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Forex scalping techniques 16-17-18 Sept 2015

12:16 PM |

Forex scalping techniques 16-17-18 Sept 2015

It was three difficult days.The reason was that my biological clock was upset and traded in different times than those I usually trade.

The first trade I took was in 16/9/2015.
I have lost the bullish breakout(sleeping) and attempted to catch a bounce in resistance in higher time frames in GBPJPY.
The breakout was a valid signal with retracement offered 170 pips plus.As you remembered on 15-9-2015 I was trading in the Tokyo session.
The gbpjpy train passed over me and the cost was -11 pips. Closed the platform for the rest of European session.

Late at night in the closing of New York ,I have a short signal and I am attempting to fade the great bullish move.
First attempt 17-9-2015 till next day at 10,54 European EST time = -20 pips.
Second attempt 11,30 retracement to short signal until 13.44 =-20
Third attempt double top 30 min after DOW open till 20.55 = -20
Forth attempt same day 21.30 till 21,38 based on divergence= -20
Total for both pairs - 91 pips

Switching to gbpjpy short in 22.00 till 04,03 next morning . Total +139 pips
139 pips -91 loosing pips=48 pips net for the three days

I didn't trade at all on Friday to relax from the stress of the previous days.Counter trend trades are among forex scalping techniques that are very dangerous and new traders must avoid at all costs.

When to close forex trading positions ?

2:04 AM |

When to close forex trading positions ?

When to close forex trading positions? The most of the times I close open positions around London close.I sleep better at nights.
Rarely as yesterday I had open position during the Tokyo session.
In these cases I close them few minutes before Frankfurt opens.Reversals and stop hunting will follow I don't want to be in.
Yesterday trading was difficult for the three pairs I watch.
GBPUSD produced a nice signal with over 150 pips move south but with no retracement.
EURJPY produced a long signal with retracement but took in demo only.
Finally GBPJPY was ranging all day and since I was waiting for a breakout a took the retracement of a short signal which generated in DOW open.
Trade went bad and lost 25 pips. Left the charts open and found a pivotal point, a third touch in the upper area of the gbpjpy range and took an intraday trade with stable stop approx 20.30 EST European time.
This trade was left open during Tokyo session and produced 48 pips.
We made 23 net pips for 15 of September and closed it 20 minutes before Frankfurt open.

The three pairs we watch every day with remarks and trades

GBPUSD

GBPJPY

EURJPY

Consolidation and breakout 14 9 2015

11:50 AM |

Consolidation and breakout 14 9 2015

Consolidation and breakout is one of the most profitable trades you can take in any financial instrument.
The problem is to find the real breakout or you will be caught in range .As I have predicted on Friday post GBPJPY would break in the next session.
So with patience I was waiting for a signal from my forex scalping software in the European session today.
After the fresh signal I wait for a retracement and retracement came.I entered in the most safe spot but the pair scared me initially because it continued to climb and gave opposite signal.
The higher time frame chart- which carries my swing trading system on it-was in pivotal point.Either it would break the pivotal point and collapse or it will bounce from the pivotal point and resume the bullish trend.
I was undecided what to do, close in breakeven or continue in the trade.Finally after 29 minutes gbpjpy moved fast in +12 pips and close my first scalping target.Since I was waited for a breakout I converted the trade to intraday by canceling the trailing stop ,entering a stable stop in 92 and left the trade with 1/3 of the position to see what it will bring.
I have opened the platform again 30 minutes after the DOW open and the trade was in +101 pips.
I decided to leave it open until London close and keep the strategy wait and see.
Twelve minutes after the London close the pair was still in no mans land giving me 100 pips and I closed everything for the day.
I have wrote everything to video as usual ,enjoy