GU Short +5pips - Weak Pound and strong Dollar. Retracement to dragon with small pin confirming sell entry. Target just above round number and good volume.
It appears that most are understanding the nice benefit of FIFO PVSRA scalpimg for a quick 5 +/- pips....Yes of course often many pips are left on the table, but personally I like having my quick pips banked with little or no DD without the stress of watching trades for hours ranging and re-tracing (been there and done that). Once pips are safely banked, then on to the stalking of another PVSRA scalp set up.....Just my opinion..
So much easier to control emotions when targets are small and trades last minutes not hours!!
- #1,304
- Feb 22, 2016 5:36am Feb 22, 2016 5:36am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
GU Short +5pips - Weak Pound and strong Dollar. Retracement to dragon with Bearish engulfing bar confirming sell entry. Target just above1/4 number and Volume increasing. {image}
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- #1,305
- Feb 22, 2016 5:38am Feb 22, 2016 5:38am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} Agree!
Vape,
Exactly and that is why I took PVSRA trading to this FIFO scalping level.....
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- #1,307
- Feb 22, 2016 6:55am Feb 22, 2016 6:55am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
EU, M1 scalp +57 (avg. +5.7) Explanation on chart....
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- #1,310
- Feb 22, 2016 7:03am Feb 22, 2016 7:03am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
EU long +5pips Logic: EU bottomed out (for now) M1 higher lows, tested previous support and bounced off came back with a solid break through what is now short term resistance and also M1 dragon Entered targeting M5 dragon or just before quarter LV {image}
Almost same entry.....good explanation.....
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- #1,314
- Feb 22, 2016 7:14am Feb 22, 2016 7:14am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
cigar can u explain me more your last trade? It is against the main trend (200) which has been strong today with little volume and you've been apparently in loss for a longer period(~15min). There is also daily S3 line there which is not on your chart. The only "for" i see is refusal of RDL but i consider it too little to do counter trend trade. Also no worthy news today and usd is stronger than eur according to currency meter.
You are correct as CT trade from RDL and whole number 1.1000 support near. CSM was showing EUR beginning to weaken and all t/f candles were green with notable up volume at entry. There was a small retrace from my entry to RDL with a bounce and another volume candle. With that nice run down to RDL/whole number usually perfect support for some profit taking/pending buy orders, which it was enough for a quick scalp.
That is one of the benefits of quick +5 targets. Sometimes you can even be wrong but momentum may prevail and hit your close target before reversing. At times I would rather be lucky then good....
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- #1,315
- Feb 22, 2016 7:16am Feb 22, 2016 7:16am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} yes but you got a .7 of a pip more than me
Yes, EURUSD is counter to USDCHF....
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- #1,316
- Feb 22, 2016 7:26am Feb 22, 2016 7:26am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{image}
I see your fibs are serving you well....
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- #1,317
- Feb 22, 2016 7:33am Feb 22, 2016 7:33am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
PVSRA Scalpers,
Speaking of fibs that brings to mind a simple modification. Most probably already know, but for the new traders that don't; You can modify your fib tool to also show the price as well as the % depicted on this screen shot...
Speaking of fibs that brings to mind a simple modification. Most probably already know, but for the new traders that don't; You can modify your fib tool to also show the price as well as the % depicted on this screen shot...
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- #1,320
- Feb 22, 2016 7:57am Feb 22, 2016 7:57am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} Thanks. I generally like your trades but i just considered this one a bit risky. The other one taken by saiffx (GU) was much safer, price above 200ma, refusal of dragon. I love pvsra scalping but i try to avoid counter trend trading as much as possible (been burnt many times).
Yes correct again as can be risky. With that said, I also watch higher t/f's ie., M5 and M15 and based on PA's location to S & R key levels may take the trade for quick scalps. I have been trading this style and yes sometimes risky for years and usually (not always of course) get a feel by watching only 2 or 3 currencies how they move. Hundreds of hours of screen time has not hurt either....
But you are correct to not take the risky trades and stay with the style that fits your comfort zone. Each trader must take any basic system/method and make it their own to fit their personality and risk tolerance and it has taken me years and trading many systems to find mine.....
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