scalping eurusd

Discussion in 'Journals' started by cvds16, Dec 25, 2017.

  1. kellys


    Which one are you?

    Imagine for a moment that you call a short-term top in EUR/USD based on your current assessment.
    How do you know for sure that it wasn't something else which caused the top? Something you hadn't considered or have maybe never considered?
    Could it be possible that even though you called the trade, it wasn't for the reasons you thought?
    You will likely say that it doesn't matter because I profited!
    But...what about over a 6 month, 12 month or an even longer span of time?

    To be long-term profitable, you need to be objective. The trader who is objective will take your money.

    I'll give you an example of both:
    Subjective: The 4 hour chart gives the best entry signals for swing trading.
    Objective: The 4 hour chart is a chart based on fluid price broken into 4 hour intervals.

    And another...
    Subjective: Multi time frame trading produces the best results.
    Objective: Multi-time frame trading is based upon analysing price on various time frames.

    One more...
    Subjective: I do not need to consider fiscal or monetary policy because it is traded into the price. Considering price alone is enough.
    Objective: Fiscal and monetary policy influence price on a forward basis.
    #111     Jan 1, 2018
    MACD and cvds16 like this.
  2. cvds16


    yes, you nailed it exactly: I'm strugling with my emotions in the proces of finding an objective approach. The latter is harder than I thought it would be. And I seem to be taken away by my emotions further than I would like it to be. Since I noticed that problem I tried to put my brain into 'restmode' by analysing the daily and weekly gold chart. I seem to be easily pretty good at that and then returned to my eurusd. Seems the smaller in timeframes I go the worse it seems to get swept away by emotions. However I wrote some objective rules down from my backtesting in gold that should help me. I see gold going past the last highs by the way. Maybe I am trying to become Jack of all trades too much instead of master of one. The future should soon tell me if I am getting on the objective road or that I am still messing about in subjectivity ...
    #112     Jan 1, 2018
  3. kellys


    You have a humble attitude and that will serve you well!
    Pride and arrogance have no place in trading.

    Could you share your rules with me?

    You will know immediately!
    The last thing you want is to test with real money whether you are subjective or objective.
    #113     Jan 1, 2018
  4. cvds16


    what I basically like to do is looking for five patterns:
    first being: morning stars and evening stars on 1H or 2H in overbought oversold against the main trend that roll into bullish or bearish engulfers that will take me to the 50ema of the engulfers timeframe can be 3H/4H or 8H.
    second being: morning stars and evening stars with the trend on 3H or 4H where sto has hidden divergence which will take me three levels up/down in going with the main trend
    third being: engulfers with sto diverging on the 3H or 4H which will take me three levels up/down in going with the main trend and three waves up/down in going against the main trend.
    fourth being: key-reversals on the 3H or 4H where the bigger timeframe is diverging which will take me three level up/down in going with the main trend.
    fifth being an engulfer @ ema20 going with the trend of the 8H on the 3H or 4H. I need a morning star evening star to get me out on the 1H or 2H.

    Not too sure if I explain this all too well but this is what I am looking for.

    It was a good idea to make me formulate things ... my head is becoming clearer again ...

    Now how does this look into practice in eurusd: I see the evening star in 1H timeframe where we have ib at level on the 2H and 4H but we need more down for it to roll into an 8H bearish engulfer which then should bring us to the 8H ema50 situated around 1.905.
    Last edited: Jan 1, 2018
    #114     Jan 1, 2018
  5. expiated


    Entered a long position @ 1.2009
    Last edited: Jan 1, 2018
    #115     Jan 1, 2018
  6. expiated


    I was wondering the same thing.

    And as for swing trading and position trading, they make little sense for me personally in that I’ve found that if I can do a decent job as a day trader reading the market and interpreting which direction price is likely to go, there are not a lot of reasons why I shouldn’t be walking away from each round of sessions with more money in my account than was there before the sessions began.

    For me, it’s all about knowing which way price is headed, what is the average range it will span before reversing direction, where it is located in relation to past support and resistance, and the relative impact of all three factors on price as they interact with one another.

    Even if price does fly past my take profit targets from time to time, I’d much rather settle for conservative gains than sit around hour after hour after hour watching my positions alternate between profit and loss as they did so often when I attempted to swing trade.

    From my point of view, better that I should wait for a pullback, collect a few pips, wait for the next pullback, collect a few more pips, and continue doing this over and over so that by the end of each round of sessions, I end up with a respectable amount of gains, even if the overall market essentially went nowhere.

    For example, two and a half hours into this current round of sessions, I've collected a total of about 24 pips. That might not seem like much to some, but for me, that would be enough to call it a day depending on how many lots I was trading.

    ScreenHunter_6867 Jan. 01 16.29.jpg
    Last edited: Jan 1, 2018
    #116     Jan 1, 2018
    kellys, henry76 and cvds16 like this.
  7. cvds16


    Short 1.2010
    #117     Jan 1, 2018
  8. That's why I don't like Madam Mae's strategy; you entered when European market is not open, and you have to trade in anticipation of a long signal.
    #118     Jan 1, 2018
    cvds16 likes this.
  9. cvds16


    reversed to long @ 1.2020
    #119     Jan 1, 2018
  10. maxinger


    strange ....
    what are you guys doing??!?!
    #120     Jan 1, 2018
    supreme trader likes this.