A Master Class in FX Intraday Trading by F & Co

[sun11]

Ok I got it about the quick LRs, But I have some thoughts on mid LRs.

Every time in an uptrend, when market change direction, the 1st indication we see with faster LRs. When price goes back below the faster LR, now next thing it will do is it will reach to mid lrs. Obviously Mid lrs will be still +ve. So in this case what you generally do, There are 2 possibilities:

If you have sell trade open from faster lr cross, then you close the position at mid lrs?
Plus you buy from mid Lr if faster lr shows +ve sign? (Thinking about a correction in uptrend)

Or, you keep holding your sell trade & expect price to go below the mid lr & sell position more upto the longer LR? Next is longer LR which is your target.

If price even same way break below longer lr you keep selling until it hits any interim S/R.

Is this understanding is ok?

I think from the 1st day I have some difficulties with mid Lrs & longer LRs.
So will clear my concept.

In general sense, on the 3 sets of LRs, Fast | Medium | Longer
If market breach each group, then next group can be the target. Is it like that.

Regards
Sun.

 

[NVP]

hi all

manic at work at moment - no chance to play much

back when I can

N

 

[NVP]

shame today .............

BUYS - smooth runs up this morning on the Yen , CAD , AUD , even USD
SELLS - EUROPEANS - GBP showing usual aggressive volatility...and CHF leading Euro for a change

as a result the GU has sold off to nearly 70 pips from 6am at times
EA got south similar pippage so far
EU Sells to -40 pips , UCHF similar re buys

nice
N

 

[NVP]

market very thin at moment .........would nt be trading much anyway .......a few GU resells keep popping up ........again now at 4142........

 

[Forexmospherian]

Ok I got it about the quick LRs, But I have some thoughts on mid LRs.

Every time in an uptrend, when market change direction, the 1st indication we see with faster LRs. When price goes back below the faster LR, now next thing it will do is it will reach to mid lrs. Obviously Mid lrs will be still +ve. So in this case what you generally do, There are 2 possibilities:

If you have sell trade open from faster lr cross, then you close the position at mid lrs?
Plus you buy from mid Lr if faster lr shows +ve sign? (Thinking about a correction in uptrend)

Or, you keep holding your sell trade & expect price to go below the mid lr & sell position more upto the longer LR? Next is longer LR which is your target.

If price even same way break below longer lr you keep selling until it hits any interim S/R.

Is this understanding is ok?

I think from the 1st day I have some difficulties with mid Lrs & longer LRs.
So will clear my concept.

In general sense, on the 3 sets of LRs, Fast | Medium | Longer
If market breach each group, then next group can be the target. Is it like that.

Regards
Sun.

Its down to price structure from mid and long LR;s and of course - Price Action of do we get a LL than before than last move up

I think that is the part you are confused on

I need to explain in alot more detail later on

Back next after 12 30 pm

 

[sun11]

Its down to price structure from mid and long LR;s and of course - Price Action of do we get a LL than before than last move up

I think that is the part you are confused on

I need to explain in alot more detail later on

Back next after 12 30 pm

Also I was observing your template, I saw in a 60 minutes of an hour. You segmented it in 18 minutes. Total 36 minutes is important in an hour. Thats interesting...I copied your template & mark time in my local time.

Regards

 

[Forexmospherian]

EU - Last 90 mins off a Tick chart

EU

12 40pm

Back to template

Check preference of TW's - no 8 9 & 10

11 09 AM - 11 39 am and the one not shown on this tick chart -12 25pm - were all in my time windows with 2 of the 3 being KEY TIMES

Those time lined up with new scalps

ie 11 09 am - 13 pip sell

11 39 am - 30 pip buy

12 25 pm - 8 pip - so far scalp sell

In 90 mins - over 50 pips of moves on 3 scalps


Here's the tick chart

 

[Forexmospherian]

Also I was observing your template, I saw in a 60 minutes of an hour. You segmented it in 18 minutes. Total 36 minutes is important in an hour. Thats interesting...I copied your template & mark time in my local time.

Regards

I posted this template over about 1 year ago in the other live thread

I have adapted to just 2 time windows per hr - but as you know every time window as 3 key times - but normally you only take 1 scalp in a TW - not try 3 over just 18 mins as they will not be very good

Ideally you want the main moves to start in a TW and then stay with that direction to the next TW or even one hr or two later

Hope that makes sense and I am glad we are discussing this again as I appreciate you have been confused with the scalping part in time windows etc


Regards

Peter

PS -Plan to try and cover up to 2 hrs after 2 30 pm - but I know you might not be around then - but in again tomorrow but off at least 1 full day this week and away within next 8 days

 

[Forexmospherian]

EU

12 40pm

Back to template

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

11 09 AM - 11 39 am and the one not shown on this tick chart -12 25pm - were all in my time windows with 2 of the 3 being KEY TIMES

Those time lined up with new scalps

ie 11 09 am - 13 pip sell

11 39 am - 30 pip buy

12 25 pm - 8 pip - so far scalp sell


-------------------------------------------
In 90 mins - over 50 pips of moves on 3 scalps
]

EU

Now over 20 pip drop off 12 25 pm scalp sell

See you later guys


F

 

[Forexmospherian]

3 00pm Update

Under 124 53 is still a sell on the EJ with supports at 25 and then 15 and 124 00

GU is a scalp buy above 4148

 

[Forexmospherian]

3 14pm

GU gone to plan - EJ did not but after 3 00 pm all the Euro pair became bullish - so once over 124 49 and 54 it was time to scalp buy

Nice scalp buys on EA and EU from 3 08 / 9 pm

 

[Forexmospherian]

3 16PM

In last 20 mins it all kicked off and just scalping 2 or 3 pairs can add anything from 15 to 40 pips on to your existing daily tally

But enter late or not b ready for the set ups - then you will be too late and either get stopped out sells or lose 5 -10 pips off the new scalp buys

 

[Forexmospherian]

3 14pm

GU gone to plan - EJ did not but after 3 00 pm all the Euro pair became bullish - so once over 124 49 and 54 it was time to scalp buy

Nice scalp buys on EA and EU from 3 08 / 9 pm

4 11 PM

Gu now up over 50 pips from just before 3 00 pm

EJ after scalp buy above 54 now been up over 20 pips

EU up over 33 pips - EA only made a 23 pip rise before a 20 pip drop after 3 30pm

Good afternoon

Will pop back later - but finished for the day

 

[Forexmospherian]

4 11 PM

Gu now up over 50 pips from just before 3 00 pm

EJ after scalp buy above 54 now been up over 20 pips

EU up over 33 pips - EA only made a 23 pip rise before a 20 pip drop after 3 30pm

Good afternoon

Will pop back later - but finished for the day

5 30pm Update

Popped back to see the GU - EJ and EU have made me loads of pips - all on partials - so time to move the stops in profits up tight

Did not sell the Dollar pairs - so missed out there - but got to be happy with staying and only trading 3 - 5 pairs a day - If I cannot do well out of that many pairs something is wrong

Did you notice - the EU took over 6 hrs to put a turn in today

Its like an Ocean liner - yes that slow ;-))

Will be around tomorrow - but then maybe only another full day this week

Good Trading


F

 

[Forexmospherian]

Tuesday - March 8th 2016 - Pre Opens

Good Morning Intraday FX Traders

I am going to start again with my template for my own particular method.

I dont have to use this myself nowadays - simple because after 8 yrs FT it becomes second nature - but I have updated it and revised it as originally I was only covering 2 or 3 FX pairs whereas the last 2 years I have always tried to Intraday more than 3 pairs and cover between 6 and 9 pairs - all depending on the news for the day and the actual price areas a pair is in.

The pair for my first 2 scalps of the morning as been today the EJ - 6 00 am and 6 08/9 am - both KT's in the Hour time window

Nothing amazing off first 2 scalps - 6 pips off the buy and 7 pips off the sell - both next figures after spread - thankfully both winners and we have to accept we cannot be always getting 10 -20 pips of every scalp - in fact the GJ and EA have been quiet this last 15 - although the EA as been a scalp buy from 6 09 am and I missed the start

Around on and off for at least 4 hrs today

Not checked the Calendar yet bit will do next

All comments and charts etc welcome as long a sit connected with FX

Have a good day


Regards


F

 

[Forexmospherian]

GJ

Kicked off at 6 27 am with a scalp sell all nicely lined up at 161 21

6 large red one min candles later and I have in my kitty another 26 pips

Total now 6 + 7 + 26 = 39 pips in approx 33 mins off scalps - plus a partial on EJ scalp sell

EA- missed the scalp buy ;-((

 

[sun11]

I posted this template over about 1 year ago in the other live thread

I have adapted to just 2 time windows per hr - but as you know every time window as 3 key times - but normally you only take 1 scalp in a TW - not try 3 over just 18 mins as they will not be very good

Ideally you want the main moves to start in a TW and then stay with that direction to the next TW or even one hr or two later

Hope that makes sense and I am glad we are discussing this again as I appreciate you have been confused with the scalping part in time windows etc


Regards

Peter

PS -Plan to try and cover up to 2 hrs after 2 30 pm - but I know you might not be around then - but in again tomorrow but off at least 1 full day this week and away within next 8 days

Good Morning Peter,

With this new time setup I can be available after 2 30 pm
I am planning to stay on during those red mark times mainly.

About the coal face & chart reading, with mt4 manual back testing system, I can reduce 10K hours of chart reading into 400 hours. But that 400 hours will be very hectic..

With this manual testing system, I get to trade on real like environment to understand price structure & my emotions. So far my avg win rate is standing 40%-50% which is very bad & also RR ratio problem. I am pretty confused about those medium & longer LR setup as I stated earlier in my post. So looking forward to see an answer from your side.

When I enter I see that smaller LR turned out very fast against me. That's why I get only 2-3 pips. When I lose, I lose 5-7 pips (I can improve here by exiting early)

This is what is happening from last 3-4 months:

1-3 pips gain = 40% of the time.
5+ pips gain = 15% of the time
5-7 pips loss = 45% of the time

So net result is -ve.
I need trade more than 5 pips at least an average of 7-8 pips. Which is the bread & butter.

I need to know if any trend correct then how far it can correct. Up to the medium lr? if it goes below medium lr then no more correction etc? Close position?

Sorry my question asking pattern can be repetitive. But I had to ask I until i clear my doubt. I am very much interested to learn the price pattern.

Last day EU chart which you have posted, I can see that price gone below the faster LR many times. But you didn't closed it hold it up to the 30 pips gain because it was respecting a TD. So that means not always faster Lr decides exit isn't it?

This is my main point. Hope you understand what I am trying to say...

Thank you
Regards
Reply at your pace. No hurry.

PS: Glad that you're having break...Have a nice Holiday..

 

[Forexmospherian]

6 43am

In terms of bias atm

We have the EU and EA both in a bull price structure for session atm - ie Pre Opens

GU & GJ - both been scalp sells - both in bear PS for now - ie Pre Opens

EJ / GJ - looks as though yen as been strong - as both these pairs have seen price fall over last couple of hrs

UCad - intrigues me - big fall yesterday and bounced overnight. Many buying it heaving as they expect a turn etc . For me its still not ready - but as I am not a fortune teller - i will stay only with Intraday bias etc - not try and guess this week

 

[Forexmospherian]

Good Morning Peter,

With this new time setup I can be available after 2 30 pm
I am planning to stay on during those red mark times mainly.

About the coal face & chart reading, with mt4 manual back testing system, I can reduce 10K hours of chart reading into 400 hours. But that 400 hours will be very hectic..

With this manual testing system, I get to trade on real like environment to understand price structure & my emotions. So far my avg win rate is standing 40%-50% which is very bad & also RR ratio problem. I am pretty confused about those medium & longer LR setup as I stated earlier in my post. So looking forward to see an answer from your side.

When I enter I see that smaller LR turned out very fast against me. That's why I get only 2-3 pips. When I lose, I lose 5-7 pips (I can improve here by exiting early)

This is what is happening from last 3-4 months:

1-3 pips gain = 40% of the time.
5+ pips gain = 15% of the time
5-7 pips loss = 45% of the time

So net result is -ve.
I need trade more than 5 pips at least an average of 7-8 pips. Which is the bread & butter.

I need to know if any trend correct then how far it can correct. Up to the medium lr? if it goes below medium lr then no more correction etc? Close position?

Sorry my question asking pattern can be repetitive. But I had to ask I until i clear my doubt. I am very much interested to learn the price pattern.

Last day EU chart which you have posted, I can see that price gone below the faster LR many times. But you didn't closed it hold it up to the 30 pips gain because it was respecting a TD. So that means not always faster Lr decides exit isn't it?

This is my main point. Hope you understand what I am trying to say...

Thank you
Regards
Reply at your pace. No hurry.

PS: Glad that you're having break...Have a nice Holiday..

Morning Sun

I am pleased you have put your thoughts and update stats in this comment - its very good and helps me to understand were you are and i will certainly over today go through it in more detail - along with more answers to the LR set ups - especially the mid and longer term LR.

What I will say though - and you need to take this on board - as you know - we will never be 100% correct with our trade assumptions - For my method - we need above 60% accuracy and anything over 75% is just making cream on the cake and gives you great results. But as you know 45 - 60% is just not quite good enough and so i am pleased you know you need to sharpen up your scalp entries and the ones you choose.

Next point - please please please - take this the right way - you cannnot replicate 10,000 hrs of real live time trading with systems that give you back testing and forward testing etc etc. Ok 400 hrs might be equivalent to a few thousand hrs at real time pace - but its a false belief - its just not the same - trust me - you emotions and brain are not working the same in false situations etc etc

You dont need 10K hrs to be successful - you do need it to get to advanced and expert level - and thats why a part time trader on just say 15 hrs a week would need 15 years - yes 15 years. That changes a lot if you are able to chart watch say 5 hrs a day - ie 25 hrs a week - then only just over 8 yrs.

For my method you do need a few thousand hrs on the 1 min and tick charts - thats why I think its a 4 -8 month job to get to a basic level and then maybe another 6 -12 months to get to some consistency.

As you know - 80%+ of all traders just drop out before even a few years - as they think its all learnable in just 6 -12 months - the whole lot.

I will come back to you on your points - but please - drop the automated idea atm - you need to be fairly consistent on a manual discretionary basis - then if you still think it can be automated a lot more - look at that in 2 yrs time when you are more capable and experienced with the method

All the best this week


Regards


Peter

 

[Forexmospherian]

6 43am

In terms of bias atm

We have the EU and EA both in a bull price structure for session atm - ie Pre Opens

GU & GJ - both been scalp sells - both in bear PS for now - ie Pre Opens

EJ / GJ - looks as though yen as been strong - as both these pairs have seen price fall over last couple of hrs

UCad - intrigues me - big fall yesterday and bounced overnight. Many buying it heaving as they expect a turn etc . For me its still not ready - but as I am not a fortune teller - i will stay only with Intraday bias etc - not try and guess this week

GU

7 15am

Turned bullish at the EO at 7 00 am with price rising from 4246 - and rising just over 20 pips in approx 10 mins

GJ- followed the GU with a 7 00 am rise - but fell earlier and quicker - ie the Yen is still quite strong - whereas the dollar not quite so against the Pound