I have previously posted my scalping strategy basics with this pair. In this post I will explain the strategy in depth with my Buy/sell stops with TP points.
Currently I am in a long position after the strong retest of 1.18000. My tp is set at 1.18800. Once my first TP hits a buy stop will trigger with a TP target of 1.18900. Once my second TP hits and exhibits a strong retracement I will then place a sell stop at 1.18800 now that I would have stronger sentiment that the pair won’t make a continuation break past 1.18900. I will also place a stop loss at 1.18800 if the retracement takes place prior to hitting 2nd tp. This will be the small risk of losing minor profit.
The sell scalp is tricky to %100 forecast due to the strong pivot point at 1.18500. That being said my first TP is at 1.18500. To avoid loss of profits from pull backs I place at sell stop at 1.18450 as this is a safe point of continuation past 1.18500. If the 1.18450 sell stop is triggered I will place my TP at 1.18200 and utilize patience to trust the process of a small pull back at 1.18300 to then proceed to 1.18200. Once we hit 1.8300 a buy order will be placed in the event the pullback does not correct to 1.18200. A buy stop will also trigger at 1.18200.
If there is a strong pivot in play at 1.18500 support I look to place a buy stop at 1.18600.
I am a firm believer in having strict rules to follow for the most successful trades. If you have a strict set of rules that generate profit when followed correctly, it’s hard to rack up loss. Hope this is helpful.
NOTE: THIS A SCALPING STRATEGY! Please comment with thoughts! Thank you!
Currently I am in a long position after the strong retest of 1.18000. My tp is set at 1.18800. Once my first TP hits a buy stop will trigger with a TP target of 1.18900. Once my second TP hits and exhibits a strong retracement I will then place a sell stop at 1.18800 now that I would have stronger sentiment that the pair won’t make a continuation break past 1.18900. I will also place a stop loss at 1.18800 if the retracement takes place prior to hitting 2nd tp. This will be the small risk of losing minor profit.
The sell scalp is tricky to %100 forecast due to the strong pivot point at 1.18500. That being said my first TP is at 1.18500. To avoid loss of profits from pull backs I place at sell stop at 1.18450 as this is a safe point of continuation past 1.18500. If the 1.18450 sell stop is triggered I will place my TP at 1.18200 and utilize patience to trust the process of a small pull back at 1.18300 to then proceed to 1.18200. Once we hit 1.8300 a buy order will be placed in the event the pullback does not correct to 1.18200. A buy stop will also trigger at 1.18200.
If there is a strong pivot in play at 1.18500 support I look to place a buy stop at 1.18600.
I am a firm believer in having strict rules to follow for the most successful trades. If you have a strict set of rules that generate profit when followed correctly, it’s hard to rack up loss. Hope this is helpful.
NOTE: THIS A SCALPING STRATEGY! Please comment with thoughts! Thank you!