I haven’t posted in a while because my trading plan has been altered to basically eliminate scalping.
Scalping, especially influenced by the method outlined in the Dowscalper course, is still viable as you are looking for something specific. You are not just guessing when to get in and out of the market. There is a method to the madness.
Day trading and to a larger extent swing trading, gives more bang for the buck plus I don’t miss much if I step out for a coffee.
Today was not textbook Dowscalping but it does implement one of the key components when we look for a Dowscalper trade and that’s momentum.
As usual, there is no audio and I’ve taken some flack from those who want to know exactly why the trades were taken. Defeats the purpose of having a course if I were to talk through the entire trade now wouldn’t it?
Here’s a brief breakdown of the trades in text form:
- Trend line break and then support break at the open. Buyers step in and bring price to the underside of the trend line. Expecting a test and then a retrace of the momentum push to the upside of the large pin candle. Short
- Traders were short on the initial break of support. More shorts that rode along during my short trade. Once breaks broke the support zone again and lost momentum to the downside to test the lows, a long was taken. Could have extended the profit target to a test of the highs but taking the quick money is the name of the game in scalping.