Tuesday, November 3, 2009

20 trades

Today trading consisted of two parts. In first one I got nice scalp in eur/usd and then I oriented on gbp/usd. It was wrong decision today because eur/usd was trending down nicely and gbp/usd was different. I marked yellow on gbp/usd chart move that wipe out my profits. When you scalp you need to be right most of the time, because all those nice 4 pip scalps are easily taken away by one trade with 3 pips spread and sudden move in opposite direction.

When I realised that I simply missed eur/usd while trading gbp/usd I got back to it. Now it was in consolidation. I had so many trades because it's easy with 0.9 pips spread to jump in and grab few pips. After few successful trades I lost a lot trying to catch next leg down. I really got myself whipsawed. When finally I got right trade on, I didn't catch majority of the move down.
I need to concentrate more on overall picture while I'm scalping. At least on 1min chart time frame so I can trade more optimal.

+20 pips

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