Price Action Scalping

Mar 10, 2012
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#16
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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Mar 10, 2012
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#19
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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Mar 10, 2012
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#20
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.
 
Mar 10, 2012
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#24
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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Mar 10, 2012
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#25
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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Mar 10, 2012
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#29
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.
 
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Mar 10, 2012
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#30
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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