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jkshemaraja

Scalping the Price Action.

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Lets create a thread based on visual scalping.

 

BS and egos trips are not welcomed and respect for others is a prerogative.

 

Post your charts with comments, so helpfully with can create a healthy exchange of ideas.

 

And specially post your losing one, those are more important, shows a lot about us.

 

I trade only eurusd because of the tight spread mostly during Asian session.

 

Lets see if we can create something decent.

 

JK

Edited by jkshemaraja

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This is what I am looking at, is 10.47 am my time.

 

My TF is 30 seconds, the yellow line are level of support/resistance, the blue lines are lines of round number( 20, 40, 50, 60, 80 and 00, the ema is 20.

 

What I am looking for? There are battle going on all around, my job is to spot them and join in only when one of the part does let go of the rope.

 

Clear focus is needed, only when I am sure of it I take a trade, many time I miss good trade, but I do not care, I trade my odds, if all the condition are not there I pass. My best position is to stay aside.

 

jk

5aa710d813294_93.thumb.png.5af7f17e1a08e114ca8c9f36c0bd46e8.png

Edited by jkshemaraja

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In the actual marker, however, things may not be so evident as they tend to appear from the safe distance of hindsight evaluation. In fact in the reality of a live trading environment it is very easy, and common to even miss the best looking set ups, purely a trader, at the time, does not expect the market to behave like it does. This is why it is important to not limit your thinking by imaging what is going to happen next and then needing to see it materialise. Particularly on the verge of exploiting a technical situation, this little mind-game of predicting how a set up will present itself, as if to prove your skills to some fictitious bystander, can have a detrimental effect on your ability to see the price action in its proper light. The moment you expect the market to behave and break in a certain way, and the market defies that, you stand to lose your face in your own scheme of things and it may hurt your ego just long enough to completely miss the alternative break.

 

"a little thought from my friend Bob"

 

jk

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First trade, keep in mind that I have been working, monitoring at the chart for more then seven hours, not intensively but more of a tactical overlook.

 

Prices broke the bottom line of the range (1), a long range, pulled back to the broken line and printed a doji bar (short bar), as soon as prices broke his low by one pips I entered at market.

 

My SL was placed 1 pip above the last swing (2), because those kind of break without pre-tension tend to pullback to the last swing normally, not in this case though where price just stalled at the broken line and once the bull let go of the rope they became bears as well.

 

Made my full 7 pips, 2%. Hard day though but all part of the business.

 

I do not mind make 2% every day.

 

jk

5aa710d8d4514_93-1.thumb.png.f78f1d4a8f317a6d2742b3701e45ea57.png

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My second trade of the day, similar to the first but the range was smaller.

 

The left side of the chart, clearly shows that the trend is down, market pulls back and forms

a range defined by the lines, also forms a double top (1 and 2).

 

I will start to get ready, she breaks the bottom line of the range and I do nothing because of the way she broke, she pulls back and prints a doji just at that line, I am in at market 1 pip below that doji, she pulls back twice and forms another double top (3 and 4), now I feel is working in my direction, but Im ready to get out also in case thinks do not work out (above the double top).

 

I had a larger TF and SL due to LO, my target was reached, made my 10 pis, another 2%.

4% total for the day.

 

Sound easy, doesn't? But is not. Doable for sure but not easy, passion will help.

Done for the week (trading). Take care.

 

JK

5aa710d8dec08_93-2.thumb.png.7bfc5641d2a5be69cea49cb985c729a1.png

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