Price Action Scalping

Mike Kshemaraja said:
No, I would not. To form a barrier you need two point minimum, then it needs to break the way I want to avoid to get trapped, the chart is full of traps.

Before you read the Bob's book, I suggest that you read the John's one first and while you read it, draw on the charts what you learn: support,resistance trendlines and so on.
Click to expand...

OK, notice taken. Will keep this in mind when reading charts in the future. Thanks again.
And here is one similar that I just did, 1:1 R:R, 7 pips.
 

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foxmajster said:
OK, notice taken. Will keep this in mind when reading charts in the future. Thanks again.
And here is one similar that I just did, 1:1 R:R, 7 pips.
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Nice.

Try to think in terms of battle: Bears in control, they break (yellow line), Bulls step in for countertrend, not much follow through, exchanges of contracts without effecting the price (the block), bears pushing further (break of the block), bulls let go of the rope becoming bears, new bears stepping in (Fox and company).

Once you think in those terms you start to grasp the concept of pure price action and double pressure.
 
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First trade perfect BO, just the way I like it, SL and TP @ 8 and 10 pips.
8 pips reached formed double and a few doji, I am starting to think, before I finished she dropped more the 20 pips in less than a few seconds -8 pips (bit unlucky there)..

Second trade she pull back to the average (fast move), I am short. SL and TP @10, took the boys to taekwondo, come back just to see my target missed by 4 pips and then stopped out -10. (bit unlucky there, also)..

Third trade at the round number and 78% fibo retracement she forms a block, I am in, SL and TP 7 and 10 pips, she pulls back nearly taking me out then all the way down +10, (very lucky there).

( do not worry about the grammar, I am in a hurry)
 

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She is down, she pulls back strongly, forms another block, just above the average, I am in, SL and TP 7 and 10 pips, she pulls back, and again nearly taking me out, but she did not and went all the way down to reach my target +10 (very lucky again).
"Fortune favours the brave" " La Fortuna premia i temerari".
 

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Well I am content about that, to recover from 4% down to plus is a good test, keeping calm, and not to try to get revenge, but only to trade what was there, keeping the emotions at bay.

I did not have an opinion of where she was going (I did not want one).

I was reading the tape and dancing with the flow.

The market is never good or bad, is up to us to be able to adapt.

I was right in all 4 trades but being right does not make us good scalpers, being nimble would.
 
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If you trying to do this sort of scalping or similar, you should not risk 2% per trade like I do, but you should start with much less, till you gain confidence in what you do. You may increase little by little. You can even start with a tenth of 1 % and if you profitable at the end of the day, you will increase of another one tenth the next day and so on, if you have a losing day, you go back of one tenth and so on.
 
foxmajster said:
Can I take a guess?
break of indecision block, looks like bears won and price also crosses EMA?
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Yes.

But I will give more details, and this is how I think when I am looking at the chart:

The overall trend was down, at the previous low (cannot see on the chart) bulls start to buy and bears take profits, forming a non regular triple bottom, followed by higher bottoms, confirming bulls strength. At the top barrier prices break without pre-tension and as expected retrace below the top barrier, there is not follow through from the bulls and bears step in from the sideliner ready to short again at better prices.
She forms a block with numerous touches (10) at the bottom range block, also in the block we can notice lower tops, once the block is broken I am in with my Sl just above the block
 
Ok my 6th trade of the day:

She break the bottom range strong, not pretension, I am not interested. I am looking for pullbacks. The down trend is strong, the length of the bars are a bit longer than most, with the tick charts the sequence of the bar is very fast.

At the first break of the last bull candle in the pullback I am in.

Fox, I was juggling with my previous post and my trade, is not advisable to post when trading, best is shut all off.
 

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Hi,

not much time to stare at charts yesterday but took the trade because of such down momentum (normally I would skip it) : went in after a pullback. TP=10, SL=8. Got lucky here I guess.
Looking backward there were a few nice setups that would bring additional profit. I'm glad that someone else took them :)

btw: do you mean this broker: lionfx.net
 

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foxmajster said:
Hi,

not much time to stare at charts yesterday but took the trade because of such down momentum (normally I would skip it) : went in after a pullback. TP=10, SL=8. Got lucky here I guess.
Looking backward there were a few nice setups that would bring additional profit. I'm glad that someone else took them :)

btw: do you mean this broker: lionfx.net
Click to expand...

Hirose Financial UK Ltd.

also look at MB trading, but I am not sure if they have the 30 seconds TF.
 
foxmajster said:
Hi,

not much time to stare at charts yesterday but took the trade because of such down momentum (normally I would skip it) : went in after a pullback. TP=10, SL=8. Got lucky here I guess.
Looking backward there were a few nice setups that would bring additional profit. I'm glad that someone else took them :)

btw: do you mean this broker: lionfx.net
Click to expand...

Also look at this:

MB Trading - Free E X N
 
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