I like to wait now until after the 8:30 est economic news before entering another trade.
I’m wondering if perhaps you mean “0.009 / 0.1 or 0.02 / 0.2.”
I think 0.02 / 0.02 couldn’t work at all?
This was the other trade closed prior to 8:30 news.
Closed because it was meant to be a morning scalp and there was an indecisive candle closed with equal length wicks on top and bottom.
Managing open trade with cost averaging.
Price coming down to 200 ema. Could get another order block signal soon. This is why lot sizes are small on long time frame trades.
Spikes
I advise not entering on signals soon after spikes as they corrupt the signal data. I have not entered a new trade since closing my last 2 winners.
D1 trading
Visible chart is about March through Oct 2023.
Some of the trends are 500 pips. Some are 300.
I have added the Awesome Oscillator Alert Zero Line indicator for convenience (White circles with arrows) which can send alerts and makes it easy to visualize. Its not as quick with signals, but on D1 charts, can bring outstanding profits.
I added green check marks manually to help see them.
Recommend go to M15 for another quick 1 or 2 candle scalp by this time of day.
How long before traders are making $200/day with a $3-$5k account?
How to deal with the news (before and after)
Hello Wajdi,
I am afraid I am not a good one to ask about trading the news. I know there are good strategies, but I have not invested the time to become proficient at them.
I only leave a much larger stop loss if I have open scalp trades when the news is about to hit.
In general, I try to scalp when I know the trades will probably be closed before 8:30 Eastern est. I start trading again typically after 9:00 a.m.
Hourly and daily charts are not usually affected by the news on any given day. Those have a very large stop loss well beyond the range of most any high impact news event. Since those trades may be open for several days or even weeks, it doesn’t matter to me at all if there is a day or two when price swings wildly against me. That’s expected, and is of little to no concern. In fact, those are great opportunities to consider adding additional entries.
I find that the best way to stay psychologically comfortable is when you have a daily chart trade open and it’s down two or 300 Pips, it helps to make some scalping profits each day until that daily chart trade goes into profit. Being down a few hundred dollars on a daily chart trade seems not so bad when you are making that money up on daily scalping.
•if I have a scalp that I started before 8:30 but could not close before high impact news hit, I look at that same pair on the daily chart to make sure the overall trend is in my favor. If it is I increase the depth of my stop loss and let it ride. For these situations I have to adjust from considering it to be a scalp trade and make it into a swing trade.
No harm, no foul.
Scalping Friday profits!
Massive wins on majors.
Leaving G/J open for the weekend unless tp hits today.
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Thanks for the advice! I think the way you approach and think about everything is really on pointe. It makes sense. I find reading your posts helpful as I work towards figuring out exactly how I want to trade.
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