A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

UCad

2 26 pm

Sorry - have not mentioned it or traded it all day

Its bullish bias above 3040 area with a new high in last few mins at 3080

A scalp sell after 2 21 pm - but would scalp buy again above 50 /55 area if all lines up OK

2 43 pm

Dropped to 53 so far - nice 20 pip scalp

Cannot just buy atm

Maybe next supports 44 to 47 area ?

 

[Forexmospherian]

2 43 pm

Dropped to 53 so far - nice 20 pip scalp

Cannot just buy atm

Maybe next supports 44 to 47 area ?

UCad

2 57 pm

Nearly a 40 pip fall in the end - nice

still was not able to buy at 44 or 47

Not going to try for now - will wait until after hr change etc and maybe look to sell again from a bit higher

 

[Forexmospherian]

EA

Ok - missed a 60 pip fall from 2 30 pm - thats was because i focused on the UCad - which earned me nice pips - but failed to bother checking out the number 1 mover - ;-((

So frustrating - it lined up so nice and then fell with nice PA

All part of trading still - main thing is I still made some money - so thats all what counts

 

[Forexmospherian]

3 04 pm

EA - its still falling past the hr change so jumped in

Amazing 15 pips in less than 2 mins

Now that is a scalp ;-)

 

[Forexmospherian]

EA

3 08 pm

In under 40 mins the EA as dropped approx 100 pips

Supports at 5580 /82

Whether they will hold - too early to say

We should get a bounce though off movement like that

 

[Forexmospherian]

The EA is correlated with the AU and so whilst thats been falling the AU went up approx 35+ pips - so as you can see nothing as manic as 100 + pips - but 35 pips in approx 40 mins or so is another very nice move

I worry when I see some other traders using methods that only make them a few trades a day of 5 or 10 pips etc - and then they settle happy with under 40 pips

OK some days it difficult to even make 40 or 50 pips - but then other days in some key parts of the session - 50 or 100 pips are available in hour off a couple of pairs .

Its important to progress step by step though

Dont try and trade 8 or 10 pairs + - start off with 2 or 3 then try 4

By trying to intraday trade 6+ pairs it can put you under more stress and you might make more mistakes - but over time - its all possible - especially if you understand the price structure bias of each pair and how they are correlated etc etc

Staying with 1 pair all the while is boring ( i did it with EU for nearly 3 yrs) and you will miss so many other opportunities etc etc

 

[Forexmospherian]

UCad

2 26 pm

Sorry - have not mentioned it or traded it all day

Its bullish bias above 3040 area with a new high in last few mins at 3080

A scalp sell after 2 21 pm - but would scalp buy again above 50 /55 area if all lines up OK

Ucad

3 42pm

over 1 hr + later - but that scalp sell in the end as now fallen over 70 pips

Always worth leaving a partial on any scalp that makes over 15 or 20 pips

 

[Forexmospherian]

UJ

3 46PM

Another pair I have not scalped at all today

Its been busy after 2 00 pm and as risen up over 30 pips

Maybe in next TW we can look for a pullback or sell off under 119 95/97 area ?

Keep an eye on it in case it lines up etc

 

[Forexmospherian]

2 18 pm

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EU

Needs over 1407 and 1414 to take new scalp buys

Above 1370 still bull bias for session - but as posted a LH at 1401 from 1411

Needs now under 70 and 60 to take more sells - or as said higher over 1400 and 7 for new buys

EU

3 49pm

low so far 1355 and hopefully you sold more under 70 - and ideally from after 2 30 pm when it was a scalp sell under 85

I would only take more sell under 1348 and 42 - otherwise now - 50 / 55 might try and hold ?

 

[FXWorx]

The EA is correlated with the AU and so whilst thats been falling the AU went up approx 35+ pips - so as you can see nothing as manic as 100 + pips - but 35 pips in approx 40 mins or so is another very nice move

I worry when I see some other traders using methods that only make them a few trades a day of 5 or 10 pips etc - and then they settle happy with under 40 pips

OK some days it difficult to even make 40 or 50 pips - but then other days in some key parts of the session - 50 or 100 pips are available in hour off a couple of pairs .

Its important to progress step by step though

Dont try and trade 8 or 10 pairs + - start off with 2 or 3 then try 4

By trying to intraday trade 6+ pairs it can put you under more stress and you might make more mistakes - but over time - its all possible - especially if you understand the price structure bias of each pair and how they are correlated etc etc

Staying with 1 pair all the while is boring ( i did it with EU for nearly 3 yrs) and you will miss so many other opportunities etc etc

I will try stay with 2 or 3 - but that might be 3 to many lol

 

[Forexmospherian]

I will try stay with 2 or 3 - but that might be 3 to many lol

It really does get easier over time and with more experience - but a multi monitor set up really is a another must for later on - so you can scan multi pairs at the same time for entries etc etc

You will get there

 

[Forexmospherian]

EU

3 49pm

low so far 1355 and hopefully you sold more under 70 - and ideally from after 2 30 pm when it was a scalp sell under 85

I would only take more sell under 1348 and 42 - otherwise now - 50 / 55 might try and hold ?

EU

A 20 + pip scalp buy after 3 30 pm and confirmed at 3 50 pm

 

[FXWorx]

It really does get easier over time and with more experience - but a multi monitor set up really is a another must for later on - so you can scan multi pairs at the same time for entries etc etc

You will get there

How can one filter the trades for quality? - that is where I am at the moment. Another issue is that especially on EA I will try to refine my entries of the 10 s chart.

 

[Forexmospherian]

How can one filter the trades for quality? - that is where I am at the moment. Another issue is that especially on EA I will try to refine my entries of the 10 s chart.

Yes on EA - being such a mover the tick chart might help on entries and staying in

The quality is normally better after a 30 or 1 hr frame change

the moves starting at say 21 mins past or 51 mins too normally are not so strong

Also its interim levels lining up with multi LR crosses all with say a 3 or 5 pip move

If you only get one LR cross over - not so strong a move as 2 or more

Check out that EU scalp buy

3 30 pm was a buy - but was not strong enough until it had more LRs under by 3 50 / 51 pm

Its the little details that give you extra clues etc on whether it will fizzle out or really move well

Back now after 4 50 pm

Regards

F

 

[Forexmospherian]

EU

A 20 + pip scalp buy after 3 30 pm and confirmed at 3 50 pm

EU

now over 90 mins later

EU scalp buy moved up to 1390 - over 35 pips from the start of its move

Nothing compared to the EA - thats moved up over 60 + pips and EJ similar over 30+ pips

 

[Forexmospherian]

LiTs and just the EA today was really enough

6 44 am

LiTs areas for the AM session


EU - 1342 - 1361

Gu - 5340 - 5372

UJ - 119 92 - 120 11

UChf - 9618 - 9640

UCad - 2985 - 3027

AU - 7350 - 7385

EJ - 135 97 - 136 33

EA - 5435 - 5460

8 23 pm

EA

I finished for today hours ago but still got part stakes or partials off scalps off quite a few pairs

The pair that stands out today is the Euro / Aud - EA

It was bullish pre Opens and as really stayed that way all day

Discounting the possible 120 -150 pips off scalp sells of 2 large pullbacks - its so far over 210 pips up from its LiTs bull ( buy ) bias and over 150 pips from 7 30 am ish and over 280 pips from its Monday low

Unfortunately - I left no partial on from Monday afternoon / evening - so have missed out on over 250 + pips off one pair in a 24 hr period

Now if you had been lucky enough to have placed multi buy orders yesterday evening or early this morning and had say 5 or more partials on from even just 10 to 30% stake - then you pip count would be well over 600+ pips - again just off one pair.

You might think - well why bother scalping for 5 or 15 pips ?

Easy - I can find anything from 15 to 40 scalps a day - I don't find many 200+ pip moves in single days - fairly rare - and also on partials and if you dont scalp the entry - you could end up not getting your stop in profit and having to allow a nominal 40 -70 pips on a pair like the EA and the end result would be then a trade no more profitable in terms of return on capital as a 20 pip scalps off a 5 pip stop

Conclusion

You need more than "one tool or method". in your trading tool box

If you have 2 or more that compliment each other - then you have enough "edges" to ensure you will be a consistently profitable trader - and all of us want that

See you in the morning

Regards

F

PS forget my pip count total for today - its not representative of a normal retail FX trader just remember I have achieved well over my daily pip target of 50 pips and well over my money target

 

[Forexmospherian]

Wednesday 14th October 2015 - Pre Opens

Good Morning FX Intraday Traders

More UK Pound red news this morning at 9 30 am UK time and then 3 lots of US Dollar red news releases at 1 30 pm - so enough there to see hopefully some good movements in the GU and EU - as well as the Dollar leading pairs.

I have not been covering the GJ since I have been back - its known as the "beast" and is another EA type pair but with a wider spread. With us having Pound news this morning I will add it to the list today as well as the GA - again another good mover like the EA

For students of the method I suggest though you stay with the basic key pairs with as low as spreads as possible - ie EU / UJ / AU / NU / EG - and pick just 2 or 3 pairs to major on for a start rather than try and "run before you can walk"

EA as already moved up 30 pips from a 6 00 am scalp buy

If you missed that one even 6 20 am would have got you 11 pips - but next 5800 to 5820 so far is a R area

Ok - LiTs within next 15 mins

Have a great day

Regards


F

 

[FXWorx]

Morning F
Will be in in about 1 hour .
Good luck.

 

[Forexmospherian]

6 33 am

LiTs Areas for Main Key pairs for the Wednesday AM session


EU - 1370 - 1390

GU - 5222 - 5250

UJ - 119 60 - 119 85

UChf - 9567 - 9587

Ucad - 2995 - 3040

More to follow in 10 mins

 

[Forexmospherian]

Morning F
Will be in in about 1 hour .
Good luck.

Morning FXW

Around most of day with just a few breaks and normal domestic duties to fit in - one at 7 40 am this morning to about 8 15 am and then here for 9 30 am main UK Pound news

Lets hope its another busy day

GL and stay focused


Regards

F