Trying to pick up a few pips today using a simple resistance model and my standard suite of technical indicator/signals. “Scalping” is kind of subjective . . some consider anything less than a 5 minute trade scalping while I’m inclined to let scalps run for up to an hour if the trade’s moving in my favor.
Reviewing the trade journal we note that at 11:27 EUR repeats previous highs at 10:12 and 10:48 (not shown). We suspect this resistance level will fail and the EUR does, in fact roll over quickly and into the 8/8 hi/lo channel. We then get a parabolic SELL signal at 11:28 and enter SHORT at 1.2732. EUR continues down riding the outside band of the 8/8 channel. Our obvious downside target is 1.2720, the most recent lows and as expected EUR hits that level exactly before forming a little 5 minute squat bar. I glance at my other screens and note the NYAD is on the rise. Since this is bullish I close the trade at 1.2721 for an 11 pip gain x2 = 22 pips. . enough to cover my greens fees at La Costa and a nice lunch. The exit turned out to be good timing as the EUR promptly reversed and headed up. As a reality check the entry and exit signals were posted in real time in the chat room. Not a bad place to hang out . . and it’s free.
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