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PVSRA Scalping with Cigarguy

  • #3,121
  • Edited 8:47am Jul 29, 2016 8:36am | Edited 8:47am
Reference Previous Post Above;

Here you can see USDJPY and GBPUSD M1 are retracing from the main bearish trend so a trader might stalk M1 to see if it rejoins the down trend for a good PVSRA Entry from this retrace or we now have a changing up trend if the other T/F's join the trend. Again, this CSM is not for entry decisions but for heads up as to pairs to stalk. The higher the number the stronger the trend..............

Here you can see the retrace on the M1 chart as depicted on he CSM....

Attached Image (click to enlarge)
Click to Enlarge Name: Snapshot2016-07-29_06-51-36_USDJPYi_a_M1.png Size: 46 KB
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Keep It Simple
  • #3,122
  • Edited 9:28am Jul 29, 2016 9:02am | Edited 9:28am
UJ M1 FIFO Scalp +31 (avg. +3.1 @ 10 lots) Almost a perfect CSM heads up TEXT BOOK trade as posted above.

Folks, it doesn't get much easier then this!!.......You don't need bunches of indicators and squiggly lines just whats provided here and your eyes. If there is a Holy Grail, then it's you, the trader who makes the decisions.............

1) CSM Heads Up
2) Stalk pair------ Weak vs. Strong
3) Watch to see if lower t/f re-joins trend....either up or down
4) Confirm a good PVSRA entry.........key levels as S & R, good momentum and volume
5) If all looks good, enter and close based on PA relative to key levels
6) Put your + Pips in the BANK
7)Then Enjoy the rest of your day at the beach..........

If a trader can not recognize the above and make some pips maybe He/She are in the wrong business. All is provided here FREE OF CHARGE as far as templates, indicators, trade examples, CSM for heads up as to currencies to stalk, and lots of study material and great trade explanations. All you have to do is PULL THE TRIGGER AND MAKE THE TRADE...........

Stay GREEN My Friends, KEEP IT SIMPLE and ENJOY your week end.
Attached Image
Attached Image (click to enlarge)
Click to Enlarge Name: Snapshot2016-07-29_07-04-59_USDJPYi_a_M1.png Size: 54 KB
Keep It Simple
  • #3,123
  • Edited 11:49am Jul 29, 2016 11:28am | Edited 11:49am
PVSRA Scalpers,

I am hoping that most traders understand what I am attempting to drive home with the above posts!!

I receive so many PM's from traders asking questions about buy and sell signals derived by moving average crosses and asking what other indicators provide the best signals for entries and exits. My answer is always the same; NONE as each trader must learn to read their Price Action/Key Level charts and trade WITH THE SMART MONEY.

A trader cannot remain successful and stay in this business unless He/She acquires an understanding to HOW THE FOREX MARKET REALLY WORKS!

There are a lot of trading systems out there and I think through the years that I have tried most and followed line crosses, black box systems and many others with no lasting success. Sure, anybody can make a couple of lucky trades with any system and make a few pips.

You can do the same by tossing a coin and probably be right 50% of the time with any luck with no charts at all.
Attached Image


I have learned to have staying power and trade FOREX AS A BUSINESS, if a trader is serious, they must invest their time with a viable system that makes sense and learn the market and how SMART MONEY TRADES (aka Market Makers and Banks) and trade WITH THEM.

Example; If I received a phone call from Mr. Warren Buffett and he gave me advice as to what his investing strategy was and information of what to buy and sell, do you think I would listen?? Yes, of course I want to be on the right side of the market with Mr. Buffett the Smart Money....

Trade Well and Stay GREEN My Friends!
Keep It Simple
  • #3,124
  • Jul 29, 2016 11:46am Jul 29, 2016 11:46am
Thank you for the vivid illustration and straightforward explanation, CG. USDJPY's action in NY session so far has been down strongly with an exception of a 35pip bounce along the way. On a day like this, what would u do to stop sb from attempting to pick a bottom and hoping for a retrace, what signs or criteria do u have to see before u would even consider a buy order in today's situation or nothing at all but short only. Thank you in advance and have a great weekend.​
  • #3,125
  • Edited 4:56pm Jul 29, 2016 11:56am | Edited 4:56pm
Quoting pipiphooray
Thank you for the vivid illustration and straightforward explanation, CG. USDJPY's action in NY session so far has been down strongly with an exception of a 35pip bounce along the way. On a day like this, what would u do to stop sb from attempting to pick a bottom and hoping for a retrace, what signs or criteria do u have to see before u would even consider a buy order in today's situation or nothing at all but short only. Thank you in advance and have a great weekend.​
pipiphooray,

If your asking me my opinion; I do not trade on Fridays after London close (usually) as to much ranging, retracing as traders closing positions before the week end.

Sometimes the best trade is NO TRADE and give your Trigger Finger a rest. The market will still be here next week providing lots of solid PVSRA confirmed entries........

It's time to move my Trading Office for the week end to the beach;
Attached Image



Stay GREEN My Friend!
Keep It Simple
  • #3,126
  • Jul 29, 2016 12:25pm Jul 29, 2016 12:25pm
USDJPY +5.4

Reasons for trade:
1. Brake above dragon
2. Momentum
3. Friday profit taking
4. Strong reaction off TPO level
5. Strong Daily level

Cigarguy - hoping you don't mind if I'm using TPO profile and VWAP?

For those of you who don't know what TPO profile is... TPO (Time Price Opportunity) shows the amount of trading activity, based on time, for each price level the market traded at for any given time period.

Have a great weekend everyone!
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM1.png Size: 57 KB
  • #3,127
  • Jul 29, 2016 12:35pm Jul 29, 2016 12:35pm
Quoting lKeithStone
USDJPY +5.4 Reasons for trade: 1. Brake above dragon 2. Momentum 3. Friday profit taking 4. Strong reaction off TPO level 5. Strong Daily level Cigarguy - hoping you don't mind if I'm using TPO profile and VWAP? For those of you who don't know what TPO profile is... TPO (Time Price Opportunity) shows the amount of trading activity, based on time, for each price level the market traded at for any given time period. Have a great weekend everyone! {image}
lKeithStone,

Nice trade and explanation.....

TPO profile and VWAP.....No problem, as still allows for a clean PVSRA chart and looks interesting!.......Please feel free to post more information about their usage if you like for all to see as long as we keep our charts clean and trades consistent with our PVSRA system...........
Keep It Simple
  • #3,128
  • Jul 29, 2016 1:38pm Jul 29, 2016 1:38pm
Quoting cigarguy
{quote} lKeithStone, Nice trade and explanation..... TPO profile and VWAP.....No problem, as still allows for a clean PVSRA chart and looks interesting!.......Please feel free to post more information about their usage if you like for all to see as long as we keep our charts clean and trades consistent with our PVSRA system...........
I find both TPO and VWAP work incredibly well at finding S/R levels (especially for scalping). The TPO indicator does make the higher timeframe charts look very messy because it draws horizontal lines at the most traded prices (you can turn off the horizontal lines in the indicator settings) which is helpful when looking at higher timeframes. When adding the indicator to your chart there will be 2 vertical lines that you can move to define the range the indicator will look at to draw levels.

The VWAP indicator can also make your chart look messy at the beginning of the week (depending on your settings) because the week is just starting and the bands are compressed until price starts moving. I normally change the bands to black at the beginning of the week if they are in my way.

Here is a more detailed description of TPO (you can also search TPO profile on google to get a better understanding of how it works):
The TPO Profile study represents trading activity over a time period at specified price levels. Considering the input-defined aggregation period, the TPO Profile plots a histogram showing price distribution, revealing the dominant price values.
The longest row of the TPO Profile defines the price level which was the most frequent during the specified time period; this level is called Point Of Control (POC).

TPO Profile does not repaint. It will add new levels if you have one of the vertical lines placed ahead of the current price. In the picture with the arrows- all of those TPO levels were there before price reached them.

I figured both of these indicators would be okay to use since they are what PVSRA is all about (Price Volume Support Resistence). I will attach them for those who would like to test them out to see if they help with there trading.

Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPYM1TPO1.png Size: 49 KB
Click to Enlarge Name: USDJPYH4RANGE.png Size: 95 KB
Click to Enlarge Name: USDJPYM1VWAP.png Size: 72 KB
Attached File(s)
File Type: ex4 TPO-Range-v3.ex4   40 KB | 561 downloads
File Type: mq4 ay-vwap.mq4   7 KB | 467 downloads
  • #3,129
  • Edited 3:24pm Jul 29, 2016 3:10pm | Edited 3:24pm
Quoting lKeithStone
{quote} I find both TPO and VWAP work incredibly well at finding S/R levels (especially for scalping). The TPO indicator does make the higher timeframe charts look very messy because it draws horizontal lines at the most traded prices (you can turn off the horizontal lines in the indicator settings) which is helpful when looking at higher timeframes. When adding the indicator to your chart there will be 2 vertical lines that you can move to define the range the indicator will look at to draw levels. The VWAP indicator can also make your chart look...
lKeithStone,

The TPO appears especially interesting as I saw this some time ago but maybe time for a 2nd look.......Thanks for sharing.....

I think we can still remain on topic;

No problem if some wish to open up a discussion on each of these two indicators based on some experience as we can still stay true to our PVSRA system, ie., Support/Resistance, key levels and volume relative to PA.
Keep It Simple
  • #3,130
  • Jul 29, 2016 5:54pm Jul 29, 2016 5:54pm
Hello all, i was wondering if anyone has the CSM indicator, im trying to find it in the thread and im getting nowhere

Staying Green As Always

Iscalp
If there is no enemy within, the enemy outside can do us no harm...
  • #3,131
  • Jul 29, 2016 5:59pm Jul 29, 2016 5:59pm
Quoting lKeithStone
{quote} I find both TPO and VWAP work incredibly well at finding S/R levels (especially for scalping). The TPO indicator does make the higher timeframe charts look very messy because it draws horizontal lines at the most traded prices (you can turn off the horizontal lines in the indicator settings) which is helpful when looking at higher timeframes. When adding the indicator to your chart there will be 2 vertical lines that you can move to define the range the indicator will look at to draw levels. The VWAP indicator can also make your chart look...

Hi Ikeithstone, pleasure to have you on this thread, just wondeing if you could help me. What settings do you the TPO on? i dont seem to have the same view like yourself with the posted picture you have showing the indicator?

Kind Regards

Staying Green As Always

Iscalp
If there is no enemy within, the enemy outside can do us no harm...
  • #3,132
  • Jul 29, 2016 6:19pm Jul 29, 2016 6:19pm
Quoting iscalp
Hello all, i was wondering if anyone has the CSM indicator, im trying to find it in the thread and im getting nowhere Staying Green As Always Iscalp
iscalp,

If your referring to the CSM I discussed a few posts back, it's the MADdash indicator in the above paperclip and first discussed in Post #219, for details and credit to the original thread and coder........
Keep It Simple
  • #3,133
  • Jul 29, 2016 6:22pm Jul 29, 2016 6:22pm
Quoting cigarguy
{quote} iscalp, If your referring to the CSM I discussed a few posts back, it's the MADdash indicator in the above paperclip and first discussed in Post #219........

Ahhh your a gentleman and a scholar, thank you Cigar Guy
If there is no enemy within, the enemy outside can do us no harm...
  • #3,134
  • Jul 29, 2016 6:25pm Jul 29, 2016 6:25pm
Quoting iscalp
{quote} Ahhh your a gentleman and a scholar, thank you Cigar Guy
Keep It Simple
  • #3,135
  • Jul 29, 2016 6:28pm Jul 29, 2016 6:28pm
Quoting iscalp
{quote} Hi Ikeithstone, pleasure to have you on this thread, just wondeing if you could help me. What settings do you the TPO on? i dont seem to have the same view like yourself with the posted picture you have showing the indicator? Kind Regards Staying Green As Always Iscalp
Thanks iScalp! I wish I would have found this thread a long time ago.

Below are the settings that I'm using. I believe they are the default settings. Would you mind posting a screenshot of what it looks like on your screen with your vertical lines in the same locations as mine?

I do know the market has to be live in order for the indicator to calculate the levels. So you may want to wait until Sunday.
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Click to Enlarge Name: Screen Shot 2016-07-29 at 6.20.18 PM.png Size: 476 KB
  • #3,136
  • Jul 29, 2016 6:37pm Jul 29, 2016 6:37pm
Quoting lKeithStone
{quote} Thanks iScalp! I wish I would have found this thread a long time ago. Below are the settings that I'm using. I believe they are the default settings. Would you mind posting a screenshot of what it looks like on your screen with your vertical lines in the same locations as mine? I do know the market has to be live in order for the indicator to calculate the levels. So you may want to wait until Sunday. {image}
lKeithStone;

I am going to test it with Range Minutes = 60, just because I want to sync it in with my NEW HOUR timer because I usually look for a good momentum move at the beginning of the hour candle.

I have no idea if that makes a difference or not, but going to start playing with it there to see if it has value for me....Interesting to see if it adds valued information to our current PVSRA trade levels. Our current template is pretty much tried and true and as they say "if it ain't broke, don't fix it" but we must keep an open mind........
Keep It Simple
  • #3,137
  • Jul 29, 2016 6:43pm Jul 29, 2016 6:43pm
Quoting lKeithStone
{quote} Thanks iScalp! I wish I would have found this thread a long time ago. Below are the settings that I'm using. I believe they are the default settings. Would you mind posting a screenshot of what it looks like on your screen with your vertical lines in the same locations as mine? I do know the market has to be live in order for the indicator to calculate the levels. So you may want to wait until Sunday. {image}

Ahh that makes sense then, good chance its that then.

Well thank you kindly for getting back to me so quick.

Staying Green

Iscalp
If there is no enemy within, the enemy outside can do us no harm...
  • #3,138
  • Jul 29, 2016 6:54pm Jul 29, 2016 6:54pm
Keeping in mind;

Trade levels (aka psychological levels) work as somewhat a self-fulfilled prophecy as Smart Money and many traders (Institutional Traders as well as retail traders) place their pending Buy and Sell orders at these levels. If any level or indicator ie., fibs or key levels, just to name a couple, are used by enough traders then they will work because the masses are using them, therefore fulfilling the prophecy as support and resistance.

Hence, Support and Resistance at these levels (stop or slow a trend and/or where reversals and retraces occur as pending orders are filled....There is much more to these levels then this, but that could be a whole other discussion that could go on for hours, this is only the short version.........
Keep It Simple
  • #3,139
  • Jul 29, 2016 6:59pm Jul 29, 2016 6:59pm
Quoting cigarguy
{quote} lKeithStone; I am going to test it with Range Minutes = 60, just because I want to sync it in with my NEW HOUR timer because I usually look for a good momentum move at the beginning of the hour candle. I have no idea if that makes a difference or not, but going to start playing with it there to see if it has value for me....Interesting to see if it adds valued information to our current PVSRA trade levels. Our current template is pretty much tried and true and as they say "if it ain't broke, don't fix it" but we must keep an open mind...........
Hmm I'm not sure if that will make a difference. I've never tested it with those settings. Make sure to keep us updated on your findings.

I do think it's important to keep an open mind, BUT if it starts to over complicate the original PVSRA strategy then I will definitely get rid of it. With all of us testing it we should figure out pretty quickly whether it's a worthy addition to PVSRA.

Have a great weekend cigarguy!
  • #3,140
  • Jul 29, 2016 7:00pm Jul 29, 2016 7:00pm
Quoting iscalp
{quote} Ahh that makes sense then, good chance its that then. Well thank you kindly for getting back to me so quick. Staying Green Iscalp
No problem iScalp. Have a great weekend!
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