Learn to be a Scalper - page 31

 

For now I am bias to the upper side, especially after a nice drop the past week.

I am thinking that move down was a typical cooling off of the Bullish Move previously.

Here is the 4hr chart, showing sup/res with yellow and the targets with green

Files:
 

Overall the past 4 weeks prior to this bearish move, price was in a NO TREND mode, in which there were no major streaks of movement.

There are many possibilities coming the next few weeks, the remainder of the year will be very exciting.

I am expecting a move up into that last week R BAR before a serious short could come into play for a R2 possibility.

It will present itself this week, now we have some juice flowing in the market.

I will do my best to update this week as price makes daily closes.

Here is the weekly chart.

Files:
Weekly.jpg  53 kb
 

Here is that same chart reduced to a Daily.

I made a few notes to show areas of interest.

Based on a Major Fibo from that weekly G4 series:

Low 1.2586

High 1.4281

38.2% 1.3634

50% 1.3434 (This would be R2 on Weekly)

Files:
EU_daily.jpg  64 kb
 

Here is the weekly chart showing the Fibo levels on the larger time frame.

We are on the 2nd Fibo move and will be watching for a 50% retracement from that sequence.

I will take this chart and reduce to a Daily/4hr/1hr to watch these lines as key areas.

Back at open.

Cheers.

Files:
EU_Weekly.jpg  60 kb
 

5pm EST - Market Open

Pre-Market Range

High 1.3722

Low 1.3643

I will be watching these levels.

 

3 shorts in today's session with (2 lots)

+2 = +4 pips

+4 = +8 pips

+9 = +18 pips

Weekly Totals

3 Wins 0 losses

+ 30 pips

 

I commit a mistake and forget to close one long position on Friday. That´s why I was long in the begginig of today’s section. And I was stopped in the first minutes at 1,3685. In spite of being a good position it was a very bad stop loss. Fortunately it was demo account. There are a lot to learn…

I´ll keep on working…

Monarch, can you please tell me how was these trades?

Thank you.

 

For the past 1 hour, I have taken Longs on the pullback zones at the 177 LWMA on the 1min chart.

Here are my results.

I am on taking screen shots yet, just wanting to scalp freely, I will do more charts later on.

I have went back to the 1 lot entry, I will not do 2 lots until I reach my weekly goal.

Total after spread

+1 pips
+1 pips
+3 pips
+9 pips
+5 pips
+2 pips

Weekly Totals

9 Wins 0 losses

+ 51 pips

 

I took a short at the recent top to see it spike up that 10 pips, then took a 2nd entry during the Typical Asia play.

I closed with +10 pips and +2 pips as per my charts.

I am taking small break.

Weekly Totals

11 Wins 0 losses

+ 63 pips

Files:
EU_Shorts.jpg  122 kb
 
Reis:
I commit a mistake and forget to close one long position on Friday. That´s why I was long in the begginig of today’s section. And I was stopped in the first minutes at 1,3685. In spite of being a good position it was a very bad stop loss. Fortunately it was demo account. There are a lot to learn…I´ll keep on workiMonarch, can you please tell me how was these trades?Thank you.

What do you mean here?