A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

Its important you build a logic in your mind of your scalping actions

ie - with EU next main supports are 1120 and 1100 area and R's at 45 - 58 and 60 to 65

So that's my range I am playing in and now we have to then look at PA and LRS ETC

My quick Lrs say buy above 35 /36 - but then PS and longer LRs say still a sell under 1170 and 58

So I know I can scalp for 3 to 7 pips easy enough - both ways if need be

Because I cherry pick - the time rules come into play after 30 /35 mins from any interim low or high


It sounds complicated - but when fully understood - the wave movement make more sense

 

[Forexmospherian]

GU

11 33 AM

Since comment above - approx 4 hrs ago we had in between red UK news

The key pointer or clue was 5382 area

Under there favoured lower and sells

So 2 opportunities and low so far on GU this morning 5349/50

GU

12 52 PM

As I type around 5349/ 50 and teasing bears again

Under 62 and 57 its a sell - but it set up perfect as a Fake - like EU early this morning

Can I trust it ???

NO

Will is hold 30% scalp sells on still

Yes under 5370

 

[Forexmospherian]

GU

12 52 PM

As I type around 5349/ 50 and teasing bears again

Under 62 and 57 its a sell - but it set up perfect as a Fake - like EU early this morning

Can I trust it ???

NO

Will is hold 30% scalp sells on still

Yes under 5370

After i posted this 12 52/3 m became the scalp buy at 5351

 

[Forexmospherian]

EU

12 42 pm

Just over 1 hr later

see comment above

OK did we try over 65 - or stay under 65 ? - 1157 was the highest and 12 21 pm was another scalp sell

Whats the price now ? - 1142 after a 1136 low and a scalp buy after 12 39 pm

Need under 32 and 28 to sell more = otherwise stay with scalp buys above 35

EU

1 04 PM

Bounce above 36 only made 46 high and then after 12 56 pm - got 2 quick LRs saying sell again

Trouble is - i really need under 32 and 28 to get me looking at selling more - otherwise its a tease

Experienced scalpers know they can make 1 to 4 or even 7 pips in 2 to 5 min moves - but I dont chase every scalp - at my age prefer to cherry pick and try and get a 7 -25+ move instead

There might be one on a EU buy this hour

First though Cad news next

 

[Forexmospherian]

UCad

1 10 pm for news

its been a bull PS session - as above its LiTs area after Opens and its gone up I suppose 50 pips or so

Now for 2 red news announcements in next 2 hrs - we need to stay above 3180 and 3200 ideally to stay in a good bullish PS afternoon session

Immediate concern would be falls under 3220

Its just trying to move up on a non important news at 1 15 pm before red release at 1 30 pm

 

[Forexmospherian]

After i posted this 12 52/3 m became the scalp buy at 5351

1 16 pm

How's my GU scalp buy doing approx 20 mins later ??


5365 - so a 14 pip rise and will bank 70% at 63

 

[Forexmospherian]

EA

Noticed after 12 51pm and exactly 1 00 pm - it became a scalp buy

now 20 mins later - its up 35 pips - still very active

 

[Forexmospherian]

UCad

1 10 pm for news

its been a bull PS session - as above its LiTs area after Opens and its gone up I suppose 50 pips or so

Now for 2 red news announcements in next 2 hrs - we need to stay above 3180 and 3200 ideally to stay in a good bullish PS afternoon session

Immediate concern would be falls under 3220

Its just trying to move up on a non important news at 1 15 pm before red release at 1 30 pm

UCad

news release at 1 30 pm and prior to this it moved up 18 pips after my post

still bullish and a buy atm - high so far 3260

Pullbacks staying above 3242 are still buys again for now

 

[Forexmospherian]

1 16 pm

How's my GU scalp buy doing approx 20 mins later ??


5365 - so a 14 pip rise and will bank 70% at 63

GU

1 33 pm

Now made me 19 pips on 30% stakes

stop moved up to 5358

 

[NVP]

usd bull has been kind.............but has the fun ended ?

N

 

[NVP]

extract

EU

Experienced scalpers know they can make 1 to 4 or even 7 pips in 2 to 5 min moves - but I dont chase every scalp - at my age prefer to cherry pick and try and get a 7 -25+ move instead

tell me about it ..........more and more slippers on trading for me as well these days .......no need to chase everything

N

 

[Forexmospherian]

Eur / Aud - Nick's favourite and no wonder with 70 pips in 45 mins

EA

Classic - straight out my method book

1 00 pm scalp buy

1 30 pm scalp sell

Result - approx 70 pips in 45 mins

Chart below - notice PA moves in the circles etc and KT's

 

[Forexmospherian]

Will try and pop back for 3 00 pm news

If not by then will be in later on

GL guys

 

[NickBk]

14.21 +44 EA

Back of the net

 

[liver1234]

Nice one Nick

 

[Forexmospherian]

GU

1 33 pm

Now made me 19 pips on 30% stakes

stop moved up to 5358

GU

4 08 pm


Unfortunately - i was not around to see the PA on the GU at 3 00 pm to 3 30 pm - otherwise I would have exited my partials on the GU buy around 5380 / 90

Instead had to accept 5377

i am keen now to see if 5355/60 can hold the pullback and see if we can get another buy on for higher again

Only popping in a few times before now and say 5 30 / 6 00 pm and finished scalping for the day - unless I see something that's got the making of over 20+ pips

 

[Forexmospherian]

UCad

4 11 pm

the 3 00 pm red news release took the UCad down nearly 100 pips after the previous rises of the morning

Under it LiTs area now with supports at 3160 and 72 which are trying to hold but in a 15 pip boring range atm

 

[NVP]

usd bull has been kind.............but has the fun ended ?

N

the bull fun HAD sure ended for usd............nice steady selling of USD into the US session so far

plenty of opps to pick off some great trades ...not many but ok

damn aussies were the better early buys from the usd selloff (not shown) .........grrr must trade those again

N

 

[NVP]

EA

Classic - straight out my method book

1 00 pm scalp buy

1 30 pm scalp sell

Result - approx 70 pips in 45 mins

Chart below - notice PA moves in the circles etc and KT's

bloody right mate .................

in fact i'm bringing the AU back into my usd team to scalp......dropping the swissie for a while

not quite the EA but nearly there ........I missed some decent AU action earlier on the usds recent selloff......but never again ..

N

 

[Forexmospherian]

Time Management and FX Trading

Whilst I am waiting to see if I can buy the EU above 1145 / 50 area either in this TW or later on - I though I would explain more on how you can be so much more time efficient with your trading

I am a Full time FX Intraday retail trader - just in case its not obvious - and have been for coming up soon 8 yrs and with another 5 + yrs just prior as a part time day trader.

Full time FX intraday trading can be very boring and i certainly don't want to spend 6 -8 -10 hrs every day staring at charts - i did that for far too long - but it certainly paid off with all the knowledge I gained over a few years .

For me - living in the UK - I ideally want to cover the 6 00 am to 6 00 pm UK 12hr shift - its the busiest session of the 24 hr trading day.

Every day you get clues on when the busier times will be.

I certainly don't mind helping other intraday FX traders to beat the system - because as we all know only a small percentage really make it on a consistently winning basis - but I feel its important that they do use their own brains and eyes to get there - with me helping more with the clues

For example - in an ideal day you need to be around for the 3 Opens - Europe - UK - US and ideally 15 -30 mins before red news announcement

So right away if there are say 2 main red news announcement and 3 Opens a day - that 5 times and say 30 mins at each time ( before the event and after ) that makes 150 minutes and approx 2 hrs and 30 mins

You then have other Key KTs ( yes Key Key Times ) ie 11 00 am and 3 00 pm and 3 30 pm and occasionally 5 00 pm

You will also every day have BTTZ tease zones . They can last just 30 mins or can even go on 90 mins to 2 hrs - so in those periods you either ignore them and check every 30 mins to see if price as come out the play range.

Depending on your daily targets and your experience - you will need at least two hours every day around the busier periods to get the 20+ pips in under 15 mins

You occasionally do get some good moves from 6 30 pm to 8 or 9 00 pm - especially if afternoon US dollar news - but thats once or twice a month so for me if I cannot finish by 3 30 pm or 5 00 pm latest - its because I have missed out on the busier periods

4 32 pm did work on that EU buy at 1150 whilst we are on about it.

Time management and trading efficiency are so important for optimising your trading

Get the hours in the first 3 to 5 yrs of trading - but after 7 -10 - 15 yrs - well if you cannot make your money within a few 1 hr sessions - say 3 or 4 a day maximum - then you should go back to the drawing board and revisit your methods

Check you own diary and Economic calendar etc to cherry pick your own sessions etc as well as knowing your favourite pairs red news hrs - so to gain from them.

It should really be common sense - but sometimes even the obvious as to be pointed out.

Regards

F