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Price Action Scalping

  • #21
  • Nov 25, 2008 1:30pm Nov 25, 2008 1:30pm
already 50 pips profits booked on half the lots with stop at break even

these are all over the place daily
Attached Image (click to enlarge)
Click to Enlarge Name: pa.gif Size: 28 KB
  • #22
  • Nov 25, 2008 1:33pm Nov 25, 2008 1:33pm
nice...would you mind explaining in some detail what you are doing with your trendlines and your fibs and what other considerations you have when taking your trades.
Thanks
CanuckCT

Quoting Yaad
already 50 pips profits booked on half the lots with stop at break even

these are all over the place daily
  • #23
  • Nov 25, 2008 1:35pm Nov 25, 2008 1:35pm
wanted to post my chart, but attachment button doesn't work, strange....
Trading S/R with PA only. No indicators anymore!
  • #24
  • Nov 25, 2008 1:55pm Nov 25, 2008 1:55pm
Quoting CanuckCT
GJ +40

price crossed below gann...waited for retrace, sold at 146.90 and target was 146.50.

EDIT: I'm seeing that if you apply fibs on M1 and there is a 50% retracement, there is often a good chance the 200 fib will be hit.

Cheers
canuckct
I think that signal was particularly strong because the gann and 50% fib were at the same place.
  • #25
  • Nov 25, 2008 2:01pm Nov 25, 2008 2:01pm
Ron...can you explain why that is significant? I'm thinking that would that be an indication that you have a good fib drawn?
Cheers
CanuckCT

Quoting Ronald Raygun
I think that signal was particularly strong because the gann and 50% fib were at the same place.
  • #26
  • Nov 25, 2008 2:05pm Nov 25, 2008 2:05pm
It's just an observation by me. Does it have actual significance? We'll find out =D
  • #27
  • Nov 25, 2008 2:43pm Nov 25, 2008 2:43pm
Quoting CanuckCT
nice...would you mind explaining in some detail what you are doing with your trendlines and your fibs and what other considerations you have when taking your trades.
Thanks
CanuckCT
im just buying dips and selling rallies on or around trendlines, S&R, fib levels and round numbers, in the direction of the trend of course

EDIT: just closed the remainder of my position on that last trade for 160 pips
  • #28
  • Nov 25, 2008 3:19pm Nov 25, 2008 3:19pm
Nice trading!! And relatively stress fee. My two GJ trades today were very stree free. It was as though I was following the price and I took profits on the first sign of a retrace.

Everyone has their own way to determine the trend. My current approach is to company M5 and M5 and make sure that price is on the same side of gann. I'monly looking for M5 trend.

So what are you doing to help you determine the trend?

Cheers
CanuckCT

Quoting Yaad
im just buying dips and selling rallies on or around trendlines, S&R, fib levels and round numbers, in the direction of the trend of course

EDIT: just closed the remainder of my position on that last trade for 160 pips
  • #29
  • Nov 25, 2008 3:40pm Nov 25, 2008 3:40pm
I'm attaching a pic to illustrate my point re M5 and M1 gann. The Gann indicator is MTF, so I have attached M5 gann. There are at least 10 great trading opportunities from the last 8 hours...the US session today and a few of them are very large. So I'm not quite ready to give up my gann just yet. I will remove the M5 cause it's uglt on the chart.

So every 5 minutes to assess the trend using gann. On the trend change, you move to M1 and look for entry point. Simple enough.

Cheers
CanuckCT
Attached Image (click to enlarge)
Click to Enlarge Name: gj-m1.gif Size: 28 KB
  • #30
  • Nov 25, 2008 3:41pm Nov 25, 2008 3:41pm
Quoting CanuckCT
So what are you doing to help you determine the trend?

Cheers
CanuckCT
Something very simple I read on a thread here, might be jacko or james16 im not so sure.......

Zoom out on your chart a little and look left to right and it should be pretty obvious
  • #31
  • Nov 25, 2008 3:42pm Nov 25, 2008 3:42pm
I have heard that many times....just don't do it that often.
Cheers
CanuckCT

Quoting Yaad
Something very simple I read on a thread here, might be jacko or james16 im not so sure.......

Zoom out on your chart a little and look left to right and it should be pretty obvious
  • #32
  • Nov 25, 2008 3:48pm Nov 25, 2008 3:48pm
Quoting CanuckCT
I have heard that many times....just don't do it that often.
Cheers
CanuckCT
Try it more often

for me it beats keeping and eye on other timeframes

less is more........
  • #33
  • Nov 25, 2008 4:03pm Nov 25, 2008 4:03pm
Quoting Ronald Raygun
I think that signal was particularly strong because the gann and 50% fib were at the same place.
When you have a confluence of things, say Fibs, Pivots, Gann, daily open price, previous high or low 00 or 50 area etc. They tend to be a stronger area of support/resistance. like when you draw a fib for a whole move and also a fib for just the last part of the move. If you get key fibs from the 2 different fibs that are in the same area, they tend to be a stronger area of support/resistance
  • #34
  • Nov 25, 2008 6:44pm Nov 25, 2008 6:44pm
Quoting Ronald Raygun
Learn to trade fibs. If you are having trouble, use the trading simulator: http://www.forexfactory.com/images/attach/zip.gif Trading simulator.zip


The trick to trading fibs as I see it is knowing what to use as a point for drawing the high/low.
That is one of the coolest things I've seen in a long time. Thanks for sharing that with us.
Never underestimate the powers of the Force.
  • #35
  • Nov 25, 2008 7:07pm Nov 25, 2008 7:07pm
nice short trade i took earlier before i stepped out, came back and saw tp hit beautifully
Attached Image (click to enlarge)
Click to Enlarge Name: beautiful.gif Size: 30 KB
  • #36
  • Nov 25, 2008 7:24pm Nov 25, 2008 7:24pm
CanuckCT.
please can you post the gann indicator for me. thanks
Respect a man, and he will do all the more.
  • #37
  • Nov 25, 2008 9:35pm Nov 25, 2008 9:35pm
Quoting Yaad
Something very simple I read on a thread here, might be jacko or james16 im not so sure.......

Zoom out on your chart a little and look left to right and it should be pretty obvious
Its this
http://www.forexfactory.com/showpost...50&postcount=4

part ot
http://www.forexfactory.com/showthread.php?t=27286
  • #38
  • Nov 26, 2008 6:17am Nov 26, 2008 6:17am
here it is....enjoy!

Quoting urchman
CanuckCT.
please can you post the gann indicator for me. thanks
Attached File(s)
File Type: mq4 #MTF_ ###Gann_HiLo_Activator_v2###.mq4   1 KB | 892 downloads
  • #39
  • Nov 26, 2008 6:20am Nov 26, 2008 6:20am
Away for a few day...see you guys next week.
Cheers
CanuckCT
  • #40
  • Nov 27, 2008 5:58pm Nov 27, 2008 5:58pm
This is exactly the way I'd like to setup my trades. Well done.
Cheers
CanuckCT

Quoting Yaad
nice short trade i took earlier before i stepped out, came back and saw tp hit beautifully
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