Price Action Scalping

[Mike Kshemaraja]

euro looks exhausted

Welcome Chocolate

I am an admirer of your posts and the way you trade, we all going to learn from them, please post your chart with your details reasons if you wish.

 

[Mike Kshemaraja]

extract from some of my reading:

"From a technical standpoint, is to say that when the obvious event fails, a subsequent not so obvious event looks more credible as a result. In a bullish environment this translate in the following: if an upside breakout gets forced back, a downside breakout may catch more follow- through".

 

[Mike Kshemaraja]

ok, this was my early trade, been in range from a long time.

She breaks the bottom of the range, and I keep aside, Why? Because there is not pre tension before the break, when she breaks strong like that, normally there is a reaction that turn into a fail break out or a tease, so we need to be very cautious with break outs, often we will miss a good trade, but that does not matter, we cannot get them all, but what we can do if the trend is strong we can use some of the pullback setup to get in.

Anyway with this trade, after the break she stalled and formed a mini block and I got in short as soon got broken. Why is better now then before? Because the block being an exchange of contracts without effecting the price mean tensions and more resistance for my SL.

I hope I am not boring you with all this crap.

I do not want to turn this thread as egotrip/showing off business, guys you also need to post, do not be afraid, you do not have to trade the way I do, you have to trade the way you are.

 

[Greenlight]

"I hope I am not boring you with all this crap"

This is not crap and I appreciate you taking the time to show us your trades and the reasoning behind them. You are providing a good education for someone like me trying to find my way thru all the 'smoke and mirrors' of trading.

Thank you Mike.

 

[Mike Kshemaraja]

"I hope I am not boring you with all this crap"

This is not crap and I appreciate you taking the time to show us your trades and the reasoning behind them. You are providing a good education for someone like me trying to find my way thru all the 'smoke and mirrors' of trading.

Thank you Mike.

Light

Thank you.

Mike

 

[Mike Kshemaraja]

Trades do not work all the time, is important that they work more than 50% with a positive RR.

Long, target was not reached by less than a few pipette, , trade close @ -1.8. :whistling.

 

[The Leopard]

I hope I am not boring you with all this crap.

I think this is actually a good thread. I wouldn't advise anyone to trade using 30 second charts, but the principles and the approach that you are using are good I think and should give people who are interested quite a bit to think about.

 

[foxmajster]

Hi Mike and others,

didn't had time to comment and trade because busy at work..
Just found myself free 30 minutes and luckily I snitched this one:
bearish trend on 30s time-frame, channel broken, too violently to enter but when another small one formed I did. Entered after the price was stuck for 8 candles. What I was thinking was - if there is no desire for pullback the price there is strong probability the price will go down. TP was set at 9 pips at a possible resistance from 1 hour before. SL? I am having trouble setting this one - I set it around 6 pips a little above upper channel.
Please comment if the trade made sense or was I just lucky?

PS: Hardly waiting for Amazon to deliver me Volman's book

 

[Mike Kshemaraja]

I think this is actually a good thread. I wouldn't advise anyone to trade using 30 second charts, but the principles and the approach that you are using are good I think and should give people who are interested quite a bit to think about.

The 30 seconds is not a must, the overall concept is important (the battle between bulls and bears), one can use the 1m, 2m, 5m TF. Above that I am not sure, but I guess even on bigger time frames the concept is still valid.

Myself I like 30s or 70 tick because I feel close to the "pull and push", also keep in mind that my initial TP ans SL are around 10 pips.

Leopard, have you tried the tick chart? I think you should look at it.

 

[Mike Kshemaraja]

Hi Mike and others,

didn't had time to comment and trade because busy at work..
Just found myself free 30 minutes and luckily I snitched this one:
bearish trend on 30s time-frame, channel broken, too violently to enter but when another small one formed I did. Entered after the price was stuck for 8 candles. What I was thinking was - if there is no desire for pullback the price there is strong probability the price will go down. TP was set at 9 pips at a possible resistance from 1 hour before. SL? I am having trouble setting this one - I set it around 6 pips a little above upper channel.
Please comment if the trade made sense or was I just lucky?

PS: Hardly waiting for Amazon to deliver me Volman's book

Good trade mate.

 

[foxmajster]

Foxmajster,

Thanks for your words.

Regarding your trade, BRAVO, I can see that you are serious about your work, and taking a trade in the direction of the least resistance is the way to go, do not forget that (after the triple top, she formed lower tops). The setups are just a way to get in. In this case I would enter the same way. That middle line has been touched several time and before the break, prices were squeezed between the line (signal line) and the average, meaning a pre pressure with an exchanges of contract and price going not where.

In this case prices formed another mini range and then went, and that is a fair indication to why trades need to be taken in the direction of the least resistance.

Now regarding the SL, I think 5 pips during European session could be to small, just reduce your amount and take it to 10.

Did you do the right think taking half profit at the next support? Well looking in hindsight is much easier, but only speculation. Technically you need to be aware of next support and also of the length of the bars before you took profit.

I am not sure that moving the SL to BE is a good idea, best in my view is to move it above/below the previous swing high/low.

Demo is the way to go, but not for long time (lets say a month), as soon as you feel comfortable, open a live account with only $10 and treat it like an $100000 account, trading real money is different, mr ego is coming to play, and he will make it difficult to you at any opportunity

I spend about 8 hours a day on the screen, (and I love it). Spend as much as you can as well and be selective with your trades(Friday I took 4 trades), do not worry if you miss trades.

Monitor yourself and how you feel, are you getting anxious in getting in? out? inpatient? revenge on your last losing trade? overconfident? Those are just feeling created by having concepts in your mind, just be aware of them and they will disappears, focus on your chart, trade what is there, not what you want to see.

Follow the dance and trade with your heart no with your mind.

Post as much as you can, (but only when convenient, you do not want to be distracted) with all the logic behind it.

Posting will help you to understand more about yourself.

And once more, BRAVO.

Mike

Mike,
thanks for looking at my trade and giving vast explanation of your thoughts. Appreciated.
As I said, I am a newbie at trading. Observing markets and reading on forums for some time and I feel scalping might be a thing for me. Still got much to learn, this is just the beginning.
See you around

 

[Mike Kshemaraja]

Mike,
thanks for looking at my trade and giving vast explanation of your thoughts. Appreciated.
As I said, I am a newbie at trading. Observing markets and reading on forums for some time and I feel scalping might be a thing for me. Still got much to learn, this is just the beginning.
See you around

Fox

We are all newbie, specially the ones that think there are not.

I think you are doing well, take your time, once you got the book, read it all and demo trade, then read it again underlined the most important parts and create your own document with it, read your documents before you trade until they are fossilise in you make up.
Then open a live account with little money, if at the end of each month you closed positive, double it till you can.
If you that and in the mean time you have developed a passion for it, you will be ok and surprise for the results.

In the mean time I suggest you to read Technical Analysis of the financial markets by john murphy, I am sure you can download it from somewhere.
Trading in the zone (Douglas) also is a good read, from psychological perspective.

 

[Mike Kshemaraja]

We should not think or have any bias whatsoever, the chart will tell us where she is going, what we think mean nothing or brings only troubles, actually we should not think but act if there is action, if not we stay active on the sideline.

Trades need to be taken in a selective manner, we just need one trade.

 

[Mike Kshemaraja]

Just lucky here.

 

[Mike Kshemaraja]

Just took another trade long, she gained some pips, but drifted in some kind of range, got our @BE.
If you look at the 30sec of 1m TF you would be able to see.

 

[foxmajster]

Hi,

did 2 trades today, both wins
Although the trend was bearish on 30s it was bullish on bigger TF so I bought when channel was broken for the third time (would enter before but was not at the computer) seemed the price really like to go up (making higher lows), 9 pips TP with 7 pips SL. Entered the second because it was really nice break & pullback and because it was possibility to go all the way down to channel bottom. Set tight SL for good R:R (6 pips so I don't loose previous winnings vs 9 pips to channel bottom). Worked like a charm
I think this is just too good beginning - 4 wins and 1 loss (didn't publish this one yet) - and I'll be soon put to real grounds.
Enough for today, take care and comments welcomed as usually..

 

[Mike Kshemaraja]

Hi,

did 2 trades today, both wins
Although the trend was bearish on 30s it was bullish on bigger TF so I bought when channel was broken for the third time (would enter before but was not at the computer) seemed the price really like to go up (making higher lows), 9 pips TP with 7 pips SL. Entered the second because it was really nice break & pullback and because it was possibility to go all the way down to channel bottom. Set tight SL for good R:R (6 pips so I don't loose previous winnings vs 9 pips to channel bottom). Worked like a charm
I think this is just too good beginning - 4 wins and 1 loss (didn't publish this one yet) - and I'll be soon put to real grounds.
Enough for today, take care and comments welcomed as usually..

Superb

This is my view:

The trend is up for the first trade (3 higher bottoms), and the trend is down with the second trade (lower highs).

When you scalp on this Time frame, you only look back no more then two ours on the same chart, higher TF are not relevant in my view, I know that will seem controversial but that is how I see it.

You need to look back about 2 hours to make sure that you target is not obstruct by level of resistance/support.
Notice that priced just got to the previous resistance on the 1st trade (left of the chart) and your TP on the second trade was set just at the previous support.

 

[foxmajster]

Fox
In the mean time I suggest you to read Technical Analysis of the financial markets by john murphy, I am sure you can download it from somewhere.
Trading in the zone (Douglas) also is a good read, from psychological perspective.

Got both of them on my computer as I spot them earlier in the thread.
Thanks.

 

[Mike Kshemaraja]

Got both of them on my computer as I spot them earlier in the thread.
Thanks.

Good.

 

[Mike Kshemaraja]

This dance is too slow for me, I going to watch the football.