Price Action Scalping

This is a discussion on Price Action Scalping within the Discretionary Trading forums, part of the Methods category; Originally Posted by addy123 Hi Mike; Thanks for your reply. I was at work when i wrote my message, so ...

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Old Mar 13, 2012, 10:26pm   #33
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread
Quote:
Originally Posted by addy123 View Post
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,
Addy

Please re-read my introduction post. (1)

This is a visual thread, please post you chart with comment and motifs if you like.

I am no interested in anything else, this thread is not about me or you.

But this time only, just to make it clear:
I did not want insult your intelligence, but you asked me which indicator I use, after I posted numerous charts. Also you ask me which TF I use, where is very clearly stated in my second post.

So please read carefully all my post and if you need some help I will try to help if I can as I did before.

I have mentioned the hard work because in my view is the only way out and has nothing to do with you.

Soros? Who is he?
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Old Mar 14, 2012, 12:49am   #34
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Hi all

Is 10.30 am Tokio time. Time to get down to the nitty gritty.

What I am look for? I am looking for pulls back and breaks set ups.

Keep in mind that set ups do not give us the underlying strength of the market, they are only the last step to enter the market.

They are only taken if they are to the way of least resistance.

How to we determine the strength of the underlying market? By looking at the overall picture. High lows, lower lows, double bottoms, triple tops, the ema, the round numbers and all the basic TA.

Does this work all the time? No way, We will play our odds and how we will deal with our losses will make the difference.

But the chart will tell us, if we look at it in an objective way, and that is the hard bit in my view, because we tend to see what we want to see and not what is there.

Why? because we are humans. Can we do something about it? yes. In one of my today's following I will post an extract from a book.
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Last edited by Mike Kshemaraja; Mar 14, 2012 at 4:07am.
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Old Mar 14, 2012, 7:12am   #35
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Being stopped twice, this is my third trade.

The overall market is up, a range barrier is formed, market makes lower lows, she breaks in a strong fashion, I am not moving, only watching, she pull back to the bottom range, I am short 1 pip below the bounce candle at market.

Before my target was reached my Sl was moved 1 pips above the latest swing high.
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Old Mar 14, 2012, 10:14am   #36
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Firth trade of the day.

Long range, spotted a build up, got in ( a bit late, 3rd time today), she pulled back to the 3050, then went..

Today, 3 losses two wins. I think that's it today for me.
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Old Mar 14, 2012, 10:58am   #37
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Ok saw an opportunity and took my 6th trade of the day.

Did not take the PB at D for long, because I wanted a touch or maybe a poke of the ema, did not take the PB at C because the double top formation of A and B.

Then she formed lower highs (1, 2, 3), by 2 I already drawn my box, not sure yet in which direction was going, I was just observing.

She had a fail break which I did not take because I wanted to see more build up pressure with the ema pushing, squeezing the price out of the box, which she did exactly that after 3 in which the bulls of the fail break also got trapped .

End of the day 6 trade, all even, did not make money, not losses either, but gained in experience and I think that is important.
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Old Mar 15, 2012, 1:23am   #38
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Ok, lets see if we can make some money today, better not to have too much expectation though.
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Old Mar 15, 2012, 2:04am   #39
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread A real battle going on here.

Which side I am going to take? none, until I see some pain and they need to react to their mistakes to protect themselves.
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Old Mar 15, 2012, 8:02am   #40
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread (Also posted on another thread)

A smart scalper does not have to be in the market all the time, but only when he feels the pain (of others that needs to cover for their mistakes).

He might wait hours for an entry and then make consecutive entries in a matter of short time, he is not anxious to get in a position, he know that to stay aside is his best position, he is always active even without a position, he does not hold concepts and does not look at scalping as a way to get a thrill, he does not want to be right, he deal with is losses the same way he deal with his profits, he also works towards for an objective and relax state of mind, he know that his ego is around the corner trying to trick him, he is aware. A smart scalper is first of all a business man.
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