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PVSRA Scalping with Cigarguy

  • #3,041
  • Jul 22, 2016 8:48am Jul 22, 2016 8:48am
Quoting cigarguy
UJ M15 +21 (avg. +4.2 @ 5 lots) Explanation on chart and may be more steam left in this up move but closed due to Friday and lots of position closing & profit taking prior to the week end....... {image}
This is the reason I closed the above trade near the 106.250 key level as a winner would have quickly became a looser if trades are greed driven instead of traded with a sound system with rules followed......MM's having their Friday fun catching stops and ranging....
Attached Image (click to enlarge)
Click to Enlarge Name: Snapshot2016-07-22_06-52-39_USDJPYi_c_M15.png Size: 55 KB
Keep It Simple
  • #3,042
  • Jul 22, 2016 9:28am Jul 22, 2016 9:28am
Quoting Stellan
{quote} I was in the same situation as you when i first started learning how to scalp. I used to trade the 4hr and 1hr chart for a long time. Take them on a demo account. Trust me, i don't know how to explain it but when you actually take the trade, even if it's virtual money your brain get used to it and the emotional aspect will take care of itself. Watching a good trade go by and not take it will only make things worse. Take those trades and post them here win or loss and you will benefit either way. If you lose you'll get feedback to get better...
I truly appreciate you taking the time to share your experience.

Honestly, I think trading demo was part of my problem. I demo traded short time-frames for a little over a year. I took trades with no hesitation and did very well on demo. I thought to myself "I've got this". I went live and had a large loss because I let the trade get away from me. This in return instilled fear into me that I've been trying to shake for over 6 months. In demo land it's so easy because it's not real. I would much rather trade micro 10 cent pips and have a little skin in the game solely for psychological reasons. I'm currently in the process of studying this thread and setting small goals for myself to overcome this. I WILL overcome this in due time.

It's really ridiculous when I think about it. I'm scared to lose a couple bucks trading 10 cent pips if I'm wrong. lol. I spend more than that at a gas station buying water and some chips.

Thanks again for sharing your thoughts. Maybe opening up about my issues publicly and getting other traders opinions is the slap in the face I need.

  • #3,043
  • Edited Jul 23, 2016 9:04am Jul 22, 2016 9:38am | Edited Jul 23, 2016 9:04am
Quoting lKeithStone
{quote} I truly appreciate you taking the time to share your experience. Honestly, I think trading demo was part of my problem. I demo traded short time-frames for a little over a year. I took trades with no hesitation and did very well on demo. I thought to myself "I've got this". I went live and had a large loss because I let the trade get away from me. This in return instilled fear into me that I've been trying to shake for over 6 months. In demo land it's so easy because it's not real. I would much rather trade micro 10 cent pips and have a...
I'm not a fan of demo trading unless used for testing purposes. IMO every trader should trade live no matter how small to get the feel of pulling the trigger with real $$$$.......as live requires a totally different mind set.....

Have a Great Week End All and Stay GREEN next week....
Keep It Simple
  • #3,044
  • Jul 22, 2016 12:06pm Jul 22, 2016 12:06pm
Quoting cigarguy
{quote} I'm not a fan of demo trading unless used for testing purposes. IMO every trader should trade live no matter how small to get the feel of pulling the trigger with real $$$$.......as live requires totally different mind set..... Have a Great Week End All and Stay GREEN next week....
I agree 100% with everything you said. Wish it didn't take me so long to figure that out.

Have a great weekend!
  • #3,045
  • Jul 24, 2016 1:00pm Jul 24, 2016 1:00pm
I have been asked again via PM about the key levels on my charts. The key levels are provided in the PVSRA Access Panel as colored lines and I have the numbers super-imposed with this indicator ( as previously posted) to show the numbers. I have older eyes so the numbers are much
easier for me to see......:nerd:

Hope this helps!
Attached Image (click to enlarge)
Click to Enlarge Name: Snapshot2016-07-24_11-03-34_USDJPYi_c_M15.png Size: 59 KB
Attached File(s)
File Type: ex4 BN Levels v1.02 (1).ex4   15 KB | 491 downloads
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  • #3,046
  • Edited 7:43pm Jul 24, 2016 5:38pm | Edited 7:43pm
Quoting Zipps
{image}
Zipps,

Thanks for posting your trade and welcome and a suggestion; If you use the 1) PVSRA Trade Levels (Black) indicator it will show your trades so you will have a cleaner chart and no need to show Trade Order window at the bottom....

NOTE: Chart error should be.....Profits & Losses Will Show...
Attached Image
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  • #3,047
  • Edited 6:41pm Jul 24, 2016 5:54pm | Edited 6:41pm
UJ M5 +26 (avg. +5.1) Explanation below....As the MADdash CSM below Post #3052, gave me a heads up as to a pair to stalk for entry not entry decisions..........
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: USDJPYiM1.png Size: 138 KB
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  • #3,048
  • Jul 24, 2016 5:55pm Jul 24, 2016 5:55pm
Quoting Zipps
thanx .. yes true .... will do as u said next time...
Thanks as just makes a cleaner chart for all to see and learn.....
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  • #3,049
  • Edited 7:50pm Jul 24, 2016 6:05pm | Edited 7:50pm
PVSRA Traders for Anyone Interested,

I got a little bored so playing around with the MADdash indicator I posted back on Post #219, with explanations as to it's origin and examples how to use.

(Not my indicator and I provided the link to the originators thread who deserves the credit for the coding.)

What is MADdash? A multi timeframe dashboard looking at price's distance from a moving average. http://www.forexfactory.com/showthread.php?t=545718 )

Please do not ask any questions here as to its use if you decide to give it a try and refer those back to the originators thread as it is pretty self explanatory as a CSM........
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  • #3,050
  • Jul 24, 2016 6:56pm Jul 24, 2016 6:56pm
Zipps,

You can try setting like these and change your lot size to whatever you wish;
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_385 Jul. 24 17.02.jpg Size: 133 KB
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  • #3,051
  • Edited 7:53pm Jul 24, 2016 7:11pm | Edited 7:53pm
UJ M15 +29 (avg. +5.8 @ 5 lots) Explanation on chart and stalking per MADdash CSM for pair heads up......+55 from UJ so far as not too bad for a slow Sunday opening......
Attached Image (click to enlarge)
Click to Enlarge Name: Snapshot2016-07-24_17-14-12_USDJPYi_c_M15.png Size: 57 KB
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  • #3,052
  • Jul 24, 2016 7:45pm Jul 24, 2016 7:45pm
Quoting Zipps
Applied settings... thx for the help cigarguy bro... {image}
No Problem and one more thing you can close your order window @ top left so all can see your pair and info....we all attempt to post with uniformity so all here can see and learn from each traders post........
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  • #3,053
  • Jul 24, 2016 8:02pm Jul 24, 2016 8:02pm
UJ M15 +34 (avg. +6.8) Very FIFO Scalp with great momentum 3 seconds in trade explanation on chart......Nice for a Sunday +89 from UJ......
Attached Image (click to enlarge)
Click to Enlarge Name: Snapshot2016-07-24_18-04-13_USDJPYi_c_M15.png Size: 58 KB
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  • #3,054
  • Jul 24, 2016 8:15pm Jul 24, 2016 8:15pm
Quoting Zipps
{image}
Zipps,

I still do not understand your charts. Please use the Trade Level Indicator and give an explanation for your entries and exits to help all and what those lines not PVSRA are......
Keep It Simple
  • #3,055
  • Jul 24, 2016 9:21pm Jul 24, 2016 9:21pm
PVSRA Traders,

Just a heads up for those trying the CSM posted above;

Once you find a currency pair to stalk for entry, you can for example, watch the M5 and M15 of both currencies that are the same color and watch for the lower t/f M1 to change to the opposite color.

This may indicate a pullback or retrace on the M1 chart (you should view the chart to be sure) and then wait for the M1 to change back to the same color as the M5 & M15 ( rejoining the higher t/f trend) for a possible entry from a retrace.

Something for anyone interested to watch and post any ideas as we are always attempting to THINK OUT OF THE BOX to gain whatever edge we can....
Keep It Simple
  • #3,056
  • Jul 25, 2016 4:32am Jul 25, 2016 4:32am
Quoting maniac
I really don't think a bunch of indicators will solve your issues.
Very true.
  • #3,057
  • Jul 25, 2016 4:37am Jul 25, 2016 4:37am
Quoting cigarguy
New traders usually load their charts with lots of squiggly line indicators to start, thinking they will work as a "Security Blanket" helping with trading decisions

Seldom visit trading sites but a few months ago I discovered a few threads in this forum which are quite interesting and this is one of them that got my interests. Not that I scalp, but a lot of posters in this thread paint a picture that institutional MMs are evils/thieves who manipulate prices all the time and I used to trade in instiutions most of my life in both forex and equity space (both buy side as well as sell side) and I can't exactly be sure if I was ever evil or not This thread has some nice ideas on a scalping level and I agree with the OP (cigarguy) that indicators work only as a "Security Blanket" when indeed they are not really helpful at all and this is always true doesn't matter if the trading horizon is short term as in scalping or long term as in "investing".
  • #3,058
  • Jul 25, 2016 4:43am Jul 25, 2016 4:43am
Quoting lKeithStone
{quote} I took trades with no hesitation and did very well on demo. I thought to myself "I've got this". I went live and had a large loss because I let the trade get away from me. This in return instilled fear into me that I've been trying to shake for over 6 months. In demo land it's so easy because it's not real. I would much rather trade micro 10 cent pips and have a...
Learing to trade profitably and consistently takes a really long time. It took me quite some time to hone my skills and to learn from my from seniors when I first started my career, and I can imagine the level of difficulties that ordinary home/retail traders face when they have no formal training to rely on. Fear once got to me as well when I was relatively new as our trading size was large and I have to be responsible to the banks and clients about what I did, and I saw traders come and go throughout my whole career (I am now retired) as not everyone can stand the pressure. Those who could stand the stress switched from buy-side to sell-side and so they rather focus on doing research for the banks than making direct trading decisions. My advice to you is that while you are still learning, do not trade size that you are not comfortable with, and don't possess a get-rich-quick mindset. This helps to keep your fear under control.
  • #3,059
  • Jul 25, 2016 4:54am Jul 25, 2016 4:54am
Quoting lKeithStone
{quote} I thought to myself "I've got this". I went live and had a large loss because I let the trade get away from me. This in return instilled fear into me that I've been trying to shake for over 6 months. In demo land it's so easy because it's not real. I would much rather trade micro 10 cent pips and have a little skin in the game solely for psychological reasons. I'm currently in the process of studying this thread and setting small goals for myself to overcome this. I WILL overcome this in due time. It's really ridiculous when I think about...
Also try to get any indicators out of the way as they are not helpful at all (see my above post to the OP). I also saw your other posts about using other kinds of candles/chart formats like ticks, Henki Ashi, range, etc. My advice is to get rid of those as well and to stick and master well with time-based charts. To be "in-sync" with the big institutional traders, you have to know at least roughly what tools they are using. I've read quite a number of posts in this thread a few months back and the main theme of this trading method is to read the institutional MM's intention and try to trade on the same side as them. To do this you have to try to get into their mindset to see what they are trying to do, and look at what they are looking at. This is how you get their intentions. Do you think we/they are using charts like ticks, Henki Ashi, range charts, or just time-based charts? (i.e. Daily, 4-hr, 5-min, 1-min etc etc). We used various tools on both fundamental and technical levels to make trading decisions and visual charts are one of the main tools. Throughout my trading career, I have worked in both foreign exchange and equity space and when it comes to charting, I have only used time-based charts to make all my trading decisions and so were my colleagues in the forex department. The only time that I saw my colleagues using other charting formats was the time I worked in the equity department and I have seen a couple of fellow traders using tick charts but only occassionally. Almost all the time, time-based charts are used as we see other forms of chart just another kind of indicator and people only use chart other formats because they can't master and trade profibably using time-based charts and therefore they have to resort to some other charting formats and hope that it will work for them and give themselves back some forms of "control".

To me, those traders are falling for a "false sense of security" or "false sense of control", just like those resorting to trade with indicators. If you want to learn to trade profitably with the method in the thread or with any other methods and to know what MM's intentions are, try getting rid of anything that gives you this false sense of security/control and to focus only on learing the real factors about how the market really works and not any kinds of fancy indicators/chart formats etc. as they will lead you to nowhere.

Good Trading to ALL
  • #3,060
  • Jul 25, 2016 7:56am Jul 25, 2016 7:56am
Quoting Ex-Banker
{quote} Seldom visit trading sites but a few months ago I discovered a few threads in this forum which are quite interesting and this is one of them that got my interests. Not that I scalp, but a lot of posters in this thread paint a picture that institutional MMs are evils/thieves who manipulate prices all the time and I used to trade in instiutions most of my life in both forex and equity space (both buy side as well as sell side) and I can't exactly be sure if I was ever evil or not This...
Ex-Banker,

Thanks for your comments as good to hear from a Professional Inside Institutional Bank Trader (aka Smart Money Trader). Just to be clear, my Market Maker as "Evil" has never been directed at the individual traders themselves, as they are performing their jobs as trained. The reference to the Evil Market Makers/Banks was and is directed at the institutions themselves as controlling the markets and their nefarious methods of collusion and market manipulation. ie., stop hunting and using news events to run the market as a pre-planned catalyst for their own interest just to name some examples.
( You are most welcomed to shed some light on this issue if you so desire)

This is great insight for confirmation from a Professional Traders as to the degree of time must be invested to become proficient with any trading system;

Quote
Learing to trade profitably and consistently takes a really long time. It took me quite some time to hone my skills and to learn from my from seniors when I first started my career, and I can imagine the level of difficulties that ordinary home/retail traders face when they have no formal training to rely on. Fear once got to me as well when I was relatively new as our trading size was large and I have to be responsible to the banks and clients about what I did, and I saw traders come and go throughout my whole career (I am now retired)...

These words have been advocated here from the beginning. All that is needed is provided here FREE for all to learn and use;

Quote
traders are falling for a "false sense of security" or "false sense of control", just like those resorting to trade with indicators. If you want to learn to trade profitably with the method in the thread or with any other methods and to know what MM's intentions are, try getting rid of anything that gives you this false sense of security/control and to focus only on learing the real factors about how the market really works and not any kinds of fancy indicators/chart formats etc. as they will lead you to nowhere.

This statement is exactly what has been said and taught throughout this thread. PVSRA provides insight to the intentions of th possible movement of the Smart Money therefore give us an edge. Armed with this insight, we therefore can grab their shirt tails and momentum and trade as institutional money trades;

Quote
Also try to get any indicators out of the way as they are not helpful at all (see my above post to the OP). I also saw your other posts about using other kinds of candles/chart formats like ticks, Henki Ashi, range, etc. My advice is to get rid of those as well and to stick and master well with time-based charts. To be "in-sync" with the big institutional traders, you have to know at least roughly what tools they are using. I've read quite a number of posts in this thread a few months back and the main theme of this trading method...

Of course you are not Evil at all, as these comments have never been directed at traders but at institutions as you are very insightful and your time to post is appreciated......
Quote
I can't exactly be sure if I was ever evil or not This thread has some nice ideas on a scalping level and I agree with the OP (cigarguy) that indicators work only as a "Security Blanket" when indeed they are not really helpful at all and this is always true doesn't matter if the trading horizon is short term as in scalping or long term as in "investing".

Thanks again for your insightful posts and your comments are welcomed as TRADERS HELPING TRADERS......
Keep It Simple
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