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PVSRA Scalping with Cigarguy

  • #2,201
  • Mar 24, 2016 4:24pm Mar 24, 2016 4:24pm
Quoting Ccx10A
{quote} Hi fellow PVSRA traders (Cigarguy, Crameka, Saiffx, Sniper1310, Digiff, etc etc), Reading through the whole thread, as mentioned in my post above I've seen quite a number of posts are about pvsra traders having same entry/exit points without pre-communicating with each other in advance, like the post above. So, in the long term I believe regardless of whether you are an experienced or pvsra trader, we have to be aware of the deterioration of the method as more and more traders are sharing similar entry and exit points and utlising the same...
"losing the edge" BS
donīt try to fear people about losing their edge when they talk about it. Itīs not going to happen.
TWEE, revoke my membership.
  • #2,202
  • Mar 24, 2016 4:51pm Mar 24, 2016 4:51pm
Quoting Bartleby
{quote} "losing the edge" BS dont try to fear people about losing their edge when they talk about it. Its not going to happen.

Agreed. In a $4-5 Trilliion / day market.... it would take an awful lot of traders adopting the same strategy / methodology to remove the edge.
  • #2,203
  • Edited 7:16pm Mar 24, 2016 5:17pm | Edited 7:16pm
Quoting Ccx10A
{quote} Hi fellow PVSRA traders (Cigarguy, Crameka, Saiffx, Sniper1310, Digiff, etc etc), Reading through the whole thread, as mentioned in my post above I've seen quite a number of posts are about pvsra traders having same entry/exit points without pre-communicating with each other in advance, like the post above. So, in the long term I believe regardless of whether you are an experienced or pvsra trader, we have to be aware of the deterioration of the method as more and more traders are sharing similar entry and exit points and utlising the same...
Ccx10A

Thank you for your interest in our PVSRA scalping and your insightful statements. Once a trader understands and implements our PVSRA scalping techniques, as you succinctly illustrated in your above post, traders observing like currencies may and do often spot the same or similar entries. These entries become somewhat obvious to traders through the visualization of their PVSRA charts. This is a confirmation to me, as the starter of this thread, that those traders/scalpers have done their homework and studied the posted charts with explanations and have fully grasped the PVSRA scalping system.

As for the deterioration of this method; if I understand you correctly, the big money, Market Makers and Banks could not care less about our small pip gains here on this thread or any other here at the Forex Factory. They are primarily trading with institutional traders for billions and we here are of no consequence to their financial empires;

These statistics below are low and outdated.....2015 - 2016......

Quote
2013 proved to be a year of growth for the forex markets by way of volume trading according to the Bank for International Settlements. Volume traded per day grew to about $5.3 trillion; up from $4 trillion the year before. Foreign exchange swaps and Spot transactions both peaked at over $2 trillion a day with other relevant instruments not even coming close. The next nearest, Outright Forwards, was only at about $600 billion per day.

I will be happy to address any concerns that you may have regarding the future and longevity of our PVSRA scalping system if you decide to begin the journey to learning and implementing our profitable method.

Regards,
Cigarguy
Keep It Simple
  • #2,204
  • Mar 24, 2016 7:45pm Mar 24, 2016 7:45pm
Asian session usdjpy for +14. Jumped out too early again but green pips is green pips.


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  • #2,205
  • Mar 25, 2016 3:40am Mar 25, 2016 3:40am
Eu short closed @ BE.
Nice volume bar with good dragon angle. I wasnt aware of bank holiday at europe.
Missed 10 pips. Better to check FF before trade.
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  • #2,206
  • Edited 5:51am Mar 25, 2016 5:37am | Edited 5:51am
I hope Cigarguy doesn't mind but I wanted to share an approach to trading PVSRA that will get you into a trade with the 15 M trend direction.

In the 15 M chart we see the trend is down and we look for the first completed 15 minute candle going against the trend, this counter trend candle can be in any down move, just pick one on the 15 M chart and then drop down to the 5 M chart and follow the instructions on the next two posts.
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  • #2,207
  • Mar 25, 2016 5:44am Mar 25, 2016 5:44am
We drop down to the 5M chart and we wait for the first completed candle back in the trend direction, there may be multiple candles but they are typically smaller candles. After these candle(s) form price goes counter trend again and usually takes out the last high leaving a abc pattern against the trend. Once you have this pattern you can draw your trend line. In this example it's an up slopping trend line. Now we have to patiently wait for price to resume the down trend. If you do this it will keep you out of alot of bad trades that initially might stop you out before turning around and going in your direction.
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  • #2,208
  • Mar 25, 2016 5:48am Mar 25, 2016 5:48am
In the last 5M chart we finally get a break of the trend line in the direction of the trend. Now you have two options for trade entry.

1. Enter on the close of the candle that breaks the trend line

or

2. Enter when the trend line is broken and retested.

I hope this suggestion helps out those of you who struggle with when to enter a trade with a high probability of success.
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  • #2,209
  • Edited 12:05pm Mar 25, 2016 9:35am | Edited 12:05pm
Quoting ozziedave
In the last 5M chart we finally get a break of the trend line in the direction of the trend. Now you have two options for trade entry. 1. Enter on the close of the candle that breaks the trend line or 2. Enter when the trend line is broken and retested. I hope this suggestion helps out those of you who struggle with when to enter a trade with a high probability of success. {image}
ozziedave,

Thank you for your posts and comments as I have encouraged traders contributions including insights and basically "Thinking Out of The Box" ideas or suggestions from the inception of this thread;

Quote
The primary difference and goal that I hope to accomplish here is the possible addition of new and fresh ideas, as sort of a PVSRA sccalping laboratory to aid all traders with their scalping techniques. This thread is not presenting or offering a new system/method, indicators and templates. The PVSRA system is well established and all that is needed to trade successfully is located in the above thread offered at no charge.

I have traded along side of TAH and many other successful traders on the old Sonic R thread which morphed into the current PVSRA thread since their inception. The PVSRA template and indicators (excluding a few changes through time) have withstood the test of time as an outstanding visual accomplishment for new and experienced traders alike. The primary concept of the PVSRA thread was to learn to recognize what was called the "Classic" trade entry which was traded mainly on M15 and only dropping down to M5 or M1 for entries and learning to observe PA with Volume for high probability entries. At Post #1, I encouraged traders new to our PVSRA system, to visit the these older threads to learn and gain insight into understanding and recognizing PVSRA entries.

The majority of our PVSRA scalping entries are on the M1 and M5 T/F's with the primary goal of scalping for 5 +/- pips and increasing the lot sizes to accommodate the traders account size and risk tolerance. I know you by reputation as a solid, insightful and helpful trader and appreciate your positive contributions of posted charts and explanations. I am a trader not a teacher and have posted and explained the concept of viewing the trend on M5 and watching for PA on M1 to leave the trend showing as a retrace on M5 and then look for an entry once M1 rejoins the M5 trend. (Your charts and explanations are easy to understand )

I appreciate your posted examples depicting and explaining your suggested approach which should be of great help in identifying high probability entries and hope you will be a regular active member of our scalping community and continue to contribute as an experienced and insightful trader...........

Hope you don't mind as I edited your below chart...

Quote
In the 15 M chart we see the trend is down and we look for the first completed 15 minute candle going against the trend, this counter trend candle can be in any down move, just pick one on the 15 M chart and then drop down to the 5 M chart and follow the instructions on the next two posts.
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Keep It Simple
  • #2,210
  • Edited 11:30am Mar 25, 2016 10:32am | Edited 11:30am
EU M1 failed scalp +1, low volume Friday and no bearish follow through but each trade offers a learning experience and something can be gleamed....volume and good momentum is so critical for a successful quick FIFO scalp which was not present here.........
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Keep It Simple
  • #2,211
  • Mar 25, 2016 2:17pm Mar 25, 2016 2:17pm
I appreciate your posted examples depicting and explaining your suggested approach which should be of great help in identifying high probability entries and hope you will be a regular active member of our scalping community and continue to contribute as an experienced and insightful trader........... Hope you don't mind as I edited your below chart...


No worries Cigarguy....I hope to be a very active member of this thread.
  • #2,212
  • Mar 25, 2016 3:38pm Mar 25, 2016 3:38pm
I just wanted to offer a more detailed trade set up for you newbies and newer traders that will assist you in taking high probability trades.

Here we have the 15 M AUDUSD chart. We can see the trend is up and we get a pullback candle which alerts us to start looking for an ABC pullback.

Now we drop down to the 5 M chart. I have provided a line drawing of the ABC pullback so we know what we are looking for. I start the count with 0 at the highest point followed by the ABC points as the pullback unfolds.
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  • #2,213
  • Mar 25, 2016 3:43pm Mar 25, 2016 3:43pm
On the next chart we see the first pullback is not making the ABC correction as we might expect. Instead price goes up and takes out the high of the first pullback candle. Once this happens this invalidates the ABC correction and we start looking for the next pullback candle. Don't worry there will be plenty of set ups each day so if you miss one don't beat yourself self up. That's the advantage of using the lower time frame charts.
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  • #2,214
  • Mar 25, 2016 3:48pm Mar 25, 2016 3:48pm
After waiting patiently for about 3 hours we finally have our ABC correction pattern. Now we wait some more to see if we get an entry set up.
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  • #2,215
  • Mar 25, 2016 3:59pm Mar 25, 2016 3:59pm
Form the line drawing we see that we want to have price move higher and then make a slight pullback and enter at the break of the pullback. I actually prefer that price goes past point B before I look for the pullback entry. This gives you a much better chance of a winning trade.

We see price breaks point B and gives us a pullback and break. Now I know what many of you are thinking based on this chart "price didn't go very far after the break". You got to keep in mind that you don't know where price will go and how far it might go when you are at the hard right edge of the chart. We just need to trade with the highest probabilities in our favour.

In this case price goes up about 11 pips. If you enter on the break with a 2 pip spread you still could bag anywhere fro 2 -5 pips or come out at BE at the worst.

Most of these set ups will give you the desired 5 pip plus trades set out by Cigarguy.
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  • #2,216
  • Edited 7:19pm Mar 25, 2016 6:45pm | Edited 7:19pm
Quoting ozziedave
Form the line drawing we see that we want to have price move higher and then make a slight pullback and enter at the break of the pullback. I actually prefer that price goes past point B before I look for the pullback entry. This gives you a much better chance of a winning trade. We see price breaks point B and gives us a pullback and break. Now I know what many of you are thinking based on this chart "price didn't go very far after the break". You got to keep in mind that you don't know where price will go and how far it might go when you are at...
Ozziedave,

Nice charts and explanations for all to see, study and learn...Happy to have you on board as your experience will be a great asset as we both go back to the 2007 trading era.............
Keep It Simple
  • #2,217
  • Edited 9:29pm Mar 25, 2016 8:51pm | Edited 9:29pm
PVSRA Scalpers,

I have received PM's from new traders asking about our scalping chart set ups. This subject has been addressed in prior posts, but here it is once more;

The 2016 PVSRA template and indicators, courtesy of TAH which is all that is needed, can be uploaded and installed from the above paper clip. Some have chosen to add a couple of indicators, while not needed and continuing to keep our charts clean and staying true to our PVSRA scalping system. (both black and white templates available)

Be advised, the candle meter and currency strength meter both have short shelf lives and if used, only give a heads up as to currency pairs that a trader may wish to analyze for PVSRA set ups NOT FOR TRADING RECOMMENDATIONS OR BUY/SELL SIGNALS.

I have traded/scalped with the basic PVSRA template for a few years successfully absent any other indicators. Just recently have some excellent coders joined out thread and provided us with the OrderOnChart EA's, CODED SPECIFICALLY FOR OUR THREAD that saves time as scalping FIFO offering quick order entries, exits, stop losses, lot sizing and take profit capabilities with the click of a button. I have found this EA set for a 5 +/- t/p upon entry in most cases, removes the psychological stress from the trade and with PVSRA confirmation, good volume and momentum will reach the t/p and close quickly. With that said, I continue to watch my trade like a hawk and will manually close if PA stalls or goes against me to BE or take a small loss.

We owe a special thanks to rajib217, extraw and saiffx for their coding work and contributions all working together to provide us with this time saving Expert Adviser.... (there are a couple of versions of the OrderOnChart EA so traders may test each to decide for themselves)

I decided to post this today, Friday allowing time for interested traders to set up their charts for the coming week.

I hope this helps and stay GREEN my friends....
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Keep It Simple
  • #2,218
  • Edited 9:36am Mar 26, 2016 8:50am | Edited 9:36am
Quoting ozziedave
Form the line drawing we see that we want to have price move higher and then make a slight pullback and enter at the break of the pullback. I actually prefer that price goes past point B before I look for the pullback entry. This gives you a much better chance of a winning trade. We see price breaks point B and gives us a pullback and break. Now I know what many of you are thinking based on this chart "price didn't go very far after the break". You got to keep in mind that you don't know where price will go and how far it might go when you are at...
ozziedave,

I do look for and trade a modified A - B - C pattern with PVSRA confirmation. I edited your posted chart with notations I believe pretty much coincide with your annotations except I noted PVSRA considerations and PA break of B as an Aggressive entry and the entry past B as a Conservative entry. (as depicted on the chart) which is kinda like splitting hairs as each move would have produced winners)

Please let me know what you think as this is the kind of open discussion of ideas that I have encouraged for this thread. Some traders came to this thread already armed with experience trading PVSRA to hone their scalping skills while traders new to our system, are encouraged to visit the old PVSRA thread, study the information and PDF's provided there as well as the posted charts with explanations here.

After the trader has a grasp on the basic PVSRA system they then will become a valuable contributor and discussions related to entries, exits and other ideas such as this can serve to help all..............

I hope you don't mind my editing of your charts with my ideas......
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Keep It Simple
  • #2,219
  • Edited 12:04pm Mar 26, 2016 10:44am | Edited 12:04pm
How to Identify Reversals; (This is not my work copied from Baby Pips and consolidated here for ease of study and as a quick simplified reference )....

Properly distinguishing between retracements and reversals can reduce the number of losing trades and even set you up with some winning trades.

Classifying a price movement as a retracement or a reversal is very important.


There are several key differences in distinguishing a temporary price change retracement from a long-term trend reversal. Here they are:

RetracementsReversals

Usually occurs after huge price movements. Can occur at anytime. Short-term, short-lived reversal.

Fundamentals (i.e., the macroeconomic environment) dont change.Fundamentals DO change, which is usually the catalyst for the long-term reversal.

In an uptrend, buying interest is present, making it likely for price to rally. In a downtrend, selling interest is present, making it likely for price to decline.In an uptrend, there is very little buying interest forcing the price to fall lower. In a downtrend, there is very little selling interest forcing the price to rise further. (NOTE; PVSRA is extremely useful in identifying selling/buying interest by observing PA and volume with momentum)

Identifying Retracements;

A popular way to identify retracements is to use Fibonacci levels.

For the most part, price retracements hang around the 38.2%, 50.0% and 61.8% Fibonacci retracement levels before continuing the overall trend.
If price goes beyond these levels, it may signal that a reversal is happening. Notice how we didnt say will. As you may have figured out by now, technical analysis isnt an exact science, which means nothing certain especially in forex markets.

In this case, price took a breather and rested at the 61.8% Fibonacci retracement level before resuming the uptrend. After a while, it pulled back again and settled at the 50% retracement level before heading higher.

Another way to see if price is staging a reversal is to use pivot points.

In an uptrend, traders will look at the lower support points (S1, S2, S3) and wait for it to break. In a downtrend, forex traders will look at the higher resistance points (R1, R2, R3) and wait for it to break.

Hope this helps as I have been asked for this clarification via PM's and posted here to aid traders and further enhance our thread as a PVSRA trading/scalping text book consolidating trading techniques and information for ease of study and reference in one location. This post may be bookmarked for a quick reference to aid in the identification of each during a trading session.............

Stay GREEN My Friends
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Keep It Simple
  • #2,220
  • Mar 26, 2016 12:56pm Mar 26, 2016 12:56pm
PVSRA Scalpers,

Another quick guide of important candle patterns:

(located this on another thread and posting as an addition to our PVSRA text book thread of consolidated information for quick reference)
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