Yes, definitely wait for candlesticks to bounce off the 20-hour temporal support level.
You were able to make up your loss and then some.
B.A.T. Guerrilla Trading System
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You were able to make up your loss and then some.
Overnight I had a couple of "swing" trades turn against me. So, this morning I decided to devote all of my time and attention exclusively to scalping the market to make back my losses and hopefully at least break even by the end of the morning.
I was doing okay until USDCHF turned against me too...
Given the pair's structure, I believe it's in the process of executing a wholesale reversal, so I am now short USDCHF. If I am right about my forecast and the rate continues to fall, I should be able to finish this 24-hour market cycle in profit territory anyway, despite what happened overnight.
In any event, these last twenty or so trades suggest to me that I need make no more adjustments to my scalping charts and/or techniques, and that if I wish to "guaranty" a profitable outcome everyday, it is time to dispense with the "swing" trading (which is fully developed and as good as I can get it) and simply trade for one or more hours during the New York session (though I suppose I could also guerrilla trade an hour or two during the London session as well, if ever and whenever I'm so inclined).
I was doing okay until USDCHF turned against me too...
Given the pair's structure, I believe it's in the process of executing a wholesale reversal, so I am now short USDCHF. If I am right about my forecast and the rate continues to fall, I should be able to finish this 24-hour market cycle in profit territory anyway, despite what happened overnight.
In any event, these last twenty or so trades suggest to me that I need make no more adjustments to my scalping charts and/or techniques, and that if I wish to "guaranty" a profitable outcome everyday, it is time to dispense with the "swing" trading (which is fully developed and as good as I can get it) and simply trade for one or more hours during the New York session (though I suppose I could also guerrilla trade an hour or two during the London session as well, if ever and whenever I'm so inclined).
This task is completed. Integration of whatever can be applied from the DOT-TAB style of trading to the "wee" version of NPP has been done, and there is no longer any need to answer a set of questions with respect to each currency pair on my watchlist, because the charts all speak for themselves now.
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Sunday / June 6, 2021 / 9:40 PM PST
As I'm coming down the home stretch, the configuration I'm using looks almost nothing like the one above. Writing the second from the last chapter of my book means working out, in detail, exactly how to scalp the Forex market profitably using Numerical Price Prediction, starting with the following...
At the time I entered this position, both the 4-hour baseline and 6-hour price range envelope were bullish, but I suspect that these two factors were non-issues. In fact, by the time my target was hit, the 4-hour baseline was actually sloping downward.
It's worth noting that even the 40-minute baseline, regarded as being the definitive short-term intraday baseline, turned out to be too lagging to be a useful part of this type of decision-making process. Also, after a total of two-and-a-half hours had passed, EURUSD was all the way up to 1.21688. Just saying...
As I'm coming down the home stretch, the configuration I'm using looks almost nothing like the one above. Writing the second from the last chapter of my book means working out, in detail, exactly how to scalp the Forex market profitably using Numerical Price Prediction, starting with the following...
At the time I entered this position, both the 4-hour baseline and 6-hour price range envelope were bullish, but I suspect that these two factors were non-issues. In fact, by the time my target was hit, the 4-hour baseline was actually sloping downward.
It's worth noting that even the 40-minute baseline, regarded as being the definitive short-term intraday baseline, turned out to be too lagging to be a useful part of this type of decision-making process. Also, after a total of two-and-a-half hours had passed, EURUSD was all the way up to 1.21688. Just saying...
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It is now almost two hours later and this pair has not yet hit my former take-profit target...
And given that the market is pretty dead at this hour, not to mention how reintroducing the 2-hour baseline to this configuration revealed that this key measure is still bearish, I decided to lower my take-profit target to just above the current price to get out of this position with a tiny, tiny bit of profit and be done with trading for this current 24-hour market cycle.
Possible Tactic:
I bought XXXXXX at 10:30 a.m. PST because it was beneath a relatively neutral 6-hour price range channel below 0.14% deviation, with the 20- and 30-minute baselines reversing from bearish to bullish. The pair reached my take-profit target 4 pips above my entry level about 45 to 60 minutes later.
I bought XXXXXX at 10:30 a.m. PST because it was beneath a relatively neutral 6-hour price range channel below 0.14% deviation, with the 20- and 30-minute baselines reversing from bearish to bullish. The pair reached my take-profit target 4 pips above my entry level about 45 to 60 minutes later.
At 11:00 AM PST I sold XXXXXX because: (1) the 6-hour price range envelope was decidedly bearish; (2) the positional arrangement of the 2-, 4-, and 6-period baselines were bearish; (3) candlesticks had begun painting beneath the 30-minute baseline; (4) the 20- and 30-minute baselines had turned south; and (5) price was exiting the upper half of the 6-hour price range envelope...
I set my take-profit target 10 to 12 pips beneath my entry level, with the pair taking approximately 2 hours to get there.
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TUESDAY / JUNE 8, 2021 / 8:50 PM PST
I've made some additional modifications to the configurations from the last hand full of posts. My one-hour charts and above are essentially set in stone. I suspect my five- and 15-minute charts are likely to enjoy the same finality by the end of this month, if not sooner, God willing.
I don't use 30-minute charts and I'm probably abandoning the use of one-minute charts as well given that I find structure is more important than trend, per se, so I don't need that degree of detail and precision, not to mention that I get a better sense of context when I'm not trading using such a microscopic time frame.
I've made some additional modifications to the configurations from the last hand full of posts. My one-hour charts and above are essentially set in stone. I suspect my five- and 15-minute charts are likely to enjoy the same finality by the end of this month, if not sooner, God willing.
I don't use 30-minute charts and I'm probably abandoning the use of one-minute charts as well given that I find structure is more important than trend, per se, so I don't need that degree of detail and precision, not to mention that I get a better sense of context when I'm not trading using such a microscopic time frame.