Price Action Scalping

[Mike Kshemaraja]

2nd trade of the day:

In a range, double bottom, higher bottom, block (9 touches), break, I am in before
she reaches the top barrier of the range, in which she finds some resistance, risked 7 pips, made 10.

 

[Mike Kshemaraja]

This CMC Broker looks like a dog, spread goes from 0.7 to 1.3 in a matter of seconds. I am trading with Oanda at the moment. But I am thinking to open an account with MB. Spread need to be below 1 pip

 

[foxmajster]

This CMC Broker looks like a dog, spread goes from 0.7 to 1.3 in a matter of seconds. I am trading with Oanda at the moment. But I am thinking to open an account with MB. Spread need to be below 1 pip

Do you use broker's charting or do you use standalone software?
I would like to try with 70 ticks charts to see if it makes difference comparing to 30s and this is hard to get for free...

 

[foxmajster]

2nd trade of the day:

In a range, double bottom, higher bottom, block (9 touches), break, I am in before
she reaches the top barrier of the range, in which she finds some resistance, risked 7 pips, made 10.

nice catch.
I would be afraid to take trade like this because of possible immediate resistance just above the block. Compliments

 

[Mike Kshemaraja]

Do you use broker's charting or do you use standalone software?
I would like to try with 70 ticks charts to see if it makes difference comparing to 30s and this is hard to get for free...

ProRealTime: technical analysis & trading software

They give you a week trial free.

 

[AMCL]

Hi Mike,

Nice thread.
I was just wondering if you use chart patterns, like flags or head and shoulders?

I see them a lot on EURUSD charts and them seem to work out most of the time.

AMCL

 

[Mike Kshemaraja]

Hi Mike,

Nice thread.
I was just wondering if you use chart patterns, like flags or head and shoulders?

I see them a lot on EURUSD charts and them seem to work out most of the time.

AMCL

AMCL,

Yes I do, but only to get a feel of the underlying conditions of the market, I use various setups to enter the market by they are all irrelevant if are not in the direction of the least resistance.

There are battle going on all over the chart, a retail trader like me need to learn and spot those battle fields, do not be part of it till one succumbs to the other.

That will not necessary make the trade go in our direction, but in my view constitutes a valid edge.

Please feel free to post your trades, we may share perspectives.

My 4th trade of the day:

This winning trade was just about pure luck, I got the direction right but the timing was awful, the trade could have gone either side but at the end went down towards the way of least resistance. Anyway a bit of luck is needed, but I also need to sharpen up, I guess I need a lot to lean.

 

[Mike Kshemaraja]

Those are the last 6, 7 daily candles. They are going no where, I think many traders lost money in those days. Well I think an observant scalper did not.

Done for the day. Ciao

 

[Mike Kshemaraja]

Today, minimum bid rate, difficult to trade, but doable.

Bid rates and Non Farm payroll tough to trade, we can stay out or we have to be very nimble.

 

[Mike Kshemaraja]

my first trade of the day, scratched at less then one pip.

 

[Mike Kshemaraja]

2nd trade, made 5 pips, that is 1% for me.

Now I am off till news realise.

 

[Mike Kshemaraja]

3rd trade, textbook trade.

 

[foxmajster]

3rd trade, textbook trade.

wow, this one took some time, you have good nerves. Congrats.
I just got one today, with 1 pip plus. Setup was really nice but didn't work out. I believe my decision was correct to enter the trade. I just might have put TP 1 pip less and I would get the job done.

 

[Mike Kshemaraja]

wow, this one took some time, you have good nerves. Congrats.
I just got one today, with 1 pip plus. Setup was really nice but didn't work out. I believe my decision was correct to enter the trade. I just might have put TP 1 pip less and I would get the job done.

That is a good trade, sometime when prices reach support/resistance and the TP is short of 1 pip, most of the time I take it.

No all the trades will work out, but do a bit of the sums: if you average loss is 7 pips and you average wins is 10 pips, winning 50% of the trade will make you a lot of money, remember also that we make around 3 trades average per day, and we have only one trade at time.

We should not take a trade shooting from the hips, make sure this will not turn into a gambling, trades are taken only when the trade is valid, if not we stay aside, if you see a trade that makes a run but is not a valid trade, do not feel bad about it, that is an amateur state of mind.

Keep in mind that fear and greed are around the corner, do not fight it, do not let it lead you nowhere. How do you deal with it? Just be aware of it, there will be a tangible feeling all around, do not react to them, just stare at them and they will dissipate, vanish.

 

[Mike Kshemaraja]

3rd trade, textbook trade.

Sorry wrong trade.

 

[Mike Kshemaraja]

We Are Traders - A Tribute to All Those Trading the Markets - YouTube

 

[foxmajster]

That is a good trade, sometime when prices reach support/resistance and the TP is short of 1 pip, most of the time I take it.

No all the trades will work out, but do a bit of the sums: if you average loss is 7 pips and you average wins is 10 pips, winning 50% of the trade will make you a lot of money, remember also that we make around 3 trades average per day, and we have only one trade at time.

We should not take a trade shooting from the hips, make sure this will not turn into a gambling, trades are taken only when the trade is valid, if not we stay aside, if you see a trade that makes a run but is not a valid trade, do not feel bad about it, that is an amateur state of mind.

Keep in mind that fear and greed are around the corner, do not fight it, do not let it lead you nowhere. How do you deal with it? Just be aware of it, there will be a tangible feeling all around, do not react to them, just stare at them and they will dissipate, vanish.

For now I am cold as a breeze and sticking to trading plan, probably because I am only demo trading. Gotta switch to small real account soon - I think I will learn a lot more then. Just waiting to finish Volman's book
btw, got another trade, this one worked as planned. Really liked the last boxed candle having higher low although the 3 touches on upper box side were also nice..
Until tomorrow then..

 

[Mike Kshemaraja]

For now I am cold as a breeze and sticking to trading plan, probably because I am only demo trading. Gotta switch to small real account soon - I think I will learn a lot more then. Just waiting to finish Volman's book
btw, got another trade, this one worked as planned. Really liked the last boxed candle having higher low although the 3 touches on upper box side were also nice..
Until tomorrow then..

Juicy

Done for the day. Ciao

 

[Mike Kshemaraja]

First trade -4.6.

Second trade 9.5 (this chart)

 

[Mike Kshemaraja]

third trade:

got out, because of the formation of the triple bottom 4.7

I missed some good trades, I am juggling with many things today, when scalping is best to do nothing else.

Anyway I am up near 2%. Good to close well before the long weekend.