scalping eurusd

cvds16 said:
I took some more time to go over my charts and backtest hypothesises ... seems I was once again on the wrong track with things ... but I found a solution after long pondering about things ... I kinda integrated Elliot wave thinking into my price action on occasions ... I also will look better for divergence and hidden divergence into my trading.
Thus far what ma I seeing here: this kinda looks like somewhat of an intermediate top:I got 1H morning star in overbought stoch, that rolled into 2H ib break in overbought stoch, the 4H looks like it will break during the Japanese session and I am watching curiously what's going to happen to the 6H chart. My guess is we might see an evening star there too. If that last thing is the case I will have to resolve to my 'Eliot Wave'-thinking (in lack of a better name) and my target of 1.1941-ish will become void; instead I will have to use the waves in stochastics to tell me when to get out. That is unless we get an 8H engulfer at level then I will have a fixed target again for when to reverse to long ...
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Overall the picture is not too clear looking at bigger chartframes (3H/4H/D) so I will refrain from shorting this since we are in overbought but overbought can last a long time ... better see some clear setup before going against this.
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Which one are you?
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https://www.vocabulary.com/articles/chooseyourwords/objective-subjective/


Imagine for a moment that you call a short-term top in EUR/USD based on your current assessment.
How do you know for sure that it wasn't something else which caused the top? Something you hadn't considered or have maybe never considered?
Could it be possible that even though you called the trade, it wasn't for the reasons you thought?
You will likely say that it doesn't matter because I profited!
But...what about over a 6 month, 12 month or an even longer span of time?

To be long-term profitable, you need to be objective. The trader who is objective will take your money.

I'll give you an example of both:
Subjective: The 4 hour chart gives the best entry signals for swing trading.
Objective: The 4 hour chart is a chart based on fluid price broken into 4 hour intervals.

And another...
Subjective: Multi time frame trading produces the best results.
Objective: Multi-time frame trading is based upon analysing price on various time frames.

One more...
Subjective: I do not need to consider fiscal or monetary policy because it is traded into the price. Considering price alone is enough.
Objective: Fiscal and monetary policy influence price on a forward basis.
 
yes, you nailed it exactly: I'm strugling with my emotions in the proces of finding an objective approach. The latter is harder than I thought it would be. And I seem to be taken away by my emotions further than I would like it to be. Since I noticed that problem I tried to put my brain into 'restmode' by analysing the daily and weekly gold chart. I seem to be easily pretty good at that and then returned to my eurusd. Seems the smaller in timeframes I go the worse it seems to get swept away by emotions. However I wrote some objective rules down from my backtesting in gold that should help me. I see gold going past the last highs by the way. Maybe I am trying to become Jack of all trades too much instead of master of one. The future should soon tell me if I am getting on the objective road or that I am still messing about in subjectivity ...
 
cvds16 said:
yes, you nailed it exactly: I'm strugling with my emotions in the proces of finding an objective approach. The latter is harder than I thought it would be. And I seem to be taken away by my emotions further than I would like it to be.
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You have a humble attitude and that will serve you well!
Pride and arrogance have no place in trading.

I wrote some objective rules down from my backtesting in gold that should help me.
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Could you share your rules with me?

The future should soon tell me if I am getting on the objective road or that I am still messing about in subjectivity ...
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You will know immediately!
The last thing you want is to test with real money whether you are subjective or objective.
 
what I basically like to do is looking for five patterns:
first being: morning stars and evening stars on 1H or 2H in overbought oversold against the main trend that roll into bullish or bearish engulfers that will take me to the 50ema of the engulfers timeframe can be 3H/4H or 8H.
second being: morning stars and evening stars with the trend on 3H or 4H where sto has hidden divergence which will take me three levels up/down in going with the main trend
third being: engulfers with sto diverging on the 3H or 4H which will take me three levels up/down in going with the main trend and three waves up/down in going against the main trend.
fourth being: key-reversals on the 3H or 4H where the bigger timeframe is diverging which will take me three level up/down in going with the main trend.
fifth being an engulfer @ ema20 going with the trend of the 8H on the 3H or 4H. I need a morning star evening star to get me out on the 1H or 2H.

Not too sure if I explain this all too well but this is what I am looking for.

It was a good idea to make me formulate things ... my head is becoming clearer again ...

Now how does this look into practice in eurusd: I see the evening star in 1H timeframe where we have ib at level on the 2H and 4H but we need more down for it to roll into an 8H bearish engulfer which then should bring us to the 8H ema50 situated around 1.905.
 
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kellys said:
You mentioned in your opening post that your intention is to 'take the meat in the middle'.
Why are you running counter market when the market is moving higher?
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I was wondering the same thing.

And as for swing trading and position trading, they make little sense for me personally in that I’ve found that if I can do a decent job as a day trader reading the market and interpreting which direction price is likely to go, there are not a lot of reasons why I shouldn’t be walking away from each round of sessions with more money in my account than was there before the sessions began.

For me, it’s all about knowing which way price is headed, what is the average range it will span before reversing direction, where it is located in relation to past support and resistance, and the relative impact of all three factors on price as they interact with one another.

Even if price does fly past my take profit targets from time to time, I’d much rather settle for conservative gains than sit around hour after hour after hour watching my positions alternate between profit and loss as they did so often when I attempted to swing trade.

From my point of view, better that I should wait for a pullback, collect a few pips, wait for the next pullback, collect a few more pips, and continue doing this over and over so that by the end of each round of sessions, I end up with a respectable amount of gains, even if the overall market essentially went nowhere.

For example, two and a half hours into this current round of sessions, I've collected a total of about 24 pips. That might not seem like much to some, but for me, that would be enough to call it a day depending on how many lots I was trading.

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