Friday, March 12, 2010

GBP

I'm not really satisfied how I traded today's market. Even thou it can act strangely with small range of 2 pips on the high for several minutes I should trade probabilities. So first trade as continuation of trend was closed too early to protect small profit. Previous move up in reality happened in 3 minutes total so there is strength in up side and it didn't move as much at that point.
Next short was stupid just because it's ten pips of the high. If I believe we are going down or that market isn't going more up I need to find good place for my trade. Not just jump in wherever because it's against the trend on higher time frames and those are just opportunities for retracement entry. So scalping like that need to be initiated at extremes and not middle of the range. Then I closed that trade without it break to the new high at worst possible price. That's the place for shorting and fading if I'm going to do that.
Third trade was more like emotional, revenge trade when I found out that I foolishly closed previous in the loss.
Final one was there because I wanted to close day in the profit and not in the loss. It worked and I caught nice bounce.

There is no problem in scalping, but when I want to scalp I need to focus on small moves and trades that will capture them. My mind is jumping between bigger moves that are obvious possibility and scalping. In the end I scalp, but then I have to make sure to scalp good.

+4 pips



3 comments:

gmargtrader said...

the big ones give money.

http://1.bp.blogspot.com/_T5wnghH-UaM/S5oQ9T5TtcI/AAAAAAAACM4/c39TgXjEN80/s1600-h/gbp120310.jpg

FX said...

Everyone has it's own style.

gmargtrader said...

Sorry I dont want to say better or worst.
I only want to say from small to big to big big.

http://3.bp.blogspot.com/_T5wnghH-UaM/S5prHf11wmI/AAAAAAAACNQ/n3Ebl3eKipk/s1600-h/gbpusd120310.jpg