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Attachments: Chronicles of the Price Action Scalpers
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Chronicles of the Price Action Scalpers

In this chart I did the same thing:
Wait for 3 consecutive S/R levels and then enter. What I didn't notice was a nearby COUNTER S/R level at 1.4265. However, here's several assumptions:

1. the rainbow looked pretty strong at that entry point and therefore I may perceive it as a strong enough downward trend to break past that counter S/R.

2. I looked at the rainbow at the 10 sec chart and it too looked strongly downward during that point.

The reason I marked the "compression of rainbow" on the chart was because I wanted all of your feedback.. What does that compression mean to you? During that point the 10 sec rainbow was strongly downward (no compression) so I may be able to assume that this compression on the 1 tick chart was nothing but a minor pause before continuing downward.

Let me know what your thoughts are on anything I've typed here..
Attached Image (click to enlarge)
Click to Enlarge Name: NYOpen 8-13-08.JPG Size: 114 KB
Quoting sibaroochi
The reason I marked the "compression of rainbow" on the chart was because I wanted all of your feedback.. What does that compression mean to you?
Sib,

I cant really answer your question. The most I can do is tell you to get screen time with the rainbow and you will find out from experience what compression 'may' mean in different situations surounding different s&r points.

As far as your template I suggest you use my template (colors do matter as they produce different patterns) which is posted here:

http://www.elitescalper.com/viewtopi...281c955fb0d91c

Use this template and get hours and hours of screen time daily. You cant be 'taught' this method. It comes from personal screen time.

Hope you do well.

Mike
http://img26.imagefra.me/img/img26/2...1m_574fbd3.png
I don't understand much about vertical lines or the significance of price lines cutting them. But I see what you mean by watching behaviour of compressions within a compression to predict breakouts.

.. and thanks for the template pip ventures.
Nice thread, technically I'm a fan of scalping, but I've never tried it.
It seems that brokers notice those who scalp frequently, and try to take their stops, move against them, etc... anyone here can confirm/dismiss my thoughts?
Quoting sibaroochi
I don't understand much about vertical lines or the significance of price lines cutting them. But I see what you mean by watching behaviour of compressions within a compression to predict breakouts.

.. and thanks for the template pip ventures.
HINT:

The only vertical lines you want to be aware of are the 15 min. marks.

4:00
4:15
4:30
4:45
etc...
Quoting x1810
Nice thread, technically I'm a fan of scalping, but I've never tried it.
It seems that brokers notice those who scalp frequently, and try to take their stops, move against them, etc... anyone here can confirm/dismiss my thoughts?
every new trader should entry via scalping door to feel the dance of price action, here free coffe money this morning just few pips ATTACK

http://img39.imagefra.me/img/img39/2...ym_45e4f88.png

dont worry about broker, just worry about your profit/loss statement if you are in the black whats the problem then? good pipping to you X1810

C'mon jump in and have fun
Quoting Pip Ventures
HINT:

The only vertical lines you want to be aware of are the 15 min. marks.

4:00
4:15
4:30
4:45
etc...
thanks for that info Pip Venture i'll look into it
Quoting x1810
Nice thread, technically I'm a fan of scalping, but I've never tried it.
It seems that brokers notice those who scalp frequently, and try to take their stops, move against them, etc... anyone here can confirm/dismiss my thoughts?
Theres a conspiracy theory for everything.

Scalping is the best trading method, as it produces the most opportunities for one to utilize their edge.

Use an ECN if you are worried about broker sabotage.

Another great thing about scalping is that you are constantly watching price action and gathering much more data then the long term chart readers. You see 100's of feet of chart go by and the 4hr chart guy only sees 1 ft. You begin to see patterns much easier when you are used to viewing that much price action.

Mike
Quoting Pip Ventures
Theres a conspiracy theory for everything.

Scalping is the best trading method, as it produces the most opportunities for one to utilize their edge.

Use an ECN if you are worried about broker sabotage.

Another great thing about scalping is that you are constantly watching price action and gathering much more data then the long term chart readers. You see 100's of feet of chart go by and the 4hr chart guy only sees 1 ft. You begin to see patterns much easier when you are used to viewing that much price action.

Mike
So when you scalp, do you look for profits of around 5 pips per trade, or more? I normally don't look at H4 or D1 except to see the long term trend, but I rarely check out the M15 and M5 either.
Quoting biz0101
well, it is the best trading method for anyone who can handle it. if you can't trade, scalping is for sure the quickest way to get a margin call.
What I find is this:

Maybe some cant handle second - 1 min. charts. It may be too fast for them to make decisions.

Still the same truth concerning short term trading applies. Just go to a 5 min. chart and you will have plenty of time to think and analyze. You will also find many more opportunities then you will on a 1-4 hr chart.

Regardless of your timeframe margin calls occur when you dont have a money management plan (aka 'cant trade'). Your stop (hard or mental) should never be beyond 5% of your account / trade. No margin call possible then.

Mike
wow!! Just came across this thread and I must say I learned quite alot of things from here. Bundle of thanks esp to MIKE for creating this thread and giving so much useful info. I am looking forward to start with scalping soon with my live account and many tips taken from this thread would help me alot.

Particularly liked the e-book and 25 point mantra doc!! It was simply brilliant read!!! Thanks once again.

I would like to get in touch with you for more insightful stuff regd. scalping and i hope you wont mind if i pm you....


Cheers!!
http://img31.imagefra.me/img/img31/2...tm_8a6f787.png
http://img36.imagefra.me/img/img36/2...bm_d7575d6.png
wat a nite

http://img36.imagefra.me/img/img36/2...um_c2c8e1f.png
hi everyone can someone tell me the exact point of entry with the cyrox scalping system? thank you in advance.
Quoting NIKpips
hi everyone can someone tell me the exact point of entry with the cyrox scalping system? thank you in advance.
This is not cyrox scalping. Cyrox is totally different now.
Quoting Pip Ventures
This is not cyrox scalping. Cyrox is totally different now.
This is called price action scalping


p.s. hi mike
Quoting Pip Ventures
Scalpers,

I would like to start a home for other scalpers to come and share their insights, trader knowledge, progress, and encourage one another.

Looking for traders who simply fit the following:

1. Use no lagging indicators but trade Price Action Only. (Note: Price action only can be viewed by multiple tools. Many use the Rainbow, or Candlesticks, or Line tick charts, or Heiken Ashi bars, etc. none of these are lagging but are pure price action)

2. Entering on 5 min. time frame or less. (May use higher time frames to check trends, S&R,...
personally i think that scalping is gambling ever if you set s&r, draw trend lins, or fib. because there can alway be a breakout of any of your parametre.
5 mins chart is alway fast and respond easily respond to market spikes. you may be caugth in a fake out too. it is better to get simple indicators that can catch early trend and show you it is over.
what i do is i marry both the lagging indicators with the oscillators.
To each their own, I can assure you scalping is not gambling, if it were gambling then I must be very lucky!
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