Hi F,
Thanks for your comprehensive reply.
Regarding the LR s :
Firstly can you confirm your values for the 9 you use please?
Some confusion here F as you said you use 9 and I had a list of values including 900 and 1500 ?
I have tried various to align with KT s but would like to try your preferred 9 as a reference if possible ? ( I know they vary from platform to platform and broker to broker )
Secondly can you elaborate how you use the Higher value LR s ? Do you use the 270 and 500 (the lower and higher of the three) price values to determine your upper and lower LITS levels What time UK time do you determine the LITS for say Euro London session i.e. what time do you use the LR price level to determine the LITS zone levels? Hope that is clear ?!
If you could illustrate this on a chart maybe would be clearer showing where and at what time you use the higher value LR s and what the LR values are to show the upper and lower price of the LITS zone.
I would like to learn this system and become a successful scalper hence why I am trying to be specific F I hope this is acceptable from your end ?
More questions will probably follow also !
Regards,
Dave.
Hi Dave
The reason you have seen or heard of many different settings is because it all depends on the brokers charts set up - no one setting fits all and I have noticed even the same brokers charts can give slightly different lines and turns etc etc
Unfortunately brokers charts are like 1950's Ford speedometers - not that accurate - so therefore a 500 LR setting on one chart might take a 525 or a 460 setting to be identical on another chart.
Atm my main settings are 8 - 12 - 24 - 37 -100 - 255 - 295 - 375 - 495 - split into groups of 3 - ie first 3 fast for scalping - then next 3 medium settings for structure changes and 3 longer ones for main bias and LiTs area. These setting are different from last year and the 900 and 1500 settings are used on some 5 second tick charts
As long as you can get the 3 groups set up to suit your own style then its best to play around - i have mine favouring more 7 -25 pip moves but its possible to adjust to put preference on even longer moves but accepting then larger pullbacks etc.
You will know when they are right - LR are different to MA's less lag and different set up so they go over price to say price is stalling and ready to sell - or under price to say there is enough support to look for new bull moves.
They also need to be adjusted and even "curve fitted" to key time moves - and then checked at least monthly as sometimes they will need re -adjusting
I will hopefully be able to give you an example of the Lits set up live tomorrow morning - sometime between 6 30 and 7 00 am and then will post a chart set up showing why I have called the levels after eyeballing the Asian session. Sometimes they will be very accurate within a few pips - other times I can be 10 + pips out
With the markets being dynamic - every morning can be different - all I need to know is how the Asian session as performed and that might mean just 3 hrs pre European Open at 7 00 am - or if there as been important news on either the yen or Aussie dollar then I might need to go back all the way to midnight etc.
Unfortunately FX trading is never simple in a black and white sense - there will be always grey areas - set up deliberately to confuse and even create false sentiments to get traders in wrong trades
We are trading against super computers and the best financial brains in the world - if you think you can beat it consistently with a KISS type method - then I would have to disagree - its complex with many variables that have to come into the equation. I find my LiTs end up being self generated by my charts and then its a case whether the moves carry on past the opens - or whether they are false and reversals come in strongly.
I checked your profile Dave and see you have been interested in FX trading for many years and looking to find a great scalping method . Hopefully I can show you how my method will produce great results by combining time /levels / LRs/ PA etc - along with further "edges" through advanced money management and using tight stops in conjunction with stops then in profit area.
Its a step by step method and ideally I suggest trying just 3 quick LRs first before the 9 + set up - as that can confuse more for a start.
However if you are already an experienced scalper then maybe you will be able to progress more quickly - but for the members who have been following so far I try to teach them as not being experienced scalpers/ intraday traders - just basic intermediate level with 12 -18 months behind them of normal learning.
Hope that helps for a start and more to follow tomorrow
All the best
F
