Thread: Price Action Scalping

As I continue on my journey to exchange full time...I am testing a few things on live account however with pennies. I've blow up several accounts and thankfully those one's have only been for several dollars. I'd like to get response to a scalping method.

Lot's of systems here call themselves scalper systems, but what they really do is wait for a trend to establish and then exchange with the trend and the shooting of 2 into three indiors. So they are trend scalpers I guess. A number of these systems do not fire at times when the indiors do not line up just right when sometimes it's so evident because the very best indior, price, is moving in an obvious way. I suggest a price action scalping method that will work on any pair.

I use M1 and M5 with a gann hi-lo indior with a feeling of 10. I have two moving averages to keep me on the right side of this trade....but it's mostly price action and moving above/below gann that puts the trade up.

Rules for entrance:
M5 - await gann to reverse, end of candle
M1 - visit M1 and now look for exactly the very same, gann to reverse and price starting to proceed

I wait for the retrace and when price hits a new high I am in with a halt at the low of the latest pullback.

I am thinking we do not need much else besides pivots, SR plus some trendlines that are drawn on a higher timeframe. . .and we go with the price action moves with tight stops.

Exit is another matter all together and you will find so many methods to exit. We can discuss that.

What I am looking for would be to refine some entrance criteria....keeping it really simple and minimal indiors. Any comments from other people that use price action to scalp would be appreciated.

Cheers

Originally Posted by ;

Any comments from others which use price action to scalp would be much appreciated.

Cheers
CanuckCT

Trend lines and horizontal SR is nice

But get rid of the indies and just have a look at the chart

Employing gann lines I believe surpasses the price action part of your system.

My proposal is to search for a way to trade breakouts. Most scalping trades I take are generally due to a breakout.

I am trying to wean myself off the indiors and use price action. 1-2-3 breakouts, trendlines, SR and pivots. The longer I transaction, the nearer I proceed to all those tools....but can not seem to go completely nude of indiors. This tread will help me to do that. I am currently searching for similar threads...I find that there are many.
Cheers

Originally Posted by ;

Utilizing gann lines I think surpasses the price action part of the system.

My suggestion is to search for a way to trade breakouts. Most scalping trades I consider are generally a result of a breakout.

Learn to exchange fibs. If you're having trouble, then use the trading simulator: https://www.nigeriaforextrading.com/...1610692439.zip


The secret to trading fibs as I see it's knowing what to use as a stage for drawing on the high/low.

Thanks Ron...I'll do a little more study with fibs. I guess I am only seeing a lot of great deals based on price action. Waiting for indiors to trigger. . .well frequently they are late and occasionally get you in at precisely the incorrect moment....you are seeing the indior and not the price. And yes, waiting for the trend is great and going with the trend....but there are a lot of breakout transactions that could be exchanged for 10-20 pips...a lot.

I will try out a nude chart with pivots and fibs that I draw plus trendlines. Any suggestion what timeframe from drawing on the fibs, to utilize?

Cheers

Originally Posted by ;

Learn to trade fibs. If you're having trouble, use the trading simulator: https://www.nigeriaforextrading.com/...9944597160.zip


The trick to trading fibs as I see it is being aware of what to use as a stage for drawing the high/low.

Fibs are good for any period. But Keep in Mind that the shorter the interval, the more it's Very Likely to be influenced by news-generated whipsaw

Originally Posted by ;

fibs are great for any timeframe. But remember that the shorter the timeframe, the more it is very likely to be affected by news-generated whipsaw

So Ron. . .here is what I'm now down to. I'll abandon the Gann just for today and begin to focus on price movement and other associated matters.

Cheers

53 on GJ, small lots.
Done for now....back to work.

Hello CanuckCT

Here is precisely the exact same GJ that u have just commerce.