A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

Hi F,

What are the your settings for the two short lr's? I note on your chart you have two not three. Is that now your preferred method to use sets of two lr's? If that is the case what settings do you have for them?

For me I only have the lr's turning up at the end of 08.52 which to get confirmation I wait till the end of that minute meaning I am buying from 08.53. If the tail at 08.52 was the end then the lr's wouldn't have turned up, hence the need to wait till the end.

My buy price would then be 1.5122 to 1.5124.

When we get confirmation of the move ending I would need to wait for the end of the bar at 09.02 and then closing at 09.03, which could be from 1.5146 to 1.5142.

In my understanding I would have got from 24 at best and 18 pips at worst. Still good obviously for a few minutes of course. What about partials here though, how many points would you have given back on them in this situation?

Thanks for your anticipated response as I am looking to fine tune things over the holidays and see where I can improve.

Hi Nick

2 shortest settings on LR's atm on 8 and 12. ( please also try 7 and 12 and 8 and 13 - will all depend on your broker charts - see which one gives you an added edge.

Agree that we need to see price action on the 1 min - but you can short cut this with a tick chart as well as that can get you in quicker or help with your timing and decision making

I am using the level first - 5110 to 15 was were I wanted to buy - as a interim support area.

Key time next - ie we hit the price before the TW and for 7 mins prior did not breach it - that was clue 2

Then PA on the 8 52 am candle bar was the KEY - it did a HH

I think its luck if you get in at 16 to 19 - as that is the perfect prices for entry

If you wait then for above 21 to 24 - that's OK - but you have missed really 6 to 8 key pips - you would not miss them on a tick chart - as you would know 51135 was low so anything over 16 is OK

With regards to partials - that was a strong move with extra clues from 27 and 30 to buy more and so you only drop to partials around first R's at 50 to 60 area

Then with move staying above low for over 30 mins another clue it was another buy

Add in key times and LR's changes etc and you build the picture

When you get over 25 pips on a scalp - I don't like to give back more than 20 on 30% - then you add if it stays above your level

Of course you can leave 30% on scalp buy - and then scalp sell it at 100% - you still make profit from that method - ie 70%

After 5160 + and over 1 hr further confirmation is a reversal

If you are able to keep on 30% on from line 5125 or 30 - then you are well in the money

Hope that helps a bit more

Update chart of EA for morning so far

 

[MajorMagnuM]

was the very first clue the lr doing a bullish cross at 08:46? that how i saw it. that level was obviously important from the big previous rise from it yesterday after 14:00hrs...

EA instrument buy inside 0851 window

 

[MajorMagnuM]

ea babson chart

 

[Forexmospherian]

was the very first clue the lr doing a bullish cross at 08:46? that how i saw it. that level was obviously important from the big previous rise from it yesterday after 14:00hrs...

EA instrument buy inside 0851 window

Hi MM

Agree the level was key from before

From say 5108 to 5120 ish - it was going to stall - and really I think then the time window was a clue that sellers might be exiting with their sell profits and bulls would be entering

Then its time rules along with correlations of other pairs going bullish and bearih in the 9 00 am TW

Another days of loads of domestic chores - ie I am the go-fer today - so not been able to get a lot of time in

Hope to get 2 hrs in after 2 30 pm - don't know if I will be around for Cad news at 1 30 pm

Have a good session MM

Regards


F

 

[MajorMagnuM]

cheers. have a ea short sl in profit. got close to top but a bit early timing wize

 

[MajorMagnuM]

i did take a minus 6 hit trying earlier.

 

[MajorMagnuM]

at 50% stake now

 

[Forexmospherian]

cheers. have a ea short sl in profit. got close to top but a bit early timing wize

I like 12 16 / 17 pm better - as had more LR's over price at 5216 area

Still excellent MM - you will still get better than me - its just time ;-)

 

[Forexmospherian]

just before I pop out have 5172 to 77 as possible supports next ??

See you a bit later

GL guys

 

[MajorMagnuM]

yes lr perfect but thewn eotw. so when 21 window opens we are 6 pips from the top. Althoug using a tw entry we would have missed the top by 6 pips, can we as consolation infer that the "early" move/cross is a sign of a greater fall to come?

 

[MajorMagnuM]

just before I pop out have 5172 to 77 as possible supports next ??

See you a bit later

GL guys

65 is the broken dy res now supp

 

[MajorMagnuM]

ea now a buy but resistance only 6 to 8 pips away so holdsing short rems till eotw

 

[MajorMagnuM]

my t21 says sell but not add as in conflict with m1 which is not a sell yet. it a small range really. bagpuss has gone so maybe thats a clue

 

[MajorMagnuM]

51843 to 52084 current range of i dont know whats going to happen

 

[MajorMagnuM]

what about this line?

 

[NickBk]

Hi Nick

2 shortest settings on LR's atm on 8 and 12. ( please also try 7 and 12 and 8 and 13 - will all depend on your broker charts - see which one gives you an added edge.

Agree that we need to see price action on the 1 min - but you can short cut this with a tick chart as well as that can get you in quicker or help with your timing and decision making

I am using the level first - 5110 to 15 was were I wanted to buy - as a interim support area.

Key time next - ie we hit the price before the TW and for 7 mins prior did not breach it - that was clue 2

Then PA on the 8 52 am candle bar was the KEY - it did a HH

I think its luck if you get in at 16 to 19 - as that is the perfect prices for entry

If you wait then for above 21 to 24 - that's OK - but you have missed really 6 to 8 key pips - you would not miss them on a tick chart - as you would know 51135 was low so anything over 16 is OK

With regards to partials - that was a strong move with extra clues from 27 and 30 to buy more and so you only drop to partials around first R's at 50 to 60 area

Then with move staying above low for over 30 mins another clue it was another buy

Add in key times and LR's changes etc and you build the picture

When you get over 25 pips on a scalp - I don't like to give back more than 20 on 30% - then you add if it stays above your level

Of course you can leave 30% on scalp buy - and then scalp sell it at 100% - you still make profit from that method - ie 70%

After 5160 + and over 1 hr further confirmation is a reversal

If you are able to keep on 30% on from line 5125 or 30 - then you are well in the money

Hope that helps a bit more

Update chart of EA for morning so far

Thanks for that I will look over the weekend. Evening here now.

I would have bought at or over 1.5123 having taken out previous resistance there and looked at 1.5147 as first target.

Cheers

 

[MajorMagnuM]

having a go here

 

[MajorMagnuM]

tsaken some profit

 

[MajorMagnuM]

im working mainly off tick charts

 

[NickBk]

You guys find t21 better overall, or just for very fast scalps only?