Scalping EURUSD in Forex transcript

Good morning world. Just came across a quick scalping opportunity. So I placed it and I wanted to run through as quickly as possible so that you guys can get an idea of what I'm looking at. So real quickly, Mr. Green here, trade phantoms. Welcome, welcome, welcome to Phantom Land. As you can see, I'm still kind of waking up. I'm in my gym clothes. That is the life of a trader, though. All right. So on this particular pair, I went looked at EuroUSD and I've been looking at Euro USD for quite some time now because it has gone it's it's gained value significantly in value not just in price but in time as well.

It's we've been waiting for it to reach some of these higher levels. So as you can see right now we are in weekly supply. So if we go you know even though we're scalping we still want to go up on the high time frames. So when we look at monthly, if you can see, we're in what I would call a GPZ here, almost a GPZ, a green proof level. You have a a reversal followed by um a continuation pattern. Rally base, close to a base, not a base really, but close enough.

Rally uh base drop, base, base drop. So great monthly supply. And you can see I have this circled out here on the monthly. All right. So price is price is sitting in there right now. Obviously also you can look at it too. It's at that 120 level. It's at that big dime. So solid institutional level uh right there. We drill down to the weekly and as you can see we are in a great move down right now. Uh rally drop base drop.

All right. Kind of floating around that uh 118 118 level. Continue to drill down. All right. We're in the daily level. We go look at the daily now. On the daily, price is right. Price we we sold right here on a short sell right at this dropping point. Okay. So, if you kind of look here, I can I can fine-tune um this level a little bit better. So, I'm looking at kind of a round right here. Now, as I continue to drill down, I go to my 4 hour.

And the 4 hour gave me enough to see what I want. I'm not going to keep going lower and lower because you guys get the point. Hopefully, you get the point. So, when I saw this right here, this was enough for me. All right. Now, basically what I did was I put the stop. So, I I market I market sold here. This wasn't I didn't this wasn't a catch. I just I ran into it. Price was here. I hit the market sell button. I put my stop around 11835.

So, that 11835 covers my sweet spot number, which is another institutional number. It also covers the zone structure here that you're looking at that's circled. And what it also does is it basically comes up to where that recent high just came. Okay, so this is this is current price right here. And as you look at this right here, current price was about went up to about 11830. So about five pips plus that. Okay, now here's the deal.

I only risked a half percent. It's a scalp on a reversal. But a lot of you have been asking questions like, you know, Mr. Green, how do I turn a scalp into a swing trade? is a lot of you do a lot of you, you know, find excellent levels to scalp off of and your R to R is going to be great because you pinpointed these with small stop losses, but then you want to get super greedy and turn it into a swing. Well, there's a time to do it and there's a time not to.

This would be a time that you could maybe pull it off. All right? So, and I'm going to explain why. So, if you see right here, this buy entry serves as a target. All right? Because because we know that does not allow you to do multiple targets. So, this buy entry serves as my one to one area and then my take profit is way down here right above the green card at 11535. With that being said, okay, if the trade works, the reason why if you want to try to turn a scalp, a great great pick, great catch, however you take it, market limit, whatever, and you want to turn it into a swing trade, it has to be in accordance to what could possibly happen on the higher time frame.

And on the higher time frame, what price is telling us right now is that we are high in the range. So, this weekly supply level could could shift gears and give us enough. Now, do I think it's going to change trend as a whole? Do I think it's going to make the USD strong again in the Euro week? I don't know the answer to that. If you ask me off the cusp, I'd say no. But that's not what we're looking for. We're looking for a little bit of a retracement here.

So, this is one of them ones that, okay, let's take the one to one. If the one to one works, it might not work, right? It might not work. one of my minus $140 and my stop loss is right around the $500 mark on this particular trade. Okay, so this is another good example of just using basic supply and demand institutional numbers and avoiding fundamentals. Now there is one catch. If you go to Forex Factory calendar, if you can go to Forex Factor calendar, you can see that there's a slew of central bank heads coming out at 9:30.

All right, so you've got Bailey with Britain. That shouldn't affect it that much. It could, I doubt it. uh UEA with Japan, but then Powell, they're all coming out at 9:30 and speaking. We've got about, remember I told you in yesterday's video, you have to pick your spots. Picking your spots is crucial and key. Now, we've got about two hours to get about a little less than two hours to get about 25 pips. As long as I can get that one to one, I'll be happy.

But this is why I only risk a half a percent, people. So, it's it's not just one strategy. It's a whole collective as a whole. I'm going to let this ride. I'm either going to get stopped out or I'm either going to hit my one one and lock it in or hit my one one to one and maybe play with house money and try to hit the swing. But regardless, I'm willing to take that chance. That's why I didn't risk the full 1% or 2% because there's a lot of factors that play against me at this time as well.

So, as I said yesterday, scalping, yes, you can just pick the levels, you can pick the numbers. Some of you like to use EMAs, some of you like to use VWAP. If that's all on as just used as confirmation on IOF, then I'm all for it. Okay, but there's still other factors at play. So, you have to take an account in fundamentals, market sentiment, and what's going on with the news. All right, hopefully this helps. Uh, all my phantoms, you got this trade in time to take it.

I would probably say if you want to take it still, you could if you listen watching this right now. Uh, because I'm in the red, so you would get a better price than me. Uh, other than that, hope this helped. Mr. Green checking out. I'll see y'all soon. Peace.