Today was a tough day. I didn’t have a strong feel on direction so was more open to switching my bias as price action unfolded.

I got whipsawed on trades 2, 4 and 5 as price was entwined around 1.4635. I’m happy with taking the loss on trade 2 and breaking even on trade 3. I got back into the market far too quickly with trades 4 and 5. I should be taking a breather to see what unfolds.

I redeemed things slightly on trade 6 when price broke out of the 1.4631-6 ranging zone.

After that I crumbled, jumping in and out of trades on a whim. After price spiked back up slightly to 1.4625 just before I entered trade 7 I thought that waiting till it reached 1.4635 to play that resistance level would be a good trade. Unfortunately, it was a fleeting thought, soon followed by poorly planned out trades. If I had just stuck to that original thought, and held out till price reached back up to 1.4635 and played it short I would have been much better off.

Trade 10 shows where I attempted to play the resistance level at 1.4635 but I was in too quickly and got spiked out by a pop and drop. I would have gone short again after trade 11 once I’d seen the false breakout unfold, but trade 11’s loss resulted in a break of my daily uncle point so I called it a day. I have set a daily risk limit of 2%. If I lose more than 2% during a scalping session then I walk away for the rest of the day. When I have a good bit more screen time under my belt I will also enforce a rule where if I have reached my daily risk limit twice in a week I will take the remainder of the week off.

11 trades today was too many. I need to cut this number in half. That means being stricter with my entries. I seem too eager to enter during the second half of the hour. Maybe I feel I’ve only just gotten warmed up by then and want to really get going.

Too many entries just doesn’t cut it. I need to be more cognisant on the probability of a trade working out and bail on those that don’t make the grade. I think that more and more screen time is going to be needed to refine the intuition needed to make these split second calls.