Forex Day Trading
Forex Market Scalps
A look at some awesome forex day trading scalps which took some nice pips out of the market.
The first trade was last night off of the Australia news of adding more jobs than expected and the us dollar looking very weak as price spiked against it on all currencies. With the good news many traders expected the move to continue for a few days. However the eur/usd was trading now back at the resistance of the upper channel seen on the chart below and all week this has provided a god point to sell into as the trend is heavily down.
I woke up this morning and this overnight position from the Asian open through London was about +120 pips into profit and I closed it 1.3656. This counter trend scalp on the eur/usd was taken shortly after closing those profits.
All positions sizes are equal. From the initial entry (first blue up arrow) to the last I added to the position when I was able to set my stop to break even on the total position and have about 10-15 pips of room but as little as 8 pips. On the last trade by moving my stop to lock in +10 pips with this 4x times positions if stopped out I am left with a 0.5% gain or if the target is reach a 2% gain on the trade. The stop is -10 from the current price and the tp is +20 pips away. Being that this trade is against the trend or counter trend and just a market scalp I am looking for quick profits.
If I had a better feeling about the trade or was with the trend at this same point I have the option of actually taking on another 2x positions increasing the size 50% to a total of 6x, setting the stop to break even (no locked in profit) and setting the total position tp to about 30 pips. I am leaving run it course as is though.
Here is a look at what that would look like if I decided to take this trade a different way..(the target (green) & stop (red) lines are from the existing open trade, the yellow circle points to where the new entry would have taken place).
