Hola N and all,
Suitably refreshed from yesterday's car crash (!) plus having got some small compensating revenge via way of a good trade mid afternoon, here comes today's observations....
G/U Yet again another big bar (08:05) right after my personal opening bell had me thinking "... Oh oh, here we go again ..." so today I decided that a) initial market bias was definitely up and b) I would use the M1 tf to trade and take entries off M5 tf on a long basis only, scalping for 13 pips (my DMA broker has tight spreads and zero restrictions on where orders are placed) per pop and adhere to that plan until price starts to properly (ie easily identified) trend. So that was the plan, a true plan the trade and trade the plan!
Using the good old 1-2-3 setups in M5 and adopting a hairy 8 pip SL with half normal stakes, plus keeping the big 08:05 bar's mid point as the "bounce" boundary line and only running when higher highs (the apex of any 1-2-3 setup after each trade) were made, off I went. First setup after the "3" leg was 08:35 bar and long opened at 63117 with MAE of 5 pips (08:40 bar) and TP during 08:50 bar. Second setup (higher high apex confirmed) was 09:10 bar and long opened at 63186 with MAE of 6 pips (same bar) and TP during 09:20 bar - just missed my TP on opening trade bar and also subsequent one! Third setup (again, higher high apex confirmed) was 10:00 bar and long opened at 63112 with MAE of 2 pips or so (same bar) and TP during 10:10 bar - bit of a tight squeeze on that one. After that last trade price didnt form a higher high apex so that was my lot as no trend of any sort was in sight either. Three trades taken today purely because of adopting scalping technique alongside with 50% of normal stake level.... And feeling a bit bravo to boot!
E/U Fairly smooth no-brainer trade (is there such a thing really?) as opened long on 08:35 bar at 47364, went up nicely to start with then retreated to a small (after yesterday's horror show it was big to me!) MAE of 5 pips in 09:10 bar, then finally engaged gear and motored upwards before staggering around in a fairly tight range so I left the party at 11:05 for 18 pips profit.
E/G Got a bit over zealous with first trade here as opened short on 08:10 bar at 90305 then watched that retrace for several bars until 09:00 biggish up bar and closed out for 8 pip loss. Second trade entered with buy stop order during 09:40 bar at 90413, suffered yet another retrace for MAE of about 6 pips before price decided to treat me kindly and zoom northbound until eventually I was taken out during 11:45 bar (TS hit) for 16 pips profit.
All in all not a bad day especially after yesterday, so no complaints from me here.
Trade well and regards,
Simon.
