Monday, June 23, 2008

Active market and scalping

Motivation or no motivation scalping is what I like to do. Maybe it's not optimal to use all potential handed by the market but it's legitimate way of trading. Funny that today when I was in scalping mood, market was trendy and the best thing would be just stick in directional trade. It's better to whine now on missed profits but on losses when I try to swing trade and mess it up all.

First I entered eur/usd and gbp/usd short at the same time because it looked to me like heavy clouds ready to poor rain. Gbp/usd was fast with showing profit I made premature exit and also closed eur because it didn't move.

Second long in gbp/usd was bet that market moved to0 much too fast and that we could see little bounce after 40 pips in 8 min.

Crazy thing happened at the time of eur/usd news time at 10:30. I was ready on the sell button and market started to move fast. I shorted but the thing was that somehow sell of started 10 second before the time. In the time of my short spread was widen to 2.5 from 0.9 regular but I was in at spread 10. I didn't realise that things happened before time. I never enter on spread 10, I wait for it to come down. Now I was in the trade and market and my trade was at around my t/p green line around 530 (I always have t/p and s/l at +30 -30 just in case). It wasn't activated because spread was still 10 and it saved that buy order to cover from activation. I quickly move t/p level further down, I waited a little and took nice scalping profit.
Next two trades were attempts to get ahead on bounce. Eur/usd wasn't cooperating and gbp/usd was little slow because eur/usd was flying up and it wasn't catching so I didn't wait in it.
+13 full size pips

Besides this I would like to comment on little development on Oanda's trading platform. Now they changed they way of updating prices. It's much faster it's jumping around at times in 10sec 5 or 7 times up or down. Users on Oanda forum comment that it's now like ECN or DOM. It's "real time" feel. It's a blessing and u curse. For one I'm used on old way. I was watching it for years now and I could on the way it moves sometimes guessed strength. Now it's totally new and I got to used to that. But now you can in same 10 sec bar get a price that is let's say 3 pips better, if you catch it. When it's falling fast it's not jumping it's just like waterfall.
I'm still waiting for one click trading that they implemented on fx game platform. There was different opinions on that so now they postpone it on fx trade platform. It will be probably much easier without big order windows and it would be fixed that s/l and t/p orders are in pips and not price. They would move in real time, I wouldn't need to adjust them like now if my order window is open for longer time.

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