A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

GU

8 00 am

I did buy the GU yesterday after 5205 and left 30% on and unfortunately exited it last night and left no stake on

So far this mornings its been up to 5256 and still bullish above its morning LiTs area

Really need under 5637 and 30 to be holding on scalp sells longer - as above 5640 its worth looking for more scalp buys

GL

GU

8 27 AM

OK made up for my mistake leaving no part stake on last night

GU as been a nice scalp buy after 8 09 am and now made 5269

This is the chart set up - as you can see - above the LiTS AREA

 

[Forexmospherian]

GU

8 33 am

We do have red news on UK Pound this morning at 9 30 am - and unfortunately will not be around for it

Plan is to be around after 11 00 am over lunch and then after 2 30 pm for US early session

1 30 pm is red Cad dollar news - so hope to be around for that announcement

 

[Forexmospherian]

8 38 am

I did think yesterday after 1 30 pm news was a good session - and was fairly easy with not a lot of manipulation or trickery going on

Likewise - this morning as been great from after 7 20 am for me

I have so far traded 4 pairs - EA / EJ / EU and GU - and all been good

Not got around to UCad / AU combinations or even looked at UJ - sorry about that guys

With the Euro crosses being so good - they had to take priority - EA now dropped over 70 pips from 7 21 am

 

[Forexmospherian]

EU - chart after 7 00 am with LiTs - now approx 9 00 am view

EU

1 min LR chart

Note position of the main 3 longer LRs - the longest being the thick red line

This gave me an exact middle of the LiTs at 1273

EU

8 50 am

Update chart

We could see we could sell after 7 00 am and under 1273 and 1265 areas - as mentioned first thing

Price so far made 1222 - not too bad a fall - nothing like EA and EJ though

 

[Forexmospherian]

Not going to be around for maybe 90 mins - 2 hr now

Back after 11 am and for early US session and should be around for 1 30 pm red news

Any questions and queries are all welcome

Please feel free to post your charts etc and comment on any trades etc etc

Dont forget Pound news at 9 30 am as well

Stay focused and have a good session etc

Back later

Regards


F

 

[liver1234]

Cheers mate

 

[davetherave65]

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

Hi F,

Thanks for your present LR settings, I will set up a chart today at some point and gauge whether they are an improvement on the present set I am using with alignment to KT and being above and below price for those times for trade entry etc.

Regarding setting the LITS zone upper and lower levels could it be set as the upper and lower of the Asian trading range for The beginning of the Euro / London session or is that too black and white ?

I know you do this LITS on auto F as you practice it daily numerous times. I am trying to get as many clues as possible to just look at a 1 hour chart or maybe smaller TF to get practicing setting those levels as it is the main thing I am unsure about so far from following your teaching to SUN11 and TRO and others.

I will consider using the 3 or 4 LR method for short term scalps but I like to see the longer term picture/structure using the higher value LR s to gauge whether to stay in or get out at set levels.

As far as leaving part stakes on well that is new ground for me so will look forward to any learning material you can provide with rules for that going forward. I have added on pullbacks if the pullback is hitting a a channel top or bottom and continuing up or down before or I have noticed the pullbacks may be reversing at set LR levels to continue extending the trend to the gain of the original main trend if that makes sense !

Thank you again for your time F

Will read on later and think of any more discussion to help myself and other followers

Regards,

Dave.

 

[davetherave65]

EU

1 min LR chart

Note position of the main 3 longer LRs - the longest being the thick red line

This gave me an exact middle of the LiTs at 1273

Hi F,

Thanks for your efforts posting the chart etc.

Can you explain why the LITS area is above all 3 of your longer term LR s please?
Is there any reason why it would not be lower to incorporate the three LR levels within the zone?

Apologies if I m just not seeing this ! I want to get this LITS setting right as it s a key part of the trading bias for the session obviously ?

Regards,

Dave.

 

[Forexmospherian]

Hi F,

Thanks for your efforts posting the chart etc.

Can you explain why the LITS area is above all 3 of your longer term LR s please?
Is there any reason why it would not be lower to incorporate the three LR levels within the zone?

Apologies if I m just not seeing this ! I want to get this LITS setting right as it s a key part of the trading bias for the session obviously ?

Regards,

Dave.

Hi Dave

Just read your two comments and can totally understand what you are trying to do - and will try and do my best to assist you

OK on the LiTS - lets look at the EU this morning

I had it needing over 1286 to look at taking more buys - even though 1273 was really the true middle of the line in the sand

This is because I am aware of false play and so what could have happened the market makers / players along with even the liqiudity providers of the morning could have helped push price up over 1275 and 80 to get bulls in - before then dropping price big style

I look therefore if we can get 3 or 5 pips above a cut off area then more than likely it will be a genuine move up - not always but at least 85% of the time

In fact we never went above 1266/7 after both 6 00 am and the European open at 7 00 am and so I was happy then it should drop and looked for ideal scalp sell areas - ie after 7 09 am and then again after 7 51 am and 8 00 am

By then we got down to 55 and then the LH at 52 which then lead to the drop down to 1222 area

In my own mind 1273 was key - above there favoured tries higher but would have felt safer adding more buys over 1286 - ie a few pips above last high at 1282/3

Below 1273 and 1267 and 65 favoured lower and of course that's what happened

With regards to matching it up with a 30 or 60 min chart its possible - would 1273 have shown as being the middle of the Lits area on your 30 min or hour chart this morning ??

Also although I do check out 1 hr / 4 hr daily / weekly charts at weekends for the bigger picture - I am well aware that every chart over 1 hr will have a different set up according to which brokers you use and which time zones you are in - ie there are 3 main time zones and therefore 4 hr charts don't all change to new candles etc at the same time

Hope this helps for now and i will look a bit more into the Lits levels - I have been happy to use the crossovers on the 3 longest LRs or at least there common levels etc - but maybe there are other ways to find the ideal "bias" spot

Back now for an hour or so and then early lunch ready for 1 30 pm red Cad news


F

 

[Forexmospherian]

EU

8 50 am

Update chart

We could see we could sell after 7 00 am and under 1273 and 1265 areas - as mentioned first thing

Price so far made 1222 - not too bad a fall - nothing like EA and EJ though

EU

11 47 pm

I hope you all remembered ( this was a bit of a trick question put out for the followers ) that once 1222 had gone over 35 mins - and then over 1 hr ie after say 9 30 am and 10 00 am - with no breach the probabilities then favoured it trying a larger retrace ( time rules )

Ideal scalp buy areas have been - and check up on your charts

8 51 - 9 21 - 10 21 - 11 10/ 11 am and 11 21 am - whether you just grabbed 5 -10 pips and left part stakes on each time etc

so far we have made 1257

We know we need over 1267 and over 1273 and even 1286 to add more buys - as those are prices that were key on the way down and from early pre opens

For me to hold scalp sells on longer - I need back under 1230 and under 1217 - otherwise scalp sells are just for 5 -15 pips

 

[Forexmospherian]

GU

8 27 AM

OK made up for my mistake leaving no part stake on last night

GU as been a nice scalp buy after 8 09 am and now made 5269

This is the chart set up - as you can see - above the LiTS AREA

GU

12 13 pm

Update chart showing the move carried on

Hope you left some partials on after 8 09 am and added on the way up at suitable scalp buy points

Also shown LiTs area on this chart again for Dave

5318 high so far - over 75 + pips above the LiTs

 

[Forexmospherian]

1 30 pm

Cad news now

Checking out UCad - it been bearish most of morning session - but now Cad weakness and a bounce up

 

[Forexmospherian]

Hi Dave

Just read your two comments and can totally understand what you are trying to do - and will try and do my best to assist you

OK on the LiTS - lets look at the EU this morning

I had it needing over 1286 to look at taking more buys - even though 1273 was really the true middle of the line in the sand

This is because I am aware of false play and so what could have happened the market makers / players along with even the liqiudity providers of the morning could have helped push price up over 1275 and 80 to get bulls in - before then dropping price big style

I look therefore if we can get 3 or 5 pips above a cut off area then more than likely it will be a genuine move up - not always but at least 85% of the time

In fact we never went above 1266/7 after both 6 00 am and the European open at 7 00 am and so I was happy then it should drop and looked for ideal scalp sell areas - ie after 7 09 am and then again after 7 51 am and 8 00 am

By then we got down to 55 and then the LH at 52 which then lead to the drop down to 1222 area

In my own mind 1273 was key - above there favoured tries higher but would have felt safer adding more buys over 1286 - ie a few pips above last high at 1282/3

Below 1273 and 1267 and 65 favoured lower and of course that's what happened

With regards to matching it up with a 30 or 60 min chart its possible - would 1273 have shown as being the middle of the Lits area on your 30 min or hour chart this morning ??

Also although I do check out 1 hr / 4 hr daily / weekly charts at weekends for the bigger picture - I am well aware that every chart over 1 hr will have a different set up according to which brokers you use and which time zones you are in - ie there are 3 main time zones and therefore 4 hr charts don't all change to new candles etc at the same time

Hope this helps for now and i will look a bit more into the Lits levels - I have been happy to use the crossovers on the 3 longest LRs or at least there common levels etc - but maybe there are other ways to find the ideal "bias" spot

Back now for an hour or so and then early lunch ready for 1 30 pm red Cad news


F

EU

1 38 pm

Not been around over lunchtime and only got back in last 5 mins

Noticed i got my 1273 level correct

After the fall this morning the retrace which stopped at 1 07 pm UK time - was at 1273

1 09 pm was a scalp buy under 1273 - because as we said a 7 00 am this morning for the session bias to go bullish on the EU we need to see prices above 1273 and 1286 - and then we can look at new scalp buys

Under 1273 and 1267 favours lower again for now

 

[Forexmospherian]

EU

1 40 PM

Between 1235 / 40 and 1273 / 86 on the EU is like a BTTZ range

We need to be careful in this area - as its a trick area designed to catch traders out

Above 1273 and 1286 - yes look at new scalp buys

Under 1273 - 67 and 35 then yes - look at scalp sells

But if we stay in the 40+ pip range - then its just a tight scalp area and i would advise waiting to get out of it before entering other than for quick scalps

 

[Forexmospherian]

1 30 pm

Cad news now

Checking out UCad - it been bearish most of morning session - but now Cad weakness and a bounce up

UCad

1 45 pm

Bounce as only been about 22 pips and did not enter it

The session bias is still bearish whilst under 3020 - but we need to see another low under 2985 to add on more sells

On my chart LR set up 1 39 pm was a scalp sell at 3004

 

[Forexmospherian]

No more red news releases today but some minor ones at 3 30pm

Looking for new set ups but reckon might have to wait for after 2 0 9 pm and 2 30 pm

No rush or pressure as the EA / EJ / EU and GU all have been very good for me today

Not mentioned the AU - but another pair thats just stayed above its LiTS and been a buy after Opens

Will we start to see new movements in different directions for the US session ?

 

[Forexmospherian]

2 00 pm

UCad

well under time rules - the low pre news as not been breached and we had a higher low and a scalp buy after 1 51pm at 98

Noticed the AU - normally oppositely correlated to UCad as started to fall now as well

Without making above 3020 + the UCad is still in a bear bias session - but might that now next hr change ??

 

[Forexmospherian]

AU

2 20 pm

Like the UCad the interim extreme level - in this case the high at 7234 at 1 28 pm as gone well over 30 mins with no breach favouring lower - and with it being normally oppositely correlated to the UCad then that makes sense as UCad is trying to turn up higher but needs over 3020 to start sticking on more scalp buys

 

[Forexmospherian]

EU

1 40 PM

Between 1235 / 40 and 1273 / 86 on the EU is like a BTTZ range

We need to be careful in this area - as its a trick area designed to catch traders out

Above 1273 and 1286 - yes look at new scalp buys

Under 1273 - 67 and 35 then yes - look at scalp sells

But if we stay in the 40+ pip range - then its just a tight scalp area and i would advise waiting to get out of it before entering other than for quick scalps

EU

2 24pm

Still in the range and not under 1235 yet with low so far at 1239

It been OK for scalping - check out 1 51 pm and 2 00 and 2 09 pm - all scalp sell clues but without getting under 35 - then it could still turn as try up as it doing now from a 2 21pm scalp buy from 41/42 price

 

[Forexmospherian]

I reckon I will post a EU chart next showing some nice correlations of Time and LR cross overs etc

In the last hour after 1 30 pm Cad news there as been 4 nice scalps

I have not taken every one as not planning to go scalp mad at this time of the day - but at least with my set up they are there to see

Chart coming next