A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

Hello F & Co,

Its been a while since I posted on T2W and conversed with the intraday scalping crew. I moved from the UK to the US and had kids all in a short space of time so been very busy for the last few months.

I used to follow F's older thread and scalp the FX markets, with mixed results. Consistency was lacking with my trading and I was up and down all the time. I took some time off from the markets, studied various methods and tried to find the causes for my inconsistent results. I'll be frank, turns out I couldn't read price or understand what caused price to move. I relied heavily on indicators for the answer which hampered my trading. Lance Beggs E-book and a guy called Mike reeds E-book helped me and also the hours of chat and trading with the old F thread.

Both books helps me understand price action and the need for tight stops and aggressive trade management. Its all stuff F teaches right here on the forum. I needed to take time out to understand this and get to grips with my own trading.

My trading now consists of scalping the US futures markets. It works best for me as i'm -8 GMT now, just trading the new york session. I use a 1min chart for execution, 5min for trade bias and 30min for my support and resistance framework. I also use the NYSE $Tick data which helps with divergence and over bought/over sold signals. Its an internal market indicator and not based on price, just the number of stock bought/sold on an up or down tick at the NYSE.

Don't want to take away from the Thread being FX based so posted on a wknd. I'll actively follow the thread and also post a few charts now and again if I see anything of interest.

Take care guys have a great wknd and good trading to you all.
JR

Hi JR

You have certainly have had a busy year - moving over to the US and having kids etc

Glad you are still around - even though now in a different trading time zone - but you are welcome to join in when you can - and I also hope we can offer some more tips that will help you get there.

Major Magnum was the only trader I had ever taught my complete method - and now I feel nearly 21 months down the intraday journey he will be going more from strength to strength.

I am delighted that over this last 6 + week we have been joined by Sun 11 - a young female student from India who I am helping to learn the method via different stages.

Worth checking out her thread

http://www.trade2win.com/boards/trading-journals/208116-my-journal-pathways-improvement.html

She's on stage 2 now out of approximately 6 stages in total which will take her anything from 4 to 8 months to reach a really high standard and then she will carry on improving every 500+ live trades.

If you are now trading the Early US session are you trying to start 5 30 - 6 am West coast time ?

If so I find UK summer times between 2 30 pm to 4 30 pm a really good session most days but by 6 -7pm our time - guess around 11 am West coast its starts to slow down - although as I am sure you know there will be at least 3 or 4 times every 20 trading days when US afternoon news will kick things off again for you to be busy from 11 am to even 2pm

If you are able to get a 3 to 5 hr session in most early mornings for you - I reckon we can get you consistent on making between 25 and 50 pips a day and most importantly in any trading conditions.

I tend to try and complete my own daily targets before 10 am UK time - but do trade the early US session but maybe really just for "cream on the cake" - unless on rare occasions it been a really bad early European session and I have had over 4 or 5 losses - and so need to carry on scalping to keep my averages high etc

You are welcome to post all the questions or queries with regards to the updates we have made to the original thread - ie the "Line in the Sand" ( LiTs) area and emphasis on price structure bias from the 3 longer LR's etc in case you wonder what we are on about etc

I will be away from after Tuesday for just over a week and then plan in October to change the format slightly more on this new journal to encourage other traders to share their set ups and live calls and forecasts etc etc

For now - Good Luck and looking forward to hearing more about you life over in the USA.

Regards


F

 

[NickBk]

wow the Russian language sounds so good in music! impact similar to rapping in french which also knocks my socks off

Another one in that case, it's about how he and Russians want to go to London but in reality want to go back to Moscow.

 

[Forexmospherian]

For you F
Funny was always a favourite of mine but in Russian as you see here, thankfully I understand most of it -)

The last 2 sailing holidays I have had - ie around the Greek isles and in the south of France nr St Tropez - I kept meeting Russians . The size of some of their Yachts etc and also their very attractive femail companions etc - looked to me that they really knew how to enjoy themselves

Thankfully every one I spoke to - could speak fluent English ;-)

PS - i do like the song and the music as well -

 

[MajorMagnuM]

A SCHIFFTED VIEW of the EU

I will address each of the pitchforks shown in the chartshots in time order. I hope you enjoy the lighter hues I have used on the charts, as the opposite seems not to jive well with this method.

1) We have a big red Andrews fork. The red dotted lines ( sliding parallels confirm the frequency), as does the price action in the green boxes. Warning line 1 got broken and price travelled to WL2, leaving an Hagopian gap highlighted by the first blue circle, which led to the move down to the second blue circle, at dynamic support provided by WL1.
2) I have added a modified Schiff Pitchfork (in blue) to try and find a suitable frequency that describes the corrective price action from red WL1 against the main trend.
2a) Price moves to blue WL1, breaking blue mlh-U, and is halted at a previous proven sliding parallel from the red Andrews pitchfork, and the blue WL1, at point A. Next, it returns to the blue Schiff median line, on its way breaking blue mlh-U before moving back up to test again the blue WL1 at point B.
2b) An Hagopian gap is created at point B and price moves lower and breaks below the blue Schiff median line, after which it retests the Schiff median line again and fails to hold above it. This could be seen as a Change Of Behaviour when compared to price action at point A and point B. As such it is not inappropriate to draw in a new pitchfork to gauge the strength of the down move ( in yellow). i.e is it possible that the modified Schiff mlh-L will not hold price and the trend down will resume?
2c) A new Hagopian Gap forms at point C and price goes onto break yellow mlh-U, which is a suggestion of a Resumption Of Behaviour. Hence the need to add another pitch fork ( in cerise). Indeed, price goes onto break and retest the blue median line . A strong move up to the blue WL1 ensues. Blue WL1 rejects price strongly, but notice the lack of an Hagopian Gap on this occasion and what this implies! Also interesting to note is that cerise WL1 held the wash and rinse, as did the sliding parallel of the red Andrews pitchfork off the Hagopian there . Also notice price action around the cerise median line with the two white bars.
2d) Price then drops below the blue mlh_U and has found support at the blue median line, a line that has been broken and retested in the recent past. Perhaps this was predictable with the lack of Hagopian as mentioned earlier?

Of course, from all of this we can perhaps gather some clue as to whether price will reach the red sliding parallel that stopped price at point E, which being dynamic (changing), is at a lower price point than at point E. If it does go there and break it, what do you expect next? Resistance before that point is blue mlh-U and the cerise median line . When might it be necessary to draw another pitchfork?

 

[Forexmospherian]

Monday 14th September 2015 - Pre Opens

Good Morning to all FX Intraday Traders

5 51 am on the UCad was first scalp sell - ie a KT and all the clues lined up for scalp fall

I get to 6 00 am and notice the UChf - wants a scalp buy - but the spread is 1 5 pips compared to 1 pip on the UCad which also wanted to turn - so no go ?

Meanwhile the pairs with spreads under 0 8 of a pip have not really woken up yet - so just have to wait - after all it is an early Pre Open Monday Morning

Normal stuff today and tomorrow - then I am away for 8 days and when I return hoping to change the format again on this journal - just to make it even more interesting

Have a good day and week and Good Trading - what ever that is really ? - for me the main key objective is making a great return with low risk as efficiently as the markets allow - yes winning trades with RR's of 2 to 5 seem great especially if they can be caught under 15 mins

Regards

F

 

[Forexmospherian]

6 22 am

LiTs Areas

I will be popping out for 30 mins in 10 mins so will get the main LiTs out on key 4 pairs before I go.

Back for say 45 mins in the 7 -8 am hour and then in again after 9 15 am this morning


EU 1325 - 1345 ish

GU 5420 - 5441 ish

UChf 9695 - 9680 ish

UJ 120 50 - 120 80 ish

 

[Forexmospherian]

See you just after 7 00 am next

I wonder if Nick got the 6 21 am scalp sell on the EA

Dropped from 6008 to 5981 so far - worth me leaving 30% on with stop in profit now at 6001 - banking the 70% before I go

See you later guys and GL

 

[NickBk]

F,
I got everything on EA for many hours it really is such a good pair to trade.
GL

 

[Forexmospherian]

F,
I got everything on EA for many hours it really is such a good pair to trade.
GL

Morning Nick

Come back to see my 30% taken out - although stop was in 6 pips of profit and shame I did not manage to get a scalp buy on before I popped out and left 30% on that - as EA now risen from 5981 up to 6045 - approx 64 pips in what approx 40 mins - shame

Have a good day


Regards

 

[Forexmospherian]

Morning Nick

Come back to see my 30% taken out - although stop was in 6 pips of profit and shame I did not manage to get a scalp buy on before I popped out and left 30% on that - as EA now risen from 5981 up to 6045 - approx 64 pips in what approx 40 mins - shame

Have a good day


Regards

As I finished typing above - within 2 mins price moved up from 6045 to 6064 and still trying higher - its a real beast this Eur /Aud

 

[Forexmospherian]

LiTs Areas for Further 4 pairs

7 18 am


EA - 5955 - 6001 ish

AU 7077 - 7101 ish

EJ 136 60 - 136 86 ish

Ucad 3228 - 3263 ish

 

[Forexmospherian]

EU

7 22 AM Update

From 7 00 am and EO it was a scalp buy from 1336 / 38 area

Its still in its LiTs area and could go either way really on direction or just stay in a 25 -40 pip range all morning / day - as no major red news

Its needs under 1320 and 1300 to go into a bearish session rally - and above 1355 and 65 for staying with any buys you have on

Will post a chart on it during the morning - but dont plan to keep scalping it - as so many other better opportunities - as already seen with EA / EJ / GU & even UJ this morning

 

[Forexmospherian]

UJ

7 28 AM

Could be a nice pair today for any students of the method etc - as in a bear bias under LiTs area and from after 6 39 am and 7 00 am as been a nice scalp sell dropping approx 17 pips

Expect bounces at interim supports - but worth keeping an eye on for further scalp sells over the morning whilst under 120 45/50 area

 

[Forexmospherian]

EU

7 22 AM Update

From 7 00 am and EO it was a scalp buy from 1336 / 38 area

Its still in its LiTs area and could go either way really on direction or just stay in a 25 -40 pip range all morning / day - as no major red news

Its needs under 1320 and 1300 to go into a bearish session rally - and above 1355 and 65 for staying with any buys you have on

Will post a chart on it during the morning - but dont plan to keep scalping it - as so many other better opportunities - as already seen with EA / EJ / GU & even UJ this morning

EU

7 32am

Just made a new morning high at 1360 and pullbacks staying above 48/49 should be buys again

OK its in a TW and so you can scalp sell for 5 to ?? what ever pips but I still expect further buys above lowest 45 and 49

 

[Forexmospherian]

EA

7 35 AM

Peaked so far at 6065 - at believe it or not - 7 21 am - ideal scalp sell set up

In a bull bias above 6000/ 10 for now - so after a pullback will still look for more buys again

 

[NVP]

hey gang

just 2 days left trading for me then a few weeks in the sun .......

today we see a classic tightish range on USd to open the week ......

I will trade the bounces each way then attack the breaches when they eventually come

of my targeted pairs ...

AUD had a bad night so may sell AU as opp arises ....

Europeans are flat / Bull so that's the other side of usd plays sorted

game on
N

 

[Forexmospherian]

GU

7 38 am

Not traded it so far - but like EU been bullish after EO

Still in a range needing above 5455 and 65 to stay with any scalp buys or take new ones

 

[Forexmospherian]

hey gang

just 2 days left trading for me then a few weeks in the sun .......

today we see a classic tightish range on USd to open the week ......

I will trade the bounces each way then attack the breaches when they eventually come

game on
N

Morning N

I go from East Midlands on Wednesday as well but only a 2 hr flight not one of these posh 5 -10 hr jobs lol

Need to earn the bucks these next 2 days then ......

All the best and Good Trading


Regards

F

 

[Forexmospherian]

EU

7 32am

Just made a new morning high at 1360 and pullbacks staying above 48/49 should be buys again

OK its in a TW and so you can scalp sell for 5 to ?? what ever pips but I still expect further buys above lowest 45 and 49

EU

7 41 am

1350 was the interim support level for next scalp buy and 7 38 am ideal - a minute early

Can we get over say 65 - to stay with buys - or is it a LH or double top job ???

 

[NVP]

7am saw the last selloff of usd ...Europeans nice scalp buys so far

lets see where the bounce north comes

N