"Take Risks: If you win, you will be happy; if you lose, you will be wise. Nothing ventured, nothing gained."

Thursday, November 12, 2009

Intra-Day Scalping @ EUR/USD "Psychology" Resistant Level PART 2

Yes, just like my title, here we are back with PART 2 of my last topic. I ought to change the word "Scalping" though. Simply because the amount pips profit from this trade is too much to be called Scalping i guess. Its a put and go to sleep kind. I love it~~ A continue from PART 1!

A little info for the image above. RED circle is my first entry. BLUE is my second entry and GREEN is my TP. The above pair is EUR/USD. 1H timeframe.

Ok like i said yesterday regarding the "Psychology" level of 1.5 + triple zero(000) as a very good resistant price. Even when i say that ytd, i've got doubts for my own words as well... So in order prove that my own theory really means something, i decided to put a Sell Limit @ 1.5008. THATS COMPLACENT! That explains the first RED circle, my indicator points otherwise but i choose to Sell Limit and went in trade despite of that. I even reminded to double confirm with indicators before going in during my previous post... Well i wasnt around to monitor on that. Was sleeping beside my workstation like a fucking pig when the price shoot up. See that big juicy even longer black candle(Black's top 5 favourite candlestick)? Yea luckily it didnt went up too far and hit my SL. I did a averaging down or up or left or right.. whatever u call that. Its purpose is for maximizing ur profit. Because i witness some price undecisiveness around there. That explains the second BLUE circle. After which is all about waiting patiently. TP is set about 10pips above my fibonacci level. Was afraid that it may not hit fibo reason being the Bollinger Lower Band happens to be around there as well. I thought it would be a good support (Bollinger + Fibo). And that is my GREEN circle.

Next morning i check my trade. TP hit and i am so happy. Well fyi Black was in the trade that night too. So we both profitted from this nice bounce. A good 50 - 60 pips is possible from this bounce. But now that this 1.5000 has been poke thru, pierce thru so many times... Its not longer tight anymore.. Ok i sounded wrong, but if u get what i mean.. it looks like it may not be that reliable anymore yea?? Well we can wait and see, we've got quite enough pips from it. Guess i'll enter again only if my indicator really support my claim this time round...

Thats all folks!!!! Happy Trading!!!

I've run out of quotes for the day...

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