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

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Forexmospherian said:
I think the market is stalling to see whats needed next

The big boys want indecision still - that suits them - then they can go against who ever wins out of bulls and bears between say 2425 and 2475 area on EU

Back in 10 mins or so
Click to expand...

Interesting, we are also back at the previous day high, yes I also feel is going to stall, it was a very active morning, I guess everybody needs a break...
 
Forexmospherian said:
GU

11 04 am

Difficult - above 5660 and 65 scalp buy - under 5648 and 43 - scalp sell

The price we are atm - is a real BTTZ set up
Click to expand...


GU comment from approx 30 mins ago

Well nice (y)

Approx 24 pips so far of that scalp buy - dropping to 30% and bank 70%

Above 71 or so on pullbacks - still in another scalp buy
 
Forexmospherian said:
I think John with you focusing on the GU - and getting to know it extremely well - then yes really its the 9 30 am and 1 30 pm times you have to be aware of - plus the 11 45 and 12 00 and 12 30 pm on the Interest rate days etc

If I remember correctly Dow Jones was another Pound / GU scalper - althought he did the Dow and Dax etc - he only touched the GU normally on Fx

I also remember a guy on another forum - Raj Patel - who had majored on GU for approx 10 years - and he was an expert on scalping it and I used to spend many a day comparing our entries and methods etc . Sometimes I would get in 2-4 pips before him - then on other days - he would easily gain 5 pips on my scalps with better entries and exits etc

He used a different MM method - but clocked up 20K pips on the GU in one 12 months period - although there would be an element of double counting in it

For now the GU is in my top 5 list - favourite still most days EJ - then its a toss up between EU and GU and then its AU / EA and recently the UCad more

I do find the market makes sure some pairs have boring hours whilst others flourish - so Its good if you can have say 3 to 5 pairs in your locker - but only major on one or two pairs etc

I reckon you must be scalping with stakes between 50 and 120 pounds ie 8 lots to say 18 lots per pip

I nowadays rarely go over 10 lots and most of my scalps are from 4 to 8 lots per pip - as I feel more comfortable etc - and dont want the palpitations and sweaty palms with 20 lots plus from years ago - yes I am a chicken ( lol)

Still as you know you can make constantly a lot of money even on just 3 or 5 lots - never mind 10 or 20 +

One last thing - as I get taken out my 30% stake buy on EU - I had in November one Monday morning when the first trade Am was OK - and then out my next 8 trades - I had 6 losses - yes 6 losses consecutively

I have never had more than 7 losses in a row for over 5 years and normally after 3 losses have 1 hr off

So always be aware it can happen etc etc


I will post some GU charts this morning as well


Regards


Peter
Click to expand...

For me, it all comes down to what one is able to handle at a time.

I have not come across a market where this strategy does not work, be it indexes, commodities, or currencies, yes the former may sound unbelievable, but it's the gospel truth.

I love Dax, however it all boiled down to choosing one, and sticking to it, and Cable was chosen over Dax, due to Dax' propensity to swing a little too wildly.

What I mean by that is, by the time I have my ticket ready, it has already moved too much to gain a low risk/high probability trade.

Trust me Peter, I really wish I could multi-task, and add Dax/more currencies etc to my trading, but it is mentally impossible for me to do.

Only 7 losses in a row over 5 years is very remarkable, as I regularly have circa 5-7 losses, although they are managed properly, and some are due to mistakes made.

Yesterday I had around 5 losses in a row, and even last week there was a day with around 7 losses/circa 30% success rate for the day, yet still made a good profit.

My losses are more to do with testing the market, if I am wrong, I'm out very quickly, and when I am right, then Cable pays me handsomely. I've got to a stage where I only give losses a fleeting fancy.

The way I see it is, if I can make money during a boring consolidating period, then I'll make a killing during a time when Cable is free-flowing.

I appreciate you have your own style, and sometimes I think "a person with my strategy, trading for a solid 6 hours per day, with just 2 pairs, risking only 0.5% per trade could easily make 4-10% return per day", however as you are aware, "some" people do not want to put the time, and effort in, and prefer to be spoon fed.

I could talk trading all day, and appreciate you have a blog to concentrate on as well as your own trading, so I shall not clog up your thread too much.

Best
John.
 
EU

11 43 am - out 30% stake at 2459 now

Not scalp sold - but will just wait for a set up

Above say 63 /66 scalp buy more for 70 - 75 area

Under 50 and 45 back to scalp sells
 
Mr Fox said:
For me, it all comes down to what one is able to handle at a time.

I have not come across a market where this strategy does not work, be it indexes, commodities, or currencies, yes the former may sound unbelievable, but it's the gospel truth.

I love Dax, however it all boiled down to choosing one, and sticking to it, and Cable was chosen over Dax, due to Dax' propensity to swing a little too wildly.

What I mean by that is, by the time I have my ticket ready, it has already moved too much to gain a low risk/high probability trade.

Trust me Peter, I really wish I could multi-task, and add Dax/more currencies etc to my trading, but it is mentally impossible for me to do.

Only 7 losses in a row over 5 years is very remarkable, as I regularly have circa 5-7 losses, although they are managed properly, and some are due to mistakes made.

Yesterday I had around 5 losses in a row, and even last week there was a day with around 7 losses/circa 30% success rate for the day, yet still made a good profit.

My losses are more to do with testing the market, if I am wrong, I'm out very quickly, and when I am right, then Cable pays me handsomely. I've got to a stage where I only give losses a fleeting fancy.

The way I see it is, if I can make money during a boring consolidating period, then I'll make a killing during a time when Cable is free-flowing.

I appreciate you have your own style, and sometimes I think "a person with my strategy, trading for a solid 6 hours per day, with just 2 pairs, risking only 0.5% per trade could easily make 4-10% return per day", however as you are aware, "some" people do not want to put the time, and effort in, and prefer to be spoon fed.

I could talk trading all day, and appreciate you have a blog to concentrate on as well as your own trading, so I shall not clog up your thread too much.

Best
John.
Click to expand...

No problem - I am sure many of the other guys want to hear more on the trials and tribulations of being a full time trader etc - and dont worry only answer in between TW's and trades etc etc

To have only a 30% win ratio one day and make a profit shows how tight you are on stops and exiting bad trades and then milking the ones that work

Major Magnum is getting there on getting out of bad trades within a few pips etc and I try to be out under 3 pips if I can - then as you say a 20 pip move can wipe out easily 3 or 4 small losses.

Once you except losses into your strategy - I will be over 5000 losses I am sure in next few months over last 5 -7 years - then you can concentrate on the positives and the wins

With regards to multi tasking - I am nowhere near my wife's standard - but she's taught me some tricks - that seemed impossible for a start - but then - like trading - it gets easier and its all possible - but only with in certain periods

I need pressure to perform - not high stake value - that goes against me - but constantly trying to achieve new goals etc etc - and then accepting if I cannot make it.

I am sure I would get more pips some day if I did not blog - but then other days - I would not push myself and only do a few trades and say OK that's it - and then 4 hours later - kick myself - saying you are not putting the effort in

Whilst I typed this I entered a scalp buy on GU at 11 51 am at 5675 and now I exit with 8 pips all within 6 mins - nice

Please feel free to discuss anything on full time FX trading etc - or even start a new thread if you prefer and I will gladly contribute with my 2 pennies etc


Regards


Peter
 
12 14 pm

EU

Is the interim LH now 2465/66

We need to see if it lasts 30 mins with no breach and ideally we need to see under 50 to take more scalp sell

I would not scalp buy until over say 68 /9 - but then 70 -75 is more R's
 
EJ

12 19 pm

148 40 is like the line in sand now

Above should favour higher - especially over 65 /70 and below - then more scalp sells on at 38 and 33 for lower
 
12 34 PM

EU

example of another trick or manipulation - ie breaks high within 30 mins approx - by just over 1 pip - and then price falls

Crafty - a LP manipulation trick on half hr etc

So under 65 still a scalp sell for now - but need under 50 and 45 to hold it on longer
 
Forexmospherian said:
12 14 pm

EU

Is the interim LH now 2465/66

We need to see if it lasts 30 mins with no breach and ideally we need to see under 50 to take more scalp sell

I would not scalp buy until over say 68 /9 - but then 70 -75 is more R's
Click to expand...


EU

A bit lucky on this quote - it only made 67 - not 68/9 to scalp buy

Under 65 still a scalp sell after that nasty trick by those bar stewards ;-)
 
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