Most of my trades throughout the sessions are small intraday scalps. These are my ‘bread and butter’ trades that keep adding to the account while waiting for any medium term positions to play out.
I made a conscious decision (before I began to trade for a living) to learn to trade shorter term positions intraday. It keeps me nimble and most importantly for any trader who sits in-front of screens for hours at a time…… awake.
I use a few short term scalping strategies, some of which I have posted on already, and some I will write about in future posts.
I often mention the importance of the use of candlesticks in my trading. – Combine them with trendlines, Fibonacci levels or support and resistance and you have an instant methodology and ready made strategy that gives you your entry, stop loss and TP (take profit) levels.
It’s always best to keep things current and resist the temptation to show a crusty old chart of former glory trades from days of yore…………So here’s the Hourly chart of AUDUSD from earlier with my entry, targets.and reasoning.
A very simple pin bar shooting star candle formed below resistance (blue line). I entered a short position on the following candle that opened and continued to move lower. We then broke some short term pattern support (red trendline).- This was the first real test of my short position and I was ready to cover on a bounce. …..We sailed through and at the time of writing I am on course for my 1st target.situated on or around the (green) lower channel line where I plan on taking some / or all profits off the table depending on price action……….In this way, a simple scalp can become a much larger longer term trade – Simply let the price action come to you and position yourself accordingly. There is also a chance of a bounce and a swing trade higher.
The longer term view showing the upward channel.
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