Price Action Scalping

[Joules MM1]

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 .....

 

[Mike Kshemaraja]

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.

 

[Mike Kshemaraja]

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.

 

[CanOz]

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.

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

 

[Mike Kshemaraja]

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.

 

[tech/a]

Well was nice meeting you. Good luck.

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

 

[CanOz]

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

 

[CanOz]

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.

 

[CanOz]

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

 

[Mike Kshemaraja]

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

Make sense to me, clear and neat.

 

[Mike Kshemaraja]

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.

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).

 

[CanOz]

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

 

[Mike Kshemaraja]

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.

 

[CanOz]

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

 

[Mike Kshemaraja]

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...

Cheers,


CanOz

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

 

[Trembling Hand]

I am selling anything.

I am old enough to be cheating on myself.

Priceless!!!

 

[CanOz]

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

 

[Mike Kshemaraja]

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.

Cheers,


CanOz

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.

 

[CanOz]

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

 

[Mike Kshemaraja]

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

Can

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

Mike