Price Action Scalping

This is a discussion on Price Action Scalping within the Discretionary Trading forums, part of the Methods category; The idea is to show your thoughts, how you trade and learn from others visually. Most of the comments should ...

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Old Mar 11, 2012, 8:31am   #1
Joined Mar 2012
Price Action Scalping

The idea is to show your thoughts, how you trade and learn from others visually.

Most of the comments should be accompanied with a visual or chart.

If you like to be part of it, post your visual with motifs and thoughts.

Please post winning and losing trades alike, they are both very important.

This is a visual thread only, scalping any instruments.

I do not believe in concepts, they limit our view.

Only post when is convenient, myself I will not posting while I am trading, I tend to lose focus.

Healthy and honest comments on others trade is encouraged, as are a sense of humor, compassion, altruism and companionship.

Bullying, vulgarities, cheap sarcasms and narrow minded attitude of any kind that could offend others for any reason will not be tolerated here.

The idea is to grow together scalping, sharing what we perceive based on our own experiences (there are not secrets in trading).

Let's see if we can achieve something decent.

“If you want to learn something, read about it.
If you want to understand something, write about it.
If you want to master something, teach it.”

mk

Last edited by Mike Kshemaraja; Mar 11, 2012 at 8:38am.
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Old Mar 11, 2012, 8:40am   #2
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Ok, this is how I traded last Friday.

This is what I am looking at, is 10.47 am my time.

My TF is 30 seconds, the yellow line are level of support/resistance, the blue lines are lines of round number( 20, 40, 50, 60, 80 and 00, the ema is 20.

What I am looking for? There are battle going on all around, my job is to spot them and join in only when one of the part does let go of the rope.

Clear focus is needed, only when I am sure of it, I take a trade, many time I miss good trades, but I do not care, I trade my odds, if all the condition are not there I pass. My best position is to stay aside.

mk
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Old Mar 11, 2012, 8:41am   #3
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread Tough day, today.

Market very much into the range, not trades for me till now.

From bottom to top lines only 9 pips distance.

Lets see.

mk
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Old Mar 11, 2012, 8:43am   #4
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread In the actual marker, however, things may not be so evident as they tend to appear from the safe distance of hindsight evaluation. In fact in the reality of a live trading environment it is very easy, and common to even miss the best looking set ups, purely a trader, at the time, does not expect the market to behave like it does. This is why it is important to not limit your thinking by imaging what is going to happen next and then needing to see it materialise. Particularly on the verge of exploiting a technical situation, this little mind-game of predicting how a set up will present itself, as if to prove your skills to some fictitious bystander, can have a detrimental effect on your ability to see the price action in its proper light. The moment you expect the market to behave and break in a certain way, and the market defies that, you stand to lose your face in your own scheme of things and it may hurt your ego just long enough to completely miss the alternative break.

"a little thought from my friend Bob"
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Old Mar 11, 2012, 8:44am   #5
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread First trade, keep in mind that I have been working, monitoring at the chart for more then seven hours, not intensively but more of a tactical overlook.

Prices broke the bottom line of the range (1), a long range, pulled back to the broken line and printed a doji bar (short bar), as soon as prices broke his low by one pip, I entered at market.

My SL was placed 1 pip above the last swing (2), because those kind of break without pre-tension tend to pullback to the last swing, normally, not in this case though where price just stalled at the broken line and once the bull let go of the rope they became bears as well.

Made my full 7 pips, 2%. Hard day though but all part of the business.

I do not mind make 2% every day.
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Old Mar 11, 2012, 8:48am   #6
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread My second trade of the day, similar to the first but the range was smaller.

The left side of the chart, clearly shows that the trend is down, market pulls back and forms a range defined by the lines, also forms a double top (1 and 2).

I will start to get ready, she breaks the bottom line of the range and I do nothing because of the way she broke, she pulls back and prints a doji just at that line, I am in at market 1 pip below that doji, she pulls back twice and forms another double top (3 and 4), with that now I feel is working in my direction, but Im ready to get out also in case things do not work out (above the double top 3 and 4).

I had a larger TF and SL due to LO, my target was reached, made my 10 pips, another 2%. 4% total for the day.

Done for the week (trading). Take care.
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Old Mar 11, 2012, 12:52pm   #7
Joined Mar 2012
Re: Price Action Scalping

Hi Mike;
Did you take profit 13224? Great Spot. Although I would have been scared if it changed and broke pattern after 4.

Is your goal 10 Pips/trade?

I am still watching EURUSD, I dont know whats going to happen ton8, especially with the Greek bailout, is it good? bad?
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Old Mar 11, 2012, 1:02pm   #8
Joined Mar 2012
Re: Price Action Scalping

Mike Kshemaraja started this thread
Quote:
Originally Posted by addy123 View Post
Hi Mike;
Did you take profit 13224? Great Spot. Although I would have been scared if it changed and broke pattern after 4.

Is your goal 10 Pips/trade?

I am still watching EURUSD, I dont know whats going to happen ton8, especially with the Greek bailout, is it good? bad?
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.
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