A Master Class in FX Intraday Trading by F & Co

[MajorMagnuM]

Morning Sun

Back now at my desk with my full set up

Shame you sold EJ at 19 - it was not a sell then - still a buy and agree 22 -29 was not string enough resistance to stop the move carrying on up

So first question - you sold and it was not a sell at 19

Why was it not a sell ??

in a nutshell - on a tick chart or even 1 minute - the price action had not gone to LH's and LL's

For it to be a sell we needed to drop out under TL based on last 5 -15 mins and that meant price needed to go under 129 12 and 09

It pulled back at 19 to approx 16 - but then PA at 8 10 am UK time did a HH and HL on a 1 min and also the Key Lrs for scalping said scalp buy from 21 to 35

Ideally if you entered at 19 -

1. You either got out asap - losing just minus 1 or 2 pips

From 21 onwards you scalp bought

The signals after 8 10 am on the EJ were all buy

Ok R from 22 to 29 could have stopped the move up - but the price action was stronger than the resistance - PA and momentum and buying bulls won

Hopefully - thats another lesson on scalping - PA along with LR's and for a reversal - you need to see a proper change / crossover - not just a 1 or 3 pip pullback that does not make a LL or a HH etc etc

was a sell when it broke tl?

 

[MajorMagnuM]

also, i see the two candles fropm 0810 doing hh hl, but after tl broke earlier, we had 2 red candles saying sell?

 

[MajorMagnuM]

Morning MM

Just explaining to Sun - we have all been there on live accounts and losing confidence and having really bad days with our brains in total BAD trading zones

But whether its takes 1 week - 1 month or in my case 6 months - we get back to normal and go on to do even better

Have a good day

GU for me as been buys

yes. best to sit and watch in a relaxed fashion for an hour and note changes in how you are seeing action Sun.

 

[sun11]

Got MM's point. My mistake. I actually entered few bar before.
Thanks for sharing the chart MM.
I will be back during US session.

 

[sun11]

yes. best to sit and watch in a relaxed fashion for an hour and note changes in how you are seeing action Sun.

Yes will doing that today during Us session.

 

[MajorMagnuM]

Got MM's point. My mistake. I actually entered few bar before.
Thanks for sharing the chart MM.
I will be back during US session.

my point ios i would have sold ej at 0759

 

[Forexmospherian]

was a sell when it broke tl?

In theory its was sell - but unless we saw a LL under 129 15 / 13 and 09 - we were still in a buliish PS pattern

I marked on my EJ chart a flat line as a guide

Yes if pullback had gone under there - carry on selling - a different ballgame

But instead 16 held and then over 21 + it was past the R area in bull land and buy buy buy etc for a bit - well 30 + pips or so

 

[Forexmospherian]

my point ios i would have sold ej at 0759

if that time - Ok but no LL happened and after 2 or 3 pips it turned into a buy after 8 10 am and then above 21 and 23 and 30 etc - it kept then to HH's and HLs' on tick and 1 mins

 

[MajorMagnuM]

yes . lesson there was to wait until end of window or as you say be aware that we havew had hl and hh in bigger picture since 0645. I think possibly Sun saw the levvel 19 ish as res from 0430 onwards, as i would have at least and she sold the moment the lines came together for an instant. hint prioity in this case would have been recent price action over last resistance? the longer bias would habe confused the situation and had me lookinf for resumtion of shorts

 

[Forexmospherian]

EA - my main earner this morning

EA

6 00 am Update

Approx 220 pip range from 5360 to 5580 over last 12 hrs - thats big !!

For now under 5520 is bear bias with 5420 to 30 main interim supports

5 59 am was a scalp sell from 5466/7

EA

4 hrs later - and we have never been back to 5466 or even 5460 ish

A sell and why

Heres 2 chart a 1 min with LR structure and a tick for scalping from after 6 00 am


Not update in a bit - but its a good lesson again for Sun - were is the Lits and key bias price structure area

On EA this morning - under 5490 and 5500 - it was 100% bear land favouring sells

1 MIN CHART - with price structure

Tick chart for additional scalping and for Sun's guide on how they compare etc on views

 

[Forexmospherian]

GU - Update at 10 15 am after 9 30 am news

Will post a chart on EJ - Sun and will explain next

Lits area 129 25 to 30 approx

That the critical area

Under there sells - as from after 5 am to EO

Above Lits - buys

----------------------------------

GU STILL in a Bullish PS atm above 4240 and 50

GU

9 26 am

news in 4 mins

We need above 4285 and 4300 to keep scalp buying and for price to drop under 4240 and 30 to go into a bear structure that would then favour sells

GU

10 15 am

Well we got that one right

Fairly easy - we stayed above Lits and we had bullish PS above 4240 / 50 and now price as made 4330 area

Hopefully you got some pips on that pair - I did ;-))

Will do a chart in a bit

Ideally we stay above 4300 area to buy again after pullbacks - but will look into more - and of course we need it line up

 

[Forexmospherian]

GU

10 15 am

Well we got that one right

Fairly easy - we stayed above Lits and we had bullish PS above 4240 / 50 and now price as made 4330 area

Hopefully you got some pips on that pair - I did ;-))

Will do a chart in a bit

Ideally we stay above 4300 area to buy again after pullbacks - but will look into more - and of course we need it line up

1 min chart

News marked at 9 30 am

LiTs area marked as well - it said buy - also useful levels for intraday

 

[Forexmospherian]

GU

10 23 am

2 prices of interest

4315 and 4310

We need under both to scalp sell more

Above both still in bull bias scalp wise but we need to see over 37 and 42 to stay with scalp buys

Having a 15 min break

 

[Forexmospherian]

GU

10 23 am

2 prices of interest

4315 and 4310

We need under both to scalp sell more

Above both still in bull bias scalp wise but we need to see over 37 and 42 to stay with scalp buys

Having a 15 min break

GU

10 43am

Hope that made sense - comment above

so far we stayed above 4310 and 15 and stalling now at 4345

Next critical price is HL levels above 4326 and 30

Ideally pullback staying above 26 and 30 are buys again to try over 46 and 50 +

If price goes under 25 and then tests 15 etc - we are back to LH's and LL's and scalp sells

Until we are under 4310 though - we could still then be another scalp buy and test high again

GL

 

[Forexmospherian]

GU

10 50am

Should you have sold under 44

Its purely up to whether you feel confident to scalp and get out quickly if price turns back up quickly etc

Its a counter scalp trend by selling - but its all up to how you can read price etc

I suggest to some one like Sun - to look more for scalp buys in a bull bias PS - - but that does not mean you should miss out on 5 -20 pip pullbacks

Again down to confidence - experience - discipline and most important are you in the zone reading PA on a 1 min or tick chart correctly ??

 

[Forexmospherian]

Another quick point or tip - if you are already up say 30 or 60 or even 100 pips this morning - you can take risks and lose 5 pips

BUT

If you are down 15 or 20 or 30+ pips - dont take risky scalps - wait for better set ups and higher probability trades based on time and Lits and levels etc etc

You have to know whether you are reading price well - ie 3 or 5 or 8 winners in a row - or not in the zone - having 3 or 4 losses in a row

Only take risky scalps when you are well in profit - otherwise - stay safe and try and go with Lits intraday bias price structures

 

[Forexmospherian]

EA

11 00 am Update

5360 and 5380 are both support areas

Really we can only sell more if we breach under both

Maybe now we enter the boring period - EA is in a 100 pip range now and it could just meander both ways

Great for scalping - BUT - Lrs are now not giving clarity etc - so structure wise - we are like going into a BTTZ area of approx 50 -60 pips between 90 and 5440

Time for a dog walk

See you later guys

 

[Forexmospherian]

Midday update on GU

I think it was safer to sell under 4325 - and 15 and then under 4310

But if you sold at 44 - even better ?

Back from dog walk - but going to pub for a lunch

Will be back - but might not be for 1 30 pm news

GU - so we got the move up - and the move down this morning

Well I hope you did ;-)

See you later

 

[PipsterPipstoffelees]

hi everyone, i am still here. Tuesday was another loss day for me, I only took 4 trades, and they were all small losers, -9 for the day.

not feeling it at the moment, as my recent string of losing trades has taken the wind from sails a little. But, like I said, I am still here and still following.

Thought I would tell you all a little bit more about myself. hope thats ok.

I have been involved with trading for quite a long time, since mid 2009 but never found anything that worked for me. I have taken courses, spent money on them <sigh>, bought software <sigh>, been conned by some other tricksters who lost, on my/someone I know's behalf, an eye-watering amount of money :whistling. But hey, its all been good fun, in a weird way.

I have been successful on demos before, actually I demo'd for 3/4 years before going live. I have always had a patient approach. But, despite demo successes, a small live account that I began in 2013 proved to be a different kettle of fish, and eventualy after 17 losses in a row, and the resulting 30% account draw down, i stopped for 2 years completely and went to do other things.

After a 2 year break, what drove me back to trading is a burning desire to answer for myself the question of "is it really possible"? I am not here to make a million bucks, I wouldnt turn it down mind you, but really it is just to see if it is really possible. Plus there is just something about the markets that I really enjoy. I dont really lament the money I have lost so far, money is easy come easy go as far as I am concerned.

Anyways, lets see what happens this afternoon!

 

[Forexmospherian]

hi everyone, i am still here. Tuesday was another loss day for me, I only took 4 trades, and they were all small losers, -9 for the day.

not feeling it at the moment, as my recent string of losing trades has taken the wind from sails a little. But, like I said, I am still here and still following.

Thought I would tell you all a little bit more about myself. hope thats ok.

I have been involved with trading for quite a long time, since mid 2009 but never found anything that worked for me. I have taken courses, spent money on them <sigh>, bought software <sigh>, been conned by some other tricksters who lost, on my/someone I know's behalf, an eye-watering amount of money :whistling. But hey, its all been good fun, in a weird way.

I have been successful on demos before, actually I demo'd for 3/4 years before going live. I have always had a patient approach. But, despite demo successes, a small live account that I began in 2013 proved to be a different kettle of fish, and eventualy after 17 losses in a row, and the resulting 30% account draw down, i stopped for 2 years completely and went to do other things.

After a 2 year break, what drove me back to trading is a burning desire to answer for myself the question of "is it really possible"? I am not here to make a million bucks, I wouldnt turn it down mind you, but really it is just to see if it is really possible. Plus there is just something about the markets that I really enjoy. I dont really lament the money I have lost so far, money is easy come easy go as far as I am concerned.

Anyways, lets see what happens this afternoon!

Hi PP

Thank you for that - Its always interesting to hear about a traders journey etc - and your welcome to add to that and it gives us all an idea of what we all go through

First thing I can 100% Confirm - with out any shadow of doubt

IT IS POSSIBLE FOR FX RETAIL TRADERS TO MAKE CONSISTENT MONIES ON AN ONGOING BASIS


Trouble is - and I think you know this - its only the small percentage - the maybe 5 to 15% of all FX retail traders who get there

You can understand say 50 -60% never making it - they try it part time for 3 or 6 months and then depending on the results - realise - its not easy and if they lose a couple of accounts or so - give up

The traders who can devote 3 to 5 year part time learning all the requirements and skill have a better chance - and so probably out these say 25 -40% of traders - there the ones who eventually get there

Many say there are loads of ways t profit trading - there is - but a large proportion of them give you just average results - ie the 20 to 50% returns per year - if that - not much good on just £2k or 5K - great on a million or so.

The way I trade is maybe the hardest most difficult way - I am basically following ever pip move and on good days I might make a killing etc

There are easy ways - but like anything - normally the harder you work at something - the more time and commitment - the better you get.

Although I am trying to help Sun more this next few weeks and month - i hope you will also gather more tips to help you progress etc

Remember - its all possible - I reckon most semi experienced traders need 4 to 8 months learning my method and then as MM proved - it might take another 6 -12 months to really get to a higher standard and be consistent most days


All the best PP -


Regards


F