A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

GU

Update for 8 00 am and London open

News on it at 9 30 am - unfortunately - will not be here for then

its been bullish since midnight and moved up over 60 pips to approx 5405 area

We need over 5420 and 40 to be staying with scalp buys or partials on already - whilst staying above 5370 / 80 area

Dollar as been weaker over night and this morning - so with GU news - we might carry on trying higher

Immediate scalp range is from 5390 to 5410 - approx 20 pips and last scalp sell at 7 51 am from 5402 area

10 48 am

Back now for an hour or so

Comment above n GU

i picked out GU this morning because of the 9 30 am red News announcement on it

IT did not have much effect really and after 9 39 am it was a scalp buy again for now - but still in a bear bias under 5390.

Go back to 7 52 and scalp sells at 5402

OK - did anyone - other maybe MM if he was on GU leave any part stake on after entry with stop in 1 or 2 pips profit ??

If you did - and you are lucky with only a 1 pip spread - then you made approx 60 pips atm and at low you were over 85 pips up

Its important to point these things out - because it is possible to make trades of 50 or 100 or even 1000 pips off just 5 pip stops.

We will get into there until about stage 4 after 3 or 4 months - but will be explaining more how you do it in October

OK - back to look for new scalps after 11 00 am now along with an update

 

[Forexmospherian]

11 00 am ish

Update on EU

LiTs area 1230 -1250 - what do you do normally when you have price above the LiTs

Yes buy

The high of morning so far 1331 ish.

Posted chart update with my LRs on - but maybe ignore all my stuff - we need to see it cleaner with just 3 or 4 main scalping Intraday LRs

It was a sell after 8 55 am and 9 20/ 21 am and from high dropped 75+ pips - and taken my part stake buys out now - all with stops in profit

Last scalp buy 10 51 am from 12559

 

[Forexmospherian]

1250 /40 price area is important on EU

If we go under here today and then bounces stay under 1290 - we go might then go back into bear bias for US session

Staying above 1240 and making back above 1290 - keeps us in a bull bias session longer

 

[Forexmospherian]

For next hour - if anyone wants to ask questions etc and post other charts - please feel free

I plan to explain some points I have not covered before in the slower parts - and for me my next key part sessions are after midday and after 2 30 pm to 4 30 pm

 

[Forexmospherian]

Did you notice after the 35 pip drop after LO - we managed to breach morning high again within 35 mins

Years ago the time rules were clear at approx 30 and 60 mins

This last few years - now seem to be up to 35 mins and anything from 50 to 60 mins with regarding new breaches of interim highs and lows

Time rules are very important for my method and so need to be understood and learnt more as you progress

 

[watsone]

Still not sure why you have so many LRs on your charts F,seems confusing to me,sorry if you've answered same question many times before but your thread(s) move along so quickly can't always keep up

 

[Forexmospherian]

11 00 am ish

Update on EU

...............

Last scalp buy 10 51 am from 12559

EU

11 20 AM

Price now made 1272 - so 70% of at 70 for approx 13 pips

 

[Forexmospherian]

Just been looking at the "pee take" new thread based on taking the mick out of me

Had to laugh at it - thought it was very funny

Glad they are not doing it on this thread - so guys please carry on with it there

 

[Forexmospherian]

Still not sure why you have so many LRs on your charts F,seems confusing to me,sorry if you've answered same question many times before but your thread(s) move along so quickly can't always keep up

Morning watsone

I agree it is confusing and they are not all necessary for normal intraday trading

However - if you want to follow every pips - the extra LRs assist in giving a you a price structure within the current Price action

Basically - 3 are for quick scalps etc

3 to 5 are for scalps/ short term intraday moves from 7 -25+ pips

3 + longer LRs are for the LiTs of the session and to help with leaving part stakes on etc

If you were just scalping - 3 or 4 LR ok

If you want the whole works - ie catching interim highs and lows and then trying to catch 50 - 100 - 500+ pip moves - the longer LR's can really help

Hope that explains a bit more W - it took me over 2 yrs to really understand all their different line ups and crosses etc

More questions welcome

Regards

F

 

[Forexmospherian]

EU

11 20 AM

Price now made 1272 - so 70% of at 70 for approx 13 pips

EU

11 51 am

my next scalp buy to add to 30 % left on was at 1261 and 11 46am

We now need over 1275 and 80 to stay with buys

 

[watsone]

Morning watsone

I agree it is confusing and they are not all necessary for normal intraday trading

However - if you want to follow every pips - the extra LRs assist in giving a you a price structure within the current Price action

Basically - 3 are for quick scalps etc

3 to 5 are for scalps/ short term intraday moves from 7 -25+ pips

3 + longer LRs are for the LiTs of the session and to help with leaving part stakes on etc

If you were just scalping - 3 or 4 LR ok

If you want the whole works - ie catching interim highs and lows and then trying to catch 50 - 100 - 500+ pip moves - the longer LR's can really help

Hope that explains a bit more W - it took me over 2 yrs to really understand all their different line ups and crosses etc

More questions welcome

Regards

F

Good afternoon F,thanks for reply

 

[Forexmospherian]

Midday update

Got two red new releases at 1 30 pm on the UCad and then 3 00 pm on US dollar

Not scalped the UCad this morning but was an easy swing buy above its LiTs area

Need under 3135 and 25 to be selling off more and holding scalp sells on longer

Above 40 and 50 still in a bullish PS with price currently at 3174 ish after 3232 high

Will pop back and update nearer news release

 

[Forexmospherian]

EU

11 51 am

my next scalp buy to add to 30 % left on was at 1261 and 11 46am

We now need over 1275 and 80 to stay with buys

EU

12 06 pm

in a 1250 to 1275 range

will only leave 30% on a buy above 57 as in profit there - but for now it cannot make over 75 and so might test 50 ish again

Not ideal in a tight range - going into a BTTZ tease - so unless we get out range will ignore and have an early lunch at after 12 30 pm ish

 

[Geofract]

Afternoon F. GL with the new thread!

 

[Forexmospherian]

Ways to maintain profitability every day

1. Entries -

They are key for my method - totally different to most methods of trading as the bias is purely on exits

To get a perfect entry price ideally you need to catch an interim high or low

By getting in anything from 3 to 10 pips before the "crowd" waiting for confirmations on 5 - 15 - 30 min charts - even if the trade does not work out you can normally exit with a few winning pips - or a very small loss of only 1 to 3 pips if done correctly

Its a skill - and to get there you need plenty of practice on a well tested scalpin method

2. Multi trades.-

The only way just 3 or 4 trades a day is good is normally if either they all win - or 1 or 2 you end up making a proper target with a RR over 2 if you are using 15 or 25 pip stops

You dont need to take 25 or 50 or even 100 trades + a day - thats costly and will just wear you out. Ideally you need to take between 10 and 20 trades over a 4 -6 hr period in key session periods.

If like with me this morning - my first 8 scalps are all winners - then you could stop - especially if you have over achieved your target. However if you take 10 trades and get 5 or 6 wrong - even with tight stops - unless you have caught a nice winner with a RR over say 4 then you might have to take more trades.

I have on rare occasions had to take over 15 trades over 6 hrs just to end up in the black. It was years ago - but if I had stopped at say 11 trades - i would have still be down about 14 pips and so suffered a losing day .

Losing days will happen to 98% of all FX traders every month or quarter - until they get to another level and then they will become more of a rarity .

3.Tight stops

I never take any trade if I cannot take it with a soft stop of under 7 pips - ideally on main pairs under 4-5 pips. If the trade is wrong - I want to exit asap and not wait ideally at plus 1 or B/E - not minus 6 pips

4 Method.

You need discipline and excellent money management ideally combined with leaving part stakes on with stops in profit. Also can your method deliver a few winners with RR's over 3 + every day. If not why ?

5 Mindset

Its all the in the head.

Not every day will you feel on top of the world and able to get fully in the zone and focused - especially if you are not feeling well or had a lot of bad news.

Maybe if you are feeling like that - you stay out the market etc

6. Practice and skill level

That all down to you - you should with a good method get better every quarter - what ever the markets are doing every day

If you are not -- stand back and find out why ?

 

[Forexmospherian]

Afternoon F. GL with the new thread!

Thanks G

Got to admit - been laughing at the pee take on the one in the Foyer

As long as they all stay their - no problem

Hopefully members here can progress in peace - with out being insulted etc etc

Have a good day G

Regards

F

 

[Forexmospherian]

Plan to be back for 1 20 pm for UCad news at 1 30 pm

Just be looking at pending new contacts/ friends and having to leave them pending until I know more about them

Maybe they can introduce themselves on one of my other threads or PM with a a bit of background etc

I will not be leaving my PM's open as normally dont like using them - too time consuming

If your profile as got nothing about you - and you nic is like -

Fhater - NV's love child - Nics wife - etc etc - then i get the feeling you should not be coming over to this thread and will not accept you

If you can prove to me your not a multi nic along with your experience FX level then fine - no probs - come in on trial ;-)

Regards

F

 

[Forexmospherian]

1 19 pm

UCad news in approx 10 mins

Its still bull bias above 3150 and 60 with a LH from 3132 atm

 

[Forexmospherian]

We will need over 3242 + to stay with or take new scalp buys

For new scalp sells really under 3175 - 47 and 40 for me

All depends on the news effect - but structure still says Dollar bullish for now

 

[Forexmospherian]

UCad 1 30 pm news

Big drop