Hi traders! I thought a thread devoted to scalp trades might be of interest to some. I have traded fx futures for some time and have done reasonably well. I have failed to do well trading spot fx, however. I have decided to re-fund a small account I have had with FXCM and give spot fx another crack. I usually try to enter so that I can keep my initial stop loss at about 10 pips, and I shoot for 20-30 pips profit target. I usualy trail my stop rather than use a set TP target, as I never kow when a particular scalp trade might turn into a runner. Here are some screen shots of a trade I am in right now - short the EURUSD at 1.28431 Best Wishes, ddaytrader
I cannot seem to upload more than one screenshot at a time, so for now I will post the progression of this trade. This shows the stop moved to a bit better than entry.
ddaytrader, Best of luck with your trading. I only go intraday on usdjpy - pip value is awesome these days. I look for setups based on my own system but also subscribe to a signal provider. Check out forexmoves.blogspot.com . This is the best I've seen so far.
i believe you are set up for losses. Why would you set so tight stop losses and profit targets on a pair such as EURUSD? That pair moves 10pips or even 30pips with the snip of a finger in a matter of seconds and without knowledge of the order flow it turns out to be completely random in a 1min or even 5min time frame. Not sure why you want to trade based on random moves. But anyway, good luck...
that strategy will not work in the long run...trailing stops that close will be tagged by the dealing desk...you are better off just having your finger on the trigger for order execution.