Hello fellow traders. After long time lurking and reading countless thread here, on ET, i've decided to start my scalping journal. I trade for 6 years now with mixed results. I hold some long-term ETF portfolio, and want to master short term trading.
Why 6E?
6E is one of the most liquid futures contracts here. Also i live in Europe, so i can trade London session comfortable.
My goal is to trade 3-4 hours a day and produce positive result of 10% per month.
Approach
I trade simulated account for 2 consecutive profit months with R 10.
For simple measurement R will be 1% and 8 pips.
My max stop loss in every trade will be 10 pips (normally 8), which represents 1,25R.
Max stop for the day is 3R. (24 pips)
Profit targets = 1,5-2R.
Trading hours 7AM - 11AM London time.
I will trade in direction of 5 min trend. Also i use 1 min chart and 3 range bar chart, for fine tuning entry.
I use basic MA indicators, 21EMA (close, high, low), 34 EMA close.
Starting period 2 June.
Let's start.
Why 6E?
6E is one of the most liquid futures contracts here. Also i live in Europe, so i can trade London session comfortable.
My goal is to trade 3-4 hours a day and produce positive result of 10% per month.
Approach
I trade simulated account for 2 consecutive profit months with R 10.
For simple measurement R will be 1% and 8 pips.
My max stop loss in every trade will be 10 pips (normally 8), which represents 1,25R.
Max stop for the day is 3R. (24 pips)
Profit targets = 1,5-2R.
Trading hours 7AM - 11AM London time.
I will trade in direction of 5 min trend. Also i use 1 min chart and 3 range bar chart, for fine tuning entry.
I use basic MA indicators, 21EMA (close, high, low), 34 EMA close.
Starting period 2 June.
Let's start.