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

[Forexmospherian]

will check again after 5 00 pm and a bit later

Have a great weekend all - and lets hope the last week of the month will be a cracker as well


All the best


F

 

[Forexmospherian]

Good Evening F,

The issue I have is that I don't trade as much as I really should. I sometimes wake up, and just don't look at the screens at all.

I should be effectively be taking 10-15 trades per day, but may end up taking just above that many per week.

So do have any pearls of wisdom to help me take more trades.

Having a few bad trades is nothing to worry about my good man, as you are well aware, our subconscious knows these times come, and pass, that's why I always try to live in the moment or future, and never let the past influence my future too much. Trading on a 1 min timeframe, long term trends almost become negligible.

As for Tar, wow, what a revelation. You can not help but, doff your hat to him. I had no idea he was that good, just makes you think, how many other master traders are hiding in the shadows(Darktone et al ). I'm sure if there's anybody who can coax them out, it's you. :whistling

The great thing is, regardless of people's issues with each other, I feel that competition forces you to raise your own game.

Best
John

Hi John

Sorry I did not get around to answering your question early on this morning - but had commented in my thread - I would get around to it.

I know you have stayed and focused your trading on just one FX pair - ie the GU

I am sure by now if you have been intraday trading it - you have now taken over maybe 1000 live trades on the pair - and feel you know it very well.

To get to the next stage of over say 7 or 10 trades plus every day - ie to ideally make more pips and earn more money - but also to assist you if you had a bad say 3 -5 trades in a row - you can still end up with profit - I think you need to take on another pair - or maybe even 2 extra pairs - whilst still majoring on the GU

Ideally add the AU and UJ - or if a bit more adventurist - maybe the EJ and NU or even the Cad if not keen on the EU.

I generally trade between 3 and 5 pairs a day - out of a main 6 -8 pairs i always look at.

I might leave 30% stakes on a pair with a stop in profit - and then move to another pair to carry on with same direction scalp

Its gives you more opportunities - too win - and too lose - but if your intraday method is working well and is well tested etc and you have over say 500 good results behind you - you should be able to progress to other pairs OK

I always seem to end up with between 10 and 20 trades a day over 5 -8 hrs

Some times - i might only take 8 trades - if all good wins - no problem

then a bad morning - might mean I take over 16 -18 trades to hit target

Also though - if a busy day and on a roll - i will take over 20 trades if I think 150 -300+ pips are available. i think overtrading for my own method is actually over 40 or 50 trades a day - I could take that many - but would wear myself out and probably incur diminishing returns etc

As you know - every day throws a new challenge - and some days it's easy - other days - I have to work at it to make my target

Step by step - but if you are trading all day - or even just 4 -6 hrs - 5 -10 trades is a piece of cake

I am sure there are many profitable good traders on this Forum - like Tar and some of the other long term members - and maybe - we all use different ways and methods etc

I could say just trade from 6 am to 9 am every morning - and maybe 90% of the time I could make a very good living etc - but the more you trade - the more you learn - and in theory - if you good - the more chance you will do well and earn more

Hope that helps John

Enjoy your weekend

Regards

F

 

[NVP]

whilst I am certainly not in F's league or many others here........ can I also add that when the markets are running hot as F suggests the key is identifying quickly the big moving currencies and getting on them with Currencies showing the most powerful (opposite direction) momentum

I follow the usd primarily so if it does fire up on a bull or bear run only 2-3 currencies will probably be worth trading ...........even though all usd pairs may be showing a bias it will always be 2-3 tops that are really milking the move .....the others are passengers

clearly this pattern is continually changing ..so if we were lucky enough to see a 2-3 hour move on usd I can guarantee that many currencies will be taking turns in that period to bank pips ............its never a uniform game

you can generalise and say that on any USD move there are mainly 2 camps worth initially looking at as the main opposing teams to usd's direction

1) Europeans
or
2) Aussies

then you have the yen and the Cad which are much more unpredictable

it takes a hell of a move with cad and yen also leaning in usds direction to get the Europeans AND the Aussies all moving in same opposing direction to the USD .....normally 1 camp is in charge

unless the Euro and GBP are playing silly buggers themselves and the patterns become more complex

N

 

[Forexmospherian]

Next week is the last week of my 12 month / 1 year period blogging on this particular thread.

I will say it will not be the best last week due to the daylight saving time periods ( DST ) changing - ie today the UK as seen it clocks go back one hour ( and I believe in Europe ) - whereas this does not happen in the US until the first week of November.

That leaves me with a week with timings out of sync - many traders might even not notice the difference - but from my last 7 years experience trading full time - it does make it more difficult for my method.

It will not lead to the time windows changing - but their effect will be different.

I normally find after a day or two I adjust to the change - but certainly will be more cautious on Monday and Tuesday

Australia and N Zealand have different dates whereas most of the East do not use DST.

That maybe is not so important in the Forex world as over 70% of all activities come from the UK / Europe and the US.

One other reason for me to be additionally cautious as well this last week is that although I have failed over 30 times now to reach my daily target during this last year - I have NOT suffered one losing day

It takes a lot of effort to do that especially when you are talking approx 200+ trading days ;-)

Good Trading to all last week of the month

Regards


F

 

[itspossible]

^Well done F .When the pensions kick in will you be scaling your trading down and changing targets?

 

[sandyberg]

The end?

F,

I have only just found this thread and am learning a lot from reading your posts, and the inputs of all who have contributed (NVP, T, MM etc).

I am sad to hear that this will be your last week! Will you be continuing on another thread? I do hope so!

 

[12WBT]

Good Evening F,

The issue I have is that I don't trade as much as I really should. I sometimes wake up, and just don't look at the screens at all.

I should be effectively be taking 10-15 trades per day, but may end up taking just above that many per week.

So do have any pearls of wisdom to help me take more trades.

Having a few bad trades is nothing to worry about my good man, as you are well aware, our subconscious knows these times come, and pass, that's why I always try to live in the moment or future, and never let the past influence my future too much. Trading on a 1 min timeframe, long term trends almost become negligible.

As for Tar, wow, what a revelation. You can not help but, doff your hat to him. I had no idea he was that good, just makes you think, how many other master traders are hiding in the shadows(Darktone et al ). I'm sure if there's anybody who can coax them out, it's you. :whistling

The great thing is, regardless of people's issues with each other, I feel that competition forces you to raise your own game.

Best
John

@ Forexmospherian
Sorry for posting on your thread again.
Just that John's post caught my eye.

@ Mr Fox

Interesting post and got me thinking.
Are you trading scared.
And I don't mean scared about losing.
But scared how much you could make if you worked a few more hours each day.

I think it's just having a bigger goal in life.
Nice to have a few cars and few holidays each year, etc
Maybe the bigger goal is to work hard each day for 3 to 6 months of the year.
And take the rest of the year off.
Just a thought. IMO
Have a good week everyone.
Cheers
12WBT

 

[Forexmospherian]

^Well done F .When the pensions kick in will you be scaling your trading down and changing targets?

F,

I have only just found this thread and am learning a lot from reading your posts, and the inputs of all who have contributed (NVP, T, MM etc).

I am sad to hear that this will be your last week! Will you be continuing on another thread? I do hope so!

I do not plan to stop trading all together but over this next 2 -3 yrs take more time off along with more holidays - ie instead of trading as presently 190 -210 days a year - drop to 150 and then to only 120 -130 days max

Not fully decided on plan for next year atm

All the best and Good Trading

Regards

F

 

[Forexmospherian]

@ Forexmospherian
Sorry for posting on your thread again.
Just that John's post caught my eye.

@ Mr Fox

Interesting post and got me thinking.
Are you trading scared.
And I don't mean scared about losing.
But scared how much you could make if you worked a few more hours each day.

I think it's just having a bigger goal in life.
Nice to have a few cars and few holidays each year, etc
Maybe the bigger goal is to work hard each day for 3 to 6 months of the year.
And take the rest of the year off.
Just a thought. IMO
Have a good week everyone.
Cheers
12WBT

You are correct 12WBT

Sometimes traders think be happy that you are making money - and if you try and take more money out the market it will bite back and suddenly you may end up worse off.

In reality increasing your net money earnings per week can easy be increased by a few hundred percent - although compounding it from say 2 lots per pip to 200 lots per pip is an entirely different ballgame - and will cause big problems - mainly psychologically

Good Trading to you 12WBT

Regards


F

 

[NVP]

morning all

usd is weak overnight but currently rallying.........I'm trying to work in some European sells to the usds bounce

N

 

[Forexmospherian]

Monday 27th October 2014 - Pre Opens

G M all FX Intraday traders

Hope you had a great weekend and also hope you have a good trading week

I need to adjust the first few days of this week to all the time changes ( DST ) that have taken place - as it will create timing issues - although after next week the US will be back in line again

Normal stuff - quick updates and reviews on pairs I plan to intraday trade - along with important session levels - bias and plans for short terms trades etc

It is a Monday - and normally a slower day - and I have several domestic jobs and meeting up to lunchtime - so will not be around to much this morning - but should be available over lunch and early US session

Still hope top get some trades in before 9 15 am and already have two scalp sells on the EU and GU from after 6 09 am

Have a good day


Regards


F

 

[Forexmospherian]

EU

6 54AM

Price made 2715 earlier on this morning and as been a sell since 6 09 am around 2705/7 area

I hope to be able to scalp buy again above 2680/85 with price currently around 93 -95 area

 

[Forexmospherian]

6 55 am

EU bounced at 94 - exited scalp sell - but not scalp bought atm

 

[Forexmospherian]

GU

similar to EU - been a sell since after 6 00 am TW - from 6105 area

Again - would hope to scalp buy again above 6080-85 support area

 

[Forexmospherian]

AU

Another pair that's been a scalp sell from 6 00 am TW and 8817 area

Not traded that pair so far - price still falling with good supports to look at scalp buys from 8795 to 8800

 

[Forexmospherian]

morning all

usd is weak overnight but currently rallying.........I'm trying to work in some European sells to the usds bounce

N

Morning N

i have a timing issue this week with the clock changes and with US not till next week

Yes been selling EU / GU and AU was one I was not in after 6 09 am

Still have them session bias above their supports areas to look as scalp buys again though - maybe after 7 30 am or the 8 00 am LO ??

Have a good week N


Regards


F

 

[rustler]

Morning f... Was about to type... More downside than anything in eu, and as I opened this it dropped ten pips... These levels are more shorting material... Think I will be sell side on euro... Smells fishy

 

[Forexmospherian]

EU

i exited at 94/5 after bounce and did not leave anything on -

Noticed it was still a sell - but thought it might bounce over 7 pips - but this did not happen - so jumped back in sell again at 92 - with price needing to stay now under 96/7

 

[Forexmospherian]

Morning f... Was about to type... More downside than anything in eu, and as I opened this it dropped ten pips... These levels are more shorting material... Think I will be sell side on euro... Smells fishy

Well i have EU and others still session bullish above their interim supports

So yes - been sells last hr or so

BUT

I am looking to scalp buy again - ideally slightly lower or after next half hr chnage

Have a good day


Regards

F

 

[Forexmospherian]

7 15 am

Would need EU / GU / AU etc all to breach under their interim supports areas by at least 5 pips to hold scalp sells on down another 20 -40 pips

Otherwise all 3 should be able to find price supports and try and turn