"S&R" Scalps

[walterw]

	Quote:	Sparrow
	Hi Walter, Great videos once again , I like that kind of setups. Although the concept is simple, I am sure it takes quite some skill to become a master scalper like you. Combining tape reading with price action could improve the setup a bit. Thanks for sharing. nycdweller: I believe you are out of luck with ADXVMA for ensign, I haven't seen one so far. Cheers

Thanks Sparrow... this is a matter of screentime... what I notice is that only using this lines and horizontal lines, readings cant get any simplier... cheers Walter.

[walterw]

I attach indis and template I am using on NT... I am only using a 22T chart...
cheers Walter.

[walterw]

Ok, now I will start talking about another trade that I am also doing on this S&R scalps aproach... it is the "Retest Scalp"

What he basicly does is that he bounces right off a level that just was built...

Example :



you can see we created a V and went back to retest the extreme of that V...

Its not perfect, but the key its taking very tight stops when it doesnt work and try to take the most when it does...

The logic behind this trade is that if there is NO mometum in place, the market simply will not take off... and this levels marked by the Price action of the market are key levels to bounce once again...

It is important to be alert of probable break against us... thats why tight stops are a requirement... another thing, if the trade doesnt react as expected, get out...

On the next posts I will start a series of videos where we will make a tour on varios sessions using flip and retest scalps... cheers Walter.

[walterw]

Before I post the videos I will introduce a third trade that is inside the "S&R" Scalps aproach... its the Old Level Test

As the session evolves we draw horizontal lines and then price action gets far from this lines... eventually market comes back to them and when retesting them we can expect a rejection... basicly its similar to a retest trade, only that the levels where created far before...

Some examples :







so on the coming videos you will see better how this other setup works as well...

so far inside the "S&R" Scalps we got :

_Flip scalps
_Retest scalps
_Old level Test scalps

the fourth and last to come later on some other post will be the "Break Scalp"... cheers Walter.

[walterw]

Here comes another series of videos... hope this starts to make sense... at least for me, I am getting a more organized way to follow this aproach...

Really first time I dont trade with any mayor help from indicators other than price action and S&R as it unfolds... cheers Walter.

[nycdweller]

Hi Walter,

The videos are great!! Thanks so much for taking the time to share this information. I'm really enjoying this stuff and look forward to seeing new videos. These videos are answering the questions I have about support and resistance. Thank you.

[nycdweller]

Hi Walter,

You mentioned about using tight stops, typically how large is your stop? Are your stops a few ticks behind the support and resistance line? How do you determine how much to risk on each trade as a scalper? Thank you.

[agon]

Hi Walter,
Sorry for my Tarzan english by advance.
First, a big thank you for all your threads and all your videos very interesting.
But I have a small question, you say take 4 ticks in some places where between the upper and lower V, there are only 5 ticks.
What kind of front-end do you use to accomplish this feat ?
Would it possible to make a live video where we could understand how you take position and how you get out. I know it's difficult with the concentration, but perhaps a live simulation after you have made your daily target.
Thank you again for all your work.

[walterw]

	Quote:	nycdweller
	Hi Walter, The videos are great!! Thanks so much for taking the time to share this information. I'm really enjoying this stuff and look forward to seeing new videos. These videos are answering the questions I have about support and resistance. Thank you.

	Quote:	nycdweller
	Hi Walter, You mentioned about using tight stops, typically how large is your stop? Are your stops a few ticks behind the support and resistance line? How do you determine how much to risk on each trade as a scalper? Thank you.

Thanks Nyc, I will try to normally take a stop on -4 -5 max.. now one trick I got is that when things dont go my way I get out with 0 -1 or -2 stop... that helps a lot... the textbook stop should be below/above entry pivot, but when you develop some discernment that things are not working you may want to tight even more your stops... cheers Walter.

[walterw]

	Quote:	agon
	Hi Walter, Sorry for my Tarzan english by advance. First, a big thank you for all your threads and all your videos very interesting. But I have a small question, you say take 4 ticks in some places where between the upper and lower V, there are only 5 ticks. What kind of front-end do you use to accomplish this feat ? Would it possible to make a live video where we could understand how you take position and how you get out. I know it's difficult with the concentration, but perhaps a live simulation after you have made your daily target. Thank you again for all your work.

I use a DOM where you have a lot of features to get some exits automated once I entered manually... If I load more volume some things I do it manually... I am afraid making a video of this will not be possible as camtasia uses excesive resources... but basicly agon, you tell the DOM how many ticks profit you want from where you entered and he will do it automatically for you, if things are not getting there, I get out manually... playing with the DOM its key there... cheers Walter.