Friday, June 25, 2010

Scalping

Today I was again all in small movements and 5sec chart. Because first two trades gave me such hard time for few minutes not moving when there is break down in play I lost confidence in short side. Retracements were shallow plus bigger spread in gbp/usd so it wasn't giving much. My bad move is circled with yellow. If I average and have break even and it's strong downtrend what am I waiting for with not getting out?! I had even a small profit for few seconds. I need to stop messing around with my exits when I average. Because it's double size I'm slower in getting out then if it's one position.
Strength of move in eur/usd surprised me. I was able to take two small scalps in direction of move and didn't want to touch it more because my mind was already today working in fade the move mode as before on gbp/usd. In the end I picked the bottom and win few more pips.
As always some good trading and some bad but I have to be satisfied with result.

+36 pips


3 comments:

Thomas Shawn said...

Nice little post. I've been trading on a short time frame too and have the same things running through my gead.

FX said...

Thanks for your comment.

Anonymous said...

If you had drawn a diagonal line under price on the 15 minute chart, you could have shorted as price crossed the Gann Line and had a much better outcome using the 15 minute chart.

I use 1, 5 and 15 minute chart as my guide. 30 second chart is too narrow.