ForexSpirit

This morning’s trades show just what a fine line there is between success and failure when scalping.

1. The first three trades of the day all exhibit the same issue: entering too early. In all three cases waiting an additional 20 seconds would have resulted in much better entry positions. I have the direction of the market right (more often than not), but I’m jumping the gun on when to get in. Instead of getting in on the break of the previous low I need to take a deep breath and wait for a small retrace. I think my fear is that I might miss the big move. If I wait that is all but guaranteed but it should significantly increase the odds of a successful scalp. It’s all about getting screen time and building technique.
2. Discussed above.
3. Discussed above.
4. This was a better entry than the first three in that it wasn’t entered on a new low. Instead it was buried in the retrace. If anything, slightly earlier here would have made it a perfect entry and would have allowed for a much lower loss when the move south broke down.
5. A nice little scalp on a continuation of the quick push back up.
6. Poor entry in no man’s land.
7. Another poor entry. Trades 6 and 7 should not have been taken. Just look at how I got got taken for a sucker bailing out of both these trades along with all the other weak hands.
8. Good entry. Playing the range that had 1.4748 as resistance and had been the start of a resistance zone from the earlier Asian session.
9. Another decent entry, again looking to play the range this time off support. I knew that the BoE MPC rate statement was coming up at 7:00 EST so I didn’t want to hang around in the market much longer. When price didn’t break back up to the middle of the range quickly I got out for a small gain (although price did hit the mid-range point soon after so my target had been good).