Price Action Scalping

Mar 10, 2012
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#61
lol, well, im currently in a short eu trade off 13158.8

market just seems so slow today, for a monday morning,...
Deebee

Post your chart with motifs, like this:

Bounced from major low (A), broke major low (B), pulled back to ema, in short at the break (arrow down). Target reached. +7 pips. 2%
 

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Mar 10, 2012
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#65
I am trading audusd now, during Asian session eurusd makes me follow asleep, not very good for a scalper.

Trend is up, then a nice push down, makes lower tops, pre - pressure. In, she comes back to test, then down.

7 pips 2%.

I am also looking at the tick chart (70)
 

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Mar 10, 2012
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#68
Hey Muke, great thread! Classical TA does indeed work for us all, it's all about applying yourself in the correct manner. There are absolutely tons of books out there relating to chart trading and each one holds some truth about the golden nugget. Keep on fearing and hoping when others are hoping and fearing and that's an emotional imbalance for ya right there. Keep up the good work dude!
 
Mar 10, 2012
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#69
Hey Muke, great thread! Classical TA does indeed work for us all, it's all about applying yourself in the correct manner. There are absolutely tons of books out there relating to chart trading and each one holds some truth about the golden nugget. Keep on fearing and hoping when others are hoping and fearing and that's an emotional imbalance for ya right there. Keep up the good work dude!
Dark

Yes, takes a lot of and love for your work.

You need to read the overall picture, the setups are only a place where things may slip and if they do, you need to be ready. People say many thing, specially traders, they know it all and are very keen to tell, why? because they do not know.

My advise? Basic TA and a lot of screen time, choose your instrument and you timeframe, spend many hours on the screen and you will come through it.

Regards
Mike
 
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Mar 10, 2012
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#70
Ok, back from lunch, I am going to switch to eurusd at this time of the day, more movement.

Lets see.
 

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Mar 10, 2012
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#71
Ok. Prices break major low (A) but I did not get in, but I could because prices pulled back to the broken line and broke . Above that reversal pattern a good SL could have been placed.

After the trend she pulls back to the ema and to the round number, she broke (B)
but I do not get in, because the trend and the pullback indicate to me that I would look for a safer setup if occurs.

After B she goes back above and tests the previous high forming a double bottom reversal and and M pattern and very importantly she bounces from the broken line (A) forming a doji. As soon as she breaks the doji by one pip, I am in, short. Target reached in a matter of minutes and double bottom.

Last trade for me 6% up today. I am working towards this goal, but I am not going this goal to inflict a negative influence on my mind. Take care.
 

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Mar 10, 2012
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#75
Can I ask how it's possible to make a 2% gain on your account with a 7 pip move?

And also - how do you make .8 of a pip? I thought minimum increment was 1 pip on Forex...???

Confused...
How can I make 2% gain on your account with a 7 pips move? That is a very strange question.

My initial risk is 2% risking 7 pips. Let say my capital is $10000, 2% is $200.
$200 divide 0.0007= 285.714 units to trade. When I gain 7 pips I also make 2%.

One pip is made by 10 pipette, see screen, the last number is a pipette, some broker have it some do not.

I hope it helps.
 

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