Price Action Scalping

[Mike Kshemaraja]

lol, well, im currently in a short eu trade off 13158.8

market just seems so slow today, for a monday morning,...

Deebee

Post your chart with motifs, like this:

Bounced from major low (A), broke major low (B), pulled back to ema, in short at the break (arrow down). Target reached. +7 pips. 2%

 

[Mike Kshemaraja]

Also looking at the 70 tick chart, interesting.

 

[netplus]

Read the book "Forex Price Action Scalping" by Bob Volman. Excellent book. I use many of the patterns in the book to daytrade stocks.

 

[Mike Kshemaraja]

Read the book "Forex Price Action Scalping" by Bob Volman. Excellent book. I use many of the patterns in the book to daytrade stocks.

Good for you.

 

[Mike Kshemaraja]

I am trading audusd now, during Asian session eurusd makes me follow asleep, not very good for a scalper.

Trend is up, then a nice push down, makes lower tops, pre - pressure. In, she comes back to test, then down.

7 pips 2%.

I am also looking at the tick chart (70)

 

[Mike Kshemaraja]

second trade 7 pips 2%

 

[Mike Kshemaraja]

3rd trade losr 4.8 pips (overconfidence)

4th trade 6 pips

This morning made more than 4%. Going for lunch.

 

[darkcider]

Hey Muke, great thread! Classical TA does indeed work for us all, it's all about applying yourself in the correct manner. There are absolutely tons of books out there relating to chart trading and each one holds some truth about the golden nugget. Keep on fearing and hoping when others are hoping and fearing and that's an emotional imbalance for ya right there. Keep up the good work dude!

 

[Mike Kshemaraja]

Hey Muke, great thread! Classical TA does indeed work for us all, it's all about applying yourself in the correct manner. There are absolutely tons of books out there relating to chart trading and each one holds some truth about the golden nugget. Keep on fearing and hoping when others are hoping and fearing and that's an emotional imbalance for ya right there. Keep up the good work dude!

Dark

Yes, takes a lot of and love for your work.

You need to read the overall picture, the setups are only a place where things may slip and if they do, you need to be ready. People say many thing, specially traders, they know it all and are very keen to tell, why? because they do not know.

My advise? Basic TA and a lot of screen time, choose your instrument and you timeframe, spend many hours on the screen and you will come through it.

Regards
Mike

 

[Mike Kshemaraja]

Ok, back from lunch, I am going to switch to eurusd at this time of the day, more movement.

Lets see.

 

[Mike Kshemaraja]

Ok. Prices break major low (A) but I did not get in, but I could because prices pulled back to the broken line and broke . Above that reversal pattern a good SL could have been placed.

After the trend she pulls back to the ema and to the round number, she broke (B)
but I do not get in, because the trend and the pullback indicate to me that I would look for a safer setup if occurs.

After B she goes back above and tests the previous high forming a double bottom reversal and and M pattern and very importantly she bounces from the broken line (A) forming a doji. As soon as she breaks the doji by one pip, I am in, short. Target reached in a matter of minutes and double bottom.

Last trade for me 6% up today. I am working towards this goal, but I am not going this goal to inflict a negative influence on my mind. Take care.

 

[Mike Kshemaraja]

Read the book "Forex Price Action Scalping" by Bob Volman. Excellent book. I use many of the patterns in the book to daytrade stocks.

Net

You should show us your trades

 

[Mike Kshemaraja]

Here we go, another day in paradise. Lets see. 10.24 am here.

 

[DionysusToast]

Can I ask how it's possible to make a 2% gain on your account with a 7 pip move?

And also - how do you make .8 of a pip? I thought minimum increment was 1 pip on Forex...???

Confused...

 

[Mike Kshemaraja]

Can I ask how it's possible to make a 2% gain on your account with a 7 pip move?

And also - how do you make .8 of a pip? I thought minimum increment was 1 pip on Forex...???

Confused...

How can I make 2% gain on your account with a 7 pips move? That is a very strange question.

My initial risk is 2% risking 7 pips. Let say my capital is $10000, 2% is $200.
$200 divide 0.0007= 285.714 units to trade. When I gain 7 pips I also make 2%.

One pip is made by 10 pipette, see screen, the last number is a pipette, some broker have it some do not.

I hope it helps.

 

[Mike Kshemaraja]

I had people around, missed 2 entries (A and B), I saw them coming, but I do not take trade if I am not 100% on the job.

 

[DionysusToast]

How can I make 2% gain on your account with a 7 pips move? That is a very strange question.

My initial risk is 2% risking 7 pips. Let say my capital is $10000, 2% is $200.
$200 divide 0.0007= 285.714 units to trade. When I gain 7 pips I also make 2%.

One pip is made by 10 pipette, see screen, the last number is a pipette, some broker have it some do not.

I hope it helps.

So when you say 285.714 units - what is that in nominal value?

$285,000?

Just trying to understand the numbers and how much leveraged this is.

 

[Mike Kshemaraja]

So when you say 285.714 units - what is that in nominal value?

$285,000?

Just trying to understand the numbers and how much leveraged this is.

The point is that you can make also 100% gain with 1 pip if you wish.

Anyway one lot is made of 100000 units, some brokers only trade in lots some in mini lots (10000) or micro lots (1000).

With some you can trade even 1 unit (Oanda and CMC).

If you trade 100 units the value of a pip is 0.01, trade value 132.20, margin used 2.64 in this case.

 

[DionysusToast]

The point is that you can make also 100% gain with 1 pip if you wish.

You sure about that? That would involve 1000:1 leveraging, right?

Anyway one lot is made of 100000 units, some brokers only trade in lots some in mini lots (10000) or micro lots (1000).

OK - thanks... Going back to your 2% from 7 pips on a $10k account....

My initial risk is 2% risking 7 pips. Let say my capital is $10000, 2% is $200.
$200 divide 0.0007= 285.714 units to trade. When I gain 7 pips I also make 2%.

1 lot = 100,000 units.
285 lots = 28,500,000 units.

How can you trade that from a $10k account?

Serious question - this is not an attack, it just seems you'd need the sort of leverage nobody actually provides.

 

[Mike Kshemaraja]

You sure about that? That would involve 1000:1 leveraging, right?



OK - thanks... Going back to your 2% from 7 pips on a $10k account....

My initial risk is 2% risking 7 pips. Let say my capital is $10000, 2% is $200.
$200 divide 0.0007= 285.714 units to trade. When I gain 7 pips I also make 2%.

1 lot = 100,000 units.
285 lots = 28,500,000 units.

How can you trade that from a $10k account?

Serious question - this is not an attack, it just seems you'd need the sort of leverage nobody actually provides.

I said: Lets say may capital is $10000. Is that clear? 285000 is nearly 3 lots. (100000 is one lot)

Do you want to know how to trade or do you want to know how much money I got in my pocket. Because if that is the case, take a hike. You attitude is getting on my nerves. Seems like you are trolling.