Intraday Live short term trading calls from an Expert Retail Forex Trader

[Pat Riley]

Basically the liquidity providers pulled liquidity from the exchange (and many other venues).

They did, which left MajorMagnum's brokers no option. But it does beg the question why they are called liquidity providers if their provision of liquidity is provisional. Perhaps they would be more appropriately termed fair weather liquidity providers?

 

[Forexmospherian]

Friday 5th September 2014 - Pre Opens

Good Morning all FX Intraday Traders

Its Freaky Friday today - ie NFP day - in the past known as one of the busiest trading days of the month.

Maybe "Thumping Thursday" ( ie yesterday ) might have taken the wind out of today's sails and we might not see more 150 -250 pip moves - but in this game - you just never know what might happened.

Always be prepared for anything to happen ( within reason )- take nothing for granted - but don't be intimidated by all the tricks that might go on - its all in the charts when you really know how to read them and set them up to your advantage

Normal stuff - and any questions or queries - please don't hesitate to comment etc

Have a good day


Regards


F

 

[Forexmospherian]

6 53 am UK

EU

Already a HL from yesterdays low of 2920 - at 2922 - but we now need to see a HH above 2960 for more clues to say it wants to retrace higher or turn up

No over 2960 for a start - and instead we will test 2920 and lower.

So an approx 40 pip range for a start with 6 30 TW and 2931 being a scalp buy

 

[Forexmospherian]

GU

We dropped lower than 6300 to 6286 area during the Asian session - but have since bounced back up above 6310 - 20 area

The big number - ie 6300 will act as an important level for both ways - above it - its trying to retrace higher - and needs to see an initial HH at 6334 and then breech more R areas at 46/50 and then 60

Under 6306 and 03 be scalp selling for lower again - and above 6310 and 15 scalp buys for now

 

[Forexmospherian]

EJ

Dropped down to another big round number at 136 00 and since then posted HL's at 136 -07 then 136 15 with a interim high so far at 136 61 ish

The real range we need to watch for now is approx 40 pips from 136 00 to 136 40,

Above scalp buys and below scalp sells - and in the 40 pips in between 32 and 36 are good clues - yet again above both favours higher and under both - maybe look for scalp sells again

 

[Forexmospherian]

My initial 2 scalp buys on the EU and GU - have bagged me 11 pips in total so far - so I will bank them and take 100% off

Always nice to get a win in the bag - they have not finished their moves - but it is 7 08 am and near end of hr TW - so worth playing safe and reviewing again

 

[Forexmospherian]

GU

On any pullbacks staying above 6315 - scalp buy again - but then we need to see above 6334 to hold on longer

 

[Forexmospherian]

EU

Now at 2940 - with 2 more barriers close - ie 45 /50 and then 2960

For now any pullbacks staying above 34/35 are scalp buys again

 

[Forexmospherian]

EU

Dropped from 2942 to 36/7 in 2 mins - only approx 5 pips in 2 mins - but for experienced scalpers - it's seen in slow motion - and not just "noise"

I now see a mini BTTZ on the EU - between 41 and 34 - above 41 more scalp buys fir test of 45 - and below 41 and 34 - then you would hold scalp sells on for lower

 

[Forexmospherian]

8 00

Not been able to post on site last 40 mins or so - another spam attack ??

 

[Forexmospherian]

EU

Trying to breech above 2945 now - with next barriers at 50 and 57

Ideally need above 2960 to hold scalp buys on longer

 

[Forexmospherian]

GU

On any pullbacks staying above 6315 - scalp buy again - but then we need to see above 6334 to hold on longer

6332/3 barrier atm

 

[MajorMagnuM]

It's tough to see it from the other guys side but they could have been killed if they hadn't protected themselves in this way, the volatility was ridiculous and they wouldn't have been able to outright hedge in that sort of market.

But look at the momentum, you could have got a directional in any time in the following 3 hours, scalp or not, and made a few buns.

If you'd been long on vol going into that you wouldn't have cared which way it went and although the rate cut wasn't expected, it wasn't totally off the radar and the ABS was the least well kept secret of the week, not specifically the detail but that it wither would or wouldn't get mentioned. Either way it was going to spike vol.

Thanks Pat

 

[MajorMagnuM]

Hi MM - Sorry to hear. Just for info I followed up on this issue for you.

I've just spoken to your broker and confirmed the background. Basically the liquidity providers pulled liquidity from the exchange (and many other venues). In your case there was a period of a few seconds where the market was all one-sided and so became 'untrusted' (you can read about this in the trading manual execution policy). I also have the full details regarding: times, price levels, trade volumes etc.

It was an exceptional move over the number - do be aware that trading (on any platform) over these events can leave you exposed to execution risks - this also happens on the institutional side, not just retail. It's worth having this type of thing in your risk plan.

Hope this helps, feel free to contact me if you wish to discuss further (oh and please disregard my PM, that was sent before the broker spoke to me).

That really kind of you Dow. Yes it was Lmax.

 

[Forexmospherian]

AU

Yesterday it made 9392 - and then dropped to 9333 - before another bounce up to 9350 area

We now nee above 9360 to hold more scalp buys on - and if we dont make above there - start to look for scalp sells in next TW 's

 

[MajorMagnuM]

connection to this site pretty random atm

 

[Forexmospherian]

8 32 am

just lost 2 posts last 10 mins ;-(

 

[Forexmospherian]

From 8 09 am and end of hr TW - nice scalp sells on EJ and EU

 

[MajorMagnuM]

i got gu long, sl be

 

[Forexmospherian]

i got gu long, sl be

With GU - from 6333 to 46 is all R areas to then look for another scalp sell

I think we need above 47 and 50 to be able to hold scalp buys on longer