Scalping: 3LZZ DSR

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Jhx
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Re: Scalping: 3LZZ DSR

Postby Jhx » Thu Aug 18, 2022 1:26 am

I'm also trying to be more aware of context that's outside my chart. This isn't really for bias, just know where some 'barriers' could be.

When I'm scalping, because of the scope of what I can see on a smaller chart, I might be missing a place I'm trading into. I'll be doing this as part of a daily routine before my session. It only takes a few minutes after all.

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Re: Scalping: 3LZZ DSR

Postby Jhx » Thu Aug 18, 2022 1:31 am

I never got too much into this other than the general idea of multiple wicks, or some cases where larger swings stop around the same level. So I'm not too sure if it's S/R, or S/D.

But maybe it's a good time to start considering this (again, just to have a better idea when not to trade into an area).

I've seen too much nonsense in the past regarding non-objective stuff or this type of analysis more based on observation; once bitten twice shy. But I know some of you here use it, and use it well. Are there any good resources to get a general idea on this?

Or maybe I should just use my eyes and gut? :lol:

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Re: Scalping: 3LZZ DSR

Postby Jhx » Thu Aug 18, 2022 4:02 am

Outside my session so not trading, but I was looking at some 'barrier' zones. It seems like a good idea to consider them.
If I'm too near at the time of entry, pass on the trade. If there aren't in the way, good to go; if it gets near, exit.

This will help avoiding bad entries as well; a good way of bringing up the winrate is by avoiding bad entries from the start.

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Re: Scalping: 3LZZ DSR

Postby aliassmith » Thu Aug 18, 2022 6:56 am

Jhx wrote:I never got too much into this other than the general idea of multiple wicks, or some cases where larger swings stop around the same level. So I'm not too sure if it's S/R, or S/D.

But maybe it's a good time to start considering this (again, just to have a better idea when not to trade into an area).

I've seen too much nonsense in the past regarding non-objective stuff or this type of analysis more based on observation; once bitten twice shy. But I know some of you here use it, and use it well. Are there any good resources to get a general idea on this?

Or maybe I should just use my eyes and gut? :lol:


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Re: Scalping: 3LZZ DSR

Postby Jhx » Thu Aug 18, 2022 2:03 pm

I think this is better! Posting it now because it might take a while until I get another trade.

There was a short pattern but it was a bit during the news and had a large wick so I passed on that one.

Then I just waited for my pattern, with its pullback not going over the previous breakout. Some pullbacks were deep plus there was support around there so I skipped.

I'm waiting for an M5 to close below these before pulling the trigger. I don't consider the M1 closes as they could be an M5 wick if I don't wait.

It wasn't very significant but it did close below that and the SMA was really sloping down as well. So I took it. There was around 1R to be had before the next 'barrier' so I was good to go. Protected it at 0.7R and punched out near 1R (the last second went a bit against and exited with 0.85R but oh well).

Then it broke again, and steadily moved to the next. I couldn't enter on that one because the M5 didn't close over until later.

I really like this idea of looking for areas were price might stop or turn. I might be taking less trades though but maybe they end up being more quality trades.

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Re: Scalping: 3LZZ DSR

Postby Jhx » Thu Aug 18, 2022 2:21 pm

Also, these are all the ideas I'm going to use from now on. Nothing else, no more complicating it.

Before taking the entry, look for areas where it might turn or stop:
- If they're too close, pass.
- If not, take the trade. Protect and trail. If it gets to a barrier, exit (or worst case scenario get stopped by the trailing stop).
- I can only trade over those zones after the overlay has closed over.

I can identify my pattern and I have my rules.

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Re: Scalping: 3LZZ DSR

Postby Jhx » Thu Aug 18, 2022 3:28 pm

This is an example of a setup forming but failing. Failed to close below that area (wicked it), then failed to close over (wicked it); then closed over the area but not above that wick. So I would have avoided it anyway.

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Re: Scalping: 3LZZ DSR

Postby Jhx » Thu Aug 18, 2022 3:41 pm

I think I could read this one well. I didn't take it because the large wick of the M5 candle scared me out of it.

Had I taken it I would've exited at 1R or at 0.7 if the TP didn't trigger.

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Re: Scalping: 3LZZ DSR

Postby Jhx » Thu Aug 18, 2022 3:54 pm

And then there was another one, but again skipped it because it wicked the zone again; and it broke that one, the wick, and went to the next area.

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That one would've put me back up finally for the week (would've trailed until stopped at 2.5R), but oh well.

Total 0.85R for today.

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Re: Scalping: 3LZZ DSR

Postby Jhx » Thu Aug 18, 2022 6:38 pm

Outside my session so no trades but still a good time to watch price. It kept dropping. I would have taken the 2nd one in the middle; would've taken me out at 0.7R after going a bit through 1R.

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I wouldn't have taken the last one as there wasn't too much room.

Still, having these htf areas are good clues. It's like I was taking trades as if I was crossing the street with horse eye blinders :lol: . It doesn't hurt to zoom out to get a few higher timeframe swings or wicks. Just zooming out to see where the next area is, keeping it simple.

Gray boxes and lines are broken ones.

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