EU M1 +5 Explanation on chart
PVSRA Scalping with Cigarguy
GU +2.8 Entered on touch of dragon without high volume confirming bullish momentum continuation. Price did fall through the dragon, but got corrected since the overall trend had just turned bullish. Closed early as I didn't like price falling through the dragon and became uncertain of bullish strength approaching round number. This is not a trade I am especially proud of, but please feel free to comment and suggest how it should have been taken.
If you checked the M5 and M15 prior to placing your trade, you'd have seen price failed to close above the round level on both the charts as seen below.
This could have been an indication that that level was proving difficult to break. I'm not saying it wont be broken, but if price is struggling there, its a wise decision to wait and see what happens, rather than hope or predict.
Finally, the DD you had was way too large. It happens often here recently, large DD, followed by small profit. There really is no point holding a trade if you're going to close out early. A 7 pip DD for a 2 pip TP makes no sense. You only need one or two positions to continue against you before its game over!
If you look at your chart again, where you closed was actually a decent place to buy. Price dropped down below the dragon before turning and pushing back above it. You then saw a nice bullish candle with notable volume closing above the 50MA. This would have been a good entry imo. You also had around 5 pips or so to the round level, which would have been enough space for you to get a decent TP. You also had some momentum on your side from the notable volume candle.
As Michael and Cigarguy said in their recent posts, waiting and patience is such an important part of what we do. There really is no need to take every signal we see. We're mainly trading a 1 minute chart. We have 60 potential opportunities an hour for PVSRA to show us what to do. Throughout a trading day, thats a few hundred potential opportunities! There will always be another set up. If it dosnt look perfect, dont take it. If there's doubt in your mind, dont take it. Sitting and waiting for PVSRA to tell you what to do and then acting on it will make you money. We only need a couple of valid PVSRA set ups a day to make money.
Finally, if a trade's not working out and going against you, cut your losses and move on. There's no need for large DD, espcially as we focus on momentum! Unless of course, you've been trading for a long time and have confidence in your charting ability to read markets.
- #12,026
- Edited 6:50am Jan 17, 2018 6:34am | Edited 6:50am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} Be carefull looking at buys below these levels - round/half/quarter. Its much safer to wait for the MM's to show us their hands while at these levels, espcially if you've not been trading pvsra for any period of time and are still learning HTMRW. If you checked the M5 and M15 prior to placing your trade, you'd have seen price failed to close above the round level on both the charts as seen below. {image} {image} This could have been an indication that that level was proving difficult to break. I'm not saying it wont be broken, but if price...
Excellent comments as USUAL
Our thread is fortunate that we can always count on you to provide a great detailed trade analysis ...
I am pleased to have YOU and Michael here to offer your experienced analysis and insights which neither are my strong points. As a OLD DOG TRADER, although I PVSRA scalp, many of my trades are based on experience and are intuitive which, at times are difficult to explain and detail verbally.......
Regards,
Cigarguy
Keep It Simple
Thanks Vape for the outstanding reply. Plenty of useful tips there. Based on your response, I added a SL at -5 and took the following trade. Dragon angle was good and '90 was where DO, 200MA and dragon were congested. Price momentum didn't follow through immediately and I got lucky, as price came within a pipette of my stop, but finally fell down to the next 10 level. Result was +4.9 Feel free to comment and advise on things I did well or things I did poorly. {image}
ONly thing that I would have been a little concerned about was the PA on M5 and 15, it looked a little choppy around the dragon, but that's not to say this wasn't a good trade as you had enough space for price to move into (down to the next 10 level which was previous s/r).
Nice trading! Keep it up. Be pickey and only take the obvious trades!
- #12,029
- Jan 17, 2018 6:57am Jan 17, 2018 6:57am
- Joined Jun 2016 | Status: PA Pivot Swing Trader | 3,892 Posts
I appreciate the elegant descriptions of the EU Chart. I wish I were as talented. But all the same, I have been able to capture +31.5 Pips on EU this morning with News and strong Bearish Momentum x Volume thanks to PVSRA-FIFO:
Like always, thank you CG et al !
Cheers !
- JG
PS: I am very happy with these results !
Like always, thank you CG et al !
Cheers !
- JG
PS: I am very happy with these results !
"What Goes Up, Must Come Down." - (c) Sir Isaac Newton - 1647
- #12,030
- Jan 17, 2018 6:59am Jan 17, 2018 6:59am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
I appreciate the elegant descriptions of the EU Chart. I wish I were as talented. But all the same, I have been able to capture +31.5 Pips on EU this morning with News and strong Bearish Momentum x Volume thanks to PVSRA-FIFO: {image} Like always, thank you CG et al ! Cheers ! - JG PS: I am very happy with theses results !
Nice pips and glad to have you back as a contributor...
You had a busy trigger finger on that one...
Keep It Simple
- #12,031
- Jan 17, 2018 8:01am Jan 17, 2018 8:01am
- Joined Dec 2015 | Status: Trader | 2,586 Posts
Perfection is the enemy of good enough!
- #12,032
- Jan 17, 2018 8:03am Jan 17, 2018 8:03am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
UJ M1 +98 (avg +4.4 @ 22 lots) See chart this M1 CT scalp ran fast
Keep It Simple
- #12,033
- Jan 17, 2018 8:06am Jan 17, 2018 8:06am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} It is a pleasure read your insights. This thread becomes a study place and great help. Thanks.
Thanks for the great detailed explanations and thread accolade.....
Keep It Simple
- #12,035
- Jan 17, 2018 8:42am Jan 17, 2018 8:42am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
Short UC +4.3 Enter on break of dragon with notable volume and good momentum Exit at key level {image}
Keep It Simple
- #12,037
- Jan 17, 2018 9:31am Jan 17, 2018 9:31am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
UJ M1 +4.0 pips {image}
Keep It Simple
- #12,038
- Jan 17, 2018 9:33am Jan 17, 2018 9:33am
GU -5
5 pip SL got me this time. Waited for high vol candle to enter, but price retested round number and took me out.
Things that support the trade:
- price above dragon and 200 MA on M1, M5 and M15
- price broke above round number and tested next 10 level
- target of 5 pips is before next 10 level
Things that don't support the trade:
- dragon turned flat, but M5 and M15 dragons were sloping up
- round number can cause uncertainty and choppyness
Suggestions are welcome
5 pip SL got me this time. Waited for high vol candle to enter, but price retested round number and took me out.
Things that support the trade:
- price above dragon and 200 MA on M1, M5 and M15
- price broke above round number and tested next 10 level
- target of 5 pips is before next 10 level
Things that don't support the trade:
- dragon turned flat, but M5 and M15 dragons were sloping up
- round number can cause uncertainty and choppyness
Suggestions are welcome
GU -5 5 pip SL got me this time. Waited for high vol candle to enter, but price retested round number and took me out. Things that support the trade: - price above dragon and 200 MA on M1, M5 and M15 - price broke above round number and tested next 10 level - target of 5 pips is before next 10 level Things that don't support the trade: - dragon turned flat, but M5 and M15 dragons were sloping up - round number can cause uncertainty and choppyness Suggestions are welcome
I got in only few minutes after with also notable volume and grasp 4 pips
