A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

GA

6 58am

This pair as moved up over 70+ pips in last 40 mins or so - and OK its seems daft as I have not got one pip of that move up.

If my brain had been totally in gear and 100% awake - then I would have just spent 5 min or so scalping it for say 7 or 10 pips and then left a part of the stake up to 50% on with stop in profit.

Even if I had only made 30 pips on it in say 15 mins - it would have been well worth it.

Trouble is risk - I can scalp simultaneously 2 pairs nowadays - but never been that good with 3 pairs at the same time -although getting your stop in profit on 2 of them makes it easy.

See after nearly 8 years full time Intraday FX trading - there are still some parts of my trading I could improve. You never stop learning in this game - the journey always carries on

 

[Forexmospherian]

Many mornings - the hour before Opens can be slow and maybe only worth 5 to 15 pips or so off 2 or 3 scalps. This is maybe 70 -80% of the month - at least it gets some pips on the board and you can work out your bias for session off the LiTs area etc.

Today - it was one of those rare mornings when from 6 00 am the EU started bullish and then after 6 10 and 6 20 am many pairs moved joined it and then after 6 30 am + we had a weaker dollar with GU also rising

A great first hour pre Opens - remember in this "game" its always about the "unexpected" trying to catch traders out - again another way the market can play with your mind.

 

[Forexmospherian]

EU

7 10 am

i think we can see we have good supports from 0600 to 0615 and them more from 0620 to 25 area

To look at selling we need all under these prices - so to turn the morning session bias bearish .

Above 0615 and 25 I still favour more rises again after the pullbacks and then another try over 0640 and 50 +

 

[Forexmospherian]

EA

Beautiful PA and nice scalp buys again after 7 23 am and 7 31 am

An approx 25 pip rise after a pullback over 10 minutes - ie not that quick - but nice pace to handle

 

[Forexmospherian]

EU

7 41 AM

We have gone over 30+ mins with no breach of the morning high at 0637/8 - that favours lower - or another 20+ mins before it tries to test it again

0617 to 22 are really the key prices now

If we stay above then more than likely another try up

Under both prices - maybe that initial rise is finished for now and back in the 0600 to 0625 range

Out in 10 mins back around 10 am this morning and so will miss the Pound red news at 9 30 am

 

[sun11]

Morning Everybody,
I was just late for an hour & missed many trades near to Lits zone.
Now only one I got is GA.

 

[Forexmospherian]

Morning Everybody,
I was just late for an hour & missed many trades near to Lits zone.
Now only one I got is GA.

Morning Sun

Yes I am out for nearly 2 hrs now - but lucky enough to have caught all the main action from the hr before the EO

Good luck with the GA - the EA as been my earner this morning - I have just made another 38 pips off it after 7 30 am on a scalp buy and scalp sell after 7 39/40 am

Well over double my daily target in just 2 hrs - nice - and very fortunate to have been all ready for after the early start - being a Friday I could have easily though - no I am out this morning dont start until after 10 00 am UK time today - thank goodness I kept to my routine and disciplines

Have a good day Sun


Regards


F

 

[zhrg]

Hi Zhrg

I think why so many short term traders cover the EU is that the spreads can be as low as 0 2 pips on many ECN brokers and even with commission - and 3 pip scalp moves can make you 2 pips net. This can apply similar to the AU and UJ - normally spreads under 0 7 of a pip. With spreads like that then you can get your stops down to 3 or 4 pips - but I would agree if your spreads are 3 + pips - you do need 7 -8 pip stop size.

With the "beast" pairs - if you catch a bad scalp - to lose 5 to 8 pips can happen very quickly - whereas again with the EU and UJ being so much slower - with a bad scalp you can get out just minus 1 to 3 pips.

If you consider yourself very much a newbie - you might be going through a good stage - when you are on a "roll". Believe me - even after 10 + yrs of this method - I can still have 3 or 4 consecutive losses that can knock you back until you get your mind totally sorted to the deliberate "game" the markets are playing - ie they want to do your mind in so you act negatively and lose confidence - resulting in you taking revenge trades and losing discipline etc - that can mean suddenly you have widened your stops to 15+ pips and added extra stakes - and then realise you have just lost 3 times what you are.
used to.

95% + of all FX traders will go through bad periods and question their method and have doubts - so just be aware of it in your first 2 to 3 yrs etc,

Good Luck on your journey and make sure you control your risk well and stay disciplined


Have a good day


F

No trading for me today, going on a roadtrip over the weekend. But hope I will come in strong on monday and keep similar result.

I am aware of this might just be a beginners luck, I have been doing business for that many years so I dont don't take anything for granted, I have gotten my self burned few times before because I wasn´t careful.

I put two chart´s as an example of how I view them and decide my trades.

One has a range, I take the trade close to the resistant or 2-3pips above/below the resistance if there is a breakout. Stoploss is adjusted acording to the pair, how big the normal movement is and spread.

the other has a trend, when I see that I jump in were there is a retracement and just let it run. But always in both situations looking at the LR´s for support levels.

Feel free to criticize my approach and understanding.

Best regards
Zhrg

 

[Forexmospherian]

10 18 pm

Hi guys - back for about 45 mins or so

Got taken out my partial stakes on buys on EA and EU - but had set up a sell on EU under 0612 at 50% take size with a 15 pip stop - I did not want to risk just 5 -7 pips on a "wrap" when not around and so halved my stake size to accommodate.

I will move that stop down to 0593 now and see if we do try under 0570 and 0550 .

Will answer your comment Zhrg a bit later on when I have a bit more time - but your chart set up seems OK etc

 

[Forexmospherian]

Pound Crosses

10 30 am Update

Was not here for 9 30 am news and can see that that the GU stayed bearish - it LiTs area pre opens was around 5105 and it needed over 5120 to turn the session bullish

GA went up approx 120 pips pre Opens and now retraced approx 90 of those pips

Over 210 pips to play with in under 4 hrs on that pair and i will keep quiet about how many i made - simply because it was dreadful - mainly because I had taken buys on EA and EU and could not simultaneously scalp 3 pairs with comfort etc - even though I could have had 2 of them with my stops moved well into profits .

My excuse was the move was too early in the day - ie before 7 00 am - it's normally 8 00 am onward's when I am getting in the "zone" - and then by 4 00 pm in the afternoon - I have had enough etc etc

GJ also dropped over 150 pips from pre Opens but had not touched that pair at all today.

Gu now is near some important support areas from 5000 to 5025/30

There as been a scalp buy in this last 15 mins but not in it atm

 

[Forexmospherian]

GU - Chart set up

Pound Crosses

10 30 am Update

Was not here for 9 30 am news and can see that that the GU stayed bearish - it LiTs area pre opens was around 5105 and it needed over 5120 to turn the session bullish

...................................

Gu now is near some important support areas from 5000 to 5025/30

There as been a scalp buy in this last 15 mins but not in it atm

GU

10 40 am

Lets have a look at the set up on the 1 min LR Chart

You can spot where the LiTs area was and also the bounce up on Pound news at 9 30 am UK time

Now after 10 17 / 20 am its been a scalp buy but needs over 5058/ 60 to have any chance of a larger retrace and also low holding over 30 + mins

I have marked some levels to sell again from as well

If we make under 5030 - then next 30 pips below is all support area anyway - so be careful

 

[Forexmospherian]

GU

10 54 am

First scalp sell was at 10 45 am at 5054 - outside a TW - but LRs said cross over for a pullback

If you did not want to enter at 5052/4 - then it was confirmed again at 10 50 am

Any scalp sell need to breach under 37 to stay with it - otherwise just take 2 to 7 pips or whatever you can make

 

[Forexmospherian]

Back next after Midday sometime - no more red news today

See you later and GL

 

[Forexmospherian]

GU

10 54 am

First scalp sell was at 10 45 am at 5054 - outside a TW - but LRs said cross over for a pullback

If you did not want to enter at 5052/4 - then it was confirmed again at 10 50 am

Any scalp sell need to breach under 37 to stay with it - otherwise just take 2 to 7 pips or whatever you can make

GU

12 52 pm

It did drop from the 52/54 area down to 32 - under the 37 - but then it could not get under the support area for lower

After 11 21 am and 11 30 am it was back to scalp buys at 34 -36 area and now we have been able to make a HH at 5064 with the last scalp buy phase being after 12 30 pm from 5040 area

5070 -75 next R area

 

[Forexmospherian]

EU

1 00 pm update

interim supports from 0570 to 77 for now and first R area at 0596 to 0602.

So a 30 pip or so range to breach out of with a proper move needed

In between is a BTTZ area - Ok for small scalps but not really easy - more likely false set ups trying to psyche you into wrong trades

 

[Forexmospherian]

Is there any pair enticing me to trade atm ??


No - not really - no red news this hr neither

Will just watch action at 2 TW's and not bother in between for now

 

[Forexmospherian]

12 53 pm was a scalp signal on many pairs - but really was not that strong a set up - so had not bothered

Shame as it would have made over 5+ pips on many pairs and on GA at least 12 pips net

1 00 pm on the dot as now seen some scalp buys come in

 

[Forexmospherian]

12 53 pm was a scalp signal on many pairs - but really was not that strong a set up - so had not bothered

Shame as it would have made over 5+ pips on many pairs and on GA at least 12 pips net

1 00 pm on the dot as now seen some scalp buys come in

1 50 pm

EA

Check out my scalp buy on EA on Sun's thread

I posted it under scalping tips along with 2 charts in real time showing the movement up from low of 81/2 up to 4708 - in 32 mins

 

[Forexmospherian]

2 49pm

Got to go out on 10 mins for an appointment

My EA scalp buy plan went OK - and also whilst i have been buying the EA - I also left a partial stake buy on GA - ( the Aussie dollar been weak )

That's gone up approx 45+ pips from after 1 00 pm and EA 35 + pips


See you later guys and if I don't - have a good weekend


Regards


F

 

[Forexmospherian]

Who says you cannot blog and simultaneously intraday trade 3 pairs at same time with the odd scalp in between ??