Scalp journal – 25 November 2008
The re-jigging of a EUR/USD limit order is noteworthy in that I saw myself falling into a trap that I had previously been snared by but I took corrective action in time.
Just after 13:30 EST I placed a limit buy order at 1.3000 on EUR/USD. While a nice round number (and thus one of the prime levels that I like to scalp around) it was also smack bang in the middle of a range that had developed over the course of the morning between 1.2960 and 1.3040.
Spotting my faux pas in time I moved my limit order to the lower end of the range at 1.2976.
| Trade | Market | Direction | Entry | Exit | Pips |
| 1 | GBP/USD | Long | 1.5090 | 1.5100 | 10 |
| 2 | GBP/USD | Long | 1.5005 | 1.5015 | 10 |
| 3 | EUR/USD | Short | 1.3000 | 1.2990 | 10 |
| 4 | GBP/USD | Long | 1.5400 | 1.5410 | 10 |
| 5 | EUR/USD | Long | 1.2976 | 1.2987 | 11 |
Total daily pips: 51
