A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

7 20 am

the GU is in a 55 pip range really

We need above 4285 + for carrying on into more bull land and under 4230 - then firmly back into bear land and more sells

That 55 pip range its the area the market makers can use to set up false sentiment and catch trader out - be aware - scalp it etc - but dont expect it to stay in the same move all the while

 

[sun11]

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

Hi,

Actually I got this manual backtesting idea just to practice on past chart to see how lr works.
How I place orders on what conditions. Its just the past charts loading as live charts...
I wanted to do this just for saving some money.

You know i am losing my on real account. I know its cent but still it's a loss. Loss is a loss there is no alternative for it. I am tired of a losses. In a week, I am having 3 losing days & 2 winning days. When i am having losing days i having loss of 15-25 pips. When i am having wining days profit of 15-20 pips. So that eventually creating a negative curve on my account balance.

It is true that my impulsive trades creates now 50% of the losses. But i know over time there will be less than 10% impulsive trade. But on the other hand i need to know about the basic techniques. If technique is wrong then nothing can help. That's why those back test. But you are the boss. So I will drop it the manual test with pleasure.

Looking forward to see your post about trend corrections & mid lrs.

Regards
Have a nice day..

 

[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 ;-((

EJ

7 30 am Update

Not quite 28 pips on the partail sell stake and for me to hold it on longer I need under 124 40 and 35

Back over 124 57 and 60 - I would be scalp buying

 

[sun11]

Nice EU breakout during EO, Bought from 1017 & closed at 1036, actual target was 1040. But ok no problem.. made 18 pips straight. But My sl was 7 pips in this trade.

 

[Forexmospherian]

EA - Last 90 mins

]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
[/B]
------------------------

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

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 ;-((

EA

7 37AM

I missed the scalp buy after 6 00 am as had focused on the EJ and GJ

Did not miss it after 7 21 am at 4853 and so far that saw a 37 pip rise and now pullbacks staying above 57/ 60 are buys again

I will say need to watch 30 min rule as - last high - a new high of the day so far - so with LO in 20 mins - it could be another false set up

 

[Forexmospherian]

Nice EU breakout during EO, Bought from 1017 & closed at 1036, actual target was 1040. But ok no problem.. made 18 pips straight. But My sl was 7 pips in this trade.

Excellent - WD

Now only use a maximum of 10 pips to carry on

Thats say 2 scalps - but if you carry on winning - then no problem

 

[Forexmospherian]

GU

7 42am

We have the B O E Gov speaking at 9 15 am - so again the GU is being played with - pre speech

I have already mentioned its in a 55 pip range - that can be scalped atm - but forget any swing trades atm - as this area could be used purely to set up false sentiment

 

[Forexmospherian]

Hi,

Actually I got this manual backtesting idea just to practice on past chart to see how lr works.
How I place orders on what conditions. Its just the past charts loading as live charts...
I wanted to do this just for saving some money.

You know i am losing my on real account. I know its cent but still it's a loss. Loss is a loss there is no alternative for it. I am tired of a losses. In a week, I am having 3 losing days & 2 winning days. When i am having losing days i having loss of 15-25 pips. When i am having wining days profit of 15-20 pips. So that eventually creating a negative curve on my account balance.

It is true that my impulsive trades creates now 50% of the losses. But i know over time there will be less than 10% impulsive trade. But on the other hand i need to know about the basic techniques. If technique is wrong then nothing can help. That's why those back test. But you are the boss. So I will drop it the manual test with pleasure.

Looking forward to see your post about trend corrections & mid lrs.

Regards
Have a nice day..

Will do Sun

Because my method is so different to maybe 90% of all other methods - my priorities are not the same as so many other professional traders

For my method - ENTRIES ARE KEY


Get accuracy on scalp entries - and even if the trade does not work out and it does not move 7 - 10 - 20 pips - its possible to still get out with a b/e or only minus 2 -3 pips

By getting you entries accurate - you then find out you end up getting lots of 7 to 15 pip scalps - and just 3 good ones a day for you gets you your target

Exits - you can work on - but entries are key for the method to work properly

ATM - I am sorry to say your choice of entries are just 50/50 and not good enough

That's partly my fault for not getting you to focus more on the tick and 1 min charts and catching the interim low and highs etc using the LR's and time

I have confused you - and that's not your fault - but if you can drop your swing techniques and previous ideas - carry on working on focus and disciplines and managing emotion - then I will get your entries vastly improved

 

[Forexmospherian]

EJ

7 30 am Update

Not quite 28 pips on the partail sell stake and for me to hold it on longer I need under 124 40 and 35

Back over 124 57 and 60 - I would be scalp buying

EJ

24 min later

Started my scalp buy at 7 38 am at 124 54/55 and added at 61

Now at 72

 

[Forexmospherian]

London Open at 8 00 am

The clues of the EJ pullback - scalp sell started from after high at 7 52/3 am and after 7 55 am a LH

Then 7 59 am at 124 68 - that was the next clue to look for a scalp sell

If you got it late it would be about 56/58 - because we saw the spike down at Open

It then dropped to 51 and now under 66 its still a sell again

The high was at 124 71/72

Your stop would be say 72/3 and ideally you want to be selling from 67/69

If you sold under 63 or under 60 - you are too late

This is for Sun to see the importance of entries

 

[Forexmospherian]

Sun

I can imagine you might be still scalping the EU

Its been bullish from after 6 00 am etc - but PA is not nice and so I worry it will cause you problems

Its still bullish above 1032 but its the most manipulated pair out so be careful in this London Open hr

 

[Forexmospherian]

I have got a nice 1 min set up on the EA to post later to explain more on mid LRs and longer Lrs for Sun

Will probably post it after 9 00 am as this hour still taking some more set ups as well as having a 15 min break

 

[sun11]

London Open at 8 00 am

The clues of the EJ pullback - scalp sell started from after high at 7 52/3 am and after 7 55 am a LH

Then 7 59 am at 124 68 - that was the next clue to look for a scalp sell

If you got it late it would be about 56/58 - because we saw the spike down at Open

It then dropped to 51 and now under 66 its still a sell again

The high was at 124 71/72

Your stop would be say 72/3 and ideally you want to be selling from 67/69

If you sold under 63 or under 60 - you are too late

This is for Sun to see the importance of entries

This is my chart.

Even if I enter from 66, i need still have 7 pips stops.
In this trade where did you closed your position?

 

[sun11]

Sun

I can imagine you might be still scalping the EU

Its been bullish from after 6 00 am etc - but PA is not nice and so I worry it will cause you problems

Its still bullish above 1032 but its the most manipulated pair out so be careful in this London Open hr

Nope I am not trading EU. Although I missed EU sell trade. Currently not sure about which direction it will move because its standing in the middle.

 

[Forexmospherian]

This is my chart.

Even if I enter from 66, i need still have 7 pips stops.
In this trade where did you closed your position?

Hi Sun

Thats not from London Open though - ie 33 mins ago

Your chart is from 90 mins or so ago - so we are not comparing apples with apples - but instead apples with oranges

ps - SORRY is it from actaully from 6 00 am UK time ie over 2 and half hrs ago?

/

 

[sun11]

Hi Sun

Thats not from London Open though - ie 33 mins ago

Your chart is from 90 mins or so ago - so we are not comparing apples with apples - but instead apples with oranges

/

Broker time difference of 1 hour.
Sorry my silly mistake.

Got it now..

 

[sun11]

how far you are holding your ej trade? I see 43 interim support.

 

[Forexmospherian]

how far you are holding your ej trade? I see 43 interim support.

Well make sure you dont lose on the sell - yes 44 to 40 is all support

I will hold if we go under 40 and 36

 

[Forexmospherian]

I will be out at 9 00 am for about 25 mins

I will post my EA chart later on

 

[sun11]

Well make sure you dont lose on the sell - yes 44 to 40 is all support

I will hold if we go under 40 and 36

That trade gave me 1-2 pips. Because I entered late & closed early.
Now will be taking break...
See you at next session.
All the best with EJ. EU is falling too.

Regards