Price Action Scalping

This is a discussion on Price Action Scalping within the Discretionary Trading forums, part of the Methods category; Originally Posted by Mike Kshemaraja Hi Addy To be scared is not good, but is good to be aware and ...

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Old Mar 11, 2012, 1:04pm   #9
Joined Mar 2012
Re: Price Action Scalping

Quote:
Originally Posted by Mike Kshemaraja View Post
Hi Addy

To be scared is not good, but is good to be aware and be ready, if she was getting beyond point 4 my plan was to exit, reducing my risk from 10 pips to around let say 5.

I trade prevalently the Asian session, and my initial SL and TP are 7 pips. I will increase them to 10 pips during European session.

If my averages losses are about 5 pips with a 50% win ratio, my capital will grow considerable.
Great Mike;

Can you add me, I m on skype: odai.halawani

Do you trade FTSE CFDs?
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Old Mar 11, 2012, 1:13pm   #10
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread
Quote:
Originally Posted by addy123 View Post
Great Mike;

Can you add me, I m on skype: odai.halawani

Do you trade FTSE CFDs?
Addy

Sorry I am not setup for skype, this thread will do, I only trade eurusd.
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Old Mar 12, 2012, 3:46am   #11
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread HI all

Started a bit later today.

The overall trend is down (see left side of the chart), at the bottom just formed a range of about 10 pips with numerous higher lows and a nice drop that took out 3 of the last HL.

Lets see.
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Old Mar 12, 2012, 5:57am   #12
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread She is just in a teasing mood, she have not decided to whom she likes to abandon
herself to, she made a few fail break, but did not fool me, I am still aside, my favourite position.

In the mean time, found extracts from "Trading in the zone"

TRUTH

1. Anything can happen.
2. You do not need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for ant given set of variables that define an edge.
4. An edge is nothing more than an indicator of a higher probability of one think happening over another.
5. Every moment in the market is unique.


CREATING A BELIEF IN CONSISTENCY

I am a consister winner because:

1. I objectively identify my edge.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edge without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore , I never violate them.
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Old Mar 12, 2012, 7:43am   #13
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread My first trade of the day.

Prices broke a major low/bottom range, pulled back at the broken line (yellow) and 20 ema, formed and indecision block there and I went short at market one pip below the block, she went my way initially but bounced at the round number. I got out before my SL of 7 pips got hit. lost 5.4 pips.

C'est le vie, this is trading, all part of the deal.
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Old Mar 12, 2012, 8:10am   #14
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Ok, one important aspect in trading when you have a losing trade, is not to try to get revenge towards the market. Is easy to say though but more difficult in applying it, but essential.

Second trade, there was a nice push up that ended at 1, after various HL.

I could not see any resistance in sight (last 2 hours of data).

She pulled back towards the ema and formed a kind of W pattern (bear trap in bull market), went long at market.

She stalled a bit at the round number (as expected), but reached my target of 7 pips soon afterwards.

Made 7 pips (2%)
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Old Mar 12, 2012, 9:15am   #15
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Re: Price Action Scalping

Mike did you add me on skype?
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Old Mar 12, 2012, 9:27am   #16
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Third trade.

She pulled back from where I reached my last target and formed a double bottom (1 and 2) at 1.31, round and 00 number.

Then she formed a HL (3) and after made 3 touches at a block (cyan line) she printed two dojis and the ema was literally squeezing and pushing the price out of that barrier.

Went in, at market 1 pip above that block and nearly reached my target by a few pips (I hate that) and then went into a range but never closed below the latest HL (4).

Finally she got there.

+7 pips. 2%.

I think I had enough for today, I feel tired.

Saturday, a friend of mine, 20 year younger took me out into town drinking tequila.

I am too old for this kind of stuff, but the reason I mention this is that for this kind of trading best is to have a clear mind and when you are not feeling 100% is best to do something else.
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