Through some coaching by Throw I've been working on adapting two different styles based on whether the market is ranging or trending.
For trending markets, I will wait for good price action setups, for example, a head and shoulders pattern showing the change in a trend, then a Gann crossover. Normally if it's heavily trending I will ride the Gann line all the way to the new one. However, if the rainbow is choppy I'll switch to a short 5 pip TP, which ended up really working this time.
Also, I'll mostly only take stochastic surges that are counter trend (so I can buy/sell in the direction of the trend) and this will typically only be done in ranging markets, as shown on the charts.
Stats:
Net Pips: +16.7
Trades: 8
Winning Trades: 8
Pips/Trade: 2.03
Win %: 75
This was by far my highest pips/trade ratio, which for scalpers is so important because it effects the bottom line because of commissions.
Unfortunately because of a death in the family, this will be my last session for the week. I'll be back for a full week next week.
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