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My thoughts and strategy as in trying to become a scalp trader!
My first trade of the day, target got achieved before numbers were coming out on 09:30 CET
Even though it was a success, I am thinking because on Monday the USA was closed I should put my Monday rule on the first general trading day of the week? I don't know yet... since this trade went really well and of course Monday already took some pressure of today's opening, right?
Can you help answer these questions from other members on NexusFi?
All is explained in the picture below, but I had a small issue due to a placed limit order... because that place would have been ideal under 'normal' circumstances to enter a short scalp trade. But then... see the picture,
No harm would have been done ultimately, but still... a good lesson learned!
I am back on track now and waiting for the USA to open, again another pointer, maybe I should wait trading... until the USA really goes 'open' and not like pre-market open... I mean I don't use the pre-market in the DAX, ... still I am not sure though, am thinking of making it a rule.
It's simple, don't do anything if you're not feeling able to handle a trade when necessary! ... even if you have targets etc. You have to keep reading the market!
Live trade, numbers are coming soon... did I timed it wrong?
Numbers were a bit lower than expected, but the market finds them good enough it seems for now.
The battle is going on for resistance level 3.
RSI is overbought, greatly!
And I did buy at a good spot in the zone, although it could have been better.
The highest fill is my smallest contract unfortunately, 50 cents.
The lowest fill is my biggest contract 100 cents.
On bigger time frames >15 minute the battle is going on for resistance level 2.
Unbelievable... although I am still in range of my stop loss, I won't be holding it! (Is this the moment I fade?)
These are the days you should just have stopped trading when you had the chance, the market is eyeing for new highs apparently...
I am trapped in my position! Still within a range of 50 points.
However the position of my best entry and a contract size of 50 cents could have been sold off against 6 points. Maybe I should have done that! I could then buy a new one way up higher!
I am on -30 points atm. it never hit the 50 so far.
RSI is way over bought and in normal conditions a correction should follow...
I have decided to let the trade run OverNight if it doesn't get to my target today.
In the past... these were one of those days I went backrupt on... and noticed at all occasions... that ultimately it would have achieved my target if I HAD enough money on my account... to sit out the craziness! Yes, this is definitely crazy. Unnatural and we all know it will return to it's natural state over time. But do you survive that period? I hope I can...
Range days (where this system works best) OR Trend days (where this system requires the larger TF). Fortunately, range days are more common than Trend days. It is common for a Trend day to continue for 2 days before it ranges.
Exactly, this is what I noted in my explanation parts at the beginning of my journal.
But HEY... who's stating WHAT is a range day and what is not, that would be a matter of opinion as well as on what time frame you're looking on!
To answer your question, I trade and determine my entries on a 15 minute time frame!
I am still in this trade! When the DAX closed there was a spike downwards which nearly hit 11960! Incredible... I am curious what tomorrow will brings!
I am currently operating in a zone which is bigger than my normal stop loss! 50+ points
Stuck in 100 cents short at 11939.67, target is 10 points,
Stuck in 50 cents short at 11946.55 target 10 points, was positive and got till around 6/7 points...
A great opportunity and the only one for today so far!
Yet, I don't have margin enough to take any more trades, due to the fact I am stuck in my previous mentioned trade!
We will see how that goes... for now not that well... am thinking of putting more money in as to not waste more good opportunities! Letting a trade run shouldn't stop you from trading... I will think about that for a while!
We have a gap-up today, close from yesterday was 11970 and today's opening was at 12001, besides we still have a gap-up open the one of two days ago, I definitely need to hang in there! It's so obvious that one will close in time... if you look at the daily ranges, I still believe I am good for that trade that currently is going bad!
You are letting a losing trade run and it should stop you from trading.
You are reinforcing destructive trading habits.
You missed the trade this morning because you never exited your previous trade when it was clear that the opportunity had passed and no longer within the context of your targeted plan. You would know this if you had a more developed idea of what you are doing and how to define a trade that does not work out and what to do about it. I don't know of any "scalper" that lets a losing trade run overnight.
Its a losing trade. Take the loss before it gets worse. Even if you add to your account to make the margin call and prices come back and you manage to exit at break-even. Even though these are CFDs and if this is a small amount of money that you can easily afford to lose (which i hope is the case)..
