forex scalping 1 9 2015 trading with the trend
Today forex scalping was more smoothly than yesterday.
GBPUSD and EURJPY responded quickly approx one hour after the London open and start trading south.We took short signals in both but none of them took a breath .
The GBPUSD has probed lower in trading today – moving below the low prices from July and August in the process.
Approx 80 pips for pound dollar and 95 pips for euro yen.
Waiting with patience a retracement came in pound dollar three and half hour after London open in the median line.
Then a resistance is formed and the moment a double top formed in the trigger chart I have entered a short trade with nine pips stop loss ignoring a long signal whic was counter trend in the higher time frame chart.
Forex scalping target achieved quickly in less than 15 minutes and then left the rest with trailing stop.
Knowing that at 7.30 EST the economic announcement of Canadian GDP will influence the dollar I didn’t gamble the profits and close the trade at 25 plus pips even if I saw 36 in a moment.
The problem is that there have been two breaks below this area. The first failed. The ensuing correction stalled near the 200 day MA at the 1.53635 (the high stalled at 1.53685). The second probe moved to new day lows and is back up testing that break area (between 1.5329-38). If the price can not stay below, the patience of the sellers may wain and the seller could switch to buyers instead.
ISM data is due. So risk is increased. The market will be looking for clues from the data. A more bullish number and new lows can be expected. If weaker, the sellers will likely become buyers again and we should see a rotation higher in the pair.
The whole trade is written in the video from the beginning .
Here is the three pairs I watch every day with remarks on them.
Counter trend trades are dangerous to your account and psychology.
Don’t try to catch bottoms and top of the mountains you will bankrupt your account.