Price Action Scalping

This is a discussion on Price Action Scalping within the Discretionary Trading forums, part of the Methods category; Third trade. She pulled back from where I reached my last target and formed a double bottom (1 and 2) ...

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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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Old Mar 12, 2012, 9:29am   #17
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Re: Price Action Scalping

Mike Kshemaraja started this thread
Quote:
Originally Posted by addy123 View Post
Mike did you add me on skype?
Addy

I have answered you before.

I do not use skype, if you like to communicate, this thread will do.

Last edited by Mike Kshemaraja; Mar 12, 2012 at 9:40am.
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Old Mar 12, 2012, 10:28am   #18
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Re: Price Action Scalping

Great job mike. What pip spread does ur broker give u?
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Old Mar 12, 2012, 10:37am   #19
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Re: Price Action Scalping

Mike Kshemaraja started this thread Ok, made another trade, I saw an opportunity.

4th trade of the day.

Range barrier, the overall trend is up.

Two fail breakout (A and B). In the first (A) I did not get in there because I just got out of my last winning trade.

In the second (B) I did not get in because the way she broke and also the previous HL's and the overall trend made me think that the bull were running the show.

When she broke the 3rd time (C) I did not get in straight away because of (A),

But then she formed a block with 3 touches (battle), at the break (double pressure) I got in at market 1 pips above the block.

She went a bit up, bounced a bit at the round number (blue line) and find support
exactly above the block.

Made 10 pips. 2%

This is it for me for today.
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Last edited by Mike Kshemaraja; Mar 12, 2012 at 10:49am.
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Old Mar 12, 2012, 10:53am   #20
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Re: Price Action Scalping

Mike Kshemaraja started this thread
Quote:
Originally Posted by addy123 View Post
Great job mike. What pip spread does ur broker give u?
The spread is important, at the moment is 0.7 and most of the time is about that.

LO is a good time to trade, if there is news coming, I suggest to wait for the outcome.
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Old Mar 12, 2012, 11:21am   #21
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Re: Price Action Scalping

0.7 is good. Ig markets give me 2 pip!!
1 if i do 20 trades a day, but i have a. Job so trade 2 days week
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Old Mar 12, 2012, 11:26am   #22
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread
Quote:
Originally Posted by addy123 View Post
0.7 is good. Ig markets give me 2 pip!!
1 if i do 20 trades a day, but i have a. Job so trade 2 days week
You cannot scalp with 2 pips spread, above 1 your chance will be diminished, with 2 you have not chance, I will pm the broker's name.

Last edited by Mike Kshemaraja; Mar 12, 2012 at 12:59pm.
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Old Mar 13, 2012, 12:46am   #23
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Re: Price Action Scalping

Mike Kshemaraja started this thread Hi all

New day, just arrived at my screen, a nice push up just happened, let see.
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Old Mar 13, 2012, 5:00am   #24
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Re: Price Action Scalping

Mike Kshemaraja started this thread Not any trades yet, missed a two good entries (A and B).

When the market is quite, we tend to get distracted by things that do not concern trading which develops into a lack of focus, which is essential in scalping and hopefully we will learn from it.

I am only pointing this out, to underline the importance on focusing, and at the same time I would like very much to say that there is not any gain into crying over a missing trade, but will only make us lose our focus into the next trade.
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Old Mar 13, 2012, 6:59am   #25
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Re: Price Action Scalping

Mike Kshemaraja started this thread First trade of the day.

Went short at the break and pull back of the bottom range, she stalled, then shook me out, just to see her go in my initial direction. I think some news realise (Japan?) has got something to do with it.

C'est la vie, this is trading.

-7 pips. -2%
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Old Mar 13, 2012, 8:06am   #26
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Re: Price Action Scalping

Hi mike;
Do you ose 5 mins candles?
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Old Mar 13, 2012, 8:52am   #27
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Re: Price Action Scalping

Mike Kshemaraja started this thread
Quote:
Originally Posted by addy123 View Post
Hi mike;
Do you ose 5 mins candles?
Addy

30 seconds, but 1m also is good
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Old Mar 13, 2012, 8:59am   #28
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Re: Price Action Scalping

What else is used? Rsi? MACD? Fib?
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Old Mar 13, 2012, 9:08am   #29
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Re: Price Action Scalping

Mike Kshemaraja started this thread
Quote:
Originally Posted by addy123 View Post
What else is used? Rsi? MACD? Fib?
Addy

How much do you know about technical analysis?

I do not use indicators only the 20 ema, already said in one of my previous post. Can you see any on my chart?

This is not going to be easy. But doable if you work hard.

Below find one of my post to someone asking about scalping:

Yes, spend 8 hours a day ( your eyes will get sore) screen time on one instrument only and only one time frame (not bigger than 5m, 30 seconds is my favourite), do not trade, just watch the dance for about a month.

Make sure you have knowledge of basic TA (John Murphy will do).

Regarding Psychology Mark Douglass will help.

Then to go a step further I suggest Al brooks and Bob Volman.

Do not expect somebody to hand it to you, you need to do the dirty work.

Trading is an art form, is like making love, I can tell you what to do but if you do not immerse yourself in it, express yourself, bringing in it part of you, your passion, you will not have fun. No fun, no profits.

Last edited by Mike Kshemaraja; Mar 13, 2012 at 9:58am.
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Old Mar 13, 2012, 9:55am   #30
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Re: Price Action Scalping

Mike Kshemaraja started this thread Ok second trade of the day, I am bit edgy today, I need to cut my coffee intake.
To be calm is important.

She broke major low and a "50" number, pulled back to the ema and formed an irregular M Pattern (1 and 2), in my view a bullish trap in down trend. Went short 1 pip below the middle of M. (3)

Made my 10 pips. 2%

She is making me sweat today.
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Last edited by Mike Kshemaraja; Mar 13, 2012 at 1:09pm.
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