Price Action Scalping

Mike Kshemaraja · Mar 11, 2012

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

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

If you like to be part of it, post your visual with motifs and thoughts.

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

This is a visual thread only, scalping any instruments.

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.”

mk

Mike Kshemaraja · Mar 11, 2012

Ok, this is how I traded last Friday.

This is what I am looking at, is 10.47 am my time.

My TF is 30 seconds, the yellow line are level of support/resistance, the blue lines are lines of round number( 20, 40, 50, 60, 80 and 00, the ema is 20.

What I am looking for? There are battle going on all around, my job is to spot them and join in only when one of the part does let go of the rope.

Clear focus is needed, only when I am sure of it, I take a trade, many time I miss good trades, but I do not care, I trade my odds, if all the condition are not there I pass. My best position is to stay aside.

mk

Mike Kshemaraja · Mar 11, 2012

Tough day, today.

Market very much into the range, not trades for me till now.

From bottom to top lines only 9 pips distance.

Lets see.

mk

Mike Kshemaraja · Mar 11, 2012

In the actual marker, however, things may not be so evident as they tend to appear from the safe distance of hindsight evaluation. In fact in the reality of a live trading environment it is very easy, and common to even miss the best looking set ups, purely a trader, at the time, does not expect the market to behave like it does. This is why it is important to not limit your thinking by imaging what is going to happen next and then needing to see it materialise. Particularly on the verge of exploiting a technical situation, this little mind-game of predicting how a set up will present itself, as if to prove your skills to some fictitious bystander, can have a detrimental effect on your ability to see the price action in its proper light. The moment you expect the market to behave and break in a certain way, and the market defies that, you stand to lose your face in your own scheme of things and it may hurt your ego just long enough to completely miss the alternative break.

"a little thought from my friend Bob"

Mike Kshemaraja · Mar 11, 2012

First trade, keep in mind that I have been working, monitoring at the chart for more then seven hours, not intensively but more of a tactical overlook.

Prices broke the bottom line of the range (1), a long range, pulled back to the broken line and printed a doji bar (short bar), as soon as prices broke his low by one pip, I entered at market.

My SL was placed 1 pip above the last swing (2), because those kind of break without pre-tension tend to pullback to the last swing, normally, not in this case though where price just stalled at the broken line and once the bull let go of the rope they became bears as well.

Made my full 7 pips, 2%. Hard day though but all part of the business.

I do not mind make 2% every day.

Mike Kshemaraja · Mar 11, 2012

My second trade of the day, similar to the first but the range was smaller.

The left side of the chart, clearly shows that the trend is down, market pulls back and forms a range defined by the lines, also forms a double top (1 and 2).

I will start to get ready, she breaks the bottom line of the range and I do nothing because of the way she broke, she pulls back and prints a doji just at that line, I am in at market 1 pip below that doji, she pulls back twice and forms another double top (3 and 4), with that now I feel is working in my direction, but Im ready to get out also in case things do not work out (above the double top 3 and 4).

I had a larger TF and SL due to LO, my target was reached, made my 10 pips, another 2%. 4% total for the day.

Done for the week (trading). Take care.

addy123 · Mar 11, 2012

Hi Mike;
Did you take profit 13224? Great Spot. Although I would have been scared if it changed and broke pattern after 4.

Is your goal 10 Pips/trade?

I am still watching EURUSD, I dont know whats going to happen ton8, especially with the Greek bailout, is it good? bad?

Mike Kshemaraja · Mar 11, 2012

addy123 said:
Hi Mike;
Did you take profit 13224? Great Spot. Although I would have been scared if it changed and broke pattern after 4.

Is your goal 10 Pips/trade?

I am still watching EURUSD, I dont know whats going to happen ton8, especially with the Greek bailout, is it good? bad?

Hi Addy

To be scared is not good, but is good to be aware and be ready, if she was getting beyond point 4 my plan was to exit, reducing my risk from 10 pips to around let say 5.

I trade prevalently the Asian session, and my initial SL and TP are 7 pips. I will increase them to 10 pips during European session.

If my averages losses are about 5 pips with a 50% win ratio, my capital will grow considerable.

addy123 · Mar 11, 2012

Mike Kshemaraja said:
Hi Addy

To be scared is not good, but is good to be aware and be ready, if she was getting beyond point 4 my plan was to exit, reducing my risk from 10 pips to around let say 5.

I trade prevalently the Asian session, and my initial SL and TP are 7 pips. I will increase them to 10 pips during European session.

If my averages losses are about 5 pips with a 50% win ratio, my capital will grow considerable.

Great Mike;

Can you add me, I m on skype: odai.halawani

Do you trade FTSE CFDs?

Mike Kshemaraja · Mar 11, 2012

addy123 said:
Great Mike;

Can you add me, I m on skype: odai.halawani

Do you trade FTSE CFDs?

Addy

Sorry I am not setup for skype, this thread will do, I only trade eurusd.

Mike Kshemaraja · Mar 12, 2012

HI all

Started a bit later today.

The overall trend is down (see left side of the chart), at the bottom just formed a range of about 10 pips with numerous higher lows and a nice drop that took out 3 of the last HL.

Lets see.

Mike Kshemaraja · Mar 12, 2012

She is just in a teasing mood, she have not decided to whom she likes to abandon
herself to, she made a few fail break, but did not fool me, I am still aside, my favourite position.

In the mean time, found extracts from "Trading in the zone"

TRUTH

1. Anything can happen.
2. You do not need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for ant given set of variables that define an edge.
4. An edge is nothing more than an indicator of a higher probability of one think happening over another.
5. Every moment in the market is unique.

CREATING A BELIEF IN CONSISTENCY

I am a consister winner because:

1. I objectively identify my edge.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edge without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore , I never violate them.

Mike Kshemaraja · Mar 12, 2012

My first trade of the day.

Prices broke a major low/bottom range, pulled back at the broken line (yellow) and 20 ema, formed and indecision block there and I went short at market one pip below the block, she went my way initially but bounced at the round number. I got out before my SL of 7 pips got hit. lost 5.4 pips.

C'est le vie, this is trading, all part of the deal.

Mike Kshemaraja · Mar 12, 2012

Ok, one important aspect in trading when you have a losing trade, is not to try to get revenge towards the market. Is easy to say though but more difficult in applying it, but essential.

Second trade, there was a nice push up that ended at 1, after various HL.

I could not see any resistance in sight (last 2 hours of data).

She pulled back towards the ema and formed a kind of W pattern (bear trap in bull market), went long at market.

She stalled a bit at the round number (as expected), but reached my target of 7 pips soon afterwards.

Made 7 pips (2%)

addy123 · Mar 12, 2012

Mike did you add me on skype?

Mike Kshemaraja · Mar 12, 2012

Third trade.

She pulled back from where I reached my last target and formed a double bottom (1 and 2) at 1.31, round and 00 number.

Then she formed a HL (3) and after made 3 touches at a block (cyan line) she printed two dojis and the ema was literally squeezing and pushing the price out of that barrier.

Went in, at market 1 pip above that block and nearly reached my target by a few pips (I hate that) and then went into a range but never closed below the latest HL (4).

Finally she got there.

+7 pips. 2%.

I think I had enough for today, I feel tired.

Saturday, a friend of mine, 20 year younger took me out into town drinking tequila.

I am too old for this kind of stuff, but the reason I mention this is that for this kind of trading best is to have a clear mind and when you are not feeling 100% is best to do something else.

Mike Kshemaraja · Mar 12, 2012

addy123 said:
Mike did you add me on skype?

Addy

I have answered you before.

I do not use skype, if you like to communicate, this thread will do.

addy123 · Mar 12, 2012

Great job mike. What pip spread does ur broker give u?

Mike Kshemaraja · Mar 12, 2012

Ok, made another trade, I saw an opportunity.

4th trade of the day.

Range barrier, the overall trend is up.

Two fail breakout (A and B). In the first (A) I did not get in there because I just got out of my last winning trade.

In the second (B) I did not get in because the way she broke and also the previous HL's and the overall trend made me think that the bull were running the show.

When she broke the 3rd time (C) I did not get in straight away because of (A),

But then she formed a block with 3 touches (battle), at the break (double pressure) I got in at market 1 pips above the block.

She went a bit up, bounced a bit at the round number (blue line) and find support
exactly above the block.

Made 10 pips. 2%

This is it for me for today.

Mike Kshemaraja · Mar 12, 2012

addy123 said:
Great job mike. What pip spread does ur broker give u?

The spread is important, at the moment is 0.7 and most of the time is about that.

LO is a good time to trade, if there is news coming, I suggest to wait for the outcome.

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