And why we often scalp PVSRA for a quick 5 +/- pips.......example below of quick pips banked....and then retrace which happens often as we just ride the shirt tails of the MM's..........
- #622
- Jan 31, 2016 4:57pm Jan 31, 2016 4:57pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
dingdong99...... sent PM.... Thanks...
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- #623
- Jan 31, 2016 5:09pm Jan 31, 2016 5:09pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} How do you decide when to get out? When you satisfied with the points? Or feel price turn?
Any and all of the above; with good momentum with PVSRA, PA will hit my t/p or if it stalls, I will close manually. I have no set rule as I just watch my charts like a hawk and let the MM's show me the way....
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- #624
- Jan 31, 2016 5:14pm Jan 31, 2016 5:14pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
Folks, I am continually asked via PM's where to download the indicators and template we use. The latest indicators and templates will always be uploaded to Post #1, so please check there or the above paper clip.
Thanks....
Thanks....
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- #625
- Jan 31, 2016 6:12pm Jan 31, 2016 6:12pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
EU M1 FIFO scalp +290 (avg. +5.8) entered long after retrace below EMA's (Dragon) to 200 EMA as short term support with notable buying volume and EURO strength vs USD..........
Not too bad as PVSRA provided for my taking +704.6 from the MM's on this slow volume Sunday evening and as I am asked by many does PVSRA work?...........
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Not too bad as PVSRA provided for my taking +704.6 from the MM's on this slow volume Sunday evening and as I am asked by many does PVSRA work?...........
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- #627
- Jan 31, 2016 6:43pm Jan 31, 2016 6:43pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} What's your target usually? 5pips? Dis you set it as a limit order?
I enter every trade manually and have an EA set for a 5 +/- pip T/P , but watch and manage each trade. Most often, entering correctly with PVSRA, PA will run quickly to my T/P. If PA stalls or starts to retrace, I will quickly close ( this does not happen very often if I enter correctly) I mainly use the EA because many times with good momentum PA will run to T/P so fast I don't have time to react and close.
Each currency and trade is different and with experience by only watching 3 or 4 currencies, the trader will begin to get a feel using the art of PVSRA how that currency moves and respect/reacts to S & R and key levels. This comes from many hours of screen time. One of the single biggest mistakes, IMO that new traders make, is attempting to watch and trade too many currencies as most are afraid they will miss out on a trade. Personally, I only watch 3 or 4 pairs and attempt to watch how they move and react to key areas as I mentioned above.
Each trader must find what works for them......this is only my style and by no means the Holy Grail.....as there is none.....
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- #629
- Jan 31, 2016 7:07pm Jan 31, 2016 7:07pm
- Joined May 2007 | Status: Ozziedave | 1,344 Posts
EU M1 FIFO scalp +290 (avg. +5.8) entered long after retrace below EMA's (Dragon) to 200 EMA as short term support with notable buying volume and EURO strength vs USD..........
Not sure I get this trade. The currency meter show the EUR at 6.0 arrow green and the USD 3.9 arrow green. Both currencies seem to be on the rise. Why would you trade EURUSD long?
- #630
- Jan 31, 2016 7:09pm Jan 31, 2016 7:09pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} So, that means if there is very good momentum, say 10 pips, then you will take 5 pips, and leave the rest on the table? That's actually very good strategy. I found I often regret out early on big moves, but cannot cut loss fast enough for loosers. In the end, it's all loss. Thanks for your great guidance.
I am not greedy and only joke about leaving many on the table, but really I don't care. A few years ago, I like most traders, always set my t/p high attempting for those mega pip moves. Yes they of course happen all the time but I found that I was more consistent in achieving a small 5 + /- target with lots of quick no stress winners, which also builds confidence with many small winners, rather then going for the big ones and watching all of the retraces and pull backs......
That worked well and I never looked back since.........
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- #631
- Edited 7:57pm Jan 31, 2016 7:17pm | Edited 7:57pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} Not sure I get this trade. The currency meter show the EUR at 6.0 arrow green and the USD 3.9 arrow green. Both currencies seem to be on the rise. Why would you trade EURUSD long?
I don't personally use the CSM for trading only PVSRA. I have many different CSM's and they often all will read different. I use it only for a heads up for a pair to further analyze and see if there is a PVSRA entry. Often times I have found the highest most active currency has already made its move and a good PVSRA entry would be late. Many times the pairs located somewhere in the middle are offering the best PVSRA set ups.
For me the CSM only serves as a currency screening indicator for possible prospects...but I know others that swear by them and trade accordingly....but I chose to look only for PVSRA set ups.....and I guess I am Old School, if it's ain't broke don't fix it...... OH, and I forgot to mention most importantly, my winners keep me stocked with GOOD CIGARS........
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- #633
- Edited 8:06pm Jan 31, 2016 7:29pm | Edited 8:06pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
Thanks for the explanation.
Your welcome........just my style of trading PVSRA.........
One more quick note about the CSM's; They often have a very short shelf life and can and do change quickly, so care must be taken as to their strength
accuracy.
Case in point below chart; EUR = Green with red down arrow
USD= Yellow with red down arrow
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- #634
- Jan 31, 2016 7:36pm Jan 31, 2016 7:36pm
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
EURUSD; could it be building a demand area below the half number level for longs? Only time will tell as London MM's will probably show the way......
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