Scalping: 3LZZ DSR

[Jhx]

Also, to keep it honest, this is the current state of the FTMO trial account. Again, I used 1% for simplicity and meant to use 0.5%, but didn't want to alter the numbers mid way, so I'm keeping with 1% for now; so really the profit would be half the amount.

Nothing to be crazy about, but at least I'm positive.

FTMO_1.png (48.1 KiB) Viewed 1765 times

[Jhx]

Outside my session but another good one. Break of a pattern, pullback, go:

GU_08092022_3.png (187 KiB) Viewed 1751 times

[Jhx]

Not taking these but seeing the pattern never hurts.

GU_08092022_4.png (191.78 KiB) Viewed 1740 times

[aliassmith]

Also, to keep it honest, this is the current state of the FTMO trial account. Again, I used 1% for simplicity and meant to use 0.5%, but didn't want to alter the numbers mid way, so I'm keeping with 1% for now; so really the profit would be half the amount.

Nothing to be crazy about, but at least I'm positive.

FTMO_1.png

Your numbers did t make sense at first. The win rate of 52% is what skews the numbers. You'll need to get that up to about 60%

[Jhx]

Yeah, hopefully I can push it up a bit this week. The trial acc expires every 14 days so I'll try to increase the winrate before Friday close. By next week I'll reopen one and attempt to up the performance.

[Jhx]

I'm really still drawing off the M5 overlays, I just use the M1 candles to be a bit more specific on some swings and the SL placement. The huge drop would've worked, the one before that I could've exited around BE according to stats and the time it takes for a trade to work itself out.

GU_08092022_6.png (184.39 KiB) Viewed 1730 times

[Jhx]

To increase the winrate, while keeping the targets and SL placement similar as I'm doing, the only thing I can do is be more selective with the entries. I can identify the pattern every time it happens but there are obviously better entries than others.

Weak entries:
1) Price has formed a range and the entry is right at the top or bottom of the pattern; price is still in the range until it breaks closing over the range. This could be a larger pattern as well.
2) Weak move before the pullback. This can be weak momentum, or no momentum at all. Ideally I want momentum carrying me forward with the direction of the trade.
3) A very strong pullback, even if the momentum was strong, if it pulls back too much (going over the first breakout) or if it has a very large wick is usually not good.

Now pretty much the opposite is what makes the entries good.

Stronger entries:
1) Price has just broken out of a range, this could be a larger pattern as well.
2) Strong move before the pullback. A larger momentum bar without a huge wick.
3) A pullback that fails to go over the first breakout means more strength in the direction of the trade.

[Jhx]

Entry check-list:
Each pattern takes some minutes to form so I have plenty of time to answer them.

1) Am I trading with the SMA? Ie: Long above the SMA, short below SMA.
- Yes: Good.
- No: Wait for the next entry.

2) Am I in a smaller range?
- Yes: Am I trading into the extremes of the range?
------ Yes: Wait. Don't take the entry.
------ No: Is there room to get at least 1R?
----------- Yes: Good.
----------- No: Don't take the entry.
- No: Good. (Bonus points if the entry is after price closing over a range)

3) Am I in a larger range?
- Yes: Am I trading into extremes of the range?
------ Yes: Wait. Don't take the entry.
------ No: Is there room to get at least 1R?
----------- Yes: Good.
----------- No: Don't take the entry.
- No: Good. (Bonus points if the entry is after price closing over a range)

4) Am I trading with momentum? Ie: is the move before the pullback a large bar or series of bars that make a stronger move?
Yes: Good.
No: Careful.

5) Was the pullback strong? Ie: did it go past the first breakout?
Yes: Wait for a better entry.
No: Good. Bonus points if momentum is strong and the pullback is weak, can go for more R

[Jhx]

More charts. Asian session; didn't trade it but still charting it, putting into practice the pattern and price breaking out of ranges. I counted 4 winners and 1 loser.

Being mindful of the range that price has been moving in, the smaller pattern that formed just before the break, and then the continuation.

GU_08092022_Patterns.png (236.98 KiB) Viewed 1610 times

The moves themselves were also part of the larger pattern:

GU_08092022_LargePattern.png (240.88 KiB) Viewed 1610 times

[Jhx]

Today was good. Aside from a stupid trade where I was too quick to jump in and was not a valid trade (lesson learned, wait at least 1M bar, not that hard, then made it back jumping in at the bounce, not gonna count those towards my stats because they were not valid trades regardless of W/L), everything went well, except for the fact that MT4 crashed 5 seconds before I placed my first trade and had to enter halfway late.

So 2 winners, +1R and +0.5R because of the MT4 crashing, and 1 break even (with +0.1R). Total +1.6R. Should've been 2.1R but oh well.

I made an effort to ask the entry questions before the trades, and that's why I passed on 2 entries.
The first one had a stronger pullback that went past the breakout so I avoided it (good, as it would've been a loss).
The second one was looking good, momentum was good, it wasn't in a range, but there were a few wicks at the left and price hadn't closed over. That one worked very well for more than 2R but got scared out of it. Not sure if it was a good call or a bad call.

Then there was a good call I made on one of the trades; it was taking too long to work itself out so I attempted to exit around breakeven after 5 minutes, since the trades that work usually do it in the first minutes. Good call as well, otherwise it would've been a loss

This is the full session:

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My session started at 15:00 MT4 time, just before the yellow pullback.

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