Price Action Scalping

[Mike Kshemaraja]

Mike,

I'm really enjoying reading through your thread and all the trade examples you've shared.

I'd be curious to know if you're willing to share how long you've been scalping with this method?

Are you successful, making a living doing it?

I completely understand that one can earn a steady income with a 50% win rate using 10pip TP and 8 pip SL. Expected value = 10(.5)-8(.5) = 1pip/trade

Are you finding that your winrate is around 50% Mike and are you making around ~1pip/trade over the long run?

Don't mean to put you on the spot but it sounds like you're very successful. I'd love to hear more about it.

Thanks,
Billy

Billy

I do not mind to answer, but how can it help you?

Think about it, if I tell you that I am making $10000 a day average how is going to help you? I think it will only put pressure on you to also reach that.

If I tell you that I lost a lot of money, how is going to help you? you probably start to think that is not something that you do not want spend time with.

Your question is understandable but only shows that you still have a lot of work to do.

It does not matter how much money I am making or if I am successful or not, what matter is if this way of trading make sense to you and if it does you are the only person that can make this way of trading successful or not.

If I am successful does not necessary mean that you are going to be successful as well.

I think that is why Bob in his book never talk about this issue, because is very much aware of the irrelevance of the subject.

What I can tell you that may help you is this: I knew a bit about trading before I found this book, I demo traded it for a month, I read it 3 times, I wrote down my own document of it, I have been on a live account since the beginning of this thread, I spend at least 8 hours a day screening time, I slowly increased my stake and slowly injecting more money into my account. This week was my best week, only yesterday I had a losing day, after 6 consecutive winning days.

I regard this way of trading of very high standard one,an advance one, not if you have not a good basic knowledge of TA and psychology, if you have not got that knowledge I suggest you to study the other books first that I have mentioned previously.

This is what I can tell you. Hope it helps.

 

[Mike Kshemaraja]

If somebody is interesting in this way of trading, I suggest many hours of screen time( from 5000 to 10000 hours) and post your chart, ask for comments and myself, Chart of Fox will reply (or whoever wishes), do not demo for a long time (not more than a month), then trade live.

 

[Charticist]

Very cool to see that lined up with the 70tick chart. Thanks for that. Have you subscribed to prorealtime?

Billy,
I got a 3 month subscription to ProRealtime. The subscription I have is to the 47 major currency pairs. This lower end subscription does not include tick volume (which is only pertinent on traditional time axis charts) but it does include the built in tick countdown on the tick charts.

Oanda is my broker as well but it has a 1.2 pip spread so am looking for another broker with a 1 pip or less spread. Have you seen or tried any?

Chart

 

[Mike Kshemaraja]

Billy,
I got a 3 month subscription to ProRealtime. The subscription I have is to the 47 major currency pairs. This lower end subscription does not include tick volume (which is only pertinent on traditional time axis charts) but it does include the built in tick countdown on the tick charts.

Oanda is my broker as well but it has a 1.2 pip spread so am looking for another broker with a 1 pip or less spread. Have you seen or tried any?

Chart

Chart

Try those:
Hirose Financial UK Ltd.
MB Trading UK - Free E X N

Mike

 

[Charticist]

Chart

Try those:
Hirose Financial UK Ltd.
MB Trading UK - Free E X N

Mike

Thanks, that gives me some good direction. I am amazed how many brokers there are.

Chart

 

[Mike Kshemaraja]

Thanks, that gives me some good direction. I am amazed how many brokers there are.

Chart

Watch out, mostly are scams, Oanda included.

 

[foxmajster]

Thanks, that gives me some good direction. I am amazed how many brokers there are.

Chart

Hey all,
again too busy to trade and next week does not look any better
Regarding brokers choice: this page might help: FX Intelligence Analyzer: Compare live spreads and quotes from multiple brokers
Dont be scared because it is showing such wide spreads today - check the page when markets open.
I will probably take ECN broker with ultra-low spread and with paying commisions. If choosing non-ECN broker then Hirose seems the best.

 

[Charticist]

Hey all,
again too busy to trade and next week does not look any better
Regarding brokers choice: this page might help: FX Intelligence Analyzer: Compare live spreads and quotes from multiple brokers
Dont be scared because it is showing such wide spreads today - check the page when markets open.
I will probably take ECN broker with ultra-low spread and with paying commisions. If choosing non-ECN broker then Hirose seems the best.

Fox,

Hope you get some more time to trade in the coming weeks.

Thanks for the info. I'll watch the site you mentioned this week.

Chart

 

[Mike Kshemaraja]

Floored The Movie (Full Movie)

Interesting movie.

 

[Mike Kshemaraja]

first trade of the day, risk 6 pips made 10.

 

[foxmajster]

Really great trade Mike. The best thing was the touch of previous support. Just perfect setup.
and one of mine: although was looking for a sell went for a buy because there was double bottom inside the box. So BB trade with 9pips profit (was looking for 10 but closed it to avoid profit loss) and 6 pip SL.
Happy to had some time to look at the charts. Happy for the trade also

 

[Mike Kshemaraja]

Really great trade Mike. The best thing was the touch of previous support. Just perfect setup.
and one of mine: although was looking for a sell went for a buy because there was double bottom inside the box. So BB trade with 9pips profit (was looking for 10 but closed it to avoid profit loss) and 6 pip SL.
Happy to had some time to look at the charts. Happy for the trade also

Excellent trade Fox. :clap:

 

[Mike Kshemaraja]

first trade of the day, risk 6 pips made 10.

Ok, now I got a bit of time I explain:

She breaks two barriers that I had drawn.

Why I did not consider an FB? Because there is a pullback in the trade phase.

Why I did not consider an small BB at the average? Because of the higher bottom and the long bull bar just below the pattern.

Why I did not consider the ARB pullback at the lower barrier? Because too many higher bottom.

The trade was taken at the barrier above, a nice IRB.

 

[Mike Kshemaraja]

Ok Fox, Chart and others, I am done for the day. One trade only for me today, but a good one. Ranging day today.

Good trade Fox, you are getting there. When are you thinking to go full time?

 

[JRP2891]

Watch out, mostly are scams, Oanda included.

Oanda are not a scam! There's no such thing as a fixed spread unless you trade through a bucket shop.

 

[Mike Kshemaraja]

Oanda are not a scam! There's no such thing as a fixed spread unless you trade through a bucket shop.

Welcome to the thread.

Thank for your view.

Please read the 1st post, and post your chart with comments.

 

[foxmajster]

Ok Fox, Chart and others, I am done for the day. One trade only for me today, but a good one. Ranging day today.

Good trade Fox, you are getting there. When are you thinking to go full time?

Yeah difficult day with tight ranging.
Did manage another one, box broken and along with it also previous support (blue line). Didn't fancy how things developed so I went out sooner with 1pip loss. it seems that I get too quickly nervous if the trade don't go as expected. I became worried when after pullback price didn't climb but stalled. After 10 minutes it shot higher and would reach TP. Almost half an hour later, I am not used to wait so much time. Need to work on this and go through the trade again...
Note: I believe there was another trade possible - a few minutes after the red arrow. little box was formed with belows touching the blue support line and EMA nicely squeezing 2 dojis. Did not take it because I was still thinking about just finished trade..
Mike, nice words but I am still far away from full-time, currently testing brokers to go live with.

 

[Mike Kshemaraja]

Yeah difficult day with tight ranging.
Did manage another one, box broken and along with it also previous support (blue line). Didn't fancy how things developed so I went out sooner with 1pip loss. it seems that I get too quickly nervous if the trade don't go as expected. I became worried when after pullback price didn't climb but stalled. After 10 minutes it shot higher and would reach TP. Almost half an hour later, I am not used to wait so much time. Need to work on this and go through the trade again...
Note: I believe there was another trade possible - a few minutes after the red arrow. little box was formed with belows touching the blue support line and EMA nicely squeezing 2 dojis. Did not take it because I was still thinking about just finished trade..
Mike, nice words but I am still far away from full-time, currently testing brokers to go live with.

Yes, seems like you got out before the time, I think there were no needs to scratch.

Anyway I think slowly we will learn to accept the trade the way it goes once we take a valid set up. (the setups are either valid or not valid)

That is way is important to monitor yourself while in the trade and even before you enter the trade. (we can discuss this another time)

Remember that we only need 5 pips a day on a 2% per trade risking 10 pips to tenfold a $5000 account in less than 12 months, compound.

It is impossible to know how the trade will end up and speculate on it is just an illusion.

 

[billyd]

Mike,

I appreciate the answer. I wasn't looking for specific $ numbers or how much your making/losing. Guess I wanted encouragement that you've been successful with Bob's method.

I'm new to scalping but not trading. I've been successful with a method from a babypips thread which utilizes intraday price action moves but scalping is very appealing as well. I'm in my second read-through now and taking copious notes.

Again, thanks for answer.

Billy

I do not mind to answer, but how can it help you?

Think about it, if I tell you that I am making $10000 a day average how is going to help you? I think it will only put pressure on you to also reach that.

If I tell you that I lost a lot of money, how is going to help you? you probably start to think that is not something that you do not want spend time with.

Your question is understandable but only shows that you still have a lot of work to do.

It does not matter how much money I am making or if I am successful or not, what matter is if this way of trading make sense to you and if it does you are the only person that can make this way of trading successful or not.

If I am successful does not necessary mean that you are going to be successful as well.

I think that is why Bob in his book never talk about this issue, because is very much aware of the irrelevance of the subject.

What I can tell you that may help you is this: I knew a bit about trading before I found this book, I demo traded it for a month, I read it 3 times, I wrote down my own document of it, I have been on a live account since the beginning of this thread, I spend at least 8 hours a day screening time, I slowly increased my stake and slowly injecting more money into my account. This week was my best week, only yesterday I had a losing day, after 6 consecutive winning days.

I regard this way of trading of very high standard one,an advance one, not if you have not a good basic knowledge of TA and psychology, if you have not got that knowledge I suggest you to study the other books first that I have mentioned previously.

This is what I can tell you. Hope it helps.

 

[Mike Kshemaraja]

Mike,

I appreciate the answer. I wasn't looking for specific $ numbers or how much your making/losing. Guess I wanted encouragement that you've been successful with Bob's method.

I'm new to scalping but not trading. I've been successful with a method from a babypips thread which utilizes intraday price action moves but scalping is very appealing as well. I'm in my second read-through now and taking copious notes.

Again, thanks for answer.

Billy

I am successful with it.

But the point I was making is that a lot of work needs to be done to become successful and that will very much depend on each of ourselves.

To discuss trades in group will also help, so post your trades and that also will help you to get there faster.

Did you have any trades today?

Mike