Monday, October 6, 2008

Swing in scalp out

It's nearly impossible to scalp this market the way I do usually so I got to use swing trading ideas for my entry. I did exit in scalp manner because I'm not used to carry positions with various swings. Overall it was very good day profit wise.

I bet on finding some support on eur against usd and jpy. At that time eur/jpy was more than 500 pips lower than Friday close, with gap down and selling through Asia session. It's risky idea but I'm not capable to go in direction of the trend like that into support. So I chose to go for bounce.

In my second set of trades I add to eur/jpy long because it reacted from the lows. From that point usd was falling and eur was in range against jpy. I wish that I had position in eur/usd also but I didn't.

My scalps exits were generally ok securing me majority of moves so far in those trades. I didn't expect so big fall after my last exit in eur/jpy. I go out on my trades against the trend where other people trading the trend initiate new positions.
Later eur/jpy broke 140 all the way to 143.80, than there was big recovery to 141.

I have the time but I chose not to trade US session because of risk of so many sudden news all over the world. It's spiky and unpredictable.

+58 pips

Original content on Forex Intraday Trading

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