Thanks phil838. Next time I’ll try to not be so quick on the draw, and adjust the TP accordingly.
Now that the 158.57 line has been broken, is it no longer a scalp line, right? We’re looking for a long at 160.45 if it gets there?
Rich.
Right, once a line is broken it’s gone, unless it’s a small break (5 pips or so) that turns into a bounce away from the line.
160.45 is the next line on the long side, and if things turn south 154.88 on the short side.
155.50 is technically a scalp line, but it’s too close to the 154.88 line to be traded. What would probably happen if you traded 155.50 is that the resistance leading up to 154.88 would mess up your trade. So just skip it and go straight for 154.88.
Hey Rich, I like to watch the price action on these, if it was a nicer looking line I may have set a 50SL and 50TP, but I wasnt to sure of this one, so I had the 1min TF open and watched the price action, when it started to stall and fall a little bit I pulled out for 14pips.
Many thanks phil838
Method765 - that’s a nice idea. I’ll try that next time.
I can’t help but notice how closely all these support and resistance lines line up with Fibonacci ratios. How closely are you guys watching and taking a lead from these lines?
Rich.
I haven’t been watching the fib, but you are right about some forming around them, this could cause some sharp price changes itself, being the reason a nice scalp line forms, but I dont use the fib when trading scalplines. Also Rich, I want to make sure I am clear as to why I was focusing on the 1min TF on this line, it was because I was unsure about it, if I see a nice strong scalpline I may set a 50SL and 50TP and just let it go until one or the other is hit, as Phil said earlier, alot of times price will retrace 20 to 30 pips before coming back to hit your 50TP. So don’t pull out anytime you see some retracement on every scalpline you trade, if its strong give it room to breath, if it looks like a weak line or your just unsure about it, then you could focus more on the price action to make your exit.
I can’t help but notice how closely all these support and resistance lines line up with Fibonacci ratios.
S/R lines/zones are in fact related very closely to fibs,
they are both areas of interest & caution etc. hence
the reason they often line up.
Give added strength to each other ? ! 
With fxcm I can switch between the Ask & Bid price and had left it on the ask price when price hit the 158.58, which was actually 158.52 on a bid chart…my spread was about 6 pips. So I may have gotten in a bit sooner than those looking at a bid chart.
I set my target for 30 pips cause of the other thread I use called 30 pips a day keeps your money at bay…lol. I was in drawdown about 35 pips at one point and was almost ready to pull the plug, but I kept in mind that this system recommends a 50 s/l so that’s what I used…hated it, but knowing this was the gj, it seemed reasonable …and it paid off
Na, I tried to get in long, when the last green candle came within 20pips of my entry, which was +7 of the scalp line. The trade never popped, and then the next candle went short a lot. It was time for bed, so I just deleted the trade.
I didn’t go for the reversal, as I’m trying to stick to nicks method instead of just jumping in. So, since I didn’t see a straight line of reversal candles I didn’t go in for the reversal.
Next one will probably be 160.43 now.
looks like 160.46 might break tonight it ran up touched it on the pip and retraced, but im sure it will test it again tonight at the least.
The 1hr looks like its forming a reversal, so maybe tonight wont be the night, but im gonna keep an eye on this one.
Anyone watching the price nudge the 160.45 line?
i am, i think its lookin good, may retrace a bit but I think i may let it ride
SL 159.96 TP 160.96 Lets see what gets hit first
Where is your allowance for spread which on this pair is 6-8 pips depending on broker.
just gave it 50 from bid price, too bad for this one it went 1pip below my stop before coming right back up, owell maybe next one will be better.
I got stopped out as well. I’m having a run of bad luck this week…
Ouwch. I just got burned by that re-trace too.
Hmmmm.
that sucks, especially if it ends up going up for 50 lol
I’m in the 160.63 trade now. Popped when I was in bed. Got up and it was at -60 pips close to my, “o crap,” SL. Based on price action I left the trade in.
Now, it’s reversed again and is at -29. So, there is still hope for this trade.
are you talking about gj pheonix?