Scalping with Price Action?

[Azioni700 10]

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As an intra-day trader, I look to go long or short depending how price reacts to a major level. IOW, I stay 100% neutral bias and only expect a good move from a level, not a specific direction. That way I can profit from bounce or breakout.

 

In my experience, three scenarios related to price action are common at a major level:

 

1) Bounce ( reversal)

 

2) Breakout (price runs through level)

 

3) Chop (price chops around level, then finds direction)

 

 

The question then becomes, can each scenario be predicted to any useful degree? And if so, how? What are your strategies with Price action and/or Scalping good also for Dax-future?

[Tams 20]

can you post some charts to illustrate?

 

(with lines and arrows and note?)

[brownsfan019 17]

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As an intra-day trader, I look to go long or short depending how price reacts to a major level. IOW, I stay 100% neutral bias and only expect a good move from a level, not a specific direction. That way I can profit from bounce or breakout.

 

In my experience, three scenarios related to price action are common at a major level:

 

1) Bounce ( reversal)

 

2) Breakout (price runs through level)

 

3) Chop (price chops around level, then finds direction)

 

 

The question then becomes, can each scenario be predicted to any useful degree? And if so, how? What are your strategies with Price action and/or Scalping good also for Dax-future?

 

Are there any other options? Price can go up, down or sideways. I don't believe there's any other options.

 

I think the key is weeding out the chop area. It's fairly easy to trade breakouts/reversals in combination. I think the chop is what can really hurt a system. Work on trying to eliminate that and I think you'll find it a bit easier. As for how, no idea how you trade, what your risk threshold is, etc. etc.

[jimbo61 10]

Here is a way I occasionally will DayTrade an Option play.

I look at the opening price and setup a dual Fibonacci w/ extensions on the previous closing price to the opening range rebound (usually 10-15 mins from open).

I will then look to buy in the direction of the 50% line breakout, Call if breaks up, or Put if breaks downward. Use the Fibs Extention for exit targets.

Today's example worked , but you have to be on top of things.It will turn on you quickly.

Bought a 560 call on the breakout at 4.2. Closed it after it passed thru the +61.1% extention level. (out at 5.2).

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[Patuca 13]

Are there any other options? Price can go up, down or sideways. I don't believe there's any other options.

 

I think the key is weeding out the chop area. It's fairly easy to trade breakouts/reversals in combination. I think the chop is what can really hurt a system. Work on trying to eliminate that and I think you'll find it a bit easier. As for how, no idea how you trade, what your risk threshold is, etc. etc.

What about forwards and backwards? Fast/slow?? What about down when I need it to go up and up when I need it to go down?Just kidding!

[cashcube 10]

What time frame do you use?

Do you scalp in daily chart?

I think candlesticks patterns are good to go.

[fontu 10]

Doing it all the time , here one usdchf daily tf chart . still in bear & bear continuation PA but may turn bear into bull too at later date .

fontu

[TimRacette 11]

Azioni do you use a Fibonacci or half-way back setup to trade your bounce plays? I've found this works really well in the liquid futures markets like Euro 6E and ES.