Price Action Scalping

[Mike Kshemaraja]

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"

 

[foxmajsterr]

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

 

[Mike Kshemaraja]

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

View attachment 46868

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

 

[Mike Kshemaraja]

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.

 

[Mike Kshemaraja]

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.

 

[Mike Kshemaraja]

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

 

[CanOz]

Waiting...

 

[Mike Kshemaraja]

Waiting...

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

 

[ActionMan]

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!

 

[CanOz]

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

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

CanOz

 

[Mike Kshemaraja]

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

 

[CanOz]

Up and away...

 

[CanOz]

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

 

[Mike Kshemaraja]

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

Bravo.

 

[Mike Kshemaraja]

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

 

[Mike Kshemaraja]

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.

 

[Charticist]

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

 

[CanOz]

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

 

[Mike Kshemaraja]

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

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.

 

[Mike Kshemaraja]

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