Best Thread Correlation Trading - Basic Ideas and Strategies

[Forexmospherian]

Quick review on EU pair for today as I saw it N

6 main moves for me from approx 6 30 am

1 sell from 2633 - max pips 25 pips - expect to make min 10 pip - max 22

2. Buy from after 7 00 pm from say 2610 to 2660 area - min 30 pips - max 48

3. Sell after 8 30 am -from 2655 area for 3 + hrs - to 2580 area - min 30 pips - max 70 pips

4 Buy Midday from 2585 area to 2 30 pm time - min 30 pips - max 60 pips

5 sell from 2650 area down to 2620 area up to say 4 30 pm - min 15 pips - max 25 pips

6 After 5 00 pm buy - min 25 pips - max 45 pips

So 6 moves for me 3 sells and 3 buys

Min pips - 140 pips - max pips - 260 pips

Any experienced Intraday trader should make over 50 pips today on say 3 -6 trades

If you just majored on EU all day - look for 150 + pips

Maybe 10 trades max - or 5 minimum

Hope that helps how you should look upon it

Forget the average daily pip move on EU - ie 60 -90 pips - 80% of the time you can always trade both ways - as you probably appreciate

Hope that helps how I saw it - and No I did not get over 150 pips on EU today - I did not major on it - my best mover was the GU ;-)


Regards

F

 

[NVP]

morning all............i'm currently reviewing F's kind post here re the EU yesterday ......and comparing to what I was up to.........


usd is net bull from Asians but now currently bouncing around a slow 38% retrace.........

later
N

 

[NVP]

usd still falling

 

[NVP]

hey all ....been buying usd for last 30 mins .............

 

[Forexmospherian]

3 45 pm approx

Hows it been going N

Hope you adjusted your scalp set up etc to try for over 5 -7 pips + moves

Been good for me after 3pm on GU - EU - AU - and EJ

Regards


F

 

[NVP]

hey all ...been trading and was going ok unti last 30 mins ....such is life.........ive been selling usd but timing and currency pairing has been average ...............

 

[NVP]

3 45 pm approx

Hows it been going N

Hope you adjusted your scalp set up etc to try for over 5 -7 pips + moves

Been good for me after 3pm on GU - EU - AU - and EJ

Regards


F

been trying but failing............smallest loss of concentration and it goes pear shaped at this speed............I made up abut 20 pips then game them all back on 2-3 bad calls ........damn usd direction is normally correct...........its selection of currency 2 that can cause issues

until tomorrow
N

 

[NVP]

Quick review on EU pair for today as I saw it N

6 main moves for me from approx 6 30 am

1 sell from 2633 - max pips 25 pips - expect to make min 10 pip - max 22

2. Buy from after 7 00 pm from say 2610 to 2660 area - min 30 pips - max 48

3. Sell after 8 30 am -from 2655 area for 3 + hrs - to 2580 area - min 30 pips - max 70 pips

4 Buy Midday from 2585 area to 2 30 pm time - min 30 pips - max 60 pips

5 sell from 2650 area down to 2620 area up to say 4 30 pm - min 15 pips - max 25 pips

6 After 5 00 pm buy - min 25 pips - max 45 pips

So 6 moves for me 3 sells and 3 buys

Min pips - 140 pips - max pips - 260 pips

Any experienced Intraday trader should make over 50 pips today on say 3 -6 trades

If you just majored on EU all day - look for 150 + pips

Maybe 10 trades max - or 5 minimum

Hope that helps how you should look upon it

Forget the average daily pip move on EU - ie 60 -90 pips - 80% of the time you can always trade both ways - as you probably appreciate

Hope that helps how I saw it - and No I did not get over 150 pips on EU today - I did not major on it - my best mover was the GU ;-)


Regards

F

hey F .....

thanks for this ...............

my charts are GMT-1.........and the signals are shown ......are you seriously saying you called these as shown (give or take a few pips) ?

i'm a believer........but jees that's perfect trading..........seriously ?

N

 

[Forexmospherian]

Hi N

6 00 pm ish and off for tea now

Please let me know how I can help you with next stage etc

I have agree not to PM other members etc and keep everything in the forum etc - but if you want to open another new thread - just on say just FX correlation scalping or short term intraday - etc - or what ever you want to call it - I can then answer any questions during the day - or even see if our timing can be improved using more clues other than just dollar direction .

I am use to seeing say the GU going opposite to EU or AU - even if dollar very weak or strong - and then as you know - some times like after 3pm today all three moving all the same direction for 10 -20 mins or so

In fact we might both improve - or develop our techniques - as you cannot stand still in this game - its continual evolution etc

What ever you are comfortable with - I dont mind - but we need you profitable ongoing this week

Hopefully - I can help you there ;-)

Regards


F

 

[lexcorp]

i'm a believer........but jees that's perfect trading..........seriously ?

N

 

[Forexmospherian]

hey F .....

thanks for this ...............

my charts are GMT-1.........and the signals are shown ......are you seriously saying you called these as shown (give or take a few pips) ?

i'm a believer........but jees that's perfect trading..........seriously ?

N

Our messages crossed there ;-)

I spend every day catching trades off interim highs and lows

NO I did not get all those pips my self yesterday - would have been over 150 to 250 just on EU - but had a few of the 6 main scalps and the only reason I did not catch all on EU - was because I was not majoring on it - instead yesterday - for me the GU was a more profitable pair - as even better moves - that I caught

I can basically follow every pip move on a pair but will never be 100% correct - because I am human and will be caught out.

Plus the fact cannot keep focused say 12 hrs just trading and watching say the EU all day - so thats only reason I dont do it

If anything - I dont push myself enough - but at 60 yrs old - I am hardly wanting to get back to 70 hrs a week etc lol

On those 6 main moves yesterday on the EU - I had clue and reasons for every turn - and even if I only get them correct over 75% of time - still a very powerful method.

Just mentioned on other comment

Did you want to start a new thread on NVP's scalping or correlation FX scalping or whatever

No way do I want to start another - as I really dont want to wind up anymore members - if anything I need to go low key - but still want to get your show on the road etc etc


Regards


F

 

[NVP]

thanks F ................let me go through your threads again and get my head around those rules and LR's ...............ive strayed to far into strengthmeter focus and need to bring back more chart analysis

N

 

[NVP]

morning all..............i'll call a few later but am rejigging a few settings on my style of trading.......i'm halfway through F's other (training) thread with all his comments noted........

I am pretty p*ssed off woth myself yesterday after I dropped a lot of pips in about 4-5 trades........poor calls in what was a chop situation

I am taking hundreds more trades than I need to so as F has advised me I need to step back , slow the number of trades and let them run...........

in fact yesterday I would have done very wel indeed........l instead I was taking 7-8 trades on one move ...........when 1 would have done !

later
N

 

[NVP]

hey all

had to go and run some errands ......out of interest heres my last 3 days trading after removing some 20 trades where I was adjusting/testing stop losses initially on day 1

not to bad actually ...........but the devil is in the detail..........I have an adjusted profit on this of about £120 .............(single contracts )...BUT ive paid about £200 in commissions (tot £50p for buy/sell) so im around £80 down on the demo account

so as F says to us all ....... ive got to reduce the trades to around 15-25% of these levels and let them run...............I agree with this as a lot of the damn trades on EU wre running the same usd move about 4-5 times (paying 5x commission fees vs 1 and having the pleasure of a final stop out normally when it turned !!!)

even if I retain the same poor profits in next 3 days - my commission falls to %20 of current run rate and I would be money up comfortably..............hhhmmmmmmmmm........work in progress

N

 

[Forexmospherian]

Hi N

Very impressive win ratios - thats the good part

BUT

as you say very accurate scalp entries - but all the targets or results really do need to be ideally above 5 or 7 pips minimum - simply to get a RR of 1

OK I have to pull for 3 pips only sometimes but then others run for 12 - 17 or 30+ pips as scalps

Main question now to ask

Check out EJ from 10 51 am UK time and 137 74/5

What would your system had said - and when would you have exited ???

Regards


F

 

[NVP]

hwy all i'm working that big usd buy .....its stalling though now

 

[NVP]

Hi N

Very impressive win ratios - thats the good part

BUT

as you say very accurate scalp entries - but all the targets or results really do need to be ideally above 5 or 7 pips minimum - simply to get a RR of 1

OK I have to pull for 3 pips only sometimes but then others run for 12 - 17 or 30+ pips as scalps

Main question now to ask

Check out EJ from 10 51 am UK time and 137 74/5

What would your system had said - and when would you have exited ???

Regards


F

let me take a look later

 

[NVP]

getting killed on the usd turning point .........ive tried 3 times to sell it ..............aaaahhhh.......

 

[NVP]

usd is turning south NOW

 

[NVP]

getting chopped a bit ................usd has sloooowed...