PVSRA Scalping with Cigarguy

Agreed. Every time it moves 30 pips or so, I try to check how the hell I missed that but it seems it was tough catching it. Hopefully tomorrow is better.

USDJPY M1 +0PIPS LONG

- PA broke what looked like a resistance area at around 110.800 with a blue candle and very notable volume
- I opened a long position after a retrace back to the 25 wgt
- PA went up for a while but after that, it started to go against me
- I broke even

UJ M1 +5 Explanation on chart

This is a perfect example of not touching the trade. The second you entered, you went into drawdown, relatively close to SL (if it is 5 pips of course). Then it turned into profit and jumped right back into negative. Finally, you got your 5 pips TP.

Is this how you always do it? Basically set and forget? I rarely see you going break even, if ever.

EURUSD -4

Price turned slightly bearish after Lo, and it started pushing down with good volume. Got in after a big volume pin bar and price went below the dragon again. CLosed when it turned against me. Not a great trade, there were two green candles right before and price is moving too slow right now.

Yes, not quite set and forget, always watching, but never move to Breakeven unless price action says to. IMO, its one of the worst things we can do while trading. 99 times out of a 100 theres not a genuine reason to move to breakeven, but people do it because it feels comfortable knowing you have a ''risk free trade'' (something that dosnt exist) and cant lose money on this one. When I first started to trade I did this all the time, probably on every trade I took.

You see it so often:


enter a trade -> price initially goes in your direction -> move stop to BE -> price pulls back -> stop taken -> price moves to target.
Dont do it unless price action tells you to, otherwise you're trading through fear and emotion...... that will only end one way.

Thank you!!! I read that so often "I am up x pips, but SL is at BE, so I am not risking anything"... No, you dumb***, you are risking those x pips

To me the best argument against the SL at BE is: would a computer ever do it? No, of course...

The only reason why sometimes it makes sense to move the SL to BE is when you enter on the wrong side of some strong level (sounds weird like this, but makes sense sometimes) and then it breaks out. so your BE is basically also a technical level.

EURUSD +10

The beginning of the new hour confirmed my bearish view. Got in after the breakout of the PP. Closed at a support level from yesterday.

haha

Trade #16 | EU 1M | 0.50 size | +5.5 pips | = + 21.02 Euro

Here is what I saw:

- EU bearish, breaking multiple levels
- Retrace to dragon, rejection with notable volume. I entered on the minor retrace of the volume bar as I saw it too late, yet worked out much better
- Targeted next level and exited

When price approached the key level, it was with notable volume as well and I thought that this is actually a sign of a break. But often it's not for some reason. So I stayed safe instead of target the key level below.

Feedback is appreciated.

UJ M5 +6 Explanation on chart

CADJPY M1 2 trades, total +10PIPS LONG

- 3 candles (2 of which were consecutive) with notable volume confirmed strong support at half level (86.500).
- I accidentally opened 2 positions at the same time
Got my target and exited.

EU M1 +5 Explanation on chart

Risky, but I like it

EU M1 +5 Explanation on chart

GU M1 +6 Explanation on chart

EU M1 +5 Explanation on chart

Trade #17 | UJ 1M | 0.50 size | - 2 pips | = - 10.79 Euro

Here is what I saw:

- Price above daily open and bullish on the bigger picture (as well as on M1, making higher lows)
- Price broke resistance, that seems to have turned into support
- Volume pinbar and rejections on dragon, as well as newly formed support. I entered at the volume pinbar.
- Price is also at the 1H dragon, was looking from a bounce there to the upside

My SL was 2.5 pips (below the support, below dragon and below 200/233 EMA, so pretty safe) , so half as my usual SL which really made this trade worth taking despite being in Asian session (which I am trying to avoid due to lower volatility). Once price made a new higher low, I moved my SL to 2 pips from 2.5 (since dragon and 200/233 EMA also moved higher together with price). Later, I got taken out. Fact is, that most of my losses resulted in the Asian session/low volatility session and will avoid it from now on.

Few questions to the more experienced PVSRA traders:

1.) How much does the Asian session influence your personal results? I always thought that low volatility does not change the outcome of the trade. It just feels that it takes longer for the trade to play out due to lower volume.

2.) Do you also place a SL where it makes sense or do you have your own hard rules, i.e.5 pips SL in any situation (it's like set in stone)?

Feedback is always appreciated :-)

Trade #18 | UCHF 1M | 0.50 size | - 4 pips | = - 21.45 Euro

Here is what I saw (counter trade):

- Price dropped strongly
- Price reached key level with notable volume and reversed with notable volume
- I entered as soon as I saw that with SL below the last low. After monitoring and backtesting this many times, these seem to be high probability trades
- Got taken out

I started to make a lot of mistakes .. not sure why.

Feedback is always appreciated.

Trade #19 | EU 1M | 0.50 size | - 5 pips | = - 23.93 Euro

A typical PVSRA setup, but didn't work out for me. Here is what I saw:

- Price bullish since London Open
- Retracement to Dragon, rejection with notable volume. Volume was also decreasing on the way to the dragon.
- Entered and got taken out

I guess not my day hehe. Feedback is appreciated.