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This trade turned into a huge breakout but I have my scalping parameters set. If I get my account to a certain size I will start managing trades differently to try to get more ticks if setup good.
This was my only trade today - around 7:28 pacific time. I use my 9 minute to determine direction and then I am looking for previous support (blue line) on tick chart to flip to resistance and then scalp a few ticks. This move went for another 15 or so ticks so I need to work on staying in longer for these moves.
For now, I am trying to stick to only 1 trade/day because I find it easier to remember exactly what I am looking for that way. My goal, in this journal is to document every trade so that I become more accountable.
This trade occurred Feb 21 at 8:28 pacific time. This is one of my favourite setups. I closely follow volume at price levels and then look for direction based on how price reacts at these levels. Then I look for agreement with higher time frames. In this case, resistance and volume had been established at around 53.02 based on prior activity on higher time frames. Direction had already been established long based on trend lines (I use a combination of red ema and my drawn in blue lines to establish direction) on 9 min. Then on tick chart, price couldn't go below previous resistance at 53:02 so essentially resistance had flipped to support and we had agreement with higher time frames. Got my 10 ticks in just over 40 seconds
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Took this 9 min reversal scalp after a retracement at 6:24 am Pacific Time Feb 26. Reached target in about 50 seconds. Getting much better at my entries but have to learn how to exit better.
I am finding it so beneficial to be forced to document and really go over my trades both good and bad. When I break my rules, more often than not, I lose money. When I follow my rules VERY STRICTLY, more often than not, I make money. Simple as that.
Feb 28 9 Min trend trade (with ema after a retracement) toward previous resistance level. There was space to get more ticks but because it was technically sideways channeling and had been a very down day overall, decided to just scalp 6 ticks and play it safe. Crude can whip back at any time as we all know. On my 1 min chart, it was the third try at breaking the sideways channel resistance level and price had not been able to close below the ema on both previous retracements. Plus, we had volume and momentum.
