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

[MajorMagnuM]

Chart 3
the blue triangle. At this point, I perhaps should be thinking the following
THERE are ( to keep it simple) three scales I need to be aware of. SCALP and SWING and wave
1) I need to be aware that we may be forming a lower high to the green oval. I will only know this is a lower high in swing terms when price crossed the blue dashed line and clears the low marked by the opaque white oval.(OWO)
2) 2) in scalp terms, (a) price coming down from the blue triangle :I can take the sell based on two minute by minute LL candles(?)
(b) but a lower high somewhere around yellow arrow, after a lower low under the yellow line would be preferable. Without that lower low, in scalp scale, it means price action is still up.
(c) without price clearing the yellow square and then OWO, price is still up in a WAVE scale sense.
(d) until price clears the white transparent oval, price is actually still trying up in a swing sense.
(di) We therefore are actually in a bttz because the price action is between the green oval ( an interim high) and the OWO ( an interim low) and the action in between needs a swing low /hi to confirm continuation of a down trend.
(dii) NOTE a lower low between the yellow square and OWO would give me a BTTZ on the scalp scale, because this would be a hl to the OWO but a lower low to the yellow box.

 

[MajorMagnuM]

i suspect an understanding of these differences will resolve all the stuff about getting in with 5 of a top etc, and perhaps illustrate some aspects of BT zones.

 

[johnradical]

Cant sleep!

Done a review of my trading today as I had a rubbish one, found some of my floors as well. I took 18 trades in total.

6 of these trades I cut short or f**ked about with my stop as I got nervous either for -1 to -4 pips. These 6 trades went on to make a total of 75 pips. Yes you are right I might not have taken all 75 but even if i'd taken 40 of these that would have been better than -18 or so that I ended up with. Instead I lost and kicked myself. When looking back at these trades I cannot for the life of me believe what I did. I feel writing this down and blogging helps get the frustration of my chest.

I'm in the habit of getting in the scalps possibly 3 to 4 even 5 pips late. If the trade then comes back say 5 or 6 from the correct entry I'm in negative then I end up pulling the trade. F, I can see that your entry on scalps are usually within 1 pip, which if the trade only makes +3 or +4 you can pull and be in small profit or just -1 or so, when mine are -5 or -6. When this happens I end up getting stopped out or pull as I don't want more than -6 on the cards, I get nervous.

I need to be faster on my entrys and also be more mature to hold out when all my ducks are in a row even if I end up -3 or -4 to start. Can you believe I cut the a trade on the GU long @ 9:52 am because i went -3 from entry. This trade ended up making 25 pips or so!! WHY!!!!!!!!!!!!!!!!!!!!!

Im going to reduce my stake size next week and get in the habit of taking the trades and riding them out with a bit of maturity instead of getting nervous and freaking out.

Rant over, have a great wknd traders. Next week will be a positive one ; )

 

[Forexmospherian]

Cant sleep!

Done a review of my trading today as I had a rubbish one, found some of my floors as well. I took 18 trades in total.

6 of these trades I cut short or f**ked about with my stop as I got nervous either for -1 to -4 pips. These 6 trades went on to make a total of 75 pips. Yes you are right I might not have taken all 75 but even if i'd taken 40 of these that would have been better than -18 or so that I ended up with. Instead I lost and kicked myself. When looking back at these trades I cannot for the life of me believe what I did. I feel writing this down and blogging helps get the frustration of my chest.

I'm in the habit of getting in the scalps possibly 3 to 4 even 5 pips late. If the trade then comes back say 5 or 6 from the correct entry I'm in negative then I end up pulling the trade. F, I can see that your entry on scalps are usually within 1 pip, which if the trade only makes +3 or +4 you can pull and be in small profit or just -1 or so, when mine are -5 or -6. When this happens I end up getting stopped out or pull as I don't want more than -6 on the cards, I get nervous.

I need to be faster on my entrys and also be more mature to hold out when all my ducks are in a row even if I end up -3 or -4 to start. Can you believe I cut the a trade on the GU long @ 9:52 am because i went -3 from entry. This trade ended up making 25 pips or so!! WHY!!!!!!!!!!!!!!!!!!!!!

Im going to reduce my stake size next week and get in the habit of taking the trades and riding them out with a bit of maturity instead of getting nervous and freaking out.

Rant over, have a great wknd traders. Next week will be a positive one ; )

Hi John

Some very good points you are raised in your comments

I notice MM has also posted some charts etc that I need to go through - that looks complicated

I am very interested with your comments on the 6 trades you have taken

First comment - Scalpers entries are KEY - so important - far more important than anything else - because even if you chose a wrong direction or a trade that is not going to work - if you can get an excellent entry - you can still pull with 1- 5 pips of positive pips - rather than take a loss.

To get the best entries - you need a tick chart - or a I min chart.

Forget 3 min or 5 min or 10 min or even 30 -60 mins charts - you just cannot gain that extra 1- 4 pips entry gain.

I appreciate for a start - 5 sec or 10 sec tick charts seem just to fast and jumpy - and so a 30 sec or 1 min chart is easier. I even find tick charts slow nowadays - and they may only gain me half to 2 pip gain compared to a 1 min LR chart.

Remember - by the time the 5 min or 15 min chart traders are seeing the move - its getting ready to pullback - and that's why so many scalpers fail etc

John - you need to allow more than minus 4 or minus 5 as your stop - until you know you can catch the first 3 to 5 pips of the move.

I suggest you see what stop size you needed on those 6 trades for them to work

If its 12 pips or 20 pips - forget them - you are not reading PA correctly at the coalface. Ideally you need 3 -7 pips max for every trade.

If this is too close allow up to say 8 pips max with spreads under 1.5 pips.

You are correct - on some scalps with a say 0 6 pip spread - I can get away with a 3 pip stop - but I normally allow 5 pips as an average on key pairs with spreads under 1.5 pips.

I am normally not wanting to exit under 5 pips gain - ideally 7 -25 pip targets - but if the move only make 2 or 3 pips gain - I dont wait for it to come back on me - I take 1 or 2 pip profit instead and on say 3 or 6 lots - its still adds up ;-)

Rarely do I lose over minus 3 pips on a trade - so even 3 bad trades in a row can be still under minus 10 pips

Then 2 good scalps can be 20 to 40 pip gains ;-)

Every scalp is different - some will line up perfectly - others not so - and then if you miss the perfect entry - wait to see if you can get a pullback and still stay within say 5 pips from the interim low or high

It really is practice as well - might be worth running a demo next to your real live account - and just practice all the while on the demo - taking say 15 -30 trades a day - whilst only doing 4 or 8 trades live - but getting them right etc

Once you have done over 1000 scalp trades - you will be reading "coalface" PA at a high level - and should be able to maintain then over 70% win ratios - rather than have 85% some days - and 25 % other days

Hope that helps - If you are committed and dedicated and have the time and energy etc - you will get there - might take another 6 months or even 12 /15 months - but you will get to that high level of consistency

Enjoy your weekend

Regards

F

 

[NVP]

some great stuff here F...........i'm still trying to trade on 5mins and even off 15m bar signals still .....I need to come down to 1mins to execute ............(i'm on Mt4 because of my strengthmeter indicators)

I have developed some decent strengthmeter pattern recognition signals off of these higher TF bars over the years which gives me a pretty good indication of what the next bar will do for any pair combo........ .....but I really really need to use the 1min to execute the trades .......

last week I got clobbered on some days where I didn't use the 1min to confirm entry and the signals failed or turned during the bar and I lost money

will try again from next week

N

 

[johnradical]

Thanks for the input F, I only use 1M for taking trades. I did try using the 10x tick chart but found it a little to fast an couldn't really pick the correct entries. I might trade just one pair next week and have the 1M chart on one screen and the tick on the other screen to compliment for the fast entries.

I'm defiantly dedicated to the cause and will NOT give up, no matter what, its not in my nature to do so. Thing is I've seen the progress I've made in a short space and I know with just a few tweaks and some great input from the guys on this thread I will get there for sure. Made a big poster with "entry is key" and slapped it above the computer (lol).

Looking forward to Monday and continuing with the scalpers trading path.

Cheers guys.

 

[johnradical]

Okay, looked at these 6 trades and with a stop of between 6 and 8 I would have been in. A good lesson learned.

Good wknd guys.

 

[Forexmospherian]

Will come back to some of the points raised by JR and NVP during today

Suggest N you get a demo 1 min chart from say FXPro Ctrader or Dukascopy or other - as all can have LR 's on them to have along side your MT4 platform etc

Regards


F

 

[Forexmospherian]

Monday 15th September 2014 - Pre Opens

GM all Intraday FX traders and I hope you have had a great weekend

Start of another week and just checking calender to see if there is much on today - otherwise Monday can be a slower trading day

Normal stuff - updates and quick session reviews on the FX pairs I plan to trade today.

Then will try and identify some scalping levels and ideas etc

Please refresh the page every 30 seconds to see all the updates etc and all FX related questions answered

Any member following using 1 min LR charts with my 9 settings - will be able to see at time windows what I am doing etc

Have a good day

Regards

F

 

[Forexmospherian]

No red news announcements today and also Japan have a Bank Holiday

 

[Forexmospherian]

6 52 am

EU

Price at 2960 after it made 2980 on Friday afternoon and then dropped to 2951 during the Asian session

Clear LH and HL's forming a flag pennant over last 8 hrs etc - just to add more confusion - with supports at 2940 and 60 areas and the main R's above around 2980 and the the psycho no of 3000

i have scalp bought from 2954 at 6 30 am TW and will be dropping to 30% stakes in this TW - knowing we need over 66 to hold the scalp buys on for a further try up

Under 2950 AND 41 would be scalp sell land

 

[Forexmospherian]

GU

Been a scalp buy from 6 00 am - but only got in the 6 30 am TW at 6238

Similar set up to EU atm need above 53 and 62 to hold scalp buys on longer - so will drop to 30% stake UNDER 44 and would exit scalp sells under 38

GU as been bullish last week and with the Scot vote this week - expect loads of play going on - both ways ;-)

 

[Forexmospherian]

Will be covering the AU and EA and the Cad and my favourite EJ during the next hour - but whilst in 2 scalps atm not planning on any more trades this next 15 mins

EU cannot get over 63 atm - so exited 100% of scalp buy stake and will review by 7 09 am to see if I can scalp buy lower

 

[Forexmospherian]

EJ

Price atm at 138 96 - AND UNDER 139 02 it is a scalp sell for now

Not in it - but will look for bounces under 02 to scalp sell - knowing we need under 138 86 to hold on for further fall

 

[Forexmospherian]

EU

dropped under previous interim low - should have scalp sold under 62 - but didn't as still wanted another scalp buy above 55 - shame - missed it

Still not under interim supports at 48 /50 - so could still bounce there

Under 46 still hold scalp sells on

 

[Forexmospherian]

GU

Still in 30% scalp buy stake on GU whilst above 38 - but need OVER 6248 and 50 to hold thsi on - otherwise will cut

 

[Forexmospherian]

7 09 am

EU at 2950 now and could be a turn - as end of TW and nice set up to trick

In on bounce at 52 - but need 57 and 60 to hold it on

Under 46 - back to scalp sells

 

[Forexmospherian]

EJ

138 73 to 78 looks a good interim support area to look at scalp buys in a TW if we continue on the fall under 138 02

If we fall under 80 - but do not stop at say 71 /73 - stay with scalp sells then

 

[Forexmospherian]

EJ

7 21 am

We cannot get under 86 atm - and EU is trying to turn up again - touched 56 already - so will only hold EJ scalp sell under 93 on 30% stake

Would look at scalp sell ing again under 139 02 as see 138 73 /78 a possibility on further falls

Back over 139 02 AND 05 = forget scalp sell as thats back in scalp buy land

 

[Forexmospherian]

7 26 AM

Remember 30 min rules on interim lows and highs as well - could be another clue on EU in next 12 /13 mins