Havent been trading very good past few days. Wanted to do some scalping, but i find myself finding no clues from 1M & 5M chart. Scalping i suppose is a serious technique for more specialized traders. I did a small research this afternoon between Intraday trading (and scalping) vs Swing trading. Intraday trading requires more time to analyse the day's price action and technical analysis (just have to careful with the Economic news announcements). For swing trading u go for the bigger move.
Wad i prefer in intraday trading is the fact that u dont bring any open trades to sleep. It is something i am not used to, although i did during my demo days but they were demos, i dont dream of my trade hitting the s/l or the t-p every hour of the night. and eventually waking up in the middle of the night closing trade. but currently, working a full time job, and having some other commitments, i guess i may not have the luxury of time to glue my eyes to the charts for hours. a part of me wants to eat, shit and sleep with the chart. cuz i think i do have much to learn.. very much.
decided to use back my 1H / 4H chart and Daily (for eagle-eye view of the price action) after few days of failed scalping with 5M / 15M :( Basically short after a shooting star formed off 1H chart, and Stochastic was pointing down, and the good and MOST IMPORTANT thing was, short during downtrend. <<-- i learned a lot of hard experiences trying to pick rebounds against trend. protected my profits by manually trailing my s/l with my profits.. havent had this chance for sometimes :S Closed trade @ +50. Good enough to sleep.
Check out Gpb/Usd bounces sharply off of top downtrend line below. gotta go with the trend, go with the fashion. as the saying goes, the trend is ur fren, never backstab ur fren!