Scalping session review: 16th December 2013

I spent over four hours scalping the 5M AUDJPY chart today. A screenshot of of my trades is below. My entries and exits were drawn on the chart by hand, so they're not exact. Click on it to enlarge. :)

Trade #1

Pips won = 3.5 - 0.5 commission = 3 pips

Entry signal = Engulfing candle. Went short shortly after the close of the engulfing candle. There seemed to be quite a bit of space left until 92.000, so I set my TP just above it (around 92.010). Price then stalled around 92.020. At that point, my SL was 10 pips away, so I asked myself why risk 10 pips just to win an extra pip? Price hummed around 92.020 so I manually closed it. Price turned upward shortly after so it was the correct decision.

Trade #2

Pips won = 0.7 - 0.5 commission = 0.2 pips

When I opened my short, price didn't fall as quickly as I liked. When price turned upward, I closed my trade for a very tiny profit. It was a conservative play. Price would've eventually fell and hit my TP.

Trade #3

Pips won = 3.3 - 0.5 commission = 2.8 pips

Saw a pinbar form, followed by a solid, engulfing bearish candle. Went short on the close of the engulfing candle. Took profit just above 92.000. I think this was a good trade.

Trade #4

Pips won = 1.9 - 0.5 commission = 1.4 pips

There was a strong, engulfing bullish candle from 92.000. Went long on the close of the candle. Price then stalled at 92.080 and couldn't break this level for a few candles, so I closed just below here.

Trade #5

Pips won = 0.0 - 0.5 commission = -0.5 pips

This was a breakeven trade, but because of commission, I ended up with a nominal loss. Saw an engulfing bearish candle off resistance. When price refused to fall further after two candles, I decided to close my short for a very tiny loss. It was the correct decision as price eventually broke upwards.

Afterwards, price became choppy so I stayed out and called it a day.

Thoughts

Four hours is a long time to stay focused. The human brain takes alot of energy and I found myself losing focus towards the end. Even as I type, I feel quite sluggish. My eyes feel really dry and tired. 

There wasn't much action during the hours I traded (late Tokyo / early London). The market simply ranged but I think I did okay.