Scalping strategy to finish the year strong

@Birwi12

Yes. Same here.

I keep telling myself to just keep watching one chart when trading the M1. But I keep wanting to check the others. So I always miss good opportunities.

By NY open, I settle back to my comfortable M5 to catch my breath.

I just got another 5 pips on Eur/Jpy long. Perfect signal. I had no choice but to enter.

Ah nice! I’ve had my eyes glued to EUR-USD on a short trade aiming to catch the ride back to EMA 200 after the morning’s trend up:

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So true - the moment you take your eyes off the 1-minute chart you’re watching you miss an opportunity!

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lesson learned here just now - should have closed on the doji near the EMA 200. Price started to take too long to get there and then Euro just jumped up 10 pips.

What platform are you using by the way?

I live in Canada and I have an account with CMC Markets - this is their own Next Generation web-based platform. I love design/look of it. CMC Markets also offers MT4 platform, so I’m trying out both. https://www.cmcmarkets.com/en/trading-platform

The drawback to the Next Generation platform that I’ve noticed is that it doesn’t offer all the customized indicators that you can load onto MT4. I’m taking advantage of this discussion about the CAP Channel, order block etc. to learn about MT4 and how to load the customized indicators and try out this strategy that @AmericanTrader has posted.

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I hear you!

The upside is that MT4 has loads of really useful indicators that you can’t find on other platforms, the downside is that it’s very buggy and doesn’t quite do things like it is supposed to do. I’m a big tradingview fan but find myself having to run TV and MT4 together.

Eur/Aud long looks like I can stay in for 50 pips.

Well…top of the Cap on D1 is 100 pips.

So that’s over 500 pips to be eared from D1 trades. At least 100 to 300 I would expect to hit tps next week.

I will be traveling all day tomorrow and the next day.

How many trades in total? And all based on the CAP Channel strategy? And how much percentage of your account do you like to dedicate to the D1 trades so you leave enough left for your daily scalping? I’m considering what this ratio would look like for my account!

5 D1 trades open.

12% account risk.
Prepared to go up to 15% if I heed to add positions on 1 or 2 of them.
The risk is high for me, but in just a few days 1 or 2 of them could also be closed.
Obviously, I can also close as many as I want whenever I want.

So the risk is ,… not real.

How’s that for forex theory?

Haha great! And so in terms of margin tied up in the D1 trades vs. remaining margin for scalping, do you do a 50/50 split?

hope it’s somewhere exciting, maybe even warm! Getting cold in these northern parts now :cold_face:

@Birwi12

Actually, coming closer to your direction.

Northern Michigan (lower peninsula). Its a work thing.

Yes. I work. I do it 10-15 days a month and I don’t plan to ever quit. Its good to get out of the house and see actual people, and have mexican food every so often.

As for the margin I save for scalping:
I’ve never thought beyond what dollar amount I’m willing to lose when I do it. Even though things always seem to be going well and I don’t expect to lose anything, THAT’s WHEN THE MARKET GETS YOU! Haha.

So I’d just be making something up if I gave you a split. Even if I spent time thinking about it and came up with a reason to have it 90/10 to 50/50, I wouldn’t stick to it.

Are you going to make a rule for yourself on it? I’m hear to learn too.

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King of Forex has begun live trading session on YouTube

That makes sense why you’re gone sometimes not posting I guess. Just waiting for the trade to turn around.

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@samewise

Hey, my friend. How are you doing today? Hope it’s all good.

I just wanted to let you know that while I was working on my D1 chart trading techniques for the last few months, I wasn’t posting as much.

Since I was doing D1, I didn’t have to look at the charts more than maybe once a day.

That was a great, incredibly valuable experience. Now I know what lot sizes I want to use on D1 to start with and I know I can expect that on those non major pairs I could have a trade open for several weeks sometimes. I learned that the longer you have to wait, the sweeter the payoff at the end.

Anyway, have a good one. Talk at you later.

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For anyone who got in on the daily chart trades, Eur/Gbp is almost at resistance level. You can choose to close out and take your profits now or know that they may take a few days to break through that resistance level and get back up to better profits.

I was well until Powell’s speech and got caught in some trades! I’ll need to keep an eye on those now.