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My thoughts and strategy as in trying to become a scalp trader!
I have posted my entries on the picture and circled all opportunities.
And I came to a 'may I say' 'brilliant' conclusion! I need an extra rule for days when Mario Draghi or... a president of the ECB holds a conference about whether or not to raise the interests or not or to intensify the asset purchase program or not!
As you can see... I took two trades amidst a rollercoaster! And I don't like rollercoasters! As you can clearly see on the picture... I got a MAJOR candle against me... and I don't like that!
On Mondays I skip the first hour of trading after the official opening to give any developments over the weekend room to be priced in the market. And I thought to myself... why not do the same when Draghi speaks? Why won't I skip the first hour of trading when his conference ends? This way the market can price in the news as well, right? Maybe not fully... but at least I gave it one hour! Which will raise my chances of being successful in my trades!
All trades were within the range of a 50 points... although one trade almost got to that 50 points! Hence why I think this 'new' rule will be a real addition for me!
What we can see as well and what I didn't mention is that we can see how important for some awkward reason ... 'GAPS' play in the Ger30! Because we had a GAP-UP open still... from 3 March to 6 March over the weekend, with a close of on the 3th on 12027 ... and guess what our high is today? Well, exactly that 12027! Which closes this gap!
I came up with a new rule, which can be very helpful and maybe I will be looking to do the same for when Janet Yellen speaks on behalf the FED. This also proves, I am able to make adjustments!
However the stop loss discussion is still a discussion...
1 trade was missed and 3 trades were taken and all hit their targets of 10 points.
As I said before... since the contracts are 50 cents a point, right now... I am not able to execute an automatic scalping strategy... when I am financially fit to do this, my profits will increase and will become more in line with my risk! Please, keep this in account!
A picture is posted below:
Can you help answer these questions from other members on NexusFi?
The last couple of days we hardly had any significant gaps...
I missed the trade this morning, got another shot when the US of A opened. Which provided 10 points. Which took a long time... but I had it monitored and under control!
Will be curious how the market opens tomorrow after the FED has increased its rates, for now... it's going up!
I can't post any more pictures in my account, probably because I need to upgrade!
Well a 100E is still a lot of money for me... I will get there, when I get there... am uploading via my e-mail account now!
No answers are found in my threads discussion and handicap in my strategy.
No trades were taking today! Price level did reached sometimes The Zone, but in comparison to The Zone... it hardly ever went really in...
Also we have an huge gap-up still open from 12016! I have to keep that in account with future trades as well.
We also still have a gap-up open from 11842.
And probably more on lower levels, but I wasn't trading at that time... how I did now!
You really have to stay rational ... but you don't always wake up a rational being... ya know!
Also... are there any gap experts present? Can we assume this gap-up from yesterday is closed now or... it still isn't?
I did made an attempt and got to about 12017... and since that gap-up started from 12016... I don't care much for 1 point! But still I am wondering if the market sees that gap as a closed one now!
I am pausing my trading and blogging as in... the described problems are still present, I will continue trading when I have figured something out!
I need to draw better lines for example and keep a closer eye for break outs, then again... they too can be false.
Which means I need a parameter that is more secure to keep me preventing from making any trades when the market is choosing direction.
I have been thinking hard and quite a while for a solution, but I can't find one yet... which means the solution is most likely not in my knowledge base but outside of it... again this makes it harder to find.
I have been a scalper for 5 (2006-2011) years, STIR (short term interest rate), at the start it was very profitably but by the time we have had to find another edge and to trade for longer that 1-2 tick, the algorithms just doing that better and faster than us (humans).
Specially when there is some delay (internet connections) - some time you just seeing the market that "was" 500 milSec ago. meaning that maybe when you just get entered to the market you already in "reverse".
From my personal experience the edge should be more then selling our time to provide liquidity to the market - just because computers doing that better.
