RED, Supertrend RED, and RED EMA crossover arrow.
This is the second signal after bouncing off a resistance area earlier but at that time both the Supertrend & CCI weren’t Red.
Target is 100 pips, but I’m still thinking there might be an inverted head & shoulders developing so will be watching the S2 which is a 61.8% retracement from the head low to right neckline high, where the right shoulder may find support. Also, that is where the left shoulder found support if this is that pattern.
If that fails, it could still retrace to S3 or 78.6% to start the shoulder from.
Failing that, then the head & shoulders will be invalid and the 100 pips falls back to the previous low/support.
So far up 25 pips…getting ready to move s/l to breakeven…will see how it works out.
By the time I’m getting this posted, I’ve already moved to b/e. I’m so used to scalping that I want to close out now…lol.
Do I think it will make it to 100 pips? Well, 75 pips is the last high which is past R1 and 120 pips is at 127.2% of a fib extension I drew which is before R2, so looks good…will find out. Worst I can do now is break even.
Joe how many pips up do you move you s/l again after b/e?
So far so good…2 trades are +40 each, 1 is +30. I’ve moved the stops to +10 on usdjpy & gbpusd, and eurusd is at b/e.
One thing I did this time so not to miss a possible setup was to set price alerts for both the high & low (support/resistance) of the ranges that had formed. I highly recommend them.
Like I said, I’ve mostly scalped for 10-20 pips per trade with 30 being quite a biggy. I know that price will retrace again at some point, but will resist the urge to close out too soon. I do have to go to bed now, so probably that’s for the best and just let the trades play out. Worst I can do now is +20.
I bet you are still online, how come you can sleep while your 3 positions are producing green babypips. Congratulation Sweetpips. Btw, our weekly target is to make 150 pips from each major pair, but this target can be reached soon. I made 48 & 130 from GBPUSD . I can’t upload the chart below
It is not too early but more due to controlling emotion because you were too happy and you have not mastered how to close position at the right time. Netx time, please don’t close your winning position. I have an example about entry and exit for scalping and it might be as an example.
Frankly, I had been doing scalping when prices suddenly trending.
I think the most important in forex trading is to set weekly goals. So you must set a strategy to achieve it. If you set a minimum target for each pair is 150 pips, then there are several ways that you can do.
If market moves sideways, you can use our scalping method. You already know how to entry and exit and you must consistent, including when you are forced to cut lose. Profit from scalping is 10 to 20 pips, although small but more frequent and after getting 30-40 pips from scalping, you should stop trading that day.
Please use 100/27 strategy during europe session or when market is trending.
Finally , please follow money management and do not ever expect to become rich from forex within 6 months. In the first year, after you do money management properly then your income is only slightly larger than your expenses. The second year you start saving more, the third year you start to buy without having to bid, the fourth year you become rich, and 15 years later you become part of the big dogs. LOL
EURUSD opened 1.4362 closed 1.4462… +100
GBPUSD opened 1.6365 closed 1.6465…+100
USDJPY opened 92.89…still open @ +70…going to close because I thought I read that 50 was supposed to be the target?
