So here’s what happened. I do my analysis on MT4 and I enter with Trading View. If I take profit manually, I exit with MT4.
Well, I had my trade all set up to take a long scalp on EN. The problem is, it was set for sell trade instead! So by the time I realized what had happened, I had already lost about 5 pips. So anyway, I got back in the trade going the right way this time. I’ll just have to double check it. Here’s the chart. I took profit quickly, since it was only an 18 pip scalp (well now 13 pips!) Been that kinda week.
Start of London…
Looking for 27 pip scalp to support
Entry: 129.399
SL: 129.669
TP: 129.129
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Stop out was pretty quick. The mistake I made was not drawing the obvious trendline. If I had, I would have noticed I was selling into support. I don’t normally reverse my trades, but…
Revenge trading? Perhaps. I look at it as an opportunity to make even more money going the opposite direction.
Entry: 129.700
SL: 129.332
TP 130.248
Looked good for a while, but didn’t have the oomph for that last push. Lost another 37 pips
I snuck in a quick scalp on EN 5 min to add back 11 pips. Anything helps at this point
Yet another trade on the 5 Min chart. This pair really wants to sell off. Who am I not to ride along?
Scratching and clawing on 5 minute charts isn’t my ideal way to trade. Sometimes it’s necessary, though.
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Took profit for another 27 pips. Going counter trend now. for scalp to res:
Update: this thing didn’t follow through very well so wound up with a 5 pip loss.
This last scalp on the 1 hour will do it for the week. Price is coming down hard, EMA is pointing down. Unfortunately ATR is falling off a cliff also.
Yes, very bad entry indeed. I’m thinking this isn’t a very valid trend line, though. This trade hinges on this strong bearish move to punch through late in the day on a Friday during NY with a pair nobody wants to trade.
Got out B/E. Found out later it would have taken profit, but the spreads were so high, it wouldn’t have mattered too much. Best just to get out at the last hour of NY on Fridays.
Totals for week:
14 Trades
8 Wins
5 Losses
1 Break Even
-24 Pips
My Chart setup for this week is:
1 hour EUR/NZD
5 Minute EUR/NZD
15 Minute AUD/USD
20 period EMA
5 period ATR
Took limit order on EUR/NZD short for scalp to support.
Limit entry short: 1.74508 (Near close of signal candle)
Stop Loss: 1.74788 (measured move of signal candle)
TP: 1.74061
Using 50% of normal position size in case I decide to scale in higher
Scaled in 12 pips higher. Was trying for 18, but dropped quickly before I could enter
Adjusted both profit target levels to 1.7411. Had to account for spread. Very important.
Took profit manually. Got a buy signal on 5 min just before TP level (story of a FOREX trader’s life!)
Here’s a screenshot just before taking profit:
Total profit with the original trade and scale in: 66.47 pips
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Entered limit order to go short again. May not get filled. Depends on how aggressive the profit=takers are at the end of London. The danger here is if they are super-aggressive, it could send price soaring past the stop loss!
Limit order at 1.74164
SL: 1.74464
TP: 1.73660
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Went ahead and cancelled limit order. Not too thrilled about trading NY today, anyway.
Apparently, we will be stuck in these maniacal trading ranges until the RBA rate decision in 3 hours. Holding my breath as we speak.
May as well turn on an episode or two of Star Trek while I turn blue.
Took sell stop on AUD/USD. Fast moving, triggered immediately
Entry 0.66878
SL: 0.67030
TP: tentative, wait and see with rate decision in 1.5 hours
This is Why I don’t like using stop orders. Price tends to bounce right off them. Took limit order scale in at EMA. If triggered looking to get out break even
en.
Limit order scale in: 0.6993
SL: 0.67030
Price has stalled. Cancelling limit order. Don’t need two trades open on same pair before a news event
SL triggered on volatility spike 15 minutes prior to news event.
