Price Action Scalping

This is a discussion on Price Action Scalping within the Discretionary Trading forums, part of the Methods category; First trade of the day. Went short at the break and pull back of the bottom range, she stalled, then ...

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Old Mar 13, 2012, 6:59am   #25
Joined Mar 2012
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
Joined Mar 2012
Re: Price Action Scalping

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

What else is used? Rsi? MACD? Fib?
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Old Mar 13, 2012, 9:08am   #29
Joined Mar 2012
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
Joined Mar 2012
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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Old Mar 13, 2012, 11:18am   #31
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Third trade and last one of the day.

Prices are in range for about 45 minutes (yellow lines). In that range can you see that the bulls are stronger than the bears? How do we know that? By the higher lows (at least 4).

Prices pokes twice above the top range line, so I draw another top range bar (white).

The ema is squeezing and slowly pushing the price out of the tops range bars and out of a round number (cyan line)

I this stage I am getting ready, as soon as prices print 1 pips above the top range bar, I am in at market.

7 pips. 2%
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Old Mar 13, 2012, 7:04pm   #32
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Re: Price Action Scalping

Quote:
Originally Posted by Mike Kshemaraja View Post
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.
Hi Mike;

Thanks for your reply. I was at work when i wrote my message, so I didnt look at the chart, I apologize.

I am an Electronic Engineer from a Top UK university, so I am not stupid if that was your question. If you are trying to insult my intelligence, thats something different.

I am a Long term investor, but Now want to get to day trading, and willing to learn alot as you said. I dont pretend to be an Expert.

I have traded FX and commodities 4 years ago as well for a short period of time.So my TA needs working on.

Thank you very Much for your Suggestions, I am reading and analyzing as we speak. Trust me I know what hard work is. My work took me from Panama, to the Maldives before reaching the age of 27!! so Please keep your feet on the ground, we are here to help each other. Unless one of us is George Soros.

Thanks for your understanding,
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