Price Action Scalping

[Mike Kshemaraja]

Done for the day, I will check your charts in the morning, girls and boys.

 

[foxmajster]

second trade, block break with uptrend similar to previous one, sl 7 pips, TP 10 pips reached in few minutes. Although I did not spot any news coming something moved the market quickly in my favor. No complains from my side
Speaking of which - do you guys check if there are any news scheduled and avoid trading at that time?

 

[Charticist]

Hey Chartman,
warm welcome from my side also. It seems that we are on similar road, nice to have a companion. Still reading Bob's book, every page gets me new ideas.
Looking forward for your trade setups...

Fox,
Thanks for the welcome. Nice to have a someone at a similar stage to work with, helps me to both ask and answer questions (though if I do answer questions it may need to wait until later in the New York session when PA usually dies down since it is difficult to multitask with this type of trading). I really like the Forex Price Action Scalping book and really believe that if one works hard on what Bob is trying to teach you can succeed.

I particularly like the following quote from the book: "The overall picture, at all times, should weigh heavier on the decision-making process than the shape of the setup alone, which, in the end, is no more than a means to get in on the market, and not the reason to."

And then how he discusses the fight between the bulls and the bears. Since much of trading seems like speculation (which I guess it is) then much is based on opinion, speculating on which way it should go. At the level of a master like Bob is, and for us eventually, I suppose it becomes clearer. For me to learn it helps me to think out loud and put out my opinion, even though it may be wrong so here is an example.

I think this very recent downtrend of the last hour follows from the defeat of the bulls at the 1.1340 level. This is probably due to a poor play by the bulls and less by that of an action by the bears, but in this complex market who knows, it may have been the bears stepping back trying to tire out the bulls. But in any case we are just retail players trying to ride along.

Anyway I went short, but here we see that trading is really just an internal battle, and I probably moved my stop to aggressively down and including the spread was stopped out breakeven.

Anyway posting trades and our analysis with you Mike and others should help each of us a great deal.

Chart

 

[Charticist]

second trade, block break with uptrend similar to previous one, sl 7 pips, TP 10 pips reached in few minutes. Although I did not spot any news coming something moved the market quickly in my favor. No complains from my side
Speaking of which - do you guys check if there are any news scheduled and avoid trading at that time?

Nice trade Fox.

I usually check the news announcement schedule, and Oanda has the major announcements on the chart.

If you had ignored the nonfarm payroll news last Friday you would have been burned. The chart would say go short, see the spike lower on the news just before 40 pip rise. Best thing to do in my opinion is to sit on hands until everything gets settled especially after NFP, FOMC and interest rate decisions.

Chart

 

[Charticist]

Myself I have been working for 6 hours and only one trade and I am very proud about that.

That shows great patience. That is what I am working on. Your advice of asking "why should I not take this trade" as opposed to the just asking "why should I take this trade" has been of great help.

 

[Mike Kshemaraja]

Fox,
Thanks for the welcome. Nice to have a someone at a similar stage to work with, helps me to both ask and answer questions (though if I do answer questions it may need to wait until later in the New York session when PA usually dies down since it is difficult to multitask with this type of trading). I really like the Forex Price Action Scalping book and really believe that if one works hard on what Bob is trying to teach you can succeed.

I particularly like the following quote from the book: "The overall picture, at all times, should weigh heavier on the decision-making process than the shape of the setup alone, which, in the end, is no more than a means to get in on the market, and not the reason to."

And then how he discusses the fight between the bulls and the bears. Since much of trading seems like speculation (which I guess it is) then much is based on opinion, speculating on which way it should go. At the level of a master like Bob is, and for us eventually, I suppose it becomes clearer. For me to learn it helps me to think out loud and put out my opinion, even though it may be wrong so here is an example.

I think this very recent downtrend of the last hour follows from the defeat of the bulls at the 1.1340 level. This is probably due to a poor play by the bulls and less by that of an action by the bears, but in this complex market who knows, it may have been the bears stepping back trying to tire out the bulls. But in any case we are just retail players trying to ride along.

Anyway I went short, but here we see that trading is really just an internal battle, and I probably moved my stop to aggressively down and including the spread was stopped out breakeven.

Anyway posting trades and our analysis with you Mike and others should help each of us a great deal.

Chart

Great post.

Also we should remember, more we give more we get back.

 

[Mike Kshemaraja]

Nice trade Fox.

I usually check the news announcement schedule, and Oanda has the major announcements on the chart.

If you had ignored the nonfarm payroll news last Friday you would have been burned. The chart would say go short, see the spike lower on the news just before 40 pip rise. Best thing to do in my opinion is to sit on hands until everything gets settled especially after NFP, FOMC and interest rate decisions.

Chart

I agree totally.

 

[Mike Kshemaraja]

second trade, block break with uptrend similar to previous one, sl 7 pips, TP 10 pips reached in few minutes. Although I did not spot any news coming something moved the market quickly in my favor. No complains from my side
Speaking of which - do you guys check if there are any news scheduled and avoid trading at that time?

Yes I was looking at this trade, but I think I skipped it, because I was already thinking to close the books for the day. Good trade.

 

[Mike Kshemaraja]

That shows great patience. That is what I am working on. Your advice of asking "why should I not take this trade" as opposed to the just asking "why should I take this trade" has been of great help.

I think, that is an important hurdle to deal with, trading can get very much into gambling if is not dealt with. We are here to make money, if we want to play we can always go to the casino afterwards.

 

[ForexLion]

The problem I have with scalping on time frames less than 1 min is that it requires long hours of sitting in front of your computer screen which sometimes result in very low gains. Trading from 15m time frame seems better for me.

 

[Mike Kshemaraja]

The problem I have with scalping on time frames less than 1 min is that it requires long hours of sitting in front of your computer screen which sometimes result in very low gains. Trading from 15m time frame seems better for me.

Is important for you to know what is best for you. Good luck with your trading.

 

[Mike Kshemaraja]

Easy peasy.

I opened a demo account for my daughter, she is 9.

I took this trade with her, I was on Oanda, she is with CMC. I told her to get ready and we pressed our button quite instantly at the same time.

We reached our target in a few minutes, being screening for 2 hours.

I felt a bit sorry for her, she took her previously 5 trades without a win, I think she is happy now after two wins. (one she made by herself).:clap:

 

[Mike Kshemaraja]

Is this related to trading? Yes very much so in my view:

George Foreman vs Muhammad Ali - Oct. 30, 1974 - Entire fight - Rounds 1 - 8 & Interview - YouTube

 

[Mike Kshemaraja]

Fox,

This is my 1 minutes chart from AB with data from Hirose:

 

[foxmajster]

Fox,

This is my 1 minutes chart from AB with data from Hirose:

Oh, you managed to connect to hirose via DDE? Great! And with new version of AM you would also see tick charts? I might order AM though they dont provide demo with tick charts enabled. I will contact them...

 

[Mike Kshemaraja]

Oh, you managed to connect to hirose via DDE? Great! And with new version of AM you would also see tick charts? I might order AM though they dont provide demo with tick charts enabled. I will contact them...

Try the AB demo with 1 minutes chart and connect to hirose demo account and see if you can get reed of the pipettes.

 

[Mike Kshemaraja]

Done for the day. Only one trade. Missed another trade. Hey, but all easy in hindsight.

 

[foxmajster]

Easy peasy.

I opened a demo account for my daughter, she is 9.

I took this trade with her, I was on Oanda, she is with CMC. I told her to get ready and we pressed our button quite instantly at the same time.

We reached our target in a few minutes, being screening for 2 hours.

I felt a bit sorry for her, she took her previously 5 trades without a win, I think she is happy now after two wins. (one she made by herself).:clap:

Really nice setup and really nice trade. I hope you are not cheating and counting as one of yours when you were just copying it

 

[shadowpug]

Hey, I am back
Ninja is not free, only for demo, so I will skip it for now.
Mike. I thought you use ProRealTime for charting? Any if you use Amibroker, they probably offer tick feed by themself, don't they?
Anyway I can try to connect them to Hirose but would need some studying - let's put this to PM/mail..

That is not true. NinjaTrader is free to use indefinitely for everything excluding live trading. If you want to trade live, you need to pay.

 

[Charticist]

Really nice setup and really nice trade. I hope you are not cheating and counting as one of yours when you were just copying it

LOL

Great trade, Mike and Mike's daughter. Looking at the chart that was a nice squeeze with the 20 ema.

Chart