Forex Factory (https://www.forexfactory.com/forum.php)
-   Trading Systems (https://www.forexfactory.com/forumdisplay.php?f=71)
-   -   PVSRA Scalping with Cigarguy (https://www.forexfactory.com/showthread.php?t=575363)

cigarguy Jan 21, 2016 12:57pm | Post# 1

PVSRA Scalping with Cigarguy
 
4 Attachment(s)

Let us begin with somewhat of a SELF SCREENING PROCESS for each trader to decide if they fit this basic criteria, and if so the journey begins



To Scalp or Not To Scalp?

A Beginner's Guide To Scalping In The Forex Markets


Scalping, at least in trading, is a term used to denote the "skimming" of small profits on a regular basis, by going in and out of positions several times per day. Scalping is not unlike day trading in which a trader will open a position and then close it again during the current trading session; in other words never carrying a position into another trading period or holding a position overnight. Whereas a day trader may look to take a position once or twice, or even a few times a day, scalpers are much more frenetic and try to skim really small profits multiple times in a session. And whereas a day trader may trade off the five-minute and the 30-minute charts, scalpers will often trade off of tick charts and one-minute charts. In particular, some scalpers like to try and catch the high-velocity moves that occur around the time of the release of economic data and other important news events, such as the release of the employment statistics or GDP releases if that is what is high on the economic agenda.

Why Scalp?
Scalpers like to try and scalp between five and 10 pips from each trade they make and to repeat this process over and over throughout the day. Using high leverage and making trades with just a few pips profit at a time can add up, especially if your trades are profitable and can be repeated many times over the course of the day. Remember, with one standard lot, the average value of a pip is about $10. So, for every five pips of profit made, the trader can make $50 at a time. Ten times a day, this would equal $500.

The Scalper's Personality
Scalping, though, is not for everybody, and one thing is for sure: You have to have the temperament to be a scalper. Scalpers need to "love" sitting in front of their computers for the entire session, and they need to enjoy the intense concentration that it takes to scalp. You cannot take your eye off the ball when you are trying to scalp a small move, such as five pips at a time. Even if you think you have the temperament to sit in front of the computer all day, or all night if you are an insomniac, you must be the kind of person who can react very quickly without analyzing your every move. There is no time to think. Being able to "pull the trigger" is a necessary key quality for a scalper. This is especially true in order to cut a position if it should move against you by even two or three pips.

The Pros and Cons of Scalping
Scalping is very fast paced. If you like the action and like to focus on one or two minute charts, then scalping may be for you. If you have the temperament to react quickly, and have no compunction in taking very quick losses, not more than two or three pips, then scalping may be for you.
But if you like to analyze and think through each decision you make, perhaps you are not suited to scalp.

The Difference Between Market Making and Scalping
Scalping is somewhat similar to what market makers do who trade around the spread. When a market maker buys a position he is immediately seeking to offset that position and capture the spread. Although the two types of investors serve different purposes, this is what a market maker does all day long. This is not referring to those bank traders who take proprietary positions for the bank.
The difference between a market maker and a scalper, though, is very important to understand. A market maker earns the spread, while a scalper pays the spread. So when a scalper buys on the ask and sells on the bid, he has to wait for the market to move enough to cover the spread he has just paid. In the converse, the market maker sells on the ask and buys on the bid, thus immediately gaining a pip or two as profit for making the market. Thus, the risk of a market maker compared with a scalper, although they are both seeking to be in and out of positions very quickly and very often, is much better for the market maker than the scalper. Market makers love scalpers because they trade often and they pay the spread, which means that the more the scalper trades the more the market maker will earn the one or two pips from the spread.

New traders will be directed to the original PVSRA thread to download the required templates and indicators and for study of already posted charts and PDF's; PVSRA Post #1 :

http://www.forexfactory.com/showthread.php?t=540706

This is not a PVSRA teaching/training thread. Our mission is for those that are already familiar with and trading PVSRA with the provided charts and templates to gather and share scalping and trading ideas.


Scalping PVSRA Mission Statement


As PVSRA traders we have never posted and nor will we ever post or ask for any account information. Some traders her trade demo's and/or live and we have no interest as to their account leverage or balances and trading micro, mini or standard as no one is therefore discriminated upon.

We are here as Traders Helping Traders with a proven system and pips, if either plus or minus indicates traders that are successful with the PVSRA system and those requiring additional help from other traders.

That is our MISSION, as we do post winners as well as losers not for bragging rights but to encourage new traders to begin the difficult but profitable journey of learning PVSRA and becoming successful as those that have already committed and dedicated themselves to this learning process and now reap the benefits of their dedication and hard work........

Reference; Page #1, Post #3
Quote
I do ask that ALL TRADERS HELP MONITOR THIS THREAD so it does not get out of hand with lurkers dropping by and posting non-PVSRA system trades and non helpful comments. I will be here posting often as usual but not always and all must follow the FF Rules as to their conduct and language. We must all treat fellow traders with respect and encourage not discourage posting activity. Any references to profits and losses will be discussed in pips not money or account sizes/balances. All traders shall be respected equally with no regard to their lot size trades.


Stay GREEN My Friends!
Cigarguy



Some useful PDF reading by TAH;

01/31/2016 Current scalping/PVSRA Indicators and Cigarguy Scalping template;
Credit and a Thank You is to be given to: TAH, extraw and Ding Dong for the great indicators. As PVSRA scalpers, we are putting it all together as a scalping team.
02/02/2016 OrderOnChart EA and Scripts credit goes to extraw for his coding expertise and contribution...
02/08/2016 OrderOnChart EA updated. There are options added to change color of buttons and texts (thanks to saiffx and rajib217).
02/20/2016 OrderOnChart v1.8 EA updated. Added Take Snapshot/buy/sell sounds and XX out lot info by rajib217.
02/20/2016 OrderOnChart v2.5 EA updated. Misc. fixes and changes/added Limit order feature and buttons on the extra EA by extraw.
02/23/2016 OrderOnChart v2.5 OrderLimit1 EA provided by rabib217 with voice and sound....
03/27/2016 Easter Sunday - Cigaguy's comments regarding R/R scalping 5 pip targets Post #2240 http://www.forexfactory.com/showthre...75363&page=112
03/28/2016 Cigarguy's comment regarding the PVA candle colors with TAH's quote, Post #2282 http://www.forexfactory.com/showthre...91#post8839191
04/14/2016 USE of the CSM (Currency Strength Meter) http://www.forexfactory.com/showthre...75363&page=132

-WARNING-

USE ALL EA'S AND INDICATORS AT YOUR OWN RISK

TEST ON A DEMO ACCOUNT - A WARNING HAS BEEN ISSUED BY THE ORIGINATOR OF THE "ORDERONCHART EA ON 09/20/2016 POST #4373" THAT IT MAY AUTOMATICALLY TRADE ON YOUR ACCOUNT!!

IF YOU DOWNLOADED THIS EA--REMOVE IMMEDIATELY!


09/20/2016 ALL OrderOnChart EA's REMOVED AS REQUESTED BY (FF MEMBER EXTRA THE ORIGINATOR ) AS NON-FUNCTIONAL WITH CODING ISSUES WARNING DO NOT USE IF YOU DOWNLOADED THIS EA.....REMOVE IMMEDIATELY!!

Quoting extraws warning post below he posted on 09/20/2016;

 

  1. http://assets.forexfactory.net/nfs/c...ar265910_1.gif extraw
  2. | Joined Jun 2012 | Status: Member | 45 Posts | Online Now

Quoting extraw
{quote} Hi, I'm the author of OrderOnChart EA. To everybody who are using OrderOnChart EA: maybe it has a problem, please stop using it until I make sure it work OK. Thank you. STOP USING OrderOnChart EA. IT'S DANGEROUS FOR YOUR ACCOUNT.
Hi,
There is actually a problem with the OrderOnChart EA.
The old version when conflict with some indicators can auto open random orders continuously until your account balance dry out.
I suggest those who using it replace your current version with this new version immediately.
Please test the new one on Demo first before using on Real Account.
I'm not responsible for any of your lost caused by this EA. So use it on your own risk.
Thank you.

P/s: if something wrong happen to the EA, you can turn it off from all charts by clicking Auto Trading button (turn it from green to red color)
@cigarguy: please remove all older versions of OrderOnChart EA from the first post, they're not safe.
Traderathome The Golden Posts Collection %2C v6.pdf
CigarguyChart.zip
PVSRA 08-01-2015.zip
CigarGuyScalper.tpl


Sniper1310 Jan 21, 2016 1:13pm | Post# 2

Suscribed

cigarguy Jan 21, 2016 1:27pm | Post# 3

Welcome to the PVSRA scalpers and traders.


I intend for this thread to virtually be a continuation of our previous PVSRA trading thread. The PVSRA trading rules will remain the same beginning with the already successful templates and indicators. New traders will be directed to the original PVSRA thread to download the required templates and indicators and for study of already posted charts and PDF's. http://www.forexfactory.com/showthre...40706&page=201

The primary difference and goal that I hope to accomplish here is the possible addition of new and fresh ideas, as sort of a PVSRA sccalping laboratory to aid all traders with their scalping techniques. This thread is not presenting or offering a new system/method, indicators and templates. The PVSRA system is well established and all that is needed to trade successfully is located in the above thread offered at no charge.

I do ask that ALL TRADERS HELP MONITOR THIS THREAD so it does not get out of hand with lurkers dropping by and posting non-PVSRA system trades and non helpful comments. I will be here posting often as usual but not always and all must follow the FF Rules as to their conduct and language. We must all treat fellow traders with respect and encourage not discourage posting activity. Any references to profits and losses will be discussed in pips not money or account sizes/balances. All traders shall be respected equally with no regard to their lot size trades.

Regards and LET US ALL STAY GREEN MY FRIENDS!

cigarguy Jan 21, 2016 1:29pm | Post# 4

Suscribed
Welcome Sniper1310..........

saiffx Jan 21, 2016 1:31pm | Post# 5

Thank you Sir,
Million of thanks for opening this thread. Scalping is an art and it is the most challenging system in forex trading. Hope with your experience, with the help of PVSRA system and with all member join here in future we can achieve our goal.


Thanks one more time.

TheBradzter Jan 21, 2016 1:35pm | Post# 6

I'm really keen to learn scalping, this should be interesting. Though I can't find any link to original thread?

cigarguy Jan 21, 2016 1:36pm | Post# 7

2 Attachment(s)
Excuse me for digressing a bit to my earlier post at the other thread to get the ball rolling;

PVSRA Traders;

I have been testing a different MA other then the current dragon/50 EMA trend indicator that has served us all well as coded by TAH. Primarily because I am a FIFO scalper sniping for small quick pips, I look for any edge that I can get. As we are all aware, trading FX successfully, requires an attention to the artful visual recognition of entries and exits when analyzing our PVSRA charts. I have been observing PA in relation to this MA Ribbon indicator for trend and entry/exit opportunities and only with a short testing period, have found that as a scalper and maybe with MY OLDER EYES, it is somewhat easier for me to recognize these opportunities.

I am posting this chart for feed back from the PVSRA community and welcoming any and all comments prior to uploading this indicator. I am not taking any credit for this indicator as it is not mine and can be freely found here at FF as I did. I do not in any way want to distract from the rules of trading/scalping the PVSRA system but I am just sharing an idea that may be helpful or maybe not.

All feed back and comments welcomed......

These were the two charts I posted earlier:
Click to Enlarge

Name: GBPUSDiM5.png
Size: 84 KB
Click to Enlarge

Name: GBPUSDiM5  2.png
Size: 72 KB

cigarguy Jan 21, 2016 1:45pm | Post# 8

2 Attachment(s)
Here is the MA ribbon I used in the posted chart. Suggestions either pro or con are welcomed as to it's use or settings. The Dragon trend indicator has served all PVSRA traders well and it has also been changed from the original code as the PVSRA system has evolved. I am not recommending any change only an idea that I have been testing. Any restraints that were applied prior to this thread are now removed and I encourage all, new and experienced traders to participate and get involved.
MA ribbon filled 2 x 14.ex4
MA ribbon filled 2 x 14.mq4

cigarguy Jan 21, 2016 1:50pm | Post# 9

Thank you Sir, Million of thanks for opening this thread. Scalping is an art and it is the most challenging system in forex trading. Hope with your experience, with the help of PVSRA system and with all member join here in future we can achieve our goal. Thanks one more time.
saiffx,

Thank you for the kind words. After observing your posted trades and excellent comments, I am certain that myself along with the entire PVSRA scalping community will greatly benefit from you participation.........

cigarguy Jan 21, 2016 1:59pm | Post# 10

I'm really keen to learn scalping, this should be interesting. Though I can't find any link to original thread?
TheBradzter,

Here you go; http://www.forexfactory.com/showthre...40706&page=201

Sorry forgot and now posted above....

saiffx Jan 21, 2016 2:02pm | Post# 11

{quote} saiffx, Thank you for the kind words. After observing your posted trades and excellent comments, I am certain that myself along with the entire PVSRA scalping community will greatly benefit from you participation.........
It's my pleasure.

Main slogan is : We are all 4 all.

Thanks a lot for your compliment also.

gazpacho Jan 21, 2016 2:05pm | Post# 12

Congratulations cigarguy! subscribed and around here.

may the green pips be with you!

cigarguy Jan 21, 2016 2:23pm | Post# 13

Congratulations cigarguy! subscribed and around here. may the green pips be with you!
gazpacho,

Good to have you here and thanks for joining our scalping community....we will soon get the ball rolling...

cigarguy Jan 21, 2016 2:30pm | Post# 14

saiffx check your PM's please.....

saiffx Jan 21, 2016 2:50pm | Post# 15

saiffx check your PM's please.....

Roose Jan 21, 2016 3:02pm | Post# 16

Cheers Cigarguy for starting this Thread

cigarguy Jan 21, 2016 3:10pm | Post# 17

Cheers Cigarguy for starting this Thread
Roose,

Thanks and keep those posts and comments coming.......

cigarguy Jan 21, 2016 3:25pm | Post# 18

Comment;

I am not a Teacher nor Professor, but just a Retired Trader fighting the MM's and big money Banks like everyone else. I will continue to post my trades both winning and loosing as always with my explanations for my entries and exits.

I am sure there will be many here that are much better then I at technical analysis and chart studies. Any and all are welcomed to post their analysis and chart interpretations and help other traders as needed as long as we continue to stay on topic; PVSRA Scalping/Trading...........

One other item I would like to comment on; If a trader wishes to post his/her entries in real time, that will be fine, but I do not want traders to think of this thread as a CALL SERVICE....for myself, I don't have time for that as I am usually scalping FIFO for seconds or minutes and no time to post live. If a trader is trading a higher t/f and/or has the time and ability to do so, go for it... In that vain, if a trader is stalking a currency pair and wishes to give the thread a heads up and would like to share their reasoning for a potential trade, that to will be welcomed.

I think the bottom line is; We are all adults working together towards the same goal and treating our FX trades as a business and accepting the responsibilities thereof.

Stay GREEN My Friends

thedrrew Jan 21, 2016 3:47pm | Post# 19

Long live to your thread Cigarguy ! Lets the pips be with us

cigarguy Jan 21, 2016 3:51pm | Post# 20

As luck would have it for me in starting this new thread; Tomorrow, Friday I have an appointment out of town that will take me away from trading all day. Please continue to post trades and comments as always and looking forward to seeing some nice charts with lots of GREEN pips when I return tomorrow night........

Regards,
Cigarguy


© Forex Factory