Evening Traders - nearly 7 30 pm - and still not done my 50 pip target today
Got to 43 pips prior to US time - but with no real action this afternoon - I did not bother going after any more trades
Shame really as I notice the GU as fallen approx 100 pips from the EO - and I did not get even 30 pips of them ;-((
I have attached my GU chart for today and for the benefit of Morgen_edge - who had asked about a scalp sell at 6715 - which had bounced at that point - and would have needed a 17 -20 pip stop to stay in the down trade
From the chart you can see the dynamic resistance offered by the down trendline and the importance of any bounce going over 33 /35 for it to start a turn up
It did not make it and then under 22 and 17 again it became a scalp sell again - but then by 6709 - you would have needed a 25 - 30 pip minimum stop to stay in the trade
Believe it or not - even on a 100 pip fall - there are at least 4 scalp buys available with each one making a minimum 7 pips and 2 over 15 pips,
You then have the chance to take additional scalp sells from the LH's and make even more pips than a straight swing sell with a 35 -50 pip stop - which after all would make you only a RR of 2
One scalp buy with a 5 pip stop and a 17 pip profit is a RR of 3 - far better than waiting 8 - 12 hrs to just make a lower RR of 2 on just one trade
This is what so many traders do not get - scalping for RR's of 2 to even 5 give you far better results than any normal swing trade - and normally you can do 10 -30 scalps a day rather than just a few swing trades - with you risk all on together - yet again another negative compared to short term trades lasting less than 15 or 30 mins - even allows you to compound every hr or 2 if need be
OK - can I find another 10 pip trade anywhere in the next hr lol
Regards
F .