# Price Action Scalping



## Mike Kshemaraja (22 April 2012)

This is a visual thread only, scalping any instruments.

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

If you like to be part of it, introduce yourself and tell us why you want to be part of it.

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

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

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.” 

Mike


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## Trembling Hand (22 April 2012)

What do you consider as scalping? Most who claim to scalp actually only use it as term so they can cut a trade short due to being over leveraged. I consider scalping doing 10 to 50 trades an hour a couple of hours a day. I personally think scalping can only be scalping once the frequency is up to these high number of RTs.


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## Mike Kshemaraja (22 April 2012)

Trembling Hand said:


> What do you consider as scalping? Most who claim to scalp actually only use it as term so they can cut a trade short due to being over leveraged. I consider scalping doing 10 to 50 trades an hour a couple of hours a day. I personally think scalping can only be scalping once the frequency is up to these high number of RTs.




Trembling

I thing your is a good question, but what you perceive is not necessary what others perceive. I do not want to turn this thread in what is right and what is wrong. I will post my two Friday's trades and maybe you will understand what I mean by scalping.

This is a visual thread only, please re read  my introduction post, have a look at my trades and if you want be part of it, introduce yourself. I will be very happy to work with you.

Mike


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## Mike Kshemaraja (22 April 2012)

The overall trend was up (not visible), she pulled back to the round number (1.3150), she formed a kind of block with little pre-tension. I got in risking 9 pips, (a bit too much for my taste), she went a bit up and I trailed my SL to 5 pips.

She pulled back and I got stopped out, -5 pips.


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## Trembling Hand (22 April 2012)

Mike Kshemaraja said:


> I will be very happy to work with you.




Thanks but,


Never mind. Carry on.


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## Mike Kshemaraja (22 April 2012)

Second and last trade of the day:

She broke out a range, pulled back to the average and to the previous resistance turned support (left side of the chart), I got in 1 pip above the bar that bounced through the average. My SL was placed just below that bar (5 pips) with a target of 10 pips.

This time worked my way, +10 pips.


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## Mike Kshemaraja (22 April 2012)

The chart I posted are based on the 70 tick charts. (about 30 seconds TF)

When I enter the market my SL and TP are automatically set at 10 pips, then I adjust my SL to the tipping point.

On average my SL are about 7 pips and my TP are about 10 pips.


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## Mike Kshemaraja (22 April 2012)

The idea is to selective with your trades, with a loss average of 7 pips and with a win average of 10 pips, a 50% RR will make the account grow, myself  I risk not less than 2% per trade, but is very much suggested to risk much less if you do not know what you are doing.

Have a nice Sunday.

Mike


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## Mike Kshemaraja (22 April 2012)

While scalping is important to keep a neutral view, because the slightest presence of bias may alter the trader's ability to make the correct valuation of the subtleties of price action.


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## Mike Kshemaraja (24 April 2012)

My trade of the day.

Missed the first break (just before my entry) by lack of focus.

She then pulled back formed a nice block, +8.2 pips.


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## tech/a (24 April 2012)

Hmmm
Disappointing
Thought this was 
Price action scalping.
Oh well--- carry on.


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## Joules MM1 (24 April 2012)

Mike Kshemaraja said:


> My trade of the day.
> 
> Missed the first break (just before my entry) by lack of focus.
> 
> She then pulled back formed a nice block, +8.2 pips.





Mike, i see you posting on other chat sites......and you refer to your trades as scalps......in this latest one you have consumed 45 minutes of time for the scalp.......could you please explain to me, like i am a six year old, how this transaction is a scalp and how you use time as a component.....i'm guessing that the difference is crucial from a professional income pov......im guessing as, when i scalp, i am looking bars to open and close and take the momentum of the bars rather than riding price as you appear to have done here, i mean, maybe you are doing something that's different, or, maybe you have a defined risk profile i'm just not getting.....


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## Joules MM1 (24 April 2012)

tech/a said:


> Hmmm
> Disappointing
> Thought this was
> Price action scalping.
> Oh well--- carry on.




tech, you do that posturing thing a lot.......try some constructive questions instead.....


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## CanOz (24 April 2012)

Joules MM1 said:


> could you please explain to me, like i am a six year old, how this trade is a scalp




LOL!

Perhaps he could even do a few RT, and lose the hindsight?

CanOz


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## Joules MM1 (24 April 2012)

scratch that.....he's opening dialogue.....


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## Joules MM1 (24 April 2012)

CanOz said:


> LOL!
> 
> Perhaps he could even do a few RT, and lose the hindsight?
> 
> CanOz




Mike,
i see a few transactions under the thread title of _price action scalping_ over at Trade2Win and they all look like long positions in a trade set-up rather than a pick n roll or scalping of a bar.....they still appear to be momentum pattern trades, more defined by break-out characteristics and exiting at overhead resistances.......is that the way youre seeing them?


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## Mike Kshemaraja (24 April 2012)

Joules MM1 said:


> Mike, i see you posting on other chat sites......and you refer to your trades as scalps......in this latest one you have consumed 45 minutes of time for the scalp.......could you please explain to me, like i am a six year old, how this transaction is a scalp and how you use time as a component.....i'm guessing that the difference is crucial from a professional income pov......im guessing as, when i scalp, i am looking bars to open and close and take the momentum of the bars rather than riding price as you appear to have done here, i mean, maybe you are doing something that's different, or, maybe you have a defined risk profile i'm just not getting.....




Hi there.

People with your age should be to bed right now.

Yes I have been posting somewhere else under the same name, I am still trying to find a spot that suits me best, LOL.

People mean different things, is just a matter of perception.

My trades can last a couple minutes to about an hour, my chart is based on 60 ticks chart or 30 seconds, I tend to make about 3 to 4 trades per day.

This for me is scalping, if you do not agree, well that is your prerogative.

Mike


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## Mike Kshemaraja (24 April 2012)

Joules MM1 said:


> Mike,
> i see a few transactions under the thread title of _price action scalping_ over at Trade2Win and they all look like long positions in a trade set-up rather than a pick n roll or scalping of a bar.....they still appear to be momentum pattern trades, more defined by break-out characteristics and exiting at overhead resistances.......is that the way youre seeing them?




We can spot all over the chart continuous battles between bulls and bears specially on the smaller time frame.

As a retailer we do not have the luxury to engage into the battle, but we have the possibility to enter the market once one of the part lets go of the rope creating a double pressure where the losing bulls become bears and viceversa.


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## Mike Kshemaraja (24 April 2012)

tech/a said:


> Hmmm
> Disappointing
> Thought this was
> Price action scalping.
> Oh well--- carry on.




Well was nice meeting you. Good luck.


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## Mike Kshemaraja (24 April 2012)

CanOz said:


> LOL!
> 
> Perhaps he could even do a few RT, and lose the hindsight?
> 
> CanOz




Hi there, I do not want to be rude, but you do not have to participate to this thread if you do not want to.

I think that is a fear deal, isn't it?


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## Joules MM1 (24 April 2012)

Mike Kshemaraja said:


> People mean different things, is just a matter of perception.





for the sake of newbies hoping to get education on scalping or price-action-scalping or ride-the-rusty-blade or even i-see-it-i'm-in-oops-what-do-i-do-now etc, i think, in fairness to yourself, get together with someone who can teach you in a live set-up as clearly vagueries so far  in this thread may make you travel the long route .....


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## Mike Kshemaraja (24 April 2012)

Joules MM1 said:


> for the sake of newbies hoping to get education on scalping or price-action-scalping or ride-the-rusty-blade or even i-see-it-i'm-in-oops-what-do-i-do-now etc, i think, in fairness to yourself, get together with someone who can teach you in a live set-up as clearly vagueries so far  in this thread may make you travel the long route .....




Ok, thank you for your advice. I wish a very happy life.


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## Mike Kshemaraja (24 April 2012)

My second trade of the day and and last one, made 10 pips, risked 7 pips.

To me the trend was up, she broke the top barrier and I did not get interested, then she formed a block, I got in just 1 pip above it.

Another good place to buy was at the bottom barrier.

That's it for me for the day. Less I trade, more I make.


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## CanOz (25 April 2012)

Mike Kshemaraja said:


> My second trade of the day and and last one, made 10 pips, risked 7 pips.
> 
> To me the trend was up, she broke the top barrier and I did not get interested, then she formed a block, I got in just 1 pip above it.
> 
> ...




That's the same range pattern that the DAX was trading in.....the two are worth watching together IMO...

I see you held thru the US data, a bit of a punt there, could have went either way.

CanOz


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> That's the same range pattern that the DAX was trading in.....the two are worth watching together IMO...
> 
> I see you held thru the US data, a bit of a punt there, could have went either way.
> 
> CanOz




Yes, I think they all move the same, the dance is slightly different tough.

Well, wherever I take any trade, I never know what the outcome will be, but I very much belevie that trading is not about outcome but about probabilities.

My risk compared to my target, was the justification to take the trade with the formation of the block at the upper barrier which also was in my view an enough  clustering of bars to protect my stop.


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## tech/a (25 April 2012)

Mike Kshemaraja said:


> Well was nice meeting you. Good luck.




Why thank you.
I hope you find the recognition you seek.


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## CanOz (25 April 2012)

Maybe we can salvage this thread....i'm not a very good discretionary trader but here is a system to trade FX or Index's that may work with good money management. Lets see. I read this once in an old TASC.

The first trade is total hind site to show the rules, but I'll try and post an active setup later today as they form.

Here's the rules:
-use support, resistance and trend-lines to identify areas where price can break, or fail.
-use the RSI to confirm the setups, they must also appear on the indicator.
-enter on a break only if the risk (distance between our stop and the entry) is half of the reward at a minimum.
-exit when the trendline on the indicator breaks
-rinse and repeat.
-100,000 lots
-*IB sim account*
-Lets see how difficult this is

Cheers,


CanOz


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## CanOz (25 April 2012)

Ok, so lets try to anticipate another trade. Perhaps price will bounce off the trendline and present us with a long. Lets watch and look for some divergence on the RSI to give a clue. I may bounce and then break and travel all the way down to the range base, who knows. We just want to be ready if there is an *obvious* opportunity. 

I say obvious because most of the time to me, there are not that many obvious setups. We tend to see what we want sometimes and over-trade because of this noise.

Well, that was an issue i had when trading discretionary anyway.

Cheers,


CanOz
BTW: i agree that this is not what is traditionally referred to as scalping. This is short term pattern trading, call it what you want but we are after more than our risk.


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## CanOz (25 April 2012)

We are keeping an eye on the hourly charts so as to not lose the bigger picture, with two hourly charts of the AUDUSD and the AUDJPY on the outside screens.

To me, a break of the T/L is a real possibility, its with the recent trend.

CanOz


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> Maybe we can salvage this thread....i'm not a very good discretionary trader but here is a system to trade FX or Index's that may work with good money management. Lets see. I read this once in an old TASC.
> 
> The first trade is total hind site to show the rules, but I'll try and post an active setup later today as they form.
> 
> ...




Make sense to me, clear and neat.


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> Ok, so lets try to anticipate another trade. Perhaps price will bounce off the trendline and present us with a long. Lets watch and look for some divergence on the RSI to give a clue. I may bounce and then break and travel all the way down to the range base, who knows. We just want to be ready if there is an *obvious* opportunity.
> 
> I say obvious because most of the time to me, there are not that many obvious setups. We tend to see what we want sometimes and over-trade because of this noise.
> 
> ...




Yes, call it what you want. His nose is bigger than yours 

I agree, we tend to see what we want to see and what is there.

Also very clean (not the nose).


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## CanOz (25 April 2012)

Ok, we've got a flag, lets give this a go.


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> We are keeping an eye on the hourly charts so as to not lose the bigger picture, with two hourly charts of the AUDUSD and the AUDJPY on the outside screens.
> 
> To me, a break of the T/L is a real possibility, its with the recent trend.
> 
> CanOz




This is definitely one way to look at it, is important that the way one trades, reflect his own personality.

Myself if I may say, I only trade the eurusd on the 30 seconds TF and I do not look at a bigger TF for guidance but I only go back not more than 3 hours on the same TF (30 s), sometime I even go back more, but I feel it is more when anxiety kicks in :confused.

Hey this is only the way I look into things, it is only right for me, I am only sharing.

Can, nice posts, I think you capture the essence of this thread, sharing ideas for the sake of sharing. Bravo.


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## CanOz (25 April 2012)

No worries Mike. I think that many on here would think you're just trying to sell something if you don't explain what you're doing. This site is about sharing ideas before things happen too.

I've got about 6-7 pips of risk with the current bracket orders. I'd want at least 14 pips of profit at $10 a pip.

I think I've got that right...

I think too with FX you need to have a bias. If you take into account some macro fundamentals then perhaps we can anticipate where the pair is headed over the next few weeks. The Aussie spiked when the AAPL earnings came out. Now to me i think this pair will continue its downtrend from the 12th, but who knows.

Cheers,


CanOz


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> No worries Mike. I think that many on here would think you're just trying to sell something if you don't explain what you're doing. This site is about sharing ideas before things happen too.
> 
> I've got about 6-7 pips of risk with the current bracket orders. I'd want at least 14 pips of profit at $10 a pip.
> 
> ...




LOL, I am not selling anything. The idea is to form an healthy community with different perception that are based on trading.

Anybody can express themselves the way they wish by respecting also the expression of others.

Myself I do not trade during early Asian session, at about 2pm (our time) I am starting to get ready and take trades from 3pm to about 10 pm.

When I trade I do not post and rarely read forums unless I am winding down, I tend to lose focus.

I will post both winning and losing trades (many) as I did till now, I am old enough to be cheating on myself. LOL.

Mike


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## Trembling Hand (25 April 2012)

Mike Kshemaraja said:


> I am selling anything.






Mike Kshemaraja said:


> I am old enough to be cheating on myself.




Priceless!!!


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## CanOz (25 April 2012)

We've got a pattern shaping up here, a descending triangle of sorts. We need to have the price break the TL and the indicator break its TL.

CanOz


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> No worries Mike.
> 
> I think too with FX you need to have a bias. If you take into account some macro fundamentals then perhaps we can anticipate where the pair is headed over the next few weeks. The Aussie spiked when the AAPL earnings came out. Now to me i think this pair will continue its downtrend from the 12th, but who knows.
> 
> ...




Because I trade the 30s my trade are based on less bias possible, before I trade I only check if they are some important news reales that can effect my position, also the spread widens more than my usual SL (around 7 pips).

The way I trades bias can be very dangerous, I try to keep an open mind towards the ultimate conclusion.

If I find that if I do not keep neutral I may unintentionally manoeuvre  myself in a tricky situation holding preferences one direction more than aother. My edge is to keep neutral, about two hours of data is enough to guide me.


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## CanOz (25 April 2012)

Mike Kshemaraja said:


> Because I trade the 30s my trade are based on less bias possible, before I trade I only check if they are some important news reales that can effect my position, also the spread widens more than my usual SL (around 7 pips).
> 
> The way I trade bias can be very dangerous, I try to keep an open mind towards the ultimate conclusion.
> 
> If I find that if I do not keep neutral I may unintentionally man-oeuvre  myself in a tricky situation holding preferences one direction more than another. My edge is to keep neutral, about two hours of data is enough to guide me.




Fair enough Mike, understood.

Are you in Australia Mike?

BTW - we've changed our stop to the top of the Triangle now, and we can sneak up the stop entry order a little closer to the break too. 

CanOz


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> Fair enough Mike, understood.
> 
> Are you in Australia Mike?
> 
> ...




Can

Yes I am in Australia now, but brought up in Europe.

Mike


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## CanOz (25 April 2012)

I'm thinking the HSI is looking like consolidation before another drop lower....i wonder if TH would give us his take?

The Aussie may be a little quieter (if thats possible) over HSI lunch.

CanOz


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## Mike Kshemaraja (25 April 2012)

Trembling Hand said:


> Priceless!!!




Trenbling

Welcome back, I have corrected my grammar, now reads: I am not selling anything. LOL

You also welcome to show how you trade, actually I am getting kind of interesting, I remember you saying that you hold a different view regarding "scalping". Please feel free to articulate in depths, you never know what tomorrow will bring.

Mike


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## CanOz (25 April 2012)

We've had an entry triggered, but then for some reason Multicharts took us out. This is the first time i've used the chart trader on MC so i may have made a mistake. We'll try again, but now it seems IB is changing servers or something...some data issues.

CanOz


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## CanOz (25 April 2012)

I think IBs sim is giving me bad fills again....i may have to switch to NinjaTrader and use their sim account.

CanOz


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## CanOz (25 April 2012)

OK, we're in this time.


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## CanOz (25 April 2012)

Still in and probably shouldn't bem however i managedto lock myslf out of the apartment for 30 minutes....

Anyway, its retested the break, we moved out stop down asthe indicator line was broken giving us a warning of trend change.

Tricky time with the DAX open.

CanOz


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> Still in and probably shouldn't bem however i managedto lock myslf out of the apartment for 30 minutes....
> 
> Anyway, its retested the break, we moved out stop down asthe indicator line was broken giving us a warning of trend change.
> 
> ...




Also Draghi is talking (5pm).


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## CanOz (25 April 2012)

Stopped out of our Aussie short for -7.5 pips, Long on the EUR now.


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## CanOz (25 April 2012)

Stopped out of the EUR for a 7.5 pip profit, but we left some on the table. I think we should have taken profit at the top of the channel but i was having a little nap... You can see how i make a better system trader...

Anyway, even for the arvo. 

We could go short but its close to lunchtime EUR time so we'll let it drift and look for a pattern after their lunch is over.

cheers,


CanOz


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> Stopped out of the EUR for a 7.5 pip profit, but we left some on the table. I think we should have taken profit at the top of the channel but i was having a little nap... You can see how i make a better system trader...
> 
> Anyway, even for the arvo.
> 
> ...




Can

Good work.

No trades for me fo today, I have been working for about 5 hours. Maybe I missed a few good trades, but hey is all easy in hindsight.

I have been a bit busy though, trying to connect my brokers data with Amibroker and I think I will have (hopefully) a solution to read the 70 tick charts.

I am done for the day.

Mike


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## CanOz (25 April 2012)

Mike Kshemaraja said:


> Can
> 
> Good work.
> 
> ...




Good luck with that. I use IB and although it does interface i don't use Amibroker for Intraday, only my EOD systems.

Not a very good start to the thread on my behalf, but at least we didn't lose any money on paper lol!

I hope some of the others may chime in with a few rules to better set the profit targets etc.

CanOz


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## Mike Kshemaraja (25 April 2012)

CanOz said:


> Good luck with that. I use IB and although it does interface i don't use Amibroker for Intraday, only my EOD systems.
> 
> Not a very good start to the thread on my behalf, but at least we didn't lose any money on paper lol!
> 
> ...




Can

My broker has got a 0.7 pips (no news) for eurusd.

The data is supplied via DDE, I am able to to view the data already in AB without the pipette (important for what I do) on the 1m TF.

AB is telling me that I need to upgrade for the tick chart. I will keep you informed.

I think you did well today, keep it up.

Off to the second half of the semifinal (Barcelona v Chelsea)

Mike


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## CanOz (26 April 2012)

Another attempt at the EUR...i'll try and stay awake this time. Profit target is 1.3259

Cheers,


CanOz


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## CanOz (26 April 2012)

Target hit.


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## Mike Kshemaraja (26 April 2012)

She pulled back to the ema, got in, she then stalled and I got stopped out, -6 pips.


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## CanOz (26 April 2012)

Watching for it to consolidate here. If it does maybe we can catch another break to 1.3287 ish.

CanOz


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## CanOz (26 April 2012)

Nice little flag here on the 5 min. Data out in 24 minutes.....ho hummm


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## CanOz (26 April 2012)

didn't like that data.....wish i had been short...

I like watching tha DAX and EUR at the same time. The DAX just busted a trend line after the data, but the flag on the EUR was looking bullish, you've got to play to the two together i reckon. Keeps you out of trouble.



CanOz


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## Mike Kshemaraja (26 April 2012)

Ok, I am not having a very good day, today. I feel like I am not in sync with the lady.

This is my 4th trade, lost the first 3 and this is my last and only winning one.

She broke a support barrier (not visible), the trend down was nice and clear, the pullback was a bit horizontal but nevertheless I took the trade at the formation of the 4 dojis. I got very close to get stopped out, but this time the fortune was on my side.

My SL was at 5 pips and I made 10 pips.

I do not consider this a great day, but on the bright side is important to mention that with 3 losing trade I had  about  -15 pips combined and with 1 winning trade I gained 10 pips.

Can, this is the tick chart, with data supplied from my broker to Amibroker, first day, seems good.

Mike


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## CanOz (26 April 2012)

Yeah, seems to work ok. I don't really like trading FX, to me its a bunch of noise when its not counter trend. Very rarely do i see opportunities like the indexs present.

Anyway, its a bit of fun to test out a new system.

I'd rather be trading an automated system, i always second guess myself too much. I'm surprised i stayed in that last trade of mine and didn't jump out before it broke.

CanOz


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## Mike Kshemaraja (26 April 2012)

Well, I think is important to find a style that reflects our personality:

You will not make money long term until you know enough about your personality to find a trading style that is compatible. You need to follow your rules comfortably, allowing you to enter and exit trades with minimal or not uncertainty or anxiety. Once you have mastered a method of trading, if you feel stress while trading, then either you haven't yet found your style or yourself. " Al Brooks"


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## foxmajsterr (27 April 2012)

Hi all,

although I am not from down under I came to this forum because I know Mike from another forum and I liked his method of trading and after reading a couple of books and some demo trading I just started with real money. My trades are mainly based on the techniques as in Bob Volman's book Price Action Scalping so most of my trades are coming from 70 ticks EURUSD chart. I will try to post the more interesting ones along with comments and will be looking on your opinions.

Here is my first and only-the-lonely trade:
after a quick rise the price slowly moving down forming nice lower highs. The break was not the cleanest, would prefer the dojis to appear one pip lower but because otherwise nice setup I sell at the break (SL=6 pips, TP=8). I believe I did not manage the trade well afterwards. I should probably close it before or let it run to full TP ( I exited at 6.5 pips profit, half minute before it went down and breaking TP level). Again I was impatient with the trade. I think that looking at being red for the most part of the trade took its toll. Gotta learn how to handle these situations.
Looking back at the chart a few more trades were possible today but again I was not at the computer... 

cheers, fox


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## Mike Kshemaraja (27 April 2012)

foxmajsterr said:


> Hi all,
> 
> although I am not from down under I came to this forum because I know Mike from another forum and I liked his method of trading and after reading a couple of books and some demo trading I just started with real money. My trades are mainly based on the techniques as in Bob Volman's book Price Action Scalping so most of my trades are coming from 70 ticks EURUSD chart. I will try to post the more interesting ones along with comments and will be looking on your opinions.
> 
> ...




Fox

I think you caught the direction right, guided by the lower bottom, myself I went long around there (because of the previous trend up) and got in prematurely at the break of the box without pre tension. If I had waited for the ARB, I could avoided to get in.

As mentioned to you before this is a chart from AB, is set at 30 ticks that resembles most the 70 ticks from Proreal and my 30 seconds. I will spend more time today to see which will conform better.

Welcome to the Lucky Country.

Mike


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## Mike Kshemaraja (27 April 2012)

Made 8.4 pips, risked 4.

Why did I take this trade? Because she formed a block at the top of the range, also at support turned resistance.

Why target at 8.4? Because that is were she bounced before, round number 3160. I think I got it just right.


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## Mike Kshemaraja (27 April 2012)

My third trade of the day, huge pull back to 3220 from 3240, forms a nice block just above 3220 with a nice build up, she breaks the way I want but she denies my joy, -6.4 pips.

Nothing wrong with this trade, in my view was a perfect trade, but it just did not work out, welcome to trading.


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## Mike Kshemaraja (27 April 2012)

As you can see from this chart, I was not wrong on my previous trade, but just out of timing. 

She took me out and went back up, at the pull back to the average and at resistance becoming support, I entered 1 pip above the two dojis, risked 5 pips made 10.

This shows how is important to maintain the calm after a losing trade.

Today, a better day than yesterday, made 4 trades (my limit of trades per day) +7,8 pips total.

Does not seem much, but for me is more than enough. 

Mike


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## CanOz (27 April 2012)

Waiting...


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## Mike Kshemaraja (27 April 2012)

CanOz said:


> Waiting...




I see, is that the euro on the 5m TF?


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## ActionMan (27 April 2012)

Mike Kshemaraja said:


> As you can see from this chart, I was not wrong on my previous trade, but just out of timing.
> 
> Mike




Hi Mike, you did well in the end and, as you say, you weren't wrong.  But why did she take you out before?  Could it have been left over sell orders from approx 20.00 hrs which took her down to support?  Once they'd been cancelled she went your way.   I find myself sometimes too impatient to get in and getting caught out like this.  Then another time I hold off and miss out on a nice trade.  That's trading!


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## CanOz (27 April 2012)

Mike Kshemaraja said:


> I see, is that the euro on the 5m TF?




Yup, probably won't move to far until the GDP Announcement.

CanOz


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## Mike Kshemaraja (27 April 2012)

ActionMan said:


> Hi Mike, you did well in the end and, as you say, you weren't wrong.  But why did she take you out before?  Could it have been left over sell orders from approx 20.00 hrs which took her down to support?  Once they'd been cancelled she went your way.   I find myself sometimes too impatient to get in and getting caught out like this.  Then another time I hold off and miss out on a nice trade.  That's trading!




Action

Welcome to the lucky country.

Not sure if I understand your question, sorry.

She took me out before because my stop loss was placed at about 6 pips from my entry and the price went much below 6 pips, so she took me out of the trade with a loss of 6 pips.

Then I re entered once she broke and pulled back to the 20 ema and made my 10 pips

Is this what you mean?

Is normal to feel impatient specially at the beginning, hopefully with time we will be able to just feel the emotions without letting them influence our decision making, myself I find it also very difficult being a very hot blooded person, but if we want to step forward I think we need to master our feelings.

I find for myself an easy way to deal with the emotions is to just recognise them:
I am feeling impatient, I feel fear, I feel greed, I feel revenge and so on, once I recognised them for me they just disappear and my decision maker becomes more objective.

As Bob says in his book at page 306: "In trading, however, the edge is much more a personal perception than it is a statistical certainty.  And it could be totally off.
In the face of such ambivalence, how could a trader ever trust his own perception and back it up with capital to boot? Quire simple: he studies, rehearses and experiences. And he studies, rehearses and experiences, There is not way around it. The committed trader who is truly determined to turn his scalping ventures into a proper business will find his edge, and his own way of trading it, eventually".

Mike


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## CanOz (27 April 2012)

Up and away...


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## CanOz (27 April 2012)

Checked the stop up once we got OS and got stopped out for a nice 7.5 pips.


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## Mike Kshemaraja (27 April 2012)

CanOz said:


> Checked the stop up once we got OS and got stopped out for a nice 7.5 pips.




Bravo.


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## Mike Kshemaraja (29 April 2012)

Chart, Fox, Action and Bill,

Remember to post all your trade specially the losing one, analysing them after the fact can be very helpful and we can ask the rest of us to comment  them.

Action, I have seen any of your chart, I think the time is due to post them. Do not worry if they are all losing trades, mr ego needs to be deal with.

Once losing trades are excepted as part as running the business, then it will easier to make money.

Have a nice Sunday everyone.

Mike


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## Mike Kshemaraja (1 May 2012)

My only trade yesterday:

Break of a barrier with a nice squeezes, SL 5 pips, TP 10 pips, she reached +8 pips than turned, got out at +1.6 pips because trailing my SL below the latest swing low. 
Bit unlucky there but very nimble with my exit.


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## Charticist (1 May 2012)

Mike Kshemaraja said:


> My only trade yesterday:
> 
> Break of a barrier with a nice squeezes, SL 5 pips, TP 10 pips, she reached +8 pips than turned, got out at +1.6 pips because trailing my SL below the latest swing low.
> Bit unlucky there but very nimble with my exit.




Hello Mike and Aussiestockforums, 

Nice entry on the trade.  A scratch with a small profit is better than a scratch with a loss.  In rereading Bob's book the second time and after almost thinking I could skip the tipping point chapter, since it seemed straightforward, I am glad I am rereading it.  Although many subjects such as this are grey, Bob's writing is allowing me to begin to get a handle on some of them.

I'll post a trade later today if the market picks up.

Chart


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## CanOz (1 May 2012)

Hmm, i think we should rename this thread "Trading the Euro according to Bob's book"

Dare i ask..... what is "Bob's" book?

CanOz


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## Mike Kshemaraja (1 May 2012)

Charticist said:


> Hello Mike and Aussiestockforums,
> 
> Nice entry on the trade.  A scratch with a small profit is better than a scratch with a loss.  In rereading Bob's book the second time and after almost thinking I could skip the tipping point chapter, since it seemed straightforward, I am glad I am rereading it.  Although many subjects such as this are grey, Bob's writing is allowing me to begin to get a handle on some of them.
> 
> ...




Hi Chart

Keep in mind that I do not use Bob's Tipping point, but my trailing stop is only based moving the SL below the latest swing low, when the recent high has been surpassed.


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## Mike Kshemaraja (1 May 2012)

CanOz said:


> Hmm, i think we should rename this thread "Trading the Euro according to Bob's book"
> 
> Dare i ask..... what is "Bob's" book?
> 
> CanOz




The Bob, Chart is talking about is Bob Volman which wrote, "forex price action scalping"
is a good book, you should read it.

Mike


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## Mike Kshemaraja (1 May 2012)

She is very quite.

She made a little break, pulled back towards the break, got in, lost 6.5 pips.


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## Mike Kshemaraja (1 May 2012)

Nice break with squeeze, +9.1 pips.


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## Trembling Hand (1 May 2012)

Mike Kshemaraja said:


> She is very quite.




French, German, Italian Bank Holiday. Ya gotta know when your time is going to be rewarded.


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## Mike Kshemaraja (1 May 2012)

Trembling Hand said:


> French, German, Italian Bank Holiday. Ya gotta know when your time is going to be rewarded.




I think you are right, I just forgot. 

Still not having a bad day though, 2.7 pips up for me is just a bit above half of percent return.


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## CanOz (1 May 2012)

Good day for testing systems!

CanOz


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## Mike Kshemaraja (1 May 2012)

Yes, could be. Anyway I am done for the day.

This seems a nice a car.


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## TulipFX (2 May 2012)

Mike Kshemaraja said:


> I think you are right, I just forgot.
> 
> Still not having a bad day though, 2.7 pips up for me is just a bit above half of percent return.




You are running a very high leverage if that is the case.


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## Mike Kshemaraja (2 May 2012)

TulipFX said:


> You are running a very high leverage if that is the case.




No, I take only one trade at the time and I risk 2% per trade with a SL of 10 pips, so if I make 10 pips I make 2%, 5 pips 1 %, 2.5 pips half of a percent.

Math is no a matter of opinion.


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## Mike Kshemaraja (2 May 2012)

Fox, Chart, Action

Please do not mention Bob's work anymore. They think we are selling something here.

https://www.aussiestockforums.com/forums/showthread.php?t=24729&p=700964&viewfull=1#post700964

Masses are just stupid. Sometime I wonder why do I bother.


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## Mike Kshemaraja (2 May 2012)

Ok, just for the sake of it.

Lets say a trader has $100000 in his account. If he/she risks 2% per trade, that is $2000.

With a risk of initial 10 pips he can enter the market with 20 standard lots (or 2000000 units).

With a leverage of 1:50 the trader needs a margin around $520000 to enter a trade.

The pip value will be $200.


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## Trembling Hand (2 May 2012)

Mike personally I also think you are over leveraged. Your tiny stop is nowhere near your real risk per trade. IMO

And you have show a couple of times you're not up with what news events are expected. Maybe if you are using a decent MM broker and only using small amounts they will honour your stops. Trading a ECN with those small stops, or size, during mad markets will have you easily taking 5 or more R loses.


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## Mike Kshemaraja (2 May 2012)

Trembling Hand said:


> Mike personally I also think you are over leveraged. Your tiny stop is nowhere near your real risk per trade. IMO
> 
> And you have show a couple of times you're not up with what news events are expected. Maybe if you are using a decent MM broker and only using small amounts they will honour your stops. Trading a ECN with those small stops, or size, during mad markets will have you easily taking 5 or more R loses.




Trembling

Thank for your input.

I can assure you that it works very well for me.

Not sure what you mean buy this: "And you have show a couple of times you're not up with what news events are expected".

I do not trade during important news event as I already mentioned before.

When you trade the 30 seconds, your entry point is crucial.

If you trading decisions are based on the ability to spot the point where one of the parts lets go of the rope, creating a double pressure, your TP is reached in a matter of minutes (but not always).

Of course the problem arises if you have a huge capital dealing with forex brokers, and switching to futures could be a solution, but that is nice problem to deal with. Don't you think?


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## Trembling Hand (2 May 2012)

Mike Kshemaraja said:


> Not sure what you mean buy this: "And you have show a couple of times you're not up with what news events are expected".
> 
> I do not trade during important news event as I already mentioned before.



Oh really?


Trembling Hand said:


> French, German, Italian Bank Holiday. Ya gotta know when your time is going to be rewarded.





Mike Kshemaraja said:


> I think you are right, I just forgot.






CanOz said:


> I see you held thru the US data, a bit of a punt there, could have went either way.




Carry on................. It never matters anyway on a sim.


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## Joules MM1 (2 May 2012)

Trembling Hand said:


> ...you are over leveraged. Your tiny stop is nowhere near your real risk per trade...
> 
> .... not up with what news events are expected. Maybe if you are using a decent MM broker and only using small amounts they will honour your stops. Trading a ECN with those small stops, or size, during mad markets will have you easily taking 5 or more R loses.




these things may not be important to Mike......they are important....not being ahead of the bank and May day holiday cost a lot of traders positions this morning simply on misunderstanding how trading shifts.....know your calendar

tight stops on a cfd wont guarantee a blow-through on low day upon itchy news moments


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## Joules MM1 (2 May 2012)

....also, Mike.....TH is probably the leading trader on this site.......listen and learn.....

with respect


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## TulipFX (2 May 2012)

Mike Kshemaraja said:


> I think you are right, I just forgot.
> 
> Still not having a bad day though, 2.7 pips up for me is just a bit above half of percent return.







TulipFX said:


> You are running a very high leverage if that is the case.






Mike Kshemaraja said:


> No, I take only one trade at the time and I risk 2% per trade with a SL of 10 pips, so if I make 10 pips I make 2%, 5 pips 1 %, 2.5 pips half of a percent.
> 
> Math is no a matter of opinion.




It was a statement, not an opinion. For under 3 pips to move your account 0.5%, you are running a very high leverage.


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## Mike Kshemaraja (2 May 2012)

Trembling Hand said:


> Oh really?
> 
> 
> 
> ...




I thought your previous post was genuine. What are your trying to prove? That you nose is bigger than mine?

Yesterday was bank holiday, did not effect my trades in a negative way.

The other was also dealt with a positive outcome.

Really what is it that you are after? Do I need to trade the way you do? Do I have too?

You are you? Again for the second time, read my first post and respect it. 

If not take a hike. Is that clear? This is my thread, you need to respect it, if not do not come here.


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## Trembling Hand (2 May 2012)

TulipFX said:


> It was a statement, not an opinion. For under 3 pips to move your account 0.5%, you are running a very high leverage.




Yep I don't think anyone who trades could disagree.


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## Joe Blow (2 May 2012)

Folks, constructive criticism and honest opinions are always welcome in any thread. However, insults and deliberate baiting/provocation are not.

Lets try and get this thread back on track please.


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## CanOz (2 May 2012)

Mike Kshemaraja said:


> This is my thread, you need to respect it, if not do not come here.




This is a public forum Mike, the threads belong to the forum. 

TH and others will make sure the methods are challenged and hold water. If your methods are tight you should have nothing to worry about.

CanOz


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## Joe Blow (2 May 2012)

Unfortunately I have had to suspend Mike for being unable to refrain from insulting others who have done nothing but offer their opinions.

If he feels he can contribute to this thread without the use of insults, he can contact me using the "Contact Us" link near the bottom of the page.

In the meantime, if anyone would use this thread for some price action scalping, please feel free.


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