PVSRA Scalping with Cigarguy

UJ +5.8 pips

This trade was a bit risky for me and was planning to quickly grab whatever I can before PA goes the other way. However, to my surprise, momentum & volume came to my rescue. Hence pipping some greens into my piggy bank.

Reasons for taking the trade:
1. PA was bearish and below Dragon & 200EMA
2. PA broke previous low

Welcome back with this nice scalp..

You guys are killing it letting the MM'S show the way..

Thanks! Sure is nice to be back!

Most who wander off and try squiggly line trading soon return ...lol...

UJ M1 +5 Explaination on chart - Learned this type of trade from Rob

Yes...this is robs signature scalp...He stalks pairs for these set ups...

UJ M1 +12 (+5.9 @ 2 lots) Finally got here although a bit late for the good momentum scalps and this one was marginal with low volume hovering around RDH......Glad you guys left me some after many nice scalps this AM..........

Oops! typing error on my chart Got Here....not Got Get.....

I found this article that reinforces our PVSRA trading method trading key levels as S & R and here are some key excerpts. The writer was working in investment banking for 20 years many of which were as a Chief trader and I thought this may be interesting read for some:

Making money in forex is easy if you know how the bankers trade!

How to make money in forex?

Why do so many traders struggle to make consistent money out of forex trading. The answer has more to do with what they don’t know than what they do know. After working in investment banks for 20 years many of which were as a Chief trader its second knowledge how to extract cash out of the market. It all comes down to understanding how the traders at the banks execute and make trading decisions.

Why? Bank traders only make up 5% of the total number of forex traders with speculators accounting for the other 95%, but more importantly that 5% of bank traders account for 92% of all forex volumes. So if you don’t know how they trade, then you’re simply guessing.

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First let me bust the first myth about forex traders in institutions. They don’t sit there all day banging away making proprietary trading decisions. Most of the time they are simply transacting on behalf of the banks customers. It’s commonly referred to as ‘clearing the flow”. They may perform a few thousand trades a day but none of these are for their proprietary book

How do banks trade forex?

They actually only perform 2-3 trades a week for their own trading account. These trades are the ones they are judged on at the end of the year to see whether they deserve an additional bonus or not.

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So as you can see traders at the banks don’t sit there all day trading randomly ‘scalping’ trying to make their budgets. They are extremely methodical in their approach and make trading decisions when everything lines up, technically and fundamentally. That’s what you need to know!

As far as technical analysis goes it is extremely simple. I am often dumbfounded by our client’s charts when they first come to us. They are often littered with mathematical indicators which not only have significant 3-4 hour time lags but also often contradict each other. Trading with these indicators and this approach is the quickest way to rip through your trading capital.



Bank trader’s charts look nothing like this. In fact they are completely the opposite. All they want to know is where the key critical levels. Don’t forget these indicators were developed to try and predict where the market is going. The bank traders are the market. If you understand how they trade then you don’t need any indicators. They make split second decisions based on key technical and fundamental changes. Understanding their technical analysis is the first step to becoming a successful trader. You’ll be trading with the market not against it.

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What it all comes down to is simple support and resistance. No clutter, nothing to alter their trading decisions. Simple, effective and highlighting the key levels.

So to conclude let me say this: There are no miraculous secrets to trading forex. There are no special indicators or robots that can mimic the dynamic forex market. You simply need to understand how the major players (bankers) trade and analyse the market. If you get these aspects right then your well on the way to success.

Cigarguy

EU M1 +8.5 Explaination on chart

2 LONGs on AUDJPY for 8.1 pips (2.8, 5.3)

I misread PA on the first entry and thought price would continue rising upward instead of retracing. I decided to exit after becoming a little profitable and look for a better entry, though the first trade had the potential for a quick 5 pips. The reason why I entered before the London open is during these summer months, I've noticed that London open acts as accelerant for price (This is merely an observation and not a hard rule, so take it with a grain of salt.) Second entry was on the retracement to the round number and bullish price action.

1 SHORT on EURUSD for 10 pips

There wasn't a news event to warrant the crash in price, but pips are pips.

EURUSD -5. Explanation on chart.

EU M1 +6 Explaination on chart

GBPJPY short+10

GBPJPY short again +5

EURJPY M1 +5PIPS SHORT

Just followed the trend and waited for a bounce back to the Dragon and entered.
Got my target and exited.

GBPJPY short again +5

GU M1 +5 Explaination on chart

EURUSD +6 pips

Noticed a big green volume candle didn't break the 200 EMA as bears were driving the price down.

EU M1 CT long FIFO +6.4 (+3.2 @ 2lots)
EU M1 CT long FIFO +12.6 (+6.3 @ 2 lots)
explanation on chart

thanks
h2y

UJ +5.6 pips

My first attempt at Red news trading - USD (Building Permits). However, my real reasons for taking this trade IMHO was because PA was probably going to drop down rapidly because of the Red news impact. And sure it did! Everything was stacked up on my favor...PA below Dragon & 200EMA. And it eventually broke through the 110.800 level. As soon as it did...I fire away! FIFO is awesome!