Best Thread Correlation Trading - Basic Ideas and Strategies

[NVP]

right I really like the look of this market turn............

 

[be-positive]

Hi N

Even short term traders need lots of patience

For me the EU as just been a sell from 2685 - 87 would have been best entry just prior to end of 7 00 am time window around 7 06 - 7 08 am

Now it 8 00 am and ideally I want to scalp buy above 2650 - maybe 2655 to 2660

I know then we would need above 87 to hold scalp buys on longer etc

Also if price drops under 2650 I would still hold 30% scalp sell and then look to buy again lower

Hope this makes sense

Also GU been a nice scalp sell last hour from high - now again look for scalp buys from supports

F

pete are you saying you were short 85/87 ??? on EU

 

[NVP]

8.04 was the turn point if I was going to make money ...........instead waited for confirmation ..........you hesitate ...you die !

got AU at 8719 .....(7.04 it was 12)
took EU at 2660.......(7.04 it was 52)

sure I may still make money if they now retrace further ...but i'm miles off the pace on calling the tops / bottoms still.....and I could have taken small single contract profits on both earlier prices above and have then been covered for letting the rest run

instead I just got stopped out on AU buy.........and eu is hanging in their by a thread ........

practice practice practice

N

 

[NVP]

in the mean time GBP is real real bearish..........its finally floored at around 6079 at moment ...............and will come north if usd continues to fold south now hopefully

 

[NVP]

in fact ive taken it as a buy at 82

 

[NVP]

I think if you can match fx correlator with levels and time then visualise the markets gameplay - that will assist you more than just chasing 1 to 3 pips etc

agreed.........I had the gamplan all in my head yesterday and from waking up and getting in late to my initial 2-3 trades i'm already chasing ghosts ..................jees i'm letting my systems down ..........at the moment i'm the problem ..............

 

[be-positive]

good luck today neil ----- imho EU is on way up now from 56/57 area but time will tell -------- bye

 

[NVP]

market seems to have fully turned ..........usd falling

 

[NVP]

good luck today neil ----- imho EU is on way up now from 56/57 area but time will tell -------- bye

looks good so far B..

 

[NVP]

ok this isn't working for me ..........Ive just given back some 8 pips on EU to the market because of the trailing stops...........I need to start using multiple contracts or i'm P*ssing wins down the drain.....

wanted to just take it steady today and simply trail the moves but its already costing me a lot.......

GU buy still in trade but I need to get my ducks in a row here

N

 

[NVP]

heres my only real profits from the USD bear run ........on a 7 pip trailer...........bloody EU got stopped out earlier ........

like F does though I want to be taking 5 pip profits on initial move and then having at least 1 more contract trailing like this ..........if so I would have taken 5 pips on EU move up and left the trailer well behind what I got stopped out on...........so currently

I would be +5 pips contract 1 EU and + 10 pips up on contract 2..........instead of a net +2 pip stopout


I don't like simple trailers..........I need my strengthmeter based trailers set into the system ...........but I need to talk to jedster about the programming and also get the MT4 platform up for Lmax to set it up

one day at a time

N

 

[NVP]

looks like USD finally turning more south...........bad morning so far for me ........such is life

later - calls to make

N

 

[NVP]

had another good run buying GU ........but again a EU buy got stopped on the trails up ...........ridiculous !!??

hmmmmmm..grumpy grumpy morning .....and ive lost money

later
N

 

[NVP]

heres the last few....ovrall i'm way down this morning as I got chopped and stopped earlier ........................

taking less trades though and letting them run more

N

 

[NVP]

looking to buy usd again .........

 

[NVP]

I bet F called gu sell below 6115 ?........hahahahaha

I saw a mega low signal on the usd at 11.21.............but I am having enough trouble trading trends !!!

 

[Forexmospherian]

Hi N

Only on a tablet ATM and so cannot see my proper chart set ups on the android app

Focusing on the EU though as it was the easy one to remember on price structure from approx 7 30 am and above 265o and 55 we have just been bullish but now need above 2695 and 2703 to keep trying up

For me the EU had supports from70 to 80 and would need under these prices along with under 55 and 50 to be actively scalp selling

From 2660+ I would have taken 70 % profits under say last highs in the 85 - 90 areas and then look at buying again above 75 and 80 but knowing new new HH etc then I need to be looking to see if the supports at 75- 80 and then 55 to 50 let go so to be adding scalp sells

Bearing this in mind I would think the dollar might still be weak and that might only change when EU prices go under 55 - 50 and lower

By now approx near midday - I would have normally taken just 6 to maybe Max 9 trades if was also covering AU & EJ on top of the EU and GU - but would have expected to now have over 50 pips already in the bag etc - although 20 + pips might only be on 30% trades and so they would only be the same as approx 6 pips on 100% scalp stakes

It worth checking the EU out from say 6 30am to now on a naked 1 minute chart and compare to your correlator and also with an prior levels you had to assist you with your scalping

See you in a bit when back at desk

Regards

F

 

[Forexmospherian]

check out 12 21pm to 12 39 pm on most pairs

Best mover seemed to be CAD with the UCad rising approx 20 pips

Just mentioned this on other thread

12 21 pm to 12 39 pm on your fxcorrelator - change

 

[Forexmospherian]

2 00 pm approx

Interesting UCad - I am looking at buying again after pullbacks from say 1200 - 1205 area

But Swissy - UChf - I am looking at selling again after the scalp buy at a higher price

So 2 dollar leading pairs with different price structures

 

[Forexmospherian]

Just looked on my tablet app - EU is back on the tease testing highs today - it needs over 2703 or under 2670 and structure favours higher at 2 26pm

2 38pm and 2700 above 89 on pullbacks still more scalp buys

Comments made on other thread

The 2 30 pm time window had the tease

No over 2703 though and its another scalp sell