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  • #181
  • May 5, 2017 5:32pm May 5, 2017 5:32pm
Quoting lemercenaire
{quote} The DAX-Monster pretty much always gaps, every day. It will then attempt to close that gap as the day moves on (and when traded is called The K-Gap). All the best with it anyway - one thing's for certain and that's that no matter what, there's not a damn thing you can do about it now
Yes but I was talking about weekend gaps. Anyway we will see. Can't wait for Sunday night. My money is on a gap up (but that could be wishful thinking lol)

Have a good weekend everyone.
Indentify > Plan > Accept > Execute
  • #182
  • May 5, 2017 6:56pm May 5, 2017 6:56pm
Quoting wizlon32
I am not a PVSRA trader. However this pdf really helped me to understand M1 volume. I have recommended it in the past and I recommend it now. When I read this something just clicked which began the process of getting to where I am now.{image}
Magnificent article, really explains money makers and how to defeat them .
  • #183
  • May 5, 2017 8:44pm May 5, 2017 8:44pm
Hey wiz great job man. I'm just starting to learn and I really like your aproach. One question, do you wait for any confirmation on the high volume or just enter when it indicates that MMs are building their position in the opossite direction of the trend.

Keep up the great work man,
  • #184
  • May 5, 2017 11:18pm May 5, 2017 11:18pm
Wiz, did you follow any formula or rule for selecting the trade lot sizes when you were growing your account?
Dragon Rider
  • #185
  • May 5, 2017 11:39pm May 5, 2017 11:39pm
Also thank you for sharing, you helped me close the gap on something I have been trying to do.

I implemented your ideas this week and they work very well for quick pips.

I stopped trading gbp/jpy as it was too crazy for this.


=)
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Dragon Rider
  • #186
  • May 6, 2017 4:38am May 6, 2017 4:38am
Quoting Anf3r
Hey wiz great job man. I'm just starting to learn and I really like your aproach. One question, do you wait for any confirmation on the high volume or just enter when it indicates that MMs are building their position in the opossite direction of the trend. Keep up the great work man,
In a way, as stupid as it might sound, it is a bit difficult to explain exactly what it takes for me to pull the trigger. I have already explained what it is I look for but sometimes I take the shot and other times I am more hesitant. I guess I just go with my gut. Sometimes I am a bit too early and if that is the case I keep observing and if I see more signals in line with my initial analysis then I build on my position.

Another reason I like to add to my position if my initial entry is early is that it makes it easier to get to at least break even. A technique I use quite often is to close my earlier entries for a small profit once a retrace happens but try to keep my final (best) position open until I can close all the rest for a profit. That way I get a good profit on at least 1 position and all the small profits from the others add up to. Doing this reduces the risk if price doesn't want to sing to my tune.
Indentify > Plan > Accept > Execute
  • #187
  • May 6, 2017 4:40am May 6, 2017 4:40am
Quoting barloc
Also thank you for sharing, you helped me close the gap on something I have been trying to do. I implemented your ideas this week and they work very well for quick pips. I stopped trading gbp/jpy as it was too crazy for this. =) {image}
Well done mate. I'm glad you have managed to take something from here and put it to good use. Keep it up
Indentify > Plan > Accept > Execute
  • #188
  • May 6, 2017 4:42am May 6, 2017 4:42am
Quoting barloc
Wiz, did you follow any formula or rule for selecting the trade lot sizes when you were growing your account?
No I did not. I just had a good feel for my account and for what I was willing to risk. I didn't just wake up one day and decide I was going to scalp with high volume, I had been scalping this way for a while.
Indentify > Plan > Accept > Execute
  • #189
  • May 6, 2017 5:12am May 6, 2017 5:12am
Quoting barloc
Also thank you for sharing, you helped me close the gap on something I have been trying to do. I implemented your ideas this week and they work very well for quick pips. I stopped trading gbp/jpy as it was too crazy for this. =) {image}
GBPJPY is not ideally suited to scalping. However, for target trading it's probably the best trading pair by far. I've been studying the pair for a long time now and I'm almost certain that some major players (I think in Asia/Russia but I may be wrong as to their whereabouts) are using the pair to make very big money. Amazingly enough I'm beginning to know with 90% certainty where the target will be. What's nice about target trading is that one can open a trade and know for sure it's going to win because one doesn't need to worry about false breakouts/retracements, all of which are designed to catch trailing stops or/and get small traders to lose their nerve and close out their trade way too prematurely. Yesterday was a good example of that!
  • #190
  • Edited 6:47am May 6, 2017 5:49am | Edited 6:47am
As it's the weekend and maybe you all will have some time, if you really like to understand what Wiz is doing, a good way is to study his trades! We are very lucky that he shares them with us, so why you have a chance, I would suggest investing some time and ploting his trades on your charts and write point of why you think he took that trade, after a while you might see what he looks for... just a idea GL
  • #191
  • May 6, 2017 6:08am May 6, 2017 6:08am
Quoting jmtini
{quote} GBPJPY is not ideally suited to scalping. However, for target trading it's probably the best trading pair by far. I've been studying the pair for a long time now and I'm almost certain that some major players (I think in Asia/Russia but I may be wrong as to their whereabouts) are using the pair to make very big money. Amazingly enough I'm beginning to know with 90% certainty where the target will be. What's nice about target trading is that one can open a trade and know for sure it's going to win because one doesn't need to worry about false...
Totally agree with you. Trade this pair quite a bit using PVSRA. Traded it yesterday and put a few notes on the 15 minute chart. (Wizlon - I know this is not technically scalping but the same thought processes can be used on the lower time frames and it does use volume as a clue giver! Hope it's cool with you. From what I understand you are looking for these volume spikes on the retraces?)
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  • #192
  • May 6, 2017 6:10am May 6, 2017 6:10am
Quoting josh11
As it's the weekend and maybe you will have some time, if you really like to understand what Wiz is doing, a good way is to study his trades! We are very lucky that he shares them with us, so why you have a chance, I would suggest investing some time and ploting his trades on your charts and write point of why you think he took that trade, after a while you might see what he looks for... just a idea GL
josh very few people succeed at scalping. Be very careful before you start doing this on a live account. You need to demo trade it for a few weeks at least. I'm sure that Wizlon will back me up there. I've been trading for many years so I don't need any advice from you, thank you very much. My post was helping those who battle to stay in trades - take it or leave it.
  • #193
  • May 6, 2017 6:14am May 6, 2017 6:14am
Quoting Pent56
{quote} Totally agree with you. Trade this pair quite a bit using PVSRA. Traded it yesterday and put a few notes on the 15 minute chart. (Wizlon - I know this is not technically scalping but the same thought processes can be used on the lower time frames and it does use volume as a clue giver! Hope it's cool with you. From what I understand you are looking for these volume spikes on the retraces?) {image}

Your chart tells the whole story. Spot on mate. Really spot on.
  • #194
  • May 6, 2017 6:15am May 6, 2017 6:15am
I think Josh's post was not directed at you jmtini.....just a general post
  • #195
  • May 6, 2017 6:16am May 6, 2017 6:16am
Quoting jmtini
{quote} Your chart tells the whole story. Spot on mate. Really spot on.
Cheers bud
  • #196
  • May 6, 2017 6:16am May 6, 2017 6:16am
Quoting jmtini
{quote} josh very few people succeed at scalping. Be very careful before you start doing this on a live account. You need to demo trade it for a few weeks at least. I'm sure that Wizlon will back me up there. I've been trading for many years so I don't need any advice from you, thank you very much. My post was helping those who battle to stay in trades - take it or leave it.
First I wasn't advising you!! Just in general!

I have been trading for more than 10 years now mate, so thanks for the advise but I am already a successful scalper, and like I said before I use a different system but very similar MM!

Everything I share here is for the benifit of other but I am happy not to share!
  • #197
  • May 6, 2017 6:28am May 6, 2017 6:28am
Quoting wizlon32
{quote} No I did not. I just had a good feel for my account and for what I was willing to risk. I didn't just wake up one day and decide I was going to scalp with high volume, I had been scalping this way for a while.
SUPER trades, may I ask do you also look for extreme RSI to align say 1m/5m/15m to pull the trigger. Apart from unusual volume and PA candle. Thanks in advance
Self discipline It is a practice
  • #198
  • Edited 7:22am May 6, 2017 7:04am | Edited 7:22am
Quoting okshop
{quote} SUPER trades, may I ask do you also look for extreme RSI to align say 1m/5m/15m to pull the trigger. Apart from unusual volume and PA candle. Thanks in advance
No I don't look for any TF alignment of RSI. I quite like the 3 RSI for timing entries (I described it in a lot of details in a previous thread). Sometimes I use 14 RSI trend line breaks for confirmation. I think I posted a few charts early on in this thread with RSI trend lines drawn in, although I didn't mention it.

Edit: To be honest though I am looking less and less at any of the RSIs. My main focus is always on PA and associated volume.
Indentify > Plan > Accept > Execute
  • #199
  • May 6, 2017 7:25am May 6, 2017 7:25am
Quoting wizlon32
{quote} No I don't look for any TF alignment of RSI. I quite like the 3 RSI for timing entries (I described it in a lot of details in a previous thread). Sometimes I use 14 RSI trend line breaks for confirmation. I think I posted a few charts early on in this thread with RSI trend lines drawn in, although I didn't mention it. Edit: To be honest though I am looking less and less at any of the RSIs. My main focus is always on PA and associated volume.
Can this be an example of a basic rule. I use a 15 min chart as an example. thanks again
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Self discipline It is a practice
  • #200
  • May 6, 2017 7:39am May 6, 2017 7:39am
Quoting okshop
{quote} Can this be an example of a basic rule. I use a 15 min chart as an example. thanks again {image}
Looks good mate

Here is a different option with the RSI TL. The volume however is not very notable in my example but PA is nice.

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Indentify > Plan > Accept > Execute
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