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PVSRA Scalping with Cigarguy

  • #9,381
  • Jun 15, 2017 10:18am Jun 15, 2017 10:18am
Quoting Roose
GBPUSD +4.5 Explanation on Chart USDJPY +2.5 Explanation on chart Anybody have advice for how to not get out early.
Something that helped me greatly when I used to do the same was to keep detailed records of everything.

Make a spreadsheet and record every trade you take. Record the TP you set and also the price at which you closed (early). Also record if the trade would have got to your TP or not had you not closed early.

If you have time, go back thorugh every trade you've taken and add them to the spreadsheet too.

THen once you have a sizeable amount of data, you'll be able to work out exactly what % of your trades you're closing early. You'll also be able to work out what % of your closed early trades would have gone on to target. You'll likly find that the % of trades you've closed early that would have got to TP will be high (it was for me). You can also record how much money you have not made by closing your trades early.

Once you have that % figure and $ figure, stick them on the wall in front of you, or on your screen. Every time you get fearful and want to close out early, look at that % figure and the $ figure. The number dont lie.

There are probably other better methods to stop you closing trades early but this really worked for me. There was a time when over 90% of my trades I would close early and the majority of them would have gone on to TP. But by recording everything in detail and working out a few calulations, everytime I felt fearful and wanted to close early, I would look at the stats and say to myself it will be stupid to close this trade early when the stats dont support it.

Having something written down in black and white infront of you can help sometimes. Hopefully it helps you
  • #9,382
  • Jun 15, 2017 10:19am Jun 15, 2017 10:19am
USDJPY -3.5 Explanations on chart. All the more reason to follow your rules and not let the wins go to your head. Remember those wins were due to you following your rules.
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  • #9,383
  • Jun 15, 2017 10:20am Jun 15, 2017 10:20am
Quoting Vape
{quote} Something that helped me greatly when I used to do the same was to keep detailed records of everything. Make a spreadsheet and record every trade you take. Record the TP you set and also the price at which you closed (early). Also record if the trade would have got to your TP or not had you not closed early. If you have time, go back thorugh every trade you've taken and add them to the spreadsheet too. THen once you have a sizeable amount of data, you'll be able to work out exactly what % of your trades you're closing early. You'll also...
This is Amazing! I would've never thought of this. Thanks Vape.
  • #9,384
  • Jun 15, 2017 1:09pm Jun 15, 2017 1:09pm
Hi

eur/usd m1 +4 pip sell
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  • #9,385
  • Edited 4:05pm Jun 15, 2017 3:34pm | Edited 4:05pm
Quoting Vape
{quote} Something that helped me greatly when I used to do the same was to keep detailed records of everything. Make a spreadsheet and record every trade you take. Record the TP you set and also the price at which you closed (early). Also record if the trade would have got to your TP or not had you not closed early. If you have time, go back thorugh every trade you've taken and add them to the spreadsheet too. THen once you have a sizeable amount of data, you'll be able to work out exactly what % of your trades you're closing early. You'll also...
Excellent advice and carefully watch how PA reacts to and respects our key S & R levels. Most of my scalps are level to level +/- a few pips if PA stalls.

If momentum is strong I will let my trade run untill a stall occurs or near a key level expecting a retrace/profit taking by market makers.

My point is after observing many level to level PA moves the number of times and percentage of times these levels are respected could also be added to Vapes suggestion as areas for exits.

CG
Keep It Simple
  • #9,386
  • Jun 16, 2017 2:07am Jun 16, 2017 2:07am
EJ+5

FIFO

Entry Reason :

PA broke previous high and round number with huge green bar
M1+M5 show bullish movement
Price retraced to dragon and bounced with green notable volume bar
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  • #9,387
  • Jun 16, 2017 2:21am Jun 16, 2017 2:21am
USDJPY -12. Explanation on chart. Comments welcomed.

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  • #9,388
  • Jun 16, 2017 4:09am Jun 16, 2017 4:09am
EJ -1.4

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Entry reason:
Overall high green volume
Low red volume
Previous high broken
Uptrend

Post analysis and exit:

Perhaps entry is too far from dragon
Big red volume bar, higher volume than the previous bullish.
Price failing to break local resistance
I decided it's better to get out and wait for a different entry
  • #9,389
  • Jun 16, 2017 4:15am Jun 16, 2017 4:15am
EURJPY +31P

Entry:
Above dragon
Going with the trend
Resisted EMA, candles before
Good volume

Exit:
Red candle
Seems like the trend is getting exhausted

First of all. Thx for this thread! Have gone through the whole thread this week and started trading this system/idea yesterday. I have A LOT to learn, but going okay so far.

This was the first trade of the day.

BTW everyone should have a trade journal where the write every reason why they made each trade, why it worked/did not work.
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  • #9,390
  • Jun 16, 2017 4:29am Jun 16, 2017 4:29am
Quoting samskara
USDJPY -12. Explanation on chart. Comments welcomed. {image}
Hi Samskara,

I almost went in as well. However the big green bullish bar was due to BOJ Policy rates, it was also huge : 20 pips.
The retracement after the big bullish bar was very strong, big angle on the drop meant the bears are still in play.
Another bearish signal was the small doji candle on top with notable volume. Clearly bears are strong here.
I also hate the 110.000-500 range on UJ, there's lot of distribution/accumulation in the area over the last months, so I try to find only the perfect entries within this range.
The better entry was after the blue candle, at the opening of the green, but it was under important level, so better safe than sorry.
All this information kept me out.

I also think that the exit was late. You could have close the trade at the break of the TL built on the last 3 HL.

Take all this with a grain of salt please, I'm still learning to trade PVSRA. Perhaps someone more experienced could provide better insight.
  • #9,391
  • Jun 16, 2017 4:31am Jun 16, 2017 4:31am
Quoting Kongjarl
EURJPY +31P Entry: Above dragon Going with the trend Resisted EMA, candles before Good volume Exit: Red candle Seems like the trend is getting exhausted First of all. Thx for this thread! Have gone through the whole thread this week and started trading this system/idea yesterday. I have A LOT to learn, but going okay so far. This was the first trade of the day. BTW everyone should have a trade journal where the write every reason why they made each trade, why it worked/did not work. {image}
Wow nice one.
  • #9,392
  • Jun 16, 2017 5:48am Jun 16, 2017 5:48am
Quoting Spanudiez
{quote} Hi Samskara, I almost went in as well. However the big green bullish bar was due to BOJ Policy rates, it was also huge : 20 pips. The retracement after the big bullish bar was very strong, big angle on the drop meant the bears are still in play. Another bearish signal was the small doji candle on top with notable volume. Clearly bears are strong here. I also hate the 110.000-500 range on UJ, there's lot of distribution/accumulation in the area over the last months, so I try to find only the perfect entries within this range. The better entry...
Hi Spanudiez, thank you for your thoughts. I agree with all your comments. In hindsight I didn't enter with bullish momentum. It's also risky, in my opinion, to look to enter soon after a very large candle (20 pips in one minute in this case). It's safer to wait for a deeper retracement and trade once bearish momentum has stalled. Thanks again.
  • #9,393
  • Jun 16, 2017 6:23am Jun 16, 2017 6:23am
EURUSD -4.3. Explanation on chart. Comments welcome.

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  • #9,394
  • Jun 16, 2017 6:44am Jun 16, 2017 6:44am
Quoting samskara
EURUSD -4.3. Explanation on chart. Comments welcome. {image}
my opinion is

Price action was good
volume activity was good
S&R was not good enough to catch some pips

before trade we should consider these three factors at least
  • #9,395
  • Edited 8:15am Jun 16, 2017 7:36am | Edited 8:15am
Quoting samskara
EURUSD -4.3. Explanation on chart. Comments welcome. {image}
Imo great entry, but PA already failed to break 3-4 times the resistance around 1.11810:
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It would have been a great trade if you aimed for 2-3 pips.
I would have taken it as well but I prefer the green bar breaking the resistance area first because I always aim for 5 pips. However I've seen many experienced traders here take trades just like this one but they modify the target accordingly.

Edit: had some time so uploaded my chart
  • #9,396
  • Jun 16, 2017 8:03am Jun 16, 2017 8:03am
The market has been kind to me today.

EJ +5
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Entry reason :
Overall red volume
Big red bar breaking half number
LL and HL
M15 Red bar, M5 red bar, both notable volume bars

GJ +4

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Big volume down
M5 broke round number with high volume I went to M1
I waited for retrace to round number, and went in a bit late though, high volatility
Decided to close on 4 pips where PA struggled a lot and because of my late entry
  • #9,397
  • Jun 16, 2017 10:31am Jun 16, 2017 10:31am
GBPUSD Break even.... Just my thoughts on a trade I attempted to take. I was originally not going to post but here I am...posting it.
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  • #9,398
  • Jun 16, 2017 11:53am Jun 16, 2017 11:53am
Hello friends,
Could you please help me?
Does Anyone Have A Profitable EA Scalper?
For ECN accounts,
And starting balance $ 15?

Thanks hugs!
  • #9,399
  • Jun 16, 2017 5:47pm Jun 16, 2017 5:47pm
usd/jpy +16 short. explanation on chart. anyone else see this set up or try counter trend trades today?
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  • #9,400
  • Jun 16, 2017 8:53pm Jun 16, 2017 8:53pm
Quoting Spanudiez
The market has been kind to me today. EJ +5 {image} Entry reason : Overall red volume Big red bar breaking half number LL and HL M15 Red bar, M5 red bar, both notable volume bars GJ +4 {image} Big volume down M5 broke round number with high volume I went to M1 I waited for retrace to round number, and went in a bit late though, high volatility Decided to close on 4 pips where PA struggled a lot and because of my late entry
Nice scalps
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