Wanted to start a journal on scalping. I'm going to try and scalp pairs that have low spreads a little before the NY session starts, probably from 6am-11am EST. I have no clue how this is going to play out but I decided I should give it a try.
I also trade a more conservative style and I will probably list those trades if the scalping doesnt work to my liking.
For SCALP only
5 Minute chart.
Slope Direction Line-(Period 9, Method 3, Price 0)
Stochastic’s – (5,3,4)
When both indicators agree I'm going to follow. Really dont think there is a need to worry about the daily trend since I'm going for a couple of pips. As for my SL its going to be a mental SL.
Maybe this will prove to be profitable, but I have my doubts...
I also trade a more conservative style and I will probably list those trades if the scalping doesnt work to my liking.
For SCALP only
5 Minute chart.
Slope Direction Line-(Period 9, Method 3, Price 0)
Stochastic’s – (5,3,4)
When both indicators agree I'm going to follow. Really dont think there is a need to worry about the daily trend since I'm going for a couple of pips. As for my SL its going to be a mental SL.
Maybe this will prove to be profitable, but I have my doubts...