A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

Good Morning F,

Today I got one question for you. Just for benchmark purpose.

In last 12 months of your trading data, what is your average drawdown per day wise? Also what is the largest drawdown in a day in terms of pip count?

I know you never have losing days.

But say, you started trading you made some losses on 1st hour then 2-3 consecutive losses. In this way if your pip balance fall below zero i.e negative in terms of pips count how much is that average also in max?

Last day I had -34 in pip count, then I reduced it upto -4 pips. I hope you are getting what I am asking.

Thank you
Regards
Sun.

Good Morning Sun

First misinformation - probably spread by the alternative fan brigade - ( lol) - I do have occasional losing days normally due to unusual factors and over the last 400 trading days spread over 2 years there as been nearly 60 days I have not met my 50 pip daily target.

Ok drawdowns

First scalp this morning on EA - risked 6 pips and exited just at 16 pips net

So now 16 pips positive in first 30 mins of the morning - which for me is a slow start

Now as you know - if I have 3 consecutive bad trades I would stop and have 30 - 60 mins off

3 bad consecutive scalps for me next could knock me back maximum 20 pips - but normally I would be out of all 3 under 10 pips -

Whilst I am typing this my second scalp is a sell on the EA from 6 32 at 5013 and thats made me now 11 pips - so 2 trades - net pip tally - 27 pips - maximum drawdown of first scalp 6 pips and my second scalp did not go negative - as had the 16 pips to use 5 pips for the sell.

Hope this makes sense.

So a really bad morning my maximum drawdown would be 20 pips .

If after 2 hrs it was still negative - I would seriously think - I have hit a bad session - and so might even stop then for another hr

On odd occasions - I do get shafted on unusual spikes etc - and like now if I am up approx 27 pips - even a 15 pip loss on one trade - would still keep me positive

I do remember going over 25 pips down and still bringing it back positive in a good one hr session - but I have not in last 5 years gone like 40 or 50 pips negative - I would stop and take time out way before that happened

OK - slow start - so need to find some more scalps

Hope you caught the EJ scalp buy from either 6 00 am or 6 33 am


Good Trading Sun

Regards


Peter

 

[sun11]

Its all controlled and thought out - like your levels need to be - it needs planning and great money management - but if we cannot get your win ratios over 50% + then thats the problem

I would like to get you try for a month a tick chart on say 2 pairs - an easy one - AU - UJ even anbd then maybe the EJ or GU

It would speed you up and make you focuse more quickly and understand the movements better etc etc e

We can only do it when you feel the 1 min is now normally slow for you and not just as though its too fast still

Many 15 and 30 min traders cannot adjust to a 1 min under 3 or 6 months - they feel its too fast

You have to let me know what you think and when you are ready etc etc

Regards

Peter

Checked your comment now.

Well 1 minute is already slow for me now. But yes I need to gain my win rate over 50% also better RR.

Today I will share some of my understanding regarding the PAC & zones.

For example I am looking at EU & GJ. Specially the GJ, 159.51 can be a place to buy?
Also is there any opportunity for GJ to reach 160 level?

Regards
Sun

 

[Forexmospherian]

6 53am

The fact that I am here for the London Open hour this morning - I dont mind taking it easy this first hour - as I don't have to try and cram my daily target all within 90 mins or 2 hrs

EJ

Last night I left a partial stake on with a large stop as Nick mentioned ( but it was still in a profit ) and now I need to make a decision

The highs so far are around 124 07 -09 area. and its there now

Above 15 and 20 I stay with my partials an I have scalp bought as well - but now I have moved last nights stop up to 123 67 so taking in more profit

 

[Forexmospherian]

Checked your comment now.

Well 1 minute is already slow for me now. But yes I need to gain my win rate over 50% also better RR.

Today I will share some of my understanding regarding the PAC & zones.

For example I am looking at EU & GJ. Specially the GJ, 159.51 can be a place to buy?
Also is there any opportunity for GJ to reach 160 level?


Regards
Sun

EJ as been good already Sun - not got the GJ up on my tick charts atm but will take a look at that set up

EU turned - bearish after 6 30 am - so thats been a scalp sell

 

[Forexmospherian]

GJ

6 59AM

It is bullish above 159 00 Sun - but it could pull back 15 -40 pips before trying up again so keep an eye on 52 as while above there - still a scalp buy atm

 

[Forexmospherian]

EJ

now gone scalp sell for the EO at 7 00am I got in at 04 and have taken profits on last scalp buy

 

[sun11]

EJ as been good already Sun - not got the GJ up on my tick charts atm but will take a look at that set up

EU turned - bearish after 6 30 am - so thats been a scalp sell

Thank you Peter for answering my question in detail.
I will note it.

Right Now I just closed my EU sell trade in 5 pips profit & GJ Buy trade in 17 pips profit.

 

[Forexmospherian]

EJ

7 02 am

I will look at moving my partial from last night up above 68 as well now - all depends if we get 30 mins with no new breach of high

 

[Forexmospherian]

Thank you Peter for answering my question in detail.
I will note it.

Right Now I just closed my EU sell trade in 5 pips profit & GJ Buy trade in 17 pips profit.

Excellent

Now what ever you do - dont lose more than 10 pips on next 2 trades

If you do - stop and take time out and review all etc etc

If next 2 scalps get you say 10 + pips - then reviews again - but dont give all your profits back

 

[Forexmospherian]

EJ

02 isn my cut off on the scalp sell now - its stalling and pondering atm

I need to see under 93 and 88 really to stay in

 

[sun11]

Excellent

Now what ever you do - dont lose more than 10 pips on next 2 trades

If you do - stop and take time out and review all etc etc

If next 2 scalps get you say 10 + pips - then reviews again - but dont give all your profits back

Currently I have a buy trade with EU from 848. Stops at 846.
Target not sure...? Recent R could be 856.

 

[Forexmospherian]

EJ

7 10 am

Aa great example of a scalp I dont like - I entered a sell at 123 04 and it dropped 8 pips fairly comfortably - but stalled and now 6 mins gone really no where

So for me I just exit and think ok under 93 and 88 I sell again

If we go back over 06 and 11 then look at scalp buying

But I dont like holding 4 - 7 pips in the red or negative - its just not my cup of tea - talking of that - I am going to get another coffee next

 

[Forexmospherian]

Currently I have a buy trade with EU from 848. Stops at 846.
Target not sure...? Recent R could be 856.

56 to 60 is all interim R Sun

So unless over 62 -= take a profit

 

[sun11]

Currently I have a buy trade with EU from 848. Stops at 846.
Target not sure...? Recent R could be 856.

Ok..Trailed & closed it at 855.

Time to review trade & make note on my journal.

 

[Forexmospherian]

7 27am

worth checking the time rules on interim highs and lows next

EU low was 7 00 am and so far its up 11 pips from there and really by 7 39 am latest it need to breach the low to be another sell

 

[Forexmospherian]

All a bit slow atm

EU moved up as mentioned 11 pips in under 30 mins - EA did approx 30 pips - still slow though

 

[sun11]

About EU is there any possibility that it might move upto 900 zone or above.
I want to enter form pullback. Will be the 856 zone could be a better place to enter?

 

[Forexmospherian]

About EU is there any possibility that it might move upto 900 zone or above.
I want to enter form pullback. Will be the 856 zone could be a better place to enter?

Remember it can try under low after 50 -60 mins - its holding for 30 + mins

So really we dont know until more clues - we have made 62 and pullbacks need to stay above 54 next to buy again

Next R's at 65 to 72

 

[NickBk]

EJ

7 10 am

Aa great example of a scalp I dont like - I entered a sell at 123 04 and it dropped 8 pips fairly comfortably - but stalled and now 6 mins gone really no where

So for me I just exit and think ok under 93 and 88 I sell again

If we go back over 06 and 11 then look at scalp buying

But I dont like holding 4 - 7 pips in the red or negative - its just not my cup of tea - talking of that - I am going to get another coffee next

Another stat I have, if it helps.

If a trade is +2, b/e or -1 or 2 pips (ie not stopped out) and is going nowhere it is optimal to kill it at 8 minutes. These trades do not consistently make money from here, over many trades of course. Especially as this method is about change of direction and so a stall is a bad sign and maybe it was a fake signal or any number of things. Now I just automatically do it and do not think for 1 second about it. Making decisions this way with enough information is a big help and saves a lot of time and thought process through the day.

 

[Forexmospherian]

EJ

7 38 am

Ugly PA and really a BTTZ area atm above 90 to say 124 14 ish - so say 25 pips

Ideally we let it come out range to catch a proper move next