Forex Price Action Scalping: an in-depth look into the field of professional scalping ; Paperback; English ; By (author) Bob Volman ; Description. A good way to learn some basic price action setups, which I believe could be applied to any time frame. The author specifically focuses on trading EUR/USD. A very well written and excellent, detailed description for various techniques of getting into and out of trade using different setups, breakouts, etc. The. ZCASH CRYPTO CURRENCY WIKI

Language: English. Brand new Book. Understanding Price Action is a must read for both the aspiring and professional trader who seek to obtain a deeper understanding of what is commonly referred to as "trading from the naked chart". With hundreds of examples commented on in great detail, Volman convincingly points out that only a handful of price action principles are responsible for the bulk of fluctuations in any market session-and that it takes common sense, much more than mastery, to put these essentials to one's benefit in the trading game.

The power of the book lies in the exceptional transparency with which the concepts and trading techniques are put forth. Hundreds of setups, entries and exits all to the pip and price action principles are discussed in full detail, along with the notorious issues on the psychological side of the job, as well as the highly important but often overlooked aspects of clever accounting. The book, counting pages, opens up a wealth of information and shares insights and techniques that are simply invaluable to any scalper who is serious about his trading.

A price action scalper for many years, he was asked to bundle all his knowledge and craftsmanship into an all-inclusive guide on intraday tactics. Forex Price Action Scalping is the long-awaited result. We sharply condemn these practices.

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Forex price action scalping an in-depth look into the field of professional scalping paperback	Please contact the seller directly if you wish to return an order. The book, counting pages, opens up a wealth of information and shares insights and techniques that are simply invaluable to any scalper who is serious about his trading. Visit Seller's Storefront Terms of Sale: All books are shipped in New condition promptly, we are happy to accept returns up to 30 more info from purchase. Written with a razor-sharp eye for practical detail, yet in a highly absorbable manner, Understanding Price Action breathes quality from every page and is bound to become a classic in the library of any trader who is serious about his education. Forex Price Action Scalping is the long-awaited result. We really, really love books and offer millions of titles, currently over 10 million of them, with this figure increasing daily.
Forex price action scalping an in-depth look into the field of professional scalping paperback	Forex Price Action Scalping is the long-awaited result. See more are happy to accept returns up to 30 days from purchase. Visit Seller's Storefront Terms of Sale: All books are shipped in New condition promptly, we are happy to accept returns up to 30 days from purchase. We sharply condemn these practices. We hope you enjoy our selection and discover your new favorite book. A price action scalper for many years, he was asked to bundle all his knowledge and craftsmanship into an all-inclusive guide on intraday tactics. Few books have been published, if any, that take the matter of scalping to such a fine and detailed level as does Forex Price Action Scalping.
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It is just a trade in process. And it is totally irrelevant whether it will win or lose. Why is that? Granted, embracing a losing trade as if it Forex Price Action Scalping Excerpts were a winner may be stretching it a bit. But the point does show the importance of a proper understanding of distribution in a probability play. All individual outcomes are just data. The only thing that truly matters is the collective result of all your scalping actions in the market.

It can indeed be a mental challenge to have to sit out these times of inactivity, hoping for action and not getting any, especially to those traders who look upon their trading platform as a slot machine in a penny arcade. A word of caution may be in place here, because these sideways ranges do have the nasty habit of luring a trader in one of two very classic mistakes.

This warped sense of reality is typical for a trader who just needs action. The second classic mistake is made by traders who on the surface seem to stay composed rather well in a sideways market. Up until that one amazing moment that boredom abruptly kicks in. For reasons unbeknownst to themselves they suddenly have to get up to make these phone calls, do their exercises, watch the news on the TV or even take a stroll outside.

Anything to get away from that screen and that market! It is a pity that traders are so caught up in the notion that trading trending markets is the only way to go. Contrary to popular believe, sideways markets deliver excellent opportunities, for the simple reason that they have to break out eventually, just like a trending market will eventually come to a halt or even reverse.

With the moving average traveling sideways and price bars alternating above and below it, there is not much to make of it. This is your typical round number zone tug-o-war in the absence of a clear incentive 1. But of one thing we can be sure: unless it is a national holiday, late Friday evening, or lunchtime in an already dead Asian session, price will not stay put for hours on end. Sooner or later some party will give the market a push and that will be incentive Forex Price Action Scalping Excerpts enough for others to react.

The trick is to recognize the buildup that most often precedes it. This is why it is so important to familiarize yourself with pre-breakout tension. What will help is to draw, or imagine, a box around any clustering price action that might lead to a break.

By extending the signal line to the right, we can see that the pullback following the break successfully tested the breakout level as well as the broken round number of 1. That will certainly have inspired a number of bears to just throw in the towel. And a number of bulls to quickly enter the ring. However, despite this potential for double pressure, markets do not always immediately pop.

If you look closely, you can see that the top barrier of this second BB setup is not exactly running across the absolute high 2 but one pip below it, across the equal extremes of four consecutive bars. Here it seems logical to put more weight to the four equal highs than to that one single high sticking out on the left.

It would be overly prudent to wait for this high to be taken out, too. But let us ignore our setup for a moment and see what the market has to say about this: it put in a series of distinctive higher bottoms within the course of two hours; it broke a round number zone and saw it successfully tested; it built up towards a possible bullish breakout and now it breaks a cluster of four bars with equal highs.

I think it is telling us to trade. Once again, the breaking of a round number zone trapped traders on the wrong side of the market. In the previous chart, it was a downward break through the zone that not long after turned bullish, here it was an upward break that soon turned bearish. Probably no more than there is to any other break or move that fails or falls short: a lack of follow-through.

It is not uncommon to see enthusiasm dwindle in rather subdued markets, or in situations where the round numbers are more of a symbolic nature than that they actually represent true technical levels of resistance and support. In these cases, it is fair to assume that not too many stop-losses reside above or below the levels. As a result, the price action remains calm; as much as those in position do not see the need to get out, those on the sidelines are not exactly scrambling to get in, either.

Interestingly, in the Forex Price Action Scalping Excerpts majority of cases there is indeed a pattern to be spotted. Everything is very easy in hindsight, yet if you managed to grasp the concept of the forces in play that caused the upside break in Figure Let us examine up close what exactly went on from the moment the third top was set 4.

It started to go wrong for the bulls when the reaction to this top a tiny countermove was not being picked up by new bulls in the 20ema a few bars later. That would have been a perfect opportunity to swing prices back up. From there on, they could have created themselves a nice squeeze by not giving in to whatever bearish pressure and then force themselves a way through the top barrier of the range. In fact, the three earlier tops 1, 3 and 4 would have made for an excellent barrier to trade that upside break from.

However, instead of working on that upside break, the market set out on its way to the bottom of the range again 5 and now even showed a classic triple top in its wake. These are not bullish signs. But there was hope still. After all, the round number zone was cracked to the upside and successfully tested earlier on, and that should at least amount to something.

If somehow new bulls found it in their heart to aggressively step in above the 1. And that would look quite bullish. Forex Price Action Scalping Excerpts Sometimes it only needs one bar to turn pleasurable hope into the idle variety. How about that little doji 7 that stuck its head a pip above the high to the left of it 6.

A higher high in a bullish market after a possible double bottom in round number support, that should have attracted new bulls to the scene. What kept them away? We can imagine it to be the triple top pattern to the left; but it is not our business to decipher or explain the actions or non-actions of our fellow traders.

Everything is just information. As observant scalpers our task is not just to monitor a chart, but to look for clues in it. The more crucial the signs we can assemble, the more we can solve the puzzle of who is possibly toppling who in the market.

The best indication to determine the value of a particular chart event is to consider its place in the chart in relation to whatever price action preceded it. To give an example, the tiny false upside break of 7 would have been considerably less indicative had the market not printed that triple top shortly before. With prices now trapped below the 20ema, the market was on the brink of being sandwiched into a bearish breakout through the bottom barrier of the range.

For my own personal comfort, I would like to see prices get squeezed a little bit more before breaking down. Preferably, I would like to see the market print a couple of dojis right on the bottom level of the range as in a regular BB setup. It must be stated, though, that a conservative stance is not always the most successful approach. It would be nice if we could really put a rule of thumb on these false breaks, particularly on the tease variant, but alas, it often depends on the situation at hand.

Here the market was extremely slow and the price Forex Price Action Scalping Excerpts action very subdued almost every bar a doji. That makes me want to wait for superior conditions just a little bit longer than, for instance, in case of a speedy market, where I might run the risk of fully missing the break on account of being too conservative. Note: As for the difference between the false break trap and the tease break variant, imagine for a moment the low 5 to have dipped a pip below the range barrier.

That would have turned it into a false break of the earlier bottom of 2 and not a tease. And most of them will have no choice but to sell back to the market what they had bought at bottom prices just moments before. Add to this a number of sideline bears eagerly stepping in and we have ourselves the perfect ingredients of double pressure and thus follow-through.

At times, the anticipation of this little chain of events is very straightforward. At other times, the assessment of the squeeze can be a lot more subtle and it may leave a scalper wondering whether or not to trade. Particularly when the space between the 20ema and the barrier line is no more than a few pip in width, the tease break may be almost indistinguishable from a valid break.

As we have seen already in several examples, the 20ema, just like in the chart above, can still guide prices back out in favor of the trade. Take a moment to compare the string of black bars after the break in this chart with the string of white bars after the break in Figure What do these moves represent?

They clearly show us the unwinding of positions of those traders trapped on the wrong side of the market. In the chart above, for instance, all scalpers that picked up long contracts inside of the range are carrying losing positions the moment prices break down below 1. That string of black bars represents their predicament and their panic, so in essence a rapid unwinding of long positions that are being sold back to the market.

As a result, prices will fall even more until eventually the market calms down and more bulls than bears are willing to trade. This, in short, is the principle of supply and demand. It works the other way around in equal fashion. And it is our job to anticipate it before it even takes place. To the non-initiated this may seem like quite a daunting task. Yet those who observe, study and learn will most likely come to see the repetitive nature of it all. And soon they will be able to exploit those who do not.

For example, if, say, 1. Variations on this pattern repeat themselves with such relentless persistence that it is not hard to imagine how numerous intraday strategies are solely built to exploit this phenomenon. Of course, as scalpers we are only interested in one thing: can we exploit it? Anyhow, if nothing else, round numbers do have the pleasant side-effect of framing things in organized manner, just like wrapping boxes around ranges gives us clarity on resistance and support.

When Forex Price Action Scalping Excerpts it comes to the levels 00, 20, 40, 60 and 80 , you will have noticed that I have set up my software to plot these levels thinly in the chart; but I use them solely for guidance and try not to look upon them as absolute levels of resistance and support. They may do so at the moment, but I rather leave that to the price action itself.

Frankly, in the never-ending quest for simplicity I have tried to scalp with a clean chart, meaning without the lines in it, but somehow my conditioned brain felt less comfortable without these levels framing the action. This may very well be a personal quirk and any scalper can try for himself what suits him best. One last thing: on the road from 40 to 60, and the other way around, things can get very tricky.

Currency trading, like it or not, is a big players game, and the level is arguably their favorite toy. Unlike the 00 round number, this level is not a level itself. More often than not, these levels are what the bigger chart is all about and why we see so many ranges appear as a result. Let us look at Figure Halfway through the chart, the options are very much open. There are no trades near and a scalper should just relax and apply patience.

Tip: you do not necessarily need to draw boxes, a horizontal line across the tops and one beneath the lows will do just ine. At any moment in time there are always three ways to look at a chart. Through bullish eyes, bearish eyes, or neutral eyes. Needless to say, observing the price action with a neutral disposition is the way to go.

It is a bit the same as with the novice chess player who only moves his pieces around in order to attack; this player usually pays very little attention to position play or even to the Forex Price Action Scalping Excerpts many gaping holes in his own defense.

Should it continue its pattern of slightly higher bottoms, then breaking out to the upside, eventually, would technically be the most logical result. As neutral scalpers, we can only sit back and enjoy whatever the market has in store for each party. One thing is of importance, though, and that is to not walk away from this chart in a silly act of boredom. If the bulls show a bit more persistence, particularly when entering a potential squeeze phase, we may have a trade on our hands in a matter of minutes.

As a matter of fact, the subsequent price action after the tease, that is the perfect squeeze that led to an excellent textbook RB trade 9. That is a very fair question. So far the examples here show outcomes that point in favor of that option. It is my observation, though, that in most cases you can get away with being a little more patient.

In other words, missing a range break trade due to a conservative stance is less common than one might think. Secondly, there is also the Forex Price Action Scalping Excerpts matter of protection to take into consideration. As we will see in the section on Trade Management, squeezes provide excellent levels for stop placement.

Conversely, a tease break situation, in essence a somewhat hastier break, seldom delivers the same technical clarity in terms of where to place the stop. When trading breaks, patience truly is a virtue. Therefore, my advice would be to shun the non-buildup breaks entirely false break traps and those resulting from little buildup as much as you can tease break traps. Note: If prices after a tease break are pushed back inside the range but not much later break out again as in a valid RB, then it is not necessary to postpone entering until the tease level is taken out, too.

An exception would be if there are multiple tease breaks in a row that together form a new barrier by themselves. Then it may be recommended to assess the situation from the perspective of that new barrier see Figure Despite the many false breaks, there was no need to get caught in any of them. In fact, Forex Price Action Scalping Excerpts a scalper would probably not even have started plotting his barriers before the top of 3 equaled the top of 1 , and the low of 4 equaled the low of 2 ; and that would have already eliminated two false breaks F1 and F2.

This chart, obviously, shows the market being a bit nervous. By that information alone, it is quite safe to assume that halfway through it, the market was bracing itself for a typical news release. News releases bear an intrinsic potential to really rip a chart apart. It means that contracts change hands so feverishly that it looks like the bars are literally being spit out on the screen. Not seldom, these spikes are extremely short-lived, but that is of little consolation to those shaken out.

All in all, news breaks offer a dangerous environment to scalp in. To avoid getting caught by surprise, traders can check the economic calendars freely available on the web for the exact moment of major announcements like interest rate decisions and non-farm payroll numbers. If caught anyway, and not immediately shaken out, just remain calm. Always aim for a technical way out of a trade.

It may get hit with slippage, but that is just part of the game Forex Price Action Scalping Excerpts and a good incentive to be more cautious next time. If the broker is okay in any other respect, offers a solid platform to trade from and keeps the spread at 1 pip throughout 99 percent of your sessions, then a simple solution would be to avoid the occasional mark-up by simply not trading during a hefty news release.

The brokers to absolutely avoid are those who mark up their spreads more sneakily for no particular reason and for hours on end. Even if they just add a few pipettes either side, it can have a devastating effect on even the best of scalping strategies. In terms of turmoil, the reaction to the news in this chart was rather subdued.

But not without tricks, though. First appeared another false upside break F3 , which got slammed back pretty fast. Next in line was the tease break T that suffered a similar fate. We have to give the bulls some credit for not throwing in the towel then and there. Instead, they played their last trump card, which was to keep the pressure up by not allowing prices to slide below the last low in the range. And that worked out wonderfully well.

The low of 6 matched the low of 5 , forming a double bottom, and not much later prices were pushing against the top barrier once more 7. Notice the pretty little squeeze and how nicely the 20ema guided prices out of the box. Out of all the breaks through that top barrier, this was the only one that deserved true RB status 8.

As we have seen already many times before, it is not essential for the market to have prices attack a particular barrier up to the point of exhaustion. Quite often, it needs no more than a double top or double bottom to show all participants who is in charge.

At times, it can make you wonder, though, why at some point the strongest walls of resistance get attacked with a relentless fervor, while elsewhere in the market a mere halfhearted expression of power remains completely undisputed.

But the market is what it is and does what it does. In the end, the direction of prices is a big players game and the mortal scalper has no business asking questions. Up until the encapsulated IRB setup there was not much to make of this range in terms of possible direction. Prices had printed a clear double top , indicating resistance, but a series of consecutive higher bottoms betrayed unmistakable support 2, 4, 5 and 7, all higher Forex Price Action Scalping Excerpts than 1.

In fact, they could dissolve in a matter of seconds without any signs of protest. That is why it is probably not a very good strategy—at least not for the aspiring scalper—to simply sell in resistance or buy in support, not even for the sake of a brief little scalp. Overall, the safer approach is to see how the market handles these zones and then try to trade them. Whenever the market is approaching a barrier, or even just a former top or bottom, basically three things can happen.

A bull, for instance, is basically telling the bear: I am buying your contract but I am shorting your dream. And, likewise, so does the bear scorn the bull in return. It should come as no surprise that the average trader is not particularly burdened by moral inhibitions, nor does he feel the need to pledge a humane disposition towards his fellow trader in the market.

After all, he knows very well he is not exactly operating in the welfare industry and that at any moment in time he himself may get trampled by another. But the game, at all times, should be played fairly, Forex Price Action Scalping Excerpts with equal chances for all involved, big or small, bull or bear, novice or experienced.

It is the novice, no doubt, who will get burnt the most in his line of duty; that is why it is so important to escape that status as soon as possible through sound preparation and extensive study, and with the inevitable lessons in the market costing as little as possible. The IRB pattern in the chart above is another great example of how to trade a top barrier bounce. Or we could say, it shows how to capitalize on the pain of demoralized bulls running for cover after their dreams of higher prices got shattered by a simple break of the pattern lows.

It would be a misconception to think that prices, at any one time, could tank or rise more than 30 pip straight on account of such a tiny IRB setup alone. Predominantly, the markets move because of the overall technical conditions. There could be a number of other reasons for markets to rise and fall as they do, even against the current trend, for that matter.

But it is highly unlikely that a little tug-o-war with a vertical span of a mere 5 pip can cause the market to move six times the width of that pattern. The setups are nothing more than tools for entering at the best possible spots.

The pattern here, for instance, was put in by the market at just the right place and the break occurred at just the right time; it only provided the proverbial trigger for the bulls to get out and for the bears to get in. Whenever one party yields to the pressure of another, bulls and bears alike, though be it for complete different reasons, will start to aggressively hit prices in the same direction.

In many instances, it only needs one single pip to surpass a certain level to provoke this unanimous act. Granted, if the chart truly shows a mishmash of erratic movements that make no technical sense then it is best left alone until the picture clears up. But do not give up on a chart too eas- ily. More often than not, from below the surface of non-descriptive price action clarity will emerge and before you know it the pieces of the puzzle may fall neatly into place.

One more reason to always stay alert and focused, even throughout the less attractive doldrums of lunch hour ranges. Like the proverbial ball that is pushed under water, so is the price action within a range suppressed and contained.

When that happens, prices usually do the one logical thing: they pop. Of course, in the marketplace the pres- sure can escape at either side and it may not be in textbook fashion. But does it really matter? Classic breaks are valid breaks and the occasional trap is just part of the game. The point is not to question the valid break but to avoid the classic trap.

Regardless of his years in the market, a scalper will never be able to tell whether his break will be true or false. Forex Price Action Scalping Excerpts All he can do is follow the clues in the chart and trade any valid break that comes along.

Let us look at the chart above and see if we can detect the signs that may have inspired a scalper to trade the IRB breakout. In the beginning of the chart, prices came down from a level to test the round num- ber of 1. They subsequently bounced up and rose to test the former highs.

Things got interesting when prices surpassed the earlier high of 1 by a mere pip F. Forex Price Action Scalping provides a unique look into the field of professional scalping. Packed with countless charts, this extensive guide on intraday tactics takes the reader straight into the heart of short-term speculation. The book is written to accommodate all aspiring traders who aim to go professional and who want to prepare themselves as thoroughly as possible for the task ahead. Few books have been published, if any, that take the matter of scalping to such a fine and detailed level as does Forex Price Action Scalping.

Hundreds of setups, entries and exits all to the pip and price action principles are discussed in full detail, along with the notorious issues on the psychological side of the job, as well as the highly important but often overlooked aspects of clever accounting.

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A Simple Price Action Setup For Scalping the Forex Market -- Pure Price Action -- Trade Like A Pro

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In essence there are only three. In case this pullback is quite extended, the setup may at times show the characteristics of a countertrend trade. This block usually shows up in a very brisk move that just cannot seem to pull back. Whereas a typical pullback seems to move somewhat diagonally against the trend, this one merely travels sideways, forms a block, and then breaks out in the direction of the trend. This block can be found in topping or bottoming price action and even in the midst Forex Price Action Scalping Excerpts of a sideways consolidation.

It can be played with-trend as well as countertrend. In the coming charts we will see all of the BBs encapsulated by a rectangular box, aiding the visual process of identifying the highs and lows within each block. Although it is not necessary to draw these boxes when engaged in a live session, it does come in handy to at least plot the signal line in the chart. That way we can keep a real good eye on the exact break, because the highs or lows that make up the signal line may be several bars apart.

Note: When looking at the chart, it is quite tempting to focus mainly on the moving price action and on the possible development of a tradable setup. Yet the status of the overall picture deserves the most attention. Whatever price bar is currently being formed, it can only derive value from its relation to the bigger picture. It is this wider view on the price action that ultimately determines our setups to be valid or not. Keeping track of the 20ema is just one way of assessing the current pressure in the market, and an excellent one at that.

But the whole array of actual tops and bottoms in the chart determines the overall pressure. More distinctive higher bottoms than lower tops: the pressure is currently up. More distinctive lower tops than higher bottoms: the pressure is currently down. Alternating tops and bottoms: the current pressure is evenly distributed. However, this one little pattern may very well represent the near perfect box, should there exist such a thing as perfection in the tricky nature of the market.

Let us see how exactly this pattern earned its credentials. Earlier on, the bullish character of the market was somewhat curbed by the resistance of the 1. After a little backing and illing, as aimless price action is often referred to, the market drifted lower in the next 30 minutes of trading and then established its most distinctive low so far 2.

Of course, we can only identify this low once the bulls start to buy themselves into the market again and take prices back up. Since it is our primary intention to trade this particular chart to the upside, we have to wait patiently for some sort of resistance to come in. Now that we have a high and a low to go by, it is just a matter of following the price action until anything tradable develops.

Preferably, we like to see a number of equal highs hitting the potential signal line, but the market is not always so kind as to serve a trader on his every Forex Price Action Scalping Excerpts wish. Should prices break out immediately, then that is just too bad.

There are many ways to play the market and should a scalper have to forgo a particular setup, then he just moves on to the next tradable event. Either to get in or to get out. Within the setup, a number of higher bottoms can be counted 4, 5 and 6 , lending extra credit to the possibility of a bullish breakout.

As the coil is now being suppressed to the max, something has got to give. We can imagine it to be the signal line, but as clever scalpers we will never act before our turn. Notice how gently the 20ema eventually guides the bars through the top of the box, literally pushing them out. We could say it is a miniature box within the box itself. The subsequent reaction to the break speaks volumes.

With the 1. Note: Similar as in the previous chart Figure Would that not be worrisome? To a tiny DD pattern it most probably would. There may just be too little tension building up within the dojis to counter the resistance overhead. But the BB pattern, in that respect, is quite different: it has tension written all over it. Which is also why the break of it stands to cause a sharp reaction.

Once the defenders give up and step out of the way, the path is usually cleared for at least a number of pip. Aspiring scalpers, when slowly taking a liking to this method, are recommended to study the characteristics of boxes like those of Figures Hardly a session will go by without these very tell-tale patterns showing up in the chart, one way or another. However, it is important Forex Price Action Scalping Excerpts to never lose sight of the overall pressure in the market, because that is what ultimately determines the future direction of prices.

Obviously, assessing the overall pressure in a trending chart will not cause much problems. In more sideways progressions, this process requires a little more subtlety on the part of the chartist, as is the case, for example, in the next chart below. Figure Still, the observant scalper may have already spotted a series of almost nonchalantly printed higher bottoms in this sideways progression 1, 2, 3 and 4.

When that fourth higher bottom was printed, forming a cluster together with the handful of price bars next to it, things are starting to get interesting. Both moves seem to appear equally strong, but the one that emerged out of the cluster stands a much better chance of holding up. Not only does it stem from a slightly higher bottom, the fact that it broke free from a cluster puts a solid foundation beneath the current market.

This means that if prices were to retrace back to where they broke free from, as they often do, they are most likely to be halted right at the level of the earlier break resistance becoming support. After all, it is much harder for prices to dig themselves a way through a solid group of bars than when there is very little standing in their way. Notice how prices bounced off of the signal line, a few bars after the break, which clearly shows us the power of cluster support 6.

Have a look at the three very small dojis leading up to the break of the box 5. They are displaying in miniature the same pre-breakout tension as the complete box is displaying in the bigger picture of the chart just wrap an imaginary box around the highs and lows of the price action from to At the risk of being overly elaborative, I am pointing this out for a very valid reason.

If you learn to train your eye to recognize these subtleties in a live market environment, you will eventually be doing yourself a tremendous favor. The rise and fall of prices is not a result of somebody swinging a giant wheel of fortune. There are actual people in the market, trading actual ideas, feeling actual pain and actual pleasure. You may never know for sure what motivates them to do what they do at any given moment in time, yet of one thing you can be sure: their actions are reactions to other traders actions, which is why most of the time everything happens in such repetitive manner.

Markets may be random, as it is often stated, but traders surely are not. Despite the upward pressure, the cluster below and the magnetic pull of the round number above, with-trend participation after the break quickly died out. Eventually, this trade would have had to be scratched for a loss where exactly to bail out on a failing trade will be discussed Forex Price Action Scalping Excerpts in Chapter 14 on Tipping Point Technique.

Although they clearly lost a round, we can expect the bulls in this chart to not just crawl up in a turtle position. Given all the higher bottoms earlier on, they will surely be on the lookout to buy themselves back into the market at more economical levels. The most logical area to pick up new contracts would be in the 1. With the market traveling a few pip higher because of this buying activity, touching the 20ema from below, the bears were now offered a more favorable level to become a little more aggressive 8.

And indeed, they managed to squeeze out one more low 9. They were given little time to enjoy that feat, though, as a large number of sidelines bulls quickly stepped in. It is the information necessary to keep a trader on high alert for another bullish attempt to take control of the market.

With no less than six equal highs testing one another, a scalper did not have to think very long about where to draw the signal line of the second box. That is only an instrument in our own personal toolbox. In fact, in a somewhat sideways environment, buying above it could at times be more dangerous than buying below it. Therefore, from a technical perspective, both patterns here are very similar in nature: sideways action, support holding up, a buildup of tension and a subsequent break.

Take a mental note of the two little dojis right before the break of the second box We will see this duo many times over throughout this guide. Both bulls and bears will be very quick to act, though, should the proverbial jack pop out. As pleasurable as it may be to occasionally stumble upon the near perfect trade, it also poses a rather interesting challenge on the topic of volume versus predictability.

If we were to assign a rating to each individual trade—by counting the number of valid reasons to either skip or trade a setup—and came to conclude that the probability factor is apparently not a constant but varies visibly from setup to setup, should this not force an intelligent strategy to alter the volume per trade in compliance with the degree of predictability? If so, then that rules out adding Forex Price Action Scalping Excerpts anything extra, no matter how good-looking the trade, because the maximum amount of units are already at work.

On the other hand, one could argue that if there is such a thing as a superior trade, then, naturally, there must also be its counterpart, the inferior trade though still possessing a positive expectancy ; when opting to trade the latter, could one not take off volume and tread lightly?

And rightly so. Whenever we picture ourselves to have an edge, each setup deserves to be treated with equal respect, no matter how shady or pretty its appearance. And that means assigning the maximum allowable amount of units per trade to fully capitalize on the principle of positive expectancy.

Note: Contrary to common perception, the least important of all your trades is the one you are currently in. Your current trade, on the other hand, has yet to earn its notch on the historical slate. It is just a trade in process. And it is totally irrelevant whether it will win or lose. Why is that? Granted, embracing a losing trade as if it Forex Price Action Scalping Excerpts were a winner may be stretching it a bit.

But the point does show the importance of a proper understanding of distribution in a probability play. All individual outcomes are just data. The only thing that truly matters is the collective result of all your scalping actions in the market.

It can indeed be a mental challenge to have to sit out these times of inactivity, hoping for action and not getting any, especially to those traders who look upon their trading platform as a slot machine in a penny arcade. A word of caution may be in place here, because these sideways ranges do have the nasty habit of luring a trader in one of two very classic mistakes. This warped sense of reality is typical for a trader who just needs action. The second classic mistake is made by traders who on the surface seem to stay composed rather well in a sideways market.

Up until that one amazing moment that boredom abruptly kicks in. For reasons unbeknownst to themselves they suddenly have to get up to make these phone calls, do their exercises, watch the news on the TV or even take a stroll outside.

Anything to get away from that screen and that market! It is a pity that traders are so caught up in the notion that trading trending markets is the only way to go. Contrary to popular believe, sideways markets deliver excellent opportunities, for the simple reason that they have to break out eventually, just like a trending market will eventually come to a halt or even reverse.

With the moving average traveling sideways and price bars alternating above and below it, there is not much to make of it. This is your typical round number zone tug-o-war in the absence of a clear incentive 1. But of one thing we can be sure: unless it is a national holiday, late Friday evening, or lunchtime in an already dead Asian session, price will not stay put for hours on end. Sooner or later some party will give the market a push and that will be incentive Forex Price Action Scalping Excerpts enough for others to react.

The trick is to recognize the buildup that most often precedes it. This is why it is so important to familiarize yourself with pre-breakout tension. What will help is to draw, or imagine, a box around any clustering price action that might lead to a break. By extending the signal line to the right, we can see that the pullback following the break successfully tested the breakout level as well as the broken round number of 1.

That will certainly have inspired a number of bears to just throw in the towel. And a number of bulls to quickly enter the ring. However, despite this potential for double pressure, markets do not always immediately pop. If you look closely, you can see that the top barrier of this second BB setup is not exactly running across the absolute high 2 but one pip below it, across the equal extremes of four consecutive bars.

Here it seems logical to put more weight to the four equal highs than to that one single high sticking out on the left. It would be overly prudent to wait for this high to be taken out, too. But let us ignore our setup for a moment and see what the market has to say about this: it put in a series of distinctive higher bottoms within the course of two hours; it broke a round number zone and saw it successfully tested; it built up towards a possible bullish breakout and now it breaks a cluster of four bars with equal highs.

I think it is telling us to trade. Once again, the breaking of a round number zone trapped traders on the wrong side of the market. In the previous chart, it was a downward break through the zone that not long after turned bullish, here it was an upward break that soon turned bearish. Probably no more than there is to any other break or move that fails or falls short: a lack of follow-through. It is not uncommon to see enthusiasm dwindle in rather subdued markets, or in situations where the round numbers are more of a symbolic nature than that they actually represent true technical levels of resistance and support.

In these cases, it is fair to assume that not too many stop-losses reside above or below the levels. As a result, the price action remains calm; as much as those in position do not see the need to get out, those on the sidelines are not exactly scrambling to get in, either. Interestingly, in the Forex Price Action Scalping Excerpts majority of cases there is indeed a pattern to be spotted.

Everything is very easy in hindsight, yet if you managed to grasp the concept of the forces in play that caused the upside break in Figure Let us examine up close what exactly went on from the moment the third top was set 4. It started to go wrong for the bulls when the reaction to this top a tiny countermove was not being picked up by new bulls in the 20ema a few bars later. That would have been a perfect opportunity to swing prices back up.

From there on, they could have created themselves a nice squeeze by not giving in to whatever bearish pressure and then force themselves a way through the top barrier of the range. In fact, the three earlier tops 1, 3 and 4 would have made for an excellent barrier to trade that upside break from. However, instead of working on that upside break, the market set out on its way to the bottom of the range again 5 and now even showed a classic triple top in its wake. These are not bullish signs. But there was hope still.

After all, the round number zone was cracked to the upside and successfully tested earlier on, and that should at least amount to something. If somehow new bulls found it in their heart to aggressively step in above the 1. And that would look quite bullish. Forex Price Action Scalping Excerpts Sometimes it only needs one bar to turn pleasurable hope into the idle variety. How about that little doji 7 that stuck its head a pip above the high to the left of it 6.

A higher high in a bullish market after a possible double bottom in round number support, that should have attracted new bulls to the scene. What kept them away? We can imagine it to be the triple top pattern to the left; but it is not our business to decipher or explain the actions or non-actions of our fellow traders. Everything is just information. As observant scalpers our task is not just to monitor a chart, but to look for clues in it. The more crucial the signs we can assemble, the more we can solve the puzzle of who is possibly toppling who in the market.

The best indication to determine the value of a particular chart event is to consider its place in the chart in relation to whatever price action preceded it. To give an example, the tiny false upside break of 7 would have been considerably less indicative had the market not printed that triple top shortly before. With prices now trapped below the 20ema, the market was on the brink of being sandwiched into a bearish breakout through the bottom barrier of the range.

For my own personal comfort, I would like to see prices get squeezed a little bit more before breaking down. Preferably, I would like to see the market print a couple of dojis right on the bottom level of the range as in a regular BB setup. It must be stated, though, that a conservative stance is not always the most successful approach. It would be nice if we could really put a rule of thumb on these false breaks, particularly on the tease variant, but alas, it often depends on the situation at hand.

Here the market was extremely slow and the price Forex Price Action Scalping Excerpts action very subdued almost every bar a doji. That makes me want to wait for superior conditions just a little bit longer than, for instance, in case of a speedy market, where I might run the risk of fully missing the break on account of being too conservative. Note: As for the difference between the false break trap and the tease break variant, imagine for a moment the low 5 to have dipped a pip below the range barrier.

That would have turned it into a false break of the earlier bottom of 2 and not a tease. And most of them will have no choice but to sell back to the market what they had bought at bottom prices just moments before. Add to this a number of sideline bears eagerly stepping in and we have ourselves the perfect ingredients of double pressure and thus follow-through.

At times, the anticipation of this little chain of events is very straightforward. At other times, the assessment of the squeeze can be a lot more subtle and it may leave a scalper wondering whether or not to trade. Particularly when the space between the 20ema and the barrier line is no more than a few pip in width, the tease break may be almost indistinguishable from a valid break. As we have seen already in several examples, the 20ema, just like in the chart above, can still guide prices back out in favor of the trade.

Take a moment to compare the string of black bars after the break in this chart with the string of white bars after the break in Figure What do these moves represent? They clearly show us the unwinding of positions of those traders trapped on the wrong side of the market. In the chart above, for instance, all scalpers that picked up long contracts inside of the range are carrying losing positions the moment prices break down below 1. That string of black bars represents their predicament and their panic, so in essence a rapid unwinding of long positions that are being sold back to the market.

As a result, prices will fall even more until eventually the market calms down and more bulls than bears are willing to trade. This, in short, is the principle of supply and demand. It works the other way around in equal fashion. And it is our job to anticipate it before it even takes place. To the non-initiated this may seem like quite a daunting task. Yet those who observe, study and learn will most likely come to see the repetitive nature of it all.

And soon they will be able to exploit those who do not. For example, if, say, 1. Variations on this pattern repeat themselves with such relentless persistence that it is not hard to imagine how numerous intraday strategies are solely built to exploit this phenomenon. Of course, as scalpers we are only interested in one thing: can we exploit it? Anyhow, if nothing else, round numbers do have the pleasant side-effect of framing things in organized manner, just like wrapping boxes around ranges gives us clarity on resistance and support.

When Forex Price Action Scalping Excerpts it comes to the levels 00, 20, 40, 60 and 80 , you will have noticed that I have set up my software to plot these levels thinly in the chart; but I use them solely for guidance and try not to look upon them as absolute levels of resistance and support. They may do so at the moment, but I rather leave that to the price action itself. Frankly, in the never-ending quest for simplicity I have tried to scalp with a clean chart, meaning without the lines in it, but somehow my conditioned brain felt less comfortable without these levels framing the action.

This may very well be a personal quirk and any scalper can try for himself what suits him best. One last thing: on the road from 40 to 60, and the other way around, things can get very tricky. Currency trading, like it or not, is a big players game, and the level is arguably their favorite toy.

Unlike the 00 round number, this level is not a level itself. More often than not, these levels are what the bigger chart is all about and why we see so many ranges appear as a result. Let us look at Figure Halfway through the chart, the options are very much open.

There are no trades near and a scalper should just relax and apply patience. Tip: you do not necessarily need to draw boxes, a horizontal line across the tops and one beneath the lows will do just ine. The book is written to accommodate all aspiring traders who aim to go professional and who want to prepare themselves as thoroughly as possible for the task ahead. Few books have been published, if any, that take the matter of scalping to such a fine and detailed level as does Forex Price Action Scalping.

Hundreds of setups, entries and exits all to the pip and price action principles are discussed in full detail, along with the notorious issues on the psychological side of the job, as well as the highly important but often overlooked aspects of clever accounting. The book, counting pages, opens up a wealth of information and shares insights and techniques that are simply invaluable to any scalper who is serious about his trading.

A price action scalper for many years, he was asked to bundle all his knowledge and craftsmanship into an all-inclusive guide on intraday tactics.

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This Scalping Strategy will grow Any Small Forex Account: PRICE ACTION

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