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Chronicles of the Price Action Scalpers

  • #21
  • Edited 6:06pm Jul 20, 2008 4:32pm | Edited 6:06pm
Looks like Jliv just got infrac overload.

Cant figure out why this is. I looked over posts and couldnt find any rule breaking.

Anyone know why this happened?

UPDATE: JLIV got infrac for posting website on signature. Will be back on Aug 3rd.

Anyways,

I will post my personall strategy (which is as you know pretty close to all who use PA only) soon but I dont have the wind to do it right now.

Mike
  • #22
  • Jul 20, 2008 4:33pm Jul 20, 2008 4:33pm
Quoting fxRichard
Sounds good to me! Wonder how many anti-scalpers we will get in here hehe
Probably quite a few. But like the saying goes...

"dont let him who says it cant be done stand in the way of him who is doing it!"

Its good to have you posting.

Happy trading!


Mike
  • #23
  • Jul 20, 2008 4:50pm Jul 20, 2008 4:50pm
No one beats the market scalping... except for those of us who do.

Quote modified version of original by D. Dreman.
  • #24
  • Edited 5:53pm Jul 20, 2008 4:58pm | Edited 5:53pm
Quoting fxRichard
Sounds good to me! Wonder how many anti-scalpers we will get in here hehe
I have read that many beleive that scalpers scalp on noise that is not as predictable as the 4hr and above charts.

I have not found this to be true. S&R, trends, channels, oo's,... breakouts, high probability set ups, and intuitive trades all work very well on the 1 min. time frame.

I have back tested much and can not find a higher probability of these setups on a 4hr then I can on a 1 min.

The thing I will acknowledge is that when scalping one must be able to make decisions based on these high probability set ups very quickly.

There can be less then a couple seconds to decide whether to exit a trade or let it run. Therefore it takes a keen mind and quick reflexes and intuition to be profitable.

Because of THIS scalping CAN be more difficult at times. But I can find no other reason why scalping would have a less probable chance of winning then position trading.

Mike

P.S And even if it did have a slightly less profitability factor (due to noise or quick reflexes needed) it would be more profitable in the long run. Say the position trader was profiting 70% of all trades and the scalper only 60%. (assuming 1/1 r/r and no this isnt the strategy just an example Jeta) The position trader is only winning 70% of 3 trades during the week where the scalper is winning 60% of 70 trades during the week. Whose more profitable?
  • #25
  • Jul 20, 2008 5:15pm Jul 20, 2008 5:15pm
yeah price actions applies to all time frames, it just that on 1 min time frames yeah u gotta be quick on the draw and that is for experienced traders only.

But yeah the same stuff applies on all time frames the reason most people can't scalp is cause of the quick decision making that is involved.
  • #26
  • Edited 6:46pm Jul 20, 2008 6:34pm | Edited 6:46pm
Quoting tdion
i'm interested to see how many scalpers survive.... ie) how many of the same people here will be posting 12 months from now....

linuxtroll claimed to have great success w/ the rainbow, and maybe he's retired (i know he set up his own site) but then again maybe he really wasn't successful. time will tell.... presently it's too scary for me though.
How many position traders will survive?

Not many.

I don't think this would be the best method to determine whether this trading style is profitable.

Scalping has been around since trading began. There have always been profitable scalpers just as there have always been profitable position traders. But still, most traders loose in the long run. This we all know.

I will admit, it may be "scary" at times but just like we can sit and watch a good trade pass before our eyes and wish we woulda coulda shoulda. We can also see a very profitable trading style and watch it pass before our eyes wondering if we ever coulda.

Happy Trading!


Mike Lewthwaite


P.S. It seems that LinuxTroll, his method, and it's followers are doing just fine.

http://www.cyrox.com/forum/index.php?board=4.0


.
  • #27
  • Jul 20, 2008 6:53pm Jul 20, 2008 6:53pm
Yeah, Cyrox Simple Scalping rules!

Anyway.. 1 sec rainbow setup is all I need to jump-in and out with high-lots/leverage, one time, to make a living out of this...
  • #28
  • Jul 20, 2008 7:15pm Jul 20, 2008 7:15pm
Quoting FlashCall
Yeah, Cyrox Simple Scalping rules!

Anyway.. 1 sec rainbow setup is all I need to jump-in and out with high-lots/leverage, one time, to make a living out of this...
Theres one! Still alive and doing well.

lol


Mike

P.S. And the reason for this method working so well is that it is based solely on Price Action. The rainbow, though I don't use it myself, is known for being a good tool to OBSERVE PRICE ACTION CLEARLY.


.
  • #29
  • Jul 20, 2008 7:21pm Jul 20, 2008 7:21pm
i do not qualify but i fit in well into the some of your requrements.

I use purely price action.
no losing month!
close trades at no lesser than 10% weekly! 2% daily.

90 trades total within 3 weeks!

70trades won
20 trades lost!


hmmm... do i really fits in?
  • #30
  • Jul 20, 2008 9:14pm Jul 20, 2008 9:14pm
Quoting tradingwiz
i do not qualify but i fit in well into the some of your requrements.

I use purely price action.
no losing month!
close trades at no lesser than 10% weekly! 2% daily.

90 trades total within 3 weeks!

70trades won
20 trades lost!


hmmm... do i really fits in?
Those are some great figures. Whatever your doing is working. Stick to it!

Seems like your taking aproximately 6 high probability trades / day. Maybe your just filtering out more bad ones and having a field day.

My goal is 1%/day or 20% / month.

Mike
  • #31
  • Jul 20, 2008 9:23pm Jul 20, 2008 9:23pm
Quoting tradingwiz
i do not qualify but i fit in well into the some of your requrements.

I use purely price action.
no losing month!
close trades at no lesser than 10% weekly! 2% daily.

90 trades total within 3 weeks!

70trades won
20 trades lost!


hmmm... do i really fits in?
Hi tradingwiz,
What pair(s) do you focus on and which trading sessions are you most active in? Those are very impressive numbers. For how long have you been able to do that?
thanks dave
Is it Break Time yet?
  • #32
  • Jul 20, 2008 10:29pm Jul 20, 2008 10:29pm
Quoting dkhinckley
Hi tradingwiz,
What pair(s) do you focus on and which trading sessions are you most active in? Those are very impressive numbers. For how long have you been able to do that?
thanks dave


Pairs: GBPCHF GBPJPY, CADJPY, USDJPY, USDCHF
Session: Asian getting into London
  • #33
  • Edited 11:58pm Jul 20, 2008 11:26pm | Edited 11:58pm
On the Scalpers go here thread Pdean wrote:

Quoting pdean123
Is anyone using Price Action (Pin Bars, Double Bar Lows with Higher Closes, and Double Bar Highs with Lower Closes, Inside Bars, Bearish and Bullish Outside Bars). I have been using these to scalp on the 5M charts and am averaging about 7 trades per day and a net of over 17 pips per day. I enter a trade based on what the bars are telling me and go for small profits of 4 to 6 pips with each trade. Winning percentage is over 70%. Most in a loss is 4 to 5 pips.

I have read through this site and think the rainbow EMAs could be very helpful. One thing that many have asked is about entry. If you watch for a PA bar or set of bars you will know when to enter. Normally the opening of the next bar retraces 1-4 pips. It is at this point you want to enter. I see the rainbow as a help to confirm that this is a good point of entry. Especially when the rainbow is twisting.

No matter what you do, unless you are using something other than an indicator you have to enter the market late. If you know PA (Price Action) you know with high predictability what the next bar will be.
Good post dean!

Many here are doing just what you have said. Sounds like you have a great method and are into some good profits.

We would love to here more.

Mike

P.S. By the way, Jeta, heres someone with a 1:1 r/r with over 70% win ratio.
  • #34
  • Edited 11:41pm Jul 20, 2008 11:30pm | Edited 11:41pm
Heres a recent trend channel break trade I took.

Need to see some charts up here. lol

The first one (green circle) i was not available to take but the second one I took for 6 pips.

These channel breaks happen very often and consistently give 3-6 pips.

In this second trade you could see the squeeze being put on by the Resistance level and the trend line. It had to pop in one direction or another. These happen all day long.
Attached Image (click to enlarge)
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  • #35
  • Jul 21, 2008 12:30am Jul 21, 2008 12:30am
text book.
Attached Image (click to enlarge)
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  • #36
  • Jul 21, 2008 1:34am Jul 21, 2008 1:34am
PV -

I'll be following along for awhile - and doing some of my own PA scalping - thx for the contribution and thread -

SeerEye
Pip what you see; See what you pip!
  • #37
  • Jul 21, 2008 5:33am Jul 21, 2008 5:33am
Quoting dkhinckley
Hi Mike, I have discovered what you point out in your post, namely:

"2. We have come to the great realization that indicators are more of a hindrance than a help to us. By waiting for these to all line up we more often than not miss the move entirely. By going with PA alone we are able to use our intuition and get in at precisely the correct moments giving us the highest probability for return."

I have decided to get back to the roots of trading. When I first heard about trading forex, and subsequently enrolled in a learning program, price action is what I was taught. It sure would be nice and easy if we could just slap any indicator we wanted onto any chart of any time frame and have it tell us exactly what to do. It just doesn't work that way, at least for me it never has.
I was looking for a short cut. I never found it.
It is hard for me to scalp because of my work scedule and i don't have a job that is in front of a computer all day. That is why I gravitated to the daily timeframe and most if not all the daily systems here at FF are loaded with indicators.
I look forward to following this thread and hope to learn from it. Who knows, maybe I can even contribute.

Thanks dave
Glad to see you have gone back to price action. Hopefully you can find at least a couple good volatile hours to scalp in. That should suffice. Many are making it big on just a couple hours or less a day with scalping. In, out, and done.

Happy scalping. Share any time!

Mike Lewthwaite
  • #38
  • Jul 21, 2008 7:45am Jul 21, 2008 7:45am
Quoting Pip Ventures
Glad to see you have gone back to price action. Hopefully you can find at least a couple good volatile hours to scalp in. That should suffice. Many are making it big on just a couple hours or less a day with scalping. In, out, and done.

Happy scalping. Share any time!

Mike Lewthwaite
Most people think scalping is sitting in front of the computer 24 hours a day making 100 trades etc. For me scalping consists of 2 hours a day tops, usually 5 extremely high probability trades with BIG lots on each trade. You can make more money in these 2 hours a day than the average American makes in a month It's all about consistency, discipline, and doing the same thing that works for you over and over and over again. The nice thing about scalping is your market exposure is very limited which allows you to use bigger lots and a tighter SL. Anyway most scalpers know this
  • #39
  • Jul 21, 2008 10:46am Jul 21, 2008 10:46am
Quoting fxRichard
Most people think scalping is sitting in front of the computer 24 hours a day making 100 trades etc. For me scalping consists of 2 hours a day tops, usually 5 extremely high probability trades with BIG lots on each trade. You can make more money in these 2 hours a day than the average American makes in a month It's all about consistency, discipline, and doing the same thing that works for you over and over and over again. The nice thing about scalping is your market exposure is very limited which allows you to use bigger lots and a tighter SL. Anyway most scalpers know this
Hi Richard,

Well said.Thats the reason i am keen to learn how to scalp.Will you mind to share your strategy?If you dont mind,i will PM you.

Thanks in advance.
Zu
  • #40
  • Jul 21, 2008 12:45pm Jul 21, 2008 12:45pm
Would be great if contributors could share scalping price patterns they watch out for.

Could put together an album.

Heres one to get started.
Attached Image (click to enlarge)
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bull in a china shop
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