Scalping the price action

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Scalping the price action

Postby il brigante » Wed Mar 07, 2012 5:44 am

Please find attached an image of two trades of mine made today before LO:

1) Long, I got in a bit late (my platform did not want to let me in), but got in, once price pull back to the range and then printed back above the top range line. Got out before my 7 pips target because prices hit a major resistance.

2) Short. Got out before my 7 pips target because prices hit a major support.
Attachments
today.png
il brigante
 
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Re: Scalping the price action

Postby il brigante » Wed Mar 07, 2012 6:13 am

il brigante wrote:Please find attached an image of two trades of mine made today before LO:

1) Long, I got in a bit late (my platform did not want to let me in), but got in, once price pull back to the range and then printed back above the top range line. Got out before my 7 pips target because prices hit a major resistance.

2) Short. Got out before my 7 pips target because prices hit a major support.



Ok, I trade the 30 seconds TF.

I trade during Asian session, my initial SL and TP is 7 pips and I risk 2% per trade.
il brigante
 
Posts: 124
Joined: Mon Dec 20, 2010 10:38 pm

Re: Scalping the price action

Postby il brigante » Wed Mar 07, 2012 7:45 pm

Is 10.27 am my time, I only trade eurusd, my broker spread is about 0.7.

On this chart you can see horizontal line in yellow that indicates support/resistance levels and blue lines that indicates round number, the one in strong blue indicates the 00 and 50.

What set ups I am looking for? I look for set ups as a consequence of the tug war between bull and bear. I am trying to not get involved in any battle until one of the two succumbs to the other taking in consideration that my TP is reached before another battles may began.

How do I do that? Well a lot of patience and screen time will help. Focusing on the overall picture and on the single candle will give me a perception of what is going on: the strength of the trend, the size of the pullbacks, the formation of a double or triple bottom, the higher low, the lower high, the way it broke, the way it pull back and so on and on .....

At the moment I am demo trading and at the end of this month I will trade a live account.
Attachments
1.png
il brigante
 
Posts: 124
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Re: Scalping the price action

Postby il brigante » Wed Mar 07, 2012 9:08 pm

My first trade of the day. Went short.

Prices broke the bottom level of the range. Why did I not get in, when prices broke 9 candle before? Because there was not any build up before the break,
(see the two doji just before my actual entry) and if there is not pressure, I like to stay aside (my favourite position)

Soon after my entry, she pulled back forming a double top (1 and 2) and went down through the round number of 1.3140.
Soon after that she pulled back strongly back to the double top, at that stage I was ready to get out of the trade if she was going to close above the double top, (less than my risk) but she did not and went down again and I got out before my TP got reached because a double bottom formed.

Made 4.9 pips on 2% risk (7 pips)
il brigante
 
Posts: 124
Joined: Mon Dec 20, 2010 10:38 pm

Re: Scalping the price action

Postby il brigante » Wed Mar 07, 2012 9:10 pm

il brigante wrote:My first trade of the day. Went short.

Prices broke the bottom level of the range. Why did I not get in, when prices broke 9 candle before? Because there was not any build up before the break,
(see the two doji just before my actual entry) and if there is not pressure, I like to stay aside (my favourite position)

Soon after my entry, she pulled back forming a double top (1 and 2) and went down through the round number of 1.3140.
Soon after that she pulled back strongly back to the double top, at that stage I was ready to get out of the trade if she was going to close above the double top, (less than my risk) but she did not and went down again and I got out before my TP got reached because a double bottom formed.

Made 4.9 pips on 2% risk (7 pips)
Attachments
8-3-1.png
il brigante
 
Posts: 124
Joined: Mon Dec 20, 2010 10:38 pm

Re: Scalping the price action

Postby il brigante » Thu Mar 08, 2012 2:12 am

Second trade of the day: long.

I missed at least another good set up (I was not around), but hey, they are all easy afterwards .

The trend was up and pulled back formed a two higher lows (1 and 2), I saw a bit of a battle going on and two dojis printed just below the signal line (yellow) and got in as soon as prices printed 1 pips above the high. I did not like those two pull back bearish candle just prior to my entry bar, I would had prefer a bit more pressure instead as dojis candle before the break.

Prices then pulled back below the signal line but still producing a higher low (3) and a test of that low (4). Clearly the bulls were still in control.

She then went nicely higher but not reaching my target, then a huge pullback but still forming another higher low.

The time she formed another double top and I got out. She did eventually reach my target, but hey I am not here to be right, I here to play my odds.

Made 5.1 pips on 2% risk (7 pips)

Total 9 pips for today (two trades), just over 2.5%.
Attachments
8-3-2.jpg
il brigante
 
Posts: 124
Joined: Mon Dec 20, 2010 10:38 pm


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