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

[Forexmospherian]

That was a strong bar down - not quicker enough to change to scalp sell and get out at 65 - but the tick and the 1 mins were saying 37706 and then we had the LH and LL

 

[Forexmospherian]

EU - i think I had the 71 and 74 prices correct and now we are trying under last low again - got to go out again - watching footie with take away tonight - ;-))

Might be back before 7pm - if not later on tonight

GL guys

 

[sunZy]

I hope tomorrow will be a better day for you MM altough your winratio was impressiv. Just these big losses. I think that is what FM mean with "cut losses befor it hits your SL". Better -2 pips than -5. There will be nice chances later.

My fingers itching but sadly i have a lot of work to do for the university till the end of february. I want to trade.
Maybe if i got some time between X-mas and new year.

Great work you both.

 

[Forexmospherian]

so focus tomorroqw is keep positon size the same as greed clearly not working

Hi MM

Re - stake and position sizing . - to keep it simple on the maths side - say you are at $6000 on your account and lets say you are going to use 1% of capital as your stakes - bearing in mind you might be in more than one trade at the same time.

Lets say next you are working on 6 pip stops - so 1% of $6000 = $60 - so $10 a pip.

Now lets look at a scalping plan - ie 6 pip stop and ideally you don't want trades under 6 pips - and ideally you are after 12+ pips and even 20 and 30 pips if possible.( ie RR's of 2 and even 4 and 5 - intraday )

If the market is busy and good volumes - you can look for 12+ pips before taking ideally 65 - 75% of your stake off.

By doing this at say 12 pips - on $10 per pip and taking 70% off you have $84 in the bank and then its up to you - do you keep your 30% stake stop in profit at say 2 pips guaranteeing a total of $84 + 2 x $3 - total $90 - and then you still have a 10 pips margin to play with and then hope it moves up again above 12 pips to say 20 or even 30+ pips and then your total win is $84 + say 30 x $3 total $174

However - if the market is flat and low volumes - you need to grab pips. Then you have to accept the 3's and the 5 pips - and if you can grab 5 pips and take 70% off - then you have $35 in the kitty - only $3 per pip left on - but that means you can allow then if needed a 10 pip stop - and even if you got stopped out - you still have a profit ;-)

The main thing though MM is try not to lose - once you have been up in profit.

I appreciate if from entry price goes say 4 pips against you - do you pull immediately - or wait for the 6 pips mental stop?

My answer is pull at minus 1 or 2 - and get out with the least damage

If price then goes you way - get back in - you still might be better off than losing 6 pips and if the spread is less than 1 pips - all in on your side.

If you are up say 8 pips still on 100% stake and it pulls back - once over 50% reversal - grab profit.

Profit is king - not turnover - 40 + pips in a day and a small profit or breakeven is just no good.

I would sooner just half - ie 20 pips but all on full stakes - as the pips are not so important as the money you make ;-)

Once you are familiar with this type of method - after 6 months or a year - you can then looks at the next levels - including pyramiding and peeling etc etc

Its a never ending journey of improvements - first you need every week in profit - then you need every day and then you need every 3 hrs etc etc

Once you have the consistency - you slowly move on to the next level

Hope this all makes sense to you - and any questions - please bring up

Regards

F

 

[Forexmospherian]

Morning Traders

Pre Opens at 6.46am UK time - and up earlier scalping away - as out between 8 am and 11 am this morning and so will miss the first part of the European session

EU - topped yesterday at 3795 and since then fell to 3747 early this morning - and presently at 3756 - under 62 as been scalp sell with next supports at 53/55 and below there 45-50. Still in up trend - but in a pullback , Need over 65 and 70 to be holding more scalp buys for higher with R's above at 75/80 and then the 3795-3800 area

UChf - fell yesterday to a low of 8851 and since then as risen to 8885 and now at 8866 in between interim S & R areas. Bearish under 8885 - but would need under 65 and 51 to be breached for larger falls

Above 8882 and 86 - scalp buy land with next R above around the big number at 8900

GU - high yesterday at 6466 and fell to 6422 which is the support area. Price now at 6437 and need above 50 to look at holding scalp buys for highs again and of course under 30 and the 6420 area ( strong support) for further falls lower

Will try and take some more scalps in next hr and maybe reviews on EJ and EA

Have a good day

Regards

F

 

[Forexmospherian]

EA - high at 5140 - dropped to 5020 yesterday - but now up at 5088. Above 60 in scalp buy mode with R's at the big 5100 area. This present scalp buy would hold above 76/78 before you could look at any scalp sells more and then to hold them you need under 60 ish

EJ - not so interesting atm - so will look at that pair later today

 

[Forexmospherian]

EU - scalp buy now - made over 65 to 68 and above 58 still trying higher for now

 

[Forexmospherian]

Morning Traders

Pre Opens at 6.46am UK time - and up earlier scalping away - as out between 8 am and 11 am this morning and so will miss the first part of the European session



UChf - fell yesterday to a low of 8851 and since then as risen to 8885 and now at 8866 in between interim S & R areas. Bearish under 8885 - but would need under 65 and 51 to be breached for larger fall

F

UC - swissy - now at 65 and 80% off - as out in next 15 mins so will just leave small stake on sell under 76 with that trade now profitable - what ever happens

See you later on

 

[Forexmospherian]

EU out scalp buy totally at 3771 before i go out - will only leave small trade on the Swissy

GL traders

 

[Forexmospherian]

Morning Traders

Pre Opens at 6.46am UK time - and up earlier scalping away - as out between 8 am and 11 am this morning and so will miss the first part of the European session



GU - high yesterday at 6466 and fell to 6422 which is the support area. Price now at 6437 and need above 50 to look at holding scalp buys for highs again and of course under 30 and the 6420 area ( strong support) for further falls lower


Regards

F

Just coming up to 11.00 am time window and comment on GU was from 4 hrs ago

It broke lower under 6430 and then 6420 the main support area from yesterday and then dropped so far to 6388 - so a 25 -40 pips scalp sell there if you had been reading PA and following

I am still out and will not be back to trade until probably after midday

EU and Swissy still in ranges and not been able to check other pairs yet

See you later and GL

Regards

F

 

[Forexmospherian]

Coming up to Midday and back at desk to trade.

EU whilst above 3750-55 still in intraday up bias - but needs over 74 to hold any scalp buys from 63 on longer.

Under 61 and 58 scalp sell

GU lovely fall under main supports at 6420/25 area down now to 6374/5. Under 90 still in down scalp bias - - so any scalp buys need over 92 and 96 to be holding

 

[Forexmospherian]

EU looking at taking 70% off scalp buy in next 2-3 mins if we don't go over 72 and 74

 

[Forexmospherian]

Taken 70% off at 67 - got to 69 and struggled and now looking at scalp sell

 

[Forexmospherian]

EU - can we now scalp buy again over 61 ? ideally 62/3 - awaiting clues

 

[Forexmospherian]

GU dropped to 6369 - very late getting in this trade as been out to midday so only in now at 30% as 70% already taken off at 74

 

[Forexmospherian]

EU - did not get to 62/63 but stopped at 37646 so missed scalp buy again . We need over 71 though to think of holding - otherwise we go into BT tease zone then

 

[Forexmospherian]

GU - 6355 to 65 - is all support areas for me so at next time window might exit completely before looking for scalp buys

 

[Forexmospherian]

In time window now - GU low at 63674 - out scalp sell 30% stake at 70 now.

GU above 69 is scalp buys but need over 77 and 80 to hold any on

Under 65 might scalp sell for 55-58 area - but still in support zone

 

[NVP]

Just coming up to 11.00 am time window and comment on GU was from 4 hrs ago

It broke lower under 6430 and then 6420 the main support area from yesterday and then dropped so far to 6388 - so a 25 -40 pips scalp sell there if you had been reading PA and following

I am still out and will not be back to trade until probably after midday

EU and Swissy still in ranges and not been able to check other pairs yet

See you later and GL

Regards

F

agreed - G/U a steal since 8am this morning

N

 

[Forexmospherian]

agreed - G/U a steal since 8am this morning

N

Cheers N - yes I missed the main part of it as out - but now scalp buying from 6369 area and would only scalp sell under 65 again for now

Have a good day

Regards

F