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My Forex Day-Scalping Strategy Trade-Journal - Business - Nairaland

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My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 3:15pm On Apr 13
Good afternoon guys, I created this page to monitor my trades, and most importantly to have my own personal thread that will serve as a trade journal, where I can come look up to and really know my win rate.

So what pairs do I trade? I trade currency pairs only. All major pairs and many minors as well totalling to about 20+ currency pairs. I chose to trade many pairs so as to avoid me trying to squeeze out trades even when there are no clear signals because I limited myself to few pairs.
At least I'm guaranteed a trade or two daily without breaking sweat.

Since my trading style is closer to scalping than intraday trading, no keeping of trades overnight.

I trade a strict 1:1 risk to reward strategy. This has helped and made me become Loss-Conscious[in the sense that, I only think about amount I'd be losing if it fails rather than thinking about my winning] before entering a trade. I only enter trades when I'm extremely certain the probability of winning is massively stacked in my favor than it is against me, and not just entering trades hoping to get lucky because I've got a higher risk to reward ratio.

I trade two setups only:
First setup: Break and retest of a supply or demand zone. After successfully broken, I enter trade in hope of continuation.

Second setup: A support or resistance formed at a former supply or demand zone. This is giving me a bias that the support or resistance will hold.


Of course there are other minor confluences I watch out for also, but that's just the pretty basic of what you will be seeing on my charts and trade images I will be sharing.

It's your boy Cashhy, no long cap. Let's get straight to business.
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 3:24pm On Apr 13
Friday, 12th April 2024.
Number of trades for the day: 2.

Sold NzdUsd: Won
Setup 1: Support broken and turned resistance.


Bought EurJpy - Won
Setup 2: Support formed at a former support zone.

Total number of trades: 2
Total Won : 2
Total Lost: 0
Total Break-even: 0
Win rate: 100%

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 11:55pm On Apr 13
To make this more fun, I just purchased a 15k fundednext 2-step stellar account. These trades that I will be sharing on here are trades taken on this prop account.
Let's go.

1 Like

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 11:38pm On Apr 14
Good evening, market is opened now but I don't trade the Asian session, so most of my trades will be the Pre-London, London down to New-York. I love to trade during volatility and most importantly when there are no news at all.

I love to spend very little amount of minutes/hours in trade, that's why I chose to trade around those sessions.

This is a $15k prop account, but in reality it's just a $1,500. So I will only be trading it like a $1,500 account. I will only be risking 0.7% of the "15k" per trade which translates to 7% of a $1,500 account. That should be about $100 per trade.

The profit target for the phase 1 is 8% of $15k which equals to $1,200 while the phase 2 profit target is 5% of $15k which equals to $750.
I might increase or decrease risk per trade based on performance after each week. Tomorrow we begin. Thanks and goodnight.
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 11:58pm On Apr 14
Decided to check the chart before going to bed and look at this trade guys, looks too good to be left untouched. It's a 4hr confirmation candle which means higher and larger pips movement[48 pips SL and TP] But I'm disciplined, I don't trade when it's not my session, and I also don't trade outside my strategy which is mostly based on 1hr candle confirmation and not this 4hr we have here.


Just checking the potency of my edge here, if it can call longer shots too. I just want to add this to my trade calls which is the major reason I created this Diary. To track the efficiency of my strategy win % over hundreds of trades.

Setup 1: A resistance has been broken and retested by the massive liquidity grab on that 4hr candle bottom wick, so I expect further moves to the upside.

Image attached below.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 3:09am On Apr 15
Cashhy11:
Decided to check the chart before going to bed and look at this trade guys, looks to good to be left untouched. It's a 4hr confirmation candle which means higher and larger pips movement[48 pips SL and TP] But I'm disciplined, I don't trade when it's not my session, and I also don't trade outside my strategy which is mostly based on 1hr candle confirmation and not this 4hr we have here.


Just checking the potency of my edge here, if it can call longer shots too. I just want to add this to my trade calls which is the major reason I created this Diary. To track the efficiency of my strategy win % over hundreds of trades.

Setup 1: A resistance has been broken and retested by the massive liquidity grab on that 4hr candle bottom wick, so I expect further moves to the upside.

Image attached below.
Check this out guys, the 4hr resistance above is trying to act like a stumbling block there. You can just close the trade now and exit with 90% profit or wait a little more for that final 10% extra push to complete 1:1rr. It's your choice. But trade has proven successful already.

Bought EurJpy : Won

Setup 1: Resistance broken and turned Support.

Total number of trades: 3
Total Won : 3
Total Lost: 0
Total Break-even: 0
Win rate: 100%


Modified
second image: The extra push done and 100% TP achieved. So smooth and easy.

Re: My Forex Day-Scalping Strategy Trade-Journal by dauntless15(m): 3:22am On Apr 15
You mentoring? wink
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 3:30am On Apr 15
dauntless15:
You mentoring? wink
Nah, I don't brother. Ask me whatever you want to ask here, I will answer you as best as possible so others can also learn from it.
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 6:05am On Apr 15
Good morning, we only have 3 different USD related red folder news for the day all coming up at 1:30pm. So I have to be in and out of any trading activity whatsoever today before that time, and look for trading opportunities only after the news.

No trades whatsoever close to the release of the news and shortly after the news.

On other note, EurUsd is looking ripe for a buy, just waiting for confirmation.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 6:54am On Apr 15
I just bought EurUsd

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 7:32am On Apr 15
Monday, 15th April 2024.

Bought EurUsd: Won
Setup 1: Resistance broken and turned to support.


Total number of trades: 4
Total Won : 4
Total Lost : 0
Break-even : 0
Win rate: 100%

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 7:35am On Apr 15
Prop account up by +0.7%. Target is 8% to complete phase 1.
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 1:21pm On Apr 15
Couldn't get another trading opportunity since morning. Now we wait and let the news manipulation be done with before we go fishing again. After 2hrs, the spikes should be over, I should be able to spot one more setup and close shop for the day. If not, tomorrow it is then.
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 5:25pm On Apr 15
Got my eyes on GbpChf and EurChf buy, but I can't take them both, just one trade at a time. One of them will do. Hopefully this one hour candle can close bullish to give me more reason to start looking for a buy opportunity.
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 6:15pm On Apr 15
Cashhy11:
Got my eyes on GbpChf and EurChf buy, but I can't take them both, just one trade at a time. One of them will do. Hopefully this one hour candle can close bullish to give me more reason to start looking for a buy opportunity.

None of them came up to my entry, so I've sold EurCad instead.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 7:04pm On Apr 15
Cashhy11:
None of them came up to my entry, so I've sold EurCad instead.
Trade not looking pretty at all, but let's see how it plays out. Market still didn't close above the resistance. So there might still be hope but if not, I'm gonna just take a loss on it.

Modified: Trade eventually hit SL. Account back to 0%.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 7:20pm On Apr 15
Monday, 15th April 2024.

Bought EurUsd: Won
Setup 1: Resistance broken and turned to support.

Sold EurCad: Lost
Setup 2: A resistance formed at a former resistance zone.

Total number of trades: 5
Total Won : 4
Total Lost : 1
Break-even : 0
Win rate: 80%
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 3:38am On Apr 16
These are the time of the news to avoid for today. Chinese Yuan at 3am but, I don't trade it at all, so we are good there, the Great Britain Pounds news coming up at 7am, and another at 6pm. Then we have the Canadian Dollar coming at 1:30pm and another at 6:15pm and including the United States Dollar also coming in.

So today is so clear, be in or out of trade before 7am, be in and out of trade around 8am-1:20pm. Then the last window which is be in and out of trade from 2:30-6pm.
I will need to be so swift today and not miss out on some trades like I did yesterday. Yesterday is gone, let's go as today's offering another opportunity.
Note: Focus are only on the red folder news, as they tend to have more impact compared to the gold folder ones.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 6:15am On Apr 16
I just bought EurUsd.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 7:05am On Apr 16
Cashhy11:
I just bought EurUsd.
Trade closed partially in profits. You already know the plan, no open trades during release of news as it widen spreads and causes so much inconsistency in the market. Even if it's a GBP news and I'm trading a different currency pair. I close all my trades during major news releases.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 7:09am On Apr 16
Tuesday, 16th April 2024.

Bought EurUsd: Won
Setup 2: Support formed at a former support zone.

Total number of trades: 6
Total Won : 5
Total Lost : 1
Break-even : 0
Win rate: 83.33%
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 7:14am On Apr 16
Loool, check this out. It's a Gbp news and see the effect on a EurUsd trade. See that strong bearish candle. Inconsistency at it peak. News is what the Algo, market makers or whatnot make use of to manipulate the market. It's just best to stay on the sideline during that time.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 10:55am On Apr 16
Bought EurNzd based on a 4hr candle resistance break and retest. Such a difficult trade got so close to my Stoploss only to retest and head back up and we are almost close to TP. Will be closing anytime soon as we are nearing the next 4hr resistance.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 10:58am On Apr 16
Tuesday, 16th April 2024.

Bought EurUsd: Won
Setup 2: Support formed at a former support zone.

Bought EurNzd : Won
Total number of trades: 7
Total Won : 6
Total Lost : 1
Break-even : 0
Win rate: 85.7%

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 11:12am On Apr 16
GbpUsd looking ripe for a buy. My hawkish eye just spot it.
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 11:42am On Apr 16
Cashhy11:
GbpUsd looking ripe for a buy. My hawkish eye just spot it.
GbpUsd didn't give me opportunity to get in, so I've sold AudUsd instead. If trade is not done before 1:20pm, I'm closing it manually whether in profit or loss.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 1:23pm On Apr 16
Cashhy11:
GbpUsd didn't give me opportunity to get in, so I've sold AudUsd instead. If trade is not done before 1:20pm, I'm closing it manually whether in profit or loss.
Trade hit SL, didn't even go my way a bit.

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 9:21am On Apr 17
Tuesday, 16th April 2024.

Bought EurUsd: Won
Setup 2: Support formed at a former support zone.

Bought EurNzd : Won

Sold AudUsd : Lost

Total number of trades: 8
Total Won : 6
Total Lost : 2
Break-even : 0
Win rate: 75%
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 9:25am On Apr 17
Today is a news free day as the 2red folder news has already passed and market back to normalcy. So after yesterday's loss, I decided to reduce the pair I watch out for to trade, to avoid over trading and also to remove pairs with larger spread. So it's been cut down to just 10, which the largest spread is just 1pip to 1.2pip.

Also the stress of watching over 20 setups can be tiring too. So the motto now is "less is more".

Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 9:27am On Apr 17
Bought EurJpy this morning.

Re: My Forex Day-Scalping Strategy Trade-Journal by Pondabrown: 9:51am On Apr 17
I noticed that you trading from key levels(D, H4 and H1) which is quite interesting because I've been practising that too. I missed two buy setups on EU and GJ this morning. Done for the day because I don't want to blow my account chasing trades.
Do you use fibs and also do you have a specific timeframe for entries?
Re: My Forex Day-Scalping Strategy Trade-Journal by Cashhy11: 11:25am On Apr 17
Cashhy11:
Bought EurJpy this morning.
TP hit on this one.

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