A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

Sun

staying with GU

If you scalp bought on a tick chart - you need to have done it at 4306 -8 area

If you wait to 12 or even 15 - its far too late

What was your entry price ?

Personally - i preferred the scalp sell after 9 39 am - a key time on tick than the buy

 

[sun11]

To answer some of Suns questons

1. LiT area for bias on price structure -

LiTS stands for a line in the sand area - its not a traditional pivot point - its a dynamic price area based on the now and it shows the difference on bear and bull and bias

On the GU this morning the LiTs is 4345 to 55

we need over both prices for price structure to turn bullish and then to prefer more scalp buys

Under both prices - we are in bear land and I prefer scalp sells

BUT

as MM as pointed out and as we know - 4300 and 4290 are major dynamic and static supports

So unless we breach under both - then we will turn and try a retrace

But until we go over 4345 and 55 - we are still in bear land

Hope that makes sense for a start

Thanks for the snapshot on GU. EA is moving nice on the other side.
How do you calculate lits? Any formula or you just calculate it by seeing it at the graph?

 

[sun11]

Right now no trade is here. Last trade I close GU sell with 2 pips profit.

 

[MajorMagnuM]

taken some profit quick. feeling risk averse today!

 

[Forexmospherian]

Its difficult Sun - but - I think you might have to forget a lot of traditional technical analysis you have learnt and convert to this modern dynamic method

HH's and HL's and LH's and LL's are still king on PA

Levels are important - but both dynamic and static = ie both horizontal and off trendlines

My bias areas are not a traditional method - but since after 2003 and 2005 and HFT - old TA is outdated in modern robot and algo world

 

[Forexmospherian]

Thanks for the snapshot on GU. EA is moving nice on the other side.
How do you calculate lits? Any formula or you just calculate it by seeing it at the graph?

The Lits comes from the longest 3 lRs - on a 1 min

On my 1 min chart you can see the flat line

Then its a case of the range either side that needs breaking

On GU today the lits was 4345 - 55 and under 4340 - we were clearly in bear bias

 

[sun11]

Lost 7 pips on EA sell then made 8 pips on EA buy. Daily pl +4 only.

 

[Forexmospherian]

on GU tick - sell was just before 10 am UK time at 4306

If you sold at 4300 or 4298 - too late again ;-)

 

[Forexmospherian]

Lost 7 pips on EA sell then made 8 pips on EA buy. Daily pl +4 only.

You are not used to tick chart yet - will take a few sessions

Take it easy rather than 6 -10 scalps an hr until you get used to it

 

[Forexmospherian]

Ideally - I want to buy all euro crosses after their pullbacks

London Open now - so expect games first

I said above at 8 00 am and LO

finally we got the pullbacks after 8 39 am and after 9 00 am and after 9 39 am on EA

 

[Forexmospherian]

GU

10 12 am

still got it bearish atm at 4285

I know 4280 area is asupport area next

 

[sun11]

The Lits comes from the longest 3 lRs - on a 1 min

On my 1 min chart you can see the flat line

Then its a case of the range either side that needs breaking

On GU today the lits was 4345 - 55 and under 4340 - we were clearly in bear bias

I will forget traditionals, for me making money is the ultimate thing no matter which method, traditional or modern. Anything that works with my mindset. I have knowledge on basic PA king.

Looking at the 1 min GU chart. I mark your lits level. But still its not precisely telling me, about the exact 4345-4355 levels.

In my eyes it shows 4366-4348. Longer LR are standing at 4351-5342. Not same as yours.

 

[MajorMagnuM]

gu h1 simple map

 

[sun11]

GU

10 12 am

still got it bearish atm at 4285
I know 4280 area is asupport area next

why 4280 is the next support area?
Zooming in longer time frame tells the answer..right? or anything else?

 

[MajorMagnuM]

why 4280 is the next support area?
Zooming in longer time frame tells the answer..right? or anything else?

this possibly

 

[Forexmospherian]

I will forget traditionals, for me making money is the ultimate thing no matter which method, traditional or modern. Anything that works with my mindset. I have knowledge on basic PA king.

Looking at the 1 min GU chart. I mark your lits level. But still its not precisely telling me, about the exact 4345-4355 levels.

In my eyes it shows 4366-4348. Longer LR are standing at 4351-5342. Not same as yours.

View attachment 215748

That's good that you are trying to get it precise

I always allow an extra 3 -5 pips - above and below - and of course we will never be always the same as our brokers charts will be slightly different - even if only 1 pip

This thing is - was you comfortable with the bear bias on the GU under 4345 and 40

If so - then good - under those prices was 100% bear land and so out of scalp buys and scalp sells - when you get really good like MM - you take both - but whilst learning stay with bias and in this case scalp sells on GU should take preference under 4345 than scalp buys

 

[MajorMagnuM]

f can u describe how you would play this on gu now?

 

[sun11]

this possibly

yes i can see now.

 

[Forexmospherian]

this possibly

I reckon - between 4260 and 81 - but too early yet to say atm

will present 84 last over 30 mins ??

Got to pop out for an hr or so

Plan to be around over lunchtime and a few hrs in the afternoon

GL Sun - stay relaxed on tick - just get used to quickness of movement - then it makes it easier back on a 1 min

 

[Forexmospherian]

f can u describe how you would play this on gu now?

Time rule

down to 30% Stake on last scalp sell

also will scalp buy at 100% if we break over 4300+