Here is a quick scalp trade, done well this week so just a little play. I will lower my risk to .5% and aim for a 1.5/1RR here. This is an hourly chart, one of the most popular timeframes. Price has been swinging well as of late and this is one last attempt. We have price attempting to break the key Fib levels, unsuccessfully. Price has been beaten back on 3 candles (3 hours) I'm looking to take a scalp to the short side, I will go to break even quickly, I have been very defensive in my trading and it's paying off. I am not the only technician mentioning price failing to "do what it is supposed to". No MACD, no indicators just a simple price action setup confirming with candles over several candle closes. minimized risk, if we get into profit I'll go to break even quickly as mentioned. Good Luck!
Note
Ok, almost halfway to our profit target, I have moved the stop close but not to break even, the trade is developing well.Note
I think I'll go the breakeven now.Trade closed: target reached
I went to breakeven, and into profit followed price as it dropped, as mentioned this was a scalp and didn't want the exposure. The trade played out very nicely. Nice little trade to highlight the power of simplicity...listening to what the market is telling us without biases clouding our opinion. Money made, onto the next one. Happy Friday.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.