Short

GBPJPY Breakout scalping

Updated

Looking at tow key levels on the chart, using the 5 minute and just taking a breakout above or below the level

Short 8-12 pip stops with next level target/exhaustion of the move

Quick trades, may open and close a few times, market entries, tight stops, low risk. All stops will adjust to the exact base of the breakout candle, + 3 pip spread for shorts

Enter, it goes, great, it don't goes, cut it immediately

Break must happen with momentum, otherwise, adjust the levels

Overall looking short for downtrend, but just taking breaks up or down, because the market can change at any time, and this is speed trading so not going to super analyze it, just KISS it

Note

Yesterday's stats on this pair are
1 good win
2 could have been better but a little
19 loss

Total net gain 2.6% on account (risk management : 101)

Each entry stats will post on the closing to track, using the 30 min to post the idea so I can log it here somewhat relevantly, but take the fast pace into account for the multiple trades, this will probably be 3-10 trades, depending how it goes.

Trade active

Market 163.895 11 pip stop

Trade closed manually

It don't goes, stopped at -2.7 pips

Note

Just keep doing this, and when you get the right one, you'll know it, because it will go immediately and not come back'

Note

This pair does play fairly nice with engulfing reversals on the 5 minute, but I don't want to risk for that.

I want the big one. You know, the one that turns your stomach when you anticipated the wrong way, that one

Note

I suspect a stop run up then charge down is coming, I;ll take the break but it runs back I cut right away because risk saftey first

Note

Sell at the ready, momentum acroos the heavy up line on this leg should drop fast

Trade active

buy 164.059, 8 pips risk

Trade closed manually

No go, -5 pips

Note

W retest too close, not shorting

Trade active

Sell

Trade closed manually

Close but no cookie, getting sleepy but the time is near, so it'll all come back and some with one hit

Note

-6 more pips, only out 13 pips so far.

Trade active

Buy

Trade closed: stop reached

lose 5 pips

Trade active

Buy again

Note

Risk free, it goes or it don't this trade is safe

Trade closed: stop reached

Stopped with no change

Note

Account started at $15.58, currently $13.58, 20 pips fixes it and the rest is profit, I will catch the right candle eventually :) risk management 101

Trade active

Buy

Trade closed: stop reached

-12 pips
Not giving up

Note

We get trhough here a little higher that should be it, tweezers from yesterday here so holding it back to well

Trade active

buy again

Note

Risk free and running now

Trade closed: stop reached

Trail stop hit for 11 pip gain

Trade active

sell

Note

messed up, break even

Trade closed: stop reached

wanted double placed singles they spread out :/

Trade active

buying

Trade closed: stop reached

-10 again probably need to go to bed and get new york session, asian range put me to sleep

Trade active

Buying in demand zone, I'll finish the results in the end, too many updates to focus on the price action too

Note

No success for profits, but risk management is solid. Stopping here and reset next week, - 5 dollars , " 'tis but a scratch" -Monty Python

ForexStoryteller

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