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PVSRA Scalping with Cigarguy

  • #9,121
  • May 19, 2017 8:22am May 19, 2017 8:22am
BAD TRADE... can anybody comment on the mistake or was it just one of those ones that go bad.

5M showed uptrend, switched to 1m and saw price break the RDH with green candle, waited for a retrace (wont show cuz high spread)
Price was above 200MA and dragon slope was good.
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  • #9,122
  • May 19, 2017 8:28am May 19, 2017 8:28am
USDJPY +5 pips

After 2 huge red volume candles I waited for the retrace and when price continued the downtrend, I took the trade and got my target.
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  • #9,123
  • May 19, 2017 8:50am May 19, 2017 8:50am
Quoting only20gp
BAD TRADE... can anybody comment on the mistake or was it just one of those ones that go bad. 5M showed uptrend, switched to 1m and saw price break the RDH with green candle, waited for a retrace (wont show cuz high spread) Price was above 200MA and dragon slope was good. {image} {image}
It looks like you got in when the price was still going down on that big red candle.
  • #9,124
  • May 19, 2017 9:43am May 19, 2017 9:43am
Appears most had a profitable scalping week..Hope ALL have a nice week end and kill it next week..
CG
Keep It Simple
  • #9,125
  • May 19, 2017 11:42am May 19, 2017 11:42am
Quoting the3mp
{quote} It looks like you got in when the price was still going down on that big red candle.
so when one enters on a retrace, we enter so as long as there are no red candles during the retrace. Otherwise entry was okay?
  • #9,126
  • May 19, 2017 12:14pm May 19, 2017 12:14pm
Quoting only20gp
{quote} so when one enters on a retrace, we enter so as long as there are no red candles during the retrace. Otherwise entry was okay?
And you entered at RDH as possible resistance. I am not at my computer or I could annotate your chart.

Although a good question to learn from.

Maybe another trader can help..
CG
Keep It Simple
  • #9,127
  • May 19, 2017 12:16pm May 19, 2017 12:16pm
Hi

eur/usd m1 +5 pip buy
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  • #9,128
  • May 19, 2017 12:17pm May 19, 2017 12:17pm
Quoting matin0871
Hi eur/usd m1 +5 pip buy {image}
Nice..
Keep It Simple
  • #9,129
  • May 19, 2017 12:37pm May 19, 2017 12:37pm
Quoting only20gp
BAD TRADE... can anybody comment on the mistake or was it just one of those ones that go bad. 5M showed uptrend, switched to 1m and saw price break the RDH with green candle, waited for a retrace (wont show cuz high spread) Price was above 200MA and dragon slope was good. {image} {image}
I'm far from experienced compared to the other guys here, however what I've learned some far from how the other trades and from my own mistakes :

-most experienced scalpers here open positions with high volume candles, your entry seems late.
-you entered at half number with low volume bar
-rdh is not a fixed support/resistance and MM will use it for stop hunt.
- the big red bar after your entry has high volume, it could bee seen as on opportunity to cut your losses short.
- RDH broken from the above could have also been an opportunity to cut your losses.
- change to a low spread broker, I opened a demo account just to see how it goes and it makes a huge difference. You should really consider it if plan to keep scalping.
- I know it's easy to make an analysis after the waters have calmed, but, although a risky entry, I could see the previous high break with the second bar a good entry, risky because it's so close do RDH

Just my 2 cents, hope it helps
  • #9,130
  • May 19, 2017 12:46pm May 19, 2017 12:46pm
Quoting Spanudiez
{quote} I'm far from experienced compared to the other guys here, however what I've learned some far from how the other trades and from my own mistakes : -most experienced scalpers here open positions with high volume candles, your entry seems late. -you entered at half number with low volume bar -rdh is not a fixed support/resistance and MM will use it for stop hunt. - the big red bar after your entry has high volume, it could bee seen as on opportunity to cut your losses short. - RDH broken from the above could have also been an opportunity to...
Good analysis...I'm traveling and appreciate traders helping others..
CG
Keep It Simple
  • #9,131
  • May 19, 2017 2:45pm May 19, 2017 2:45pm
Counter to 200 ema

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  • #9,132
  • May 19, 2017 2:55pm May 19, 2017 2:55pm
HI
accept apology me for my bad english

Dear ONLY20GP :

your spread is very bad

i try to define your problem of trade if i mistake please other users help me
I hope that helps
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  • #9,133
  • May 19, 2017 9:37pm May 19, 2017 9:37pm
Quoting only20gp
BAD TRADE... can anybody comment on the mistake or was it just one of those ones that go bad. 5M showed uptrend, switched to 1m and saw price break the RDH with green candle, waited for a retrace (wont show cuz high spread) Price was above 200MA and dragon slope was good. {image} {image}
---------------------------------------------------


In addition to other members advice, here are a few more points for your consideration in future trades:

4 Don'ts in Trading:

1) trade against trend
2) long resistance/short support
3) enter trades far from MA
4) trade breakout w/o buildup

In the case of the particular trade in question, it seems that item #3 on the list may have played a part....hope it helps n happy trading!
  • #9,134
  • May 22, 2017 12:46am May 22, 2017 12:46am
EU M1 +2.4 pips

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Risky morning trade, but I liked the setup.

Entry reason :

Many high volume red bars in the last hour.
On M1 PA pushed trough the dragon and hit MA200, then came back down with a high volume red bar.
Entry at open of the next bar.

Exit reason:
Low volatility at this hour.
My read shows local support.
M5 below the dragon at the MA200
  • #9,135
  • May 22, 2017 2:12am May 22, 2017 2:12am
UJ M1 +5 pips
Could have done better with an earlier entry, but I was too slow.

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UJ m5 under MA200 and dragon.

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Entry Reason :

Filter M5 ok
PA on M1 failed to broke trough the dragon, good retracement, first red bar closed within the dragon.
2nd bar still has high volume, I decided to set sell limit at the previous low.
By the time I was setting the limit order, price went trough it, so I took short manually a bit late.

Exit :
TP 5 pips, above quarter number.
  • #9,136
  • May 22, 2017 2:15am May 22, 2017 2:15am
Very few pips for a quick trade.
Bearish trend, with dragon and MM200 showing a good slope, retrace to the dragon and after a red candle with volume I took a short trade. Target the Daily pivot
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  • #9,137
  • Edited 3:35am May 22, 2017 3:12am | Edited 3:35am
I have no idea why week H/L and daily H/L don't draw anymore on my charts.

Edit: reloaded template, restarted MT4, changed tf to weekly daily a few times, it works now
  • #9,138
  • May 22, 2017 3:49am May 22, 2017 3:49am
EU M1 +5 Explaination on chart

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  • #9,139
  • Edited 4:24am May 22, 2017 4:06am | Edited 4:24am
Eu M1 -8 pips

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Entry reason:

M5 downtrend, under dragon and MA.
M1 downtrend.
Red bar broke previous low.

Exit reason:

Green bar closed above dragon.
In hindsight, I should have took an earlier exit, perhaps when gray bar broke my horizontal local resistance line.
I could have looked for a different short entry afterwards, lesson learned.

Edit : Analyzing my entry, I just noticed PA close and above the MA200 on M15.

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Lesson 2 learned.
Edit 2 : English
  • #9,140
  • May 22, 2017 4:08am May 22, 2017 4:08am
UJm1 +5

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Entry reason:

PA failed to break dragon & MA
Green bar with high volume out of the dragon.
Well below half number

Exit : TP
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