GBPJPY Breakout scalping
Updated
Looking at tow key levels on the chart, using the 5 minute and just taking a breakout above or below the level
Short 8-12 pip stops with next level target/exhaustion of the move
Quick trades, may open and close a few times, market entries, tight stops, low risk. All stops will adjust to the exact base of the breakout candle, + 3 pip spread for shorts
Enter, it goes, great, it don't goes, cut it immediately
Break must happen with momentum, otherwise, adjust the levels
Overall looking short for downtrend, but just taking breaks up or down, because the market can change at any time, and this is speed trading so not going to super analyze it, just KISS it
Short 8-12 pip stops with next level target/exhaustion of the move
Quick trades, may open and close a few times, market entries, tight stops, low risk. All stops will adjust to the exact base of the breakout candle, + 3 pip spread for shorts
Enter, it goes, great, it don't goes, cut it immediately
Break must happen with momentum, otherwise, adjust the levels
Overall looking short for downtrend, but just taking breaks up or down, because the market can change at any time, and this is speed trading so not going to super analyze it, just KISS it
Comment
Yesterday's stats on this pair are1 good win
2 could have been better but a little
19 loss
Total net gain 2.6% on account (risk management : 101)
Each entry stats will post on the closing to track, using the 30 min to post the idea so I can log it here somewhat relevantly, but take the fast pace into account for the multiple trades, this will probably be 3-10 trades, depending how it goes.
Trade active
Market 163.895 11 pip stopTrade closed manually
It don't goes, stopped at -2.7 pipsComment
Just keep doing this, and when you get the right one, you'll know it, because it will go immediately and not come back'Comment
This pair does play fairly nice with engulfing reversals on the 5 minute, but I don't want to risk for that.I want the big one. You know, the one that turns your stomach when you anticipated the wrong way, that one
Comment
I suspect a stop run up then charge down is coming, I;ll take the break but it runs back I cut right away because risk saftey firstComment
Sell at the ready, momentum acroos the heavy up line on this leg should drop fastTrade active
buy 164.059, 8 pips riskTrade closed manually
No go, -5 pipsComment
W retest too close, not shortingTrade active
SellTrade closed manually
Close but no cookie, getting sleepy but the time is near, so it'll all come back and some with one hitComment
-6 more pips, only out 13 pips so far.Trade active
BuyTrade closed: stop reached
lose 5 pipsTrade active
Buy againComment
Risk free, it goes or it don't this trade is safeTrade closed: stop reached
Stopped with no changeComment
Account started at $15.58, currently $13.58, 20 pips fixes it and the rest is profit, I will catch the right candle eventually :) risk management 101Trade active
BuyTrade closed: stop reached
-12 pipsNot giving up
Comment
We get trhough here a little higher that should be it, tweezers from yesterday here so holding it back to wellTrade active
buy againComment
Risk free and running nowTrade closed: stop reached
Trail stop hit for 11 pip gainTrade active
sellComment
messed up, break evenTrade closed: stop reached
wanted double placed singles they spread out :/Trade active
buyingTrade closed: stop reached
-10 again probably need to go to bed and get new york session, asian range put me to sleepTrade active
Buying in demand zone, I'll finish the results in the end, too many updates to focus on the price action tooComment
No success for profits, but risk management is solid. Stopping here and reset next week, - 5 dollars , " 'tis but a scratch" -Monty PythonDisclaimer
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