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PVSRA Scalping with Cigarguy

  • #12,781
  • May 1, 2018 12:08pm May 1, 2018 12:08pm
Quoting robmagario
{quote} The red candle is a very good clue. Why? Usually, if you got a green candle, for the trend to stay bullish, that green candle needed to break the key level. But it didn't. It stopped right on the key level, without being able to break it. Look at the volume bar. It is huge. You got a huge green bar there. Next, look at the red bar. It is huge as well. And the red bar also couldn't break the key level on the chart. Moreover, you got that red candle right after the green one. After that, you can see that some gray candles broke the key level....
Aaaah, lovely explanation. That makes now total sense. Selling at the last high was not an option for you, where the grey candles "fake" a break? Also, any reason why you waited instead of selling after the red candle has formed?

Thank you kindly, Rob! I'll get back to testing in the meantime.
  • #12,782
  • May 1, 2018 12:15pm May 1, 2018 12:15pm
EURUSD M1 +5PIPS LONG

RDL was working as a very good key level of S/R.
PA broke the RDL with a green candle and notable volume. Next, I saw a small retrace and after that we got a huge green candle
with notable volume. PA went even higher after that, so for me, this meant that I just needed to wait for a retrace back to the RDL.
So this is what I did and I entered the trade when PA got close to RDL.
Got my target easily and exited.
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  • #12,783
  • May 1, 2018 12:32pm May 1, 2018 12:32pm
Quoting RaysJourney
{quote} Aaaah, lovely explanation. That makes now total sense. Selling at the last high was not an option for you, where the grey candles "fake" a break? Also, any reason why you waited instead of selling after the red candle has formed? Thank you kindly, Rob! I'll get back to testing in the meantime.
No, selling at the last high is not an option for me.

One thing is to look at a past chart and analyze it, which is what we are doing right now.
Another completely different thing is to analyze a chart while it is still being formed, which is what I did during the trade.

So, now it makes a lot of sense to sell at the last high, no doubt about it. But while trading, that is not an option.
First, we don't know if that is a fake break for sure because after that we could still get for example a green candle that would change the direction of the trade.
But one thing I am sure is that I would never buy at that last high and the reason is that knowing PVSRA, I knew that the last high was not an entry opportunity to buy anything.

Does it make sense to you?
I hope it does.
Rob
  • #12,784
  • May 1, 2018 7:09pm May 1, 2018 7:09pm
Quoting robmagario
{quote} No, selling at the last high is not an option for me. One thing is to look at a past chart and analyze it, which is what we are doing right now. Another completely different thing is to analyze a chart while it is still being formed, which is what I did during the trade. So, now it makes a lot of sense to sell at the last high, no doubt about it. But while trading, that is not an option. First, we don't know if that is a fake break for sure because after that we could still get for example a green candle that would change the direction of...
Yes totally understandable. On hindsight, it was easy to say for me, agreed. And you never know what will form when it is live as well.

I am informed, thanks for the explanation Rob.
  • #12,785
  • May 2, 2018 2:46am May 2, 2018 2:46am
CADJPY M1 -5PIPS LONG

I thought that PA would go higher because it made a new high with a green candle that broke what looked like a resistance area
at around 85.712.
But PA went against me and it hit my SL.
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  • #12,786
  • May 2, 2018 5:47am May 2, 2018 5:47am
After further researching and testing, I came to the conclusion that the volume part is still confusing me. Some say red/green volume candles are the most important, while purple/blue not so much - I am not sure how true this statement is.

Some also say that green volume candle indicates bullishness, red bearishness, while some say it does not matter as the volume part is the most important factor to consider.

Besides that, I realized that the location of the volume candles are very important and can indicate many different things. But which things? I am not sure.

If I just consider the red/green volume candles, then I think that this is the correct answer (these are just examples). Please confirm if correct or wrong:

.) Green/red volume candle at a key level that fails to break it, indicates that a rejection of the level is likely because with volume, it was not able to break a certain level.
.) Green/red volume candles are no indication for buy and sell and has to be put in context.
.) If a green volume candle tries breaking a key level (to the upside), fails to do so and a red volume candle appears after that (to the downside), is a reversal imminent?

Thank you for your help!
  • #12,787
  • May 2, 2018 11:21am May 2, 2018 11:21am
USDJPY M1 -5PIPS SHORT

- PA broke the support line that I drew with a red candle and notable volume
- I waited for a retrace and entered
- The trade went against me and hit my SL
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  • #12,788
  • Edited 11:08pm May 2, 2018 10:55pm | Edited 11:08pm
Hi guys,

my first trade that I post here and many more to come as I am truly looking to master this. I've been reading through this thread many times, took notes, demo traded, tested and tried to understand this the past few weeks. Now it is time to put my training to test.

I am going to post every trade I take, regardless if it is a win or loss since the feedback that I will hopefully receive will mean a lot to me in order to learn from it. I will also post everything in detail regarding my trade, such as my thoughts, what I saw, why I managed my trade that way, what I felt, where my SL and TP was, how much I gained and lost in Euro, etc.

The reason being is in order to self-reflect, to be strict about myself, to diminish mistakes and to improve my trading. Other stats such as financial gain are mainly for myself, but I have no problem sharing it.

Over time, my reviews will improve - I will add and/or remove some things to have a cleaner overview of my trade review. I will also wait few minutes before taking a screenshot of my chart after I exit my trade in order to see the aftermath and to judge if my prediction was correct to exit at that particular moment. Without further ado, here is my first recap:

Trade #1 | EU 1M | 0.40 size | + 8.8 pips | = +8.61 Euro

- I saw that price rallied higher, breaking previous highs, then reaching the 1.19750 level
- Break of the level with volume
- Retrace back to Dragon. I waited for a push higher again and was able to catch a green volume candle, then I entered. SL below the last low, TP is at the same level as the last high that is marked with a green volume candle which is exactly 5 pips.
- Price moved slowly up, but barely without DD. Once I realized that price struggles pushing higher, I was afraid giving up my profits and decided to close 0.35 and put the rest to break even. Two seconds later after I closed, price pushed quickly higher, reaching my TP, but I decided to leave the rest running as much as possible.
- Then my last exit was at the highs, as I realized that there were two volume candles not able to push higher. According to robmagario (thank you for the great videos!) we would have a possible double shoulder. To be safe, I exited the rest instead of letting it run.

The aftermath: price made a quick spike higher, roughly 4 more pips and then turned back close to my entry.

Feedback is always appreciated. Thank you for everyone who contributes here and that made it possible for new traders, like me, to profit from your knowledge and your time. A big thank you to cigarguy for sharing his knowledge and to start this whole thread. I appreciate you guys a lot.

Attached Image (click to enlarge)
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Ray

PS: If the chart is too small, kindly let me know in order to zoom in next time.
  • #12,789
  • May 3, 2018 2:49am May 3, 2018 2:49am
Something I am trying to understand is, if I wait for a retrace or if anything speaks against entering immediately.

EU M1 broke 1.20000 level with a strong green volume candle. One minute after, it reached 5 pips TP. Now, The reason why I did not enter is that it has been pushing strongly higher the past 40 mins and a retrace might happen, which didn't.

I suppose that the chances for a retrace is by far less if the distance between the price and dragon is relatively close? Any suggestions?

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  • #12,790
  • May 3, 2018 6:16am May 3, 2018 6:16am
Quoting RaysJourney
Something I am trying to understand is, if I wait for a retrace or if anything speaks against entering immediately. EU M1 broke 1.20000 level with a strong green volume candle. One minute after, it reached 5 pips TP. Now, The reason why I did not enter is that it has been pushing strongly higher the past 40 mins and a retrace might happen, which didn't. I suppose that the chances for a retrace is by far less if the distance between the price and dragon is relatively close? Any suggestions? {image}
Uhmm. But isn't also because you are getting the 1st hour of the London session? Looking at your time, it is 8:46 am.
It is normal to have those jumps during that time.
  • #12,791
  • May 3, 2018 6:34am May 3, 2018 6:34am
Quoting robmagario
{quote} Uhmm. But isn't also because you are getting the 1st hour of the London session? Looking at your time, it is 8:46 am. It is normal to have those jumps during that time.
Thank you for the reply Rob.

It was roughly 23 minutes after London Open. How much does this matter and what would it mean for us PVSRA traders? This still makes me unsure how to play this. Maybe entering immediately if it is around a new session open and if not, perhaps wait for retrace? I know that this is generally speaking, but so far I have realized that it sometimes work, sometimes not. Instead of gambling which will feel like 50/50 for me, is there any factor I could consider that will help me making my decision easier?
  • #12,792
  • May 3, 2018 7:10am May 3, 2018 7:10am
Trade #2 | EU 1M | 0.40 size | + 0 | = 0 Euro

Here is what I saw:

- Price making lower lows. New lows are being made with red volume candles, indicating strength (?)
- Break of 1.19750 with a purple volume candle
- I waited for the retrace and saw a red volume candle at the dragon
- I entered and it went my way immediately, however it seemed that a small M1 support was building below my target (SL above red candle at dragon / TP below purple volume candle with the wick, exactly 5 pips) and then i looked to the left and realized that perhaps this is a strong support since there was a volume candle with a long wick. I thought price will not be able to break it, so out of fear, I put my SL at breakeven.
- Similar to my trade #1, as soon as I exit, it goes directly to my target within few minutes. Unlucky me again.

I am not sure if I should start putting trades to BE, but since I am still not 100% confident with this way of trading, my emotions take over. After my TP would have been hit, price immediately reverses strongly. After all, there was a strong support to the left. Any feedback is appreciated.

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  • #12,793
  • May 3, 2018 10:38am May 3, 2018 10:38am
USDCAD M1 , 3 trades total of +15PIPS LONG

Engulfing pattern.
I opened 2 trades and opened 1 more trade when PA went back to Dragon. 5 pips for each trade, total of 15 pips.
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  • #12,794
  • May 3, 2018 11:51am May 3, 2018 11:51am
EURJPY M1 +5PIPS LONG

Break of the 130.750 key level with a green candle and notable volume.
I waited for a retrace and entered.
Got my target and exited easily.
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  • #12,795
  • May 3, 2018 2:53pm May 3, 2018 2:53pm
Really nice thread we have here. I must this say. Rob is back and vape have made great detailed explanations. All the others do good work in helping the new ones. It is the thread with most valuable informations around scalping with Volume, Levels and MAs.

I have switch my focus now more to trade without the tools, posting charts in my own thread, because that is no more pvsra style.
PVSRA with CG was on my way a great help and thanks to this thread i am today trading.
Before i come back again to pvsra i was near to cancel my account and run away from trading.
Perfection is the enemy of good enough!
  • #12,796
  • May 4, 2018 1:12am May 4, 2018 1:12am
USDJPY M1 +5PIPS LONG

Very typical engulfing pattern

- PA was bullish for the past 2 hours on the hourly chart
- A red candle with notable volume failed to break the 200EMA. A green candle after that with a much bigger volume also failed to break the 200EMA, thus making a typical engulfing pattern
- I waited for a retrace back to the 200EMA and entered
Got my target when PA made double shoulders with the previous high and exited easily.
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  • #12,797
  • May 4, 2018 3:23am May 4, 2018 3:23am
Notable break of M1 dragon

EU south +5p
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  • #12,798
  • May 4, 2018 6:03am May 4, 2018 6:03am
Quoting cigarguy
{quote} saiffx, Yes, I am currently using that template as well and Ding Dongs Order Buttons are nice, but I think all will like some of the additional features offered with the New Order Buttons after testing..... Can you upload your 10 EMA indicator for all that may be interested? It will serve us all much better allowing for consistent trading explanations and discussions if we are mostly trading the same charts.... Thanks....
Please can you share that buy sell order tools ? thanks
  • #12,799
  • May 4, 2018 7:46am May 4, 2018 7:46am
Notable break of M1 dragon

GU south +6p

The composite man may be tipsy on friday at these afterhours ...

be vigilant and stay safe

h2y
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  • #12,800
  • May 4, 2018 8:11am May 4, 2018 8:11am
Quoting RaysJourney
Something I am trying to understand is, if I wait for a retrace or if anything speaks against entering immediately. EU M1 broke 1.20000 level with a strong green volume candle. One minute after, it reached 5 pips TP. Now, The reason why I did not enter is that it has been pushing strongly higher the past 40 mins and a retrace might happen, which didn't. I suppose that the chances for a retrace is by far less if the distance between the price and dragon is relatively close? Any suggestions? {image}
Rays,

Wisely used self control, many other opportunities will develop

You might be correct...

Statistics show that the dragon might act in times as S/R and often PA is repelled from and attracted to the dragon.. However the market is inefficient but very effective and does whatever it wants or takes to accumulate money...

Keep in mind that (overal) Price action at or around key levels (i.e. whole, half, quarters and 10 and 5 lvls) in the present and past, are more important than the dragon itself...

May your journey be a delight to travel

h2y
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