Learn to be a Scalper - page 44
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Thanks for sharing this very relevant information. I really appreciate the effort and time for putting this all together. I am always looking forward to reading more great news from you...
regards,
Cortney..
Hi Monarch,
I really like the simplicity in you'r trading using just price action, by the way i have been following you from Forex factory and would like to learn some strategy that you use.
Cheers !
please explain the method
Hello and welcome.
The method for the trade was based on the "Pressure" of Price.
On the 1 hour chart the price moved down sharply, and if you watch Forex long enough you will identify points where price stops, on a move up it is called a resistance, on the move down it would be a support.
After price makes an identifiable move, such was the case on my last 2 charts showing my trade. Price found an area of support and then it rose back into the previous range of movement, we call that a retracement.
On the 1 hour I caught the retrace level at the 62 Moving Average, and on the 1 minute I recognized the lower high showing me the stall upwards. It was here I expected the move back down towards the low that was set just hours before.
You can trade confidently within the 1 hour trend, but I also find trades on the supports and resistance areas in most cases.
I hope that helps a bit, do ask if you want more explanation.
Cheers
Hi Monarch, I really like the simplicity in you'r trading using just price action, by the way i have been following you from Forex factory and would like to learn some strategy that you use.Cheers !
Yes, I use to post years ago on Forex Factory, I still lurk there occasionally, but I prefer a more quiet forum.
I hope I can explain price action trading to help, there are some very unique patterns that appear on different time frames, and once you recognize those patterns, you can almost always find a little nugget of pips.
I personally try to hold back from trading too much, and I am normally trading in Asia session since it is the most convenient time for me.
I will post more charts showing some key patterns, and from there we can assure to make more and more profitable trades.
Try to focus on a few good trades per day, and once your seeing those succeed, then move forward and get more aggressive.
Cheers.
Thanks for sharing this very relevant information. I really appreciate the effort and time for putting this all together. I am always looking forward to reading more great news from you...regardsCortney..
Welcome to the thread Cortney, I hope I can help by showing setups and charts of actual trades. I use MT4 for my 1hr, 15m, and 5m. And I use Oanda for my actual real account, since they only charge spread, and no commission.
I will try to post more charts for those interested, I always like seeing actual trades, but I like to have things explained along the way.
I am online during Asia session, because it really has shown predictability in my type of setups, and I can easily find my daily goal in just a few hours of glancing at charts.
If you have specific questions about charts or analyzing formations/patterns feel free to ask.
Cheers
The very first thing I do when I open my charts is look at where price is NOW, and the last thing I do before closing my charts is mark on my screen where price was when I left.
This shows me if we have been bullish or bearish, after 1 minute of adjusting my 4 charts for EU, I look at the overall picture of each time frame.
On this chart (15m) I marked a few things that I try to picture in my mind as I do my initial analysis.
After I recognize the trend, and the power moves that occurred, I look for trades in those directions first, and secondly I look for the areas I expect price to STALL.
I have taken 1 trade since 1pm California time, and it was a LONG, I made quick pips in 2 minutes, because I believe it was trading with the current trend of NY, and sure enough it was easy.
So the first key is to IDENTIFY the WHERE, and the NOW.
More to follow......
I was out the past 4 hours, and returned to find the EU went upwards 30 pips from the last chart expectation. Price did not re-test the overall resistance, and has since returned to the last support.
I will be looking for direction this hour, waiting for either Range to form on that support, or a break down in price to test older supports.
For now I am bias LONGS, but it could change with a couple 15m bars.
Cheers.
I was out the past 4 hours, and returned to find the EU went upwards 30 pips from the last chart expectation. Price did not re-test the overall resistance, and has since returned to the last support.I will be looking for direction this hour, waiting for either Range to form on that support, or a break down in price to test older supports.For now I am bias LONGS, but it could change with a couple 15m bars.Cheers.
Took 2 support stall LONGS for profits.
Will look again for stall patterns, or possible shorts on a break down???
I have completed one LONG from the 8:30 am news, and will be looking for additional LONG setups on small moves down.
Price has reached my Resistance and is working that area presently, I am expecting 1.4300/10 to reach on EU this coming hour.
UPDATE: I took +12 Pips on the LONG setup, that was my last trade for the week.
Cheers
Here is a chart showing a few options price will be facing on the 15 minute chart.
It is heading for a 3rd tap on the Resistance area, it should break this area and move upwards, but if it holds then look for the move back to the lower areas I have marked.
For now price is very comfortable in the upper area of this range.
Good trading this week.
Cheers