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

[MajorMagnuM]

looking for a big move on ej now

 

[Forexmospherian]

2 52pm

EJ

It just seemed to easy and in theory in should have tested at least 145 20 if not 15

But instead - 34 and 2 30 pm TW and scalp buys again

Hope you got some more scalp buys in MM

 

[MajorMagnuM]

i missed unfortunately

 

[MajorMagnuM]

sold, 5 pip risk

 

[MajorMagnuM]

out -2

 

[Forexmospherian]

Although the EJ is not always as big a mover as the GJ and the EA - its more scalpable to me with better spreads

In last approx 25 mins or so its bounced up just over 50 pips so far

I only got 28 pip of the bounce MM - please tell me you got at least 40 - or even 30 + ???

 

[MajorMagnuM]

Although the EJ is not always as big a mover as the GJ and the EA - its more scalpable to me with better spreads

In last approx 25 mins or so its bounced up just over 50 pips so far

I only got 28 pip of the bounce MM - please tell me you got at least 40 - or even 30 + ???

no i missed it

 

[Forexmospherian]

i missed unfortunately

I think under 40 scalp buying would have been just for 5 -15 pips - but once over 50 and 60 it was just stop in a profit and leave 30% on land

It even trying a HH now

 

[MajorMagnuM]

yes. i fell out of tune. school run now, hopefully back on soon

 

[Forexmospherian]

3 01 pm

Its also in sync with EU as well now with EU trying up again

That was the afternoon trick of the day 2 30 pm

I would have said we would have dropped lower on the EJ - ie under 20 - but as soon as you get a bigger bounce you get the feeling the bar stewards are up to their games again - and in peak traffic time to fry as many EJ bears as possible

Well done exiting and not holding for say 15 -25 pips etc etc

 

[MajorMagnuM]

3 01 pm

Its also in sync with EU as well now with EU trying up again

That was the afternoon trick of the day 2 30 pm

I would have said we would have dropped lower on the EJ - ie under 20 - but as soon as you get a bigger bounce you get the feeling the bar stewards are up to their games again - and in peak traffic time to fry as many EJ bears as possible

Well done exiting and not holding for say 15 -25 pips etc etc

yes. i need to study this. as at some point i stopped looking at larger levels

 

[Forexmospherian]

yes. i need to study this. as at some point i stopped looking at larger levels

Yes worth studying the link with EU and also the gameplay set up after 2 00 pm and then the 2 30 pm swop

I also go a run a bit later - but should be back after 4 30 pm or so

See you later MM

 

[Forexmospherian]

3 09 pm

EJ peaked at 3 07 pm at 146 11 for now and 09 was the start of a scalp sell

Not in it but out 30% stakes on buys and will try and get in scalp buys again later above 145 60 area

 

[Forexmospherian]

Back later - not in EJ either way now

above 60 favour more buys - but then we need over 146 35 to really hold the buys on longer

 

[Forexmospherian]

5 05 PM

Just made this comment on the EU / GU thread on the Forum - see below

I feel so sorry for traders who are lost or not understanding what's going on the FX markets - it really is the blind leading the blind at times

Will pop back in later - missed out on rest of the EJ rise - from after 2 30 pm thats moved up 170 pips - what a lovely mover

The comment above was from last week

I am amazed at the amount of traders who come on this thread who just do not seem to be able to read price analysis and maybe are confused because of all the rubbish put out by the Banks and similar rubbish from so called professionals - who are either deliberately misleading retail traders - or similar - have still not got a clue

A HH and a HL is far more important for the direction of a currency pair than any Fundamental news. Yes Fundamental news is important for a pairs movements - but it can already be factored in - way before the events happen - or might be deliberately delayed by the players and used later on many days or weeks after the event.

First of all - please understand this is a game

The game is all about money. False sentiment is the biggest cash earner for the big boys. They love it when 70% of the market's traders are selling and favour lower - as they have the resources - ie billions of dollars to move price where they want it to go.

So for this week they have seen there is lots of money to be taken off the so called "table" by taking price over 2500 and 2550 whilst everyone as been selling under 2400 and 2350.

The important part thought is now the EU as made a HH above 2500 - making 2568 today. Now whilst we stay above 2250 - we are in a up bias or movement.

OK - if we drop down under 2250 to say 2200 - we are back then in the down mode and bias

But if we now stay over say 2380 and then make 2620 - we are doing higher highers

If we then drop again to 2420 and then go up to 2670 - we are continuing to make HH's and HL's

For me being an intraday trader - I have been buying and selling the EU most days with 5 pip stops - its that readable if you understand price movements and the FX markets.

Please don't guess - learn to read price and time and movements etc etc

I have no real bias preference.

I dont mind if the EU makes 2800 next or 2100 -it really does not matter because I will make part of my daily pip total by buying when price is going up and selling when price goes down

Price levels are so important - call them S & R's or even supply and demand - but just spend time understanding how to read price on a daily basis

Forget the daily weekly monthly charts - thats fortune telling and so inefficient trading - it really is.

It takes a long term swing trader months to make a trade with a RR of over 5 with a 200 or 300 pip stop. I generally make the same profitable trade in under 1 or 2 hours - and so can make a lot more pips and also less risk and more money.

To assist all - just put up a 30 or 60 min chart over last week with a trendline from the low touching th higher lows of the last 8 days

Then check on main supports

Whilst we are above both we will go higher

If we drop under 2420 - 2400 and 2380 - OK then I will be taking more sells and waiting for a supports to hold. If we then dont stay above that support area and go higher and make a HH over 2590 + then bias might change.

This could happen this week - or it might take another few weeks or a month

Price might be at 2100 by end of January / February - but in between in might make over 2700 and even 2800.

Can you afford to have 400 -500 pip stops and wait 6 months for a result ????

So ignore Banks and the enemy - ie everyone wanting retail traders money - and learn to read charts properly and understand the game more

Rant over - sorry - but its such a shame to see so many traders lost. OK it takes years to get to understand it all - but dont be mislead by the blind leading the blind

Good Trading to all Retail FX Traders


Regards


F

 

[Fugazsy]

F

how was you trading day? what % return did you have if I may ask. Thanks

Fzsy

 

[Forexmospherian]

F

how was you trading day? what % return did you have if I may ask. Thanks

Fzsy

Not a usual day for me - as missed 3 hours before the US session - and by mid afternoon I was not really focused enough and so did not take many afternoon opportunities. Still made over daily pip target of 50 pips - but not by dividing my 30% stake gains pips as I would have needed over 90 pips to represent the same money value of say 27 scalp pips at 100%.

Positive money gain of just under 2% - nothing to write home about - ie not like a 4 -6% cracking day but with still using stake sizes under 0 5 %

But even 1% gain per day over 200 trading days is still a massive result on a larger retail capital account under a quarter of a million dollars - easily like a 50 -70% annual return on a commercial capital account of multi millions using a lot smaller percentage stake size

Will be nearly back to normal tomorrow and hope to cover at least 8 hrs and with more than 3 hrs of scalp trading

Good Luck with rest of week Fugazsy

Regards


F

 

[Fugazsy]

Not a usual day for me - as missed 3 hours before the US session - and by mid afternoon I was not really focused enough and so did not take many afternoon opportunities. Still made over daily pip target of 50 pips - but not by dividing my 30% stake gains pips as I would have needed over 90 pips to represent the same money value of say 27 scalp pips at 100%.

Positive money gain of just under 2% - nothing to write home about - ie not like a 4 -6% cracking day but with still using stake sizes under 0 5 %

But even 1% gain per day over 200 trading days is still a massive result on a larger retail capital account under a quarter of a million dollars - easily like a 50 -70% annual return on a commercial capital account of multi millions using a lot smaller percentage stake size

Will be nearly back to normal tomorrow and hope to cover at least 8 hrs and with more than 3 hrs of scalp trading

Good Luck with rest of week Fugazsy

Regards


F

F

Thank you very much for your post.

Your answers are very helpful to me as usual and I know that your experiences trading this timeframe can clear many point and factor for me.

As you know I do not trade the way you do, I love trading and my tendency to interpret
naked chart is the foundation of this passion.

But personally I do not feel any problematic having a different style, I do believe that a trader need to find a style that relate to his personality to be able to gain from the market.

Beside, style is only a part of it, I am learning from you, money management, frequency, tenacity, patience and most of all the importance of time screen.

At the moment I am only trading eu and in my session I take about 5 trades per day (London morning), my prob winners are about 50% and my RR is 1:2, my strake is 0.25% per trade.

This is my plan and I would like to know what you think:

For the next two weeks I will still risking 0.25% per trade and I will increase per that amount every two week still my stake gets to 2% per trade. Once there I would have gain enough confidence into my system and add another pair if necessary. ( I like to trade with a Zen flavour and add another pair will may create some discomfort)

In brief a gain of 5 pips will be a gain of 2%. I see great possibility.....

Regards

Fzsy

 

[Forexmospherian]

F

Thank you very much for your post.

Your answers are very helpful to me as usual and I know that your experiences trading this timeframe can clear many point and factor for me.

As you know I do not trade the way you do, I love trading and my tendency to interpret
naked chart is the foundation of this passion.

But personally I do not feel any problematic having a different style, I do believe that a trader need to find a style that relate to his personality to be able to gain from the market.

Beside, style is only a part of it, I am learning from you, money management, frequency, tenacity, patience and most of all the importance of time screen.

At the moment I am only trading eu and in my session I take about 5 trades per day (London morning), my prob winners are about 50% and my RR is 1:2, my strake is 0.25% per trade.

This is my plan and I would like to know what you think:

For the next two weeks I will still risking 0.25% per trade and I will increase per that amount every two week still my stake gets to 2% per trade. Once there I would have gain enough confidence into my system and add another pair if necessary. ( I like to trade with a Zen flavour and add another pair will may create some discomfort)

In brief a gain of 5 pips will be a gain of 2%. I see great possibility.....

Regards

Fzsy

Hi Fzsy

In theory - I agree with all the points you have said in your comments - it's true we are all different as traders and you have to find your own unique way of coming to a way that you are happy with and can then go on to carry it out thousands of times over hopefully many years with success etc.

Money management is a key component and is so important for any winning system. All I would say going up to 2% stakes and even at a push 3% is fine with most retail account - certainly those under say $30 -50k - because the figures are normally all easily coped with etc.

However - if you did end up getting over say $120k and $150k - ie larger retail size capital accounts - for your own safety - I would not recommend going over 1% with tight stops. Thats only my own personal view - but the larger the capital account the more difficult psychologically it is too handle losses - and its important in the first few years of full time trading - that you do not get to a stage that goes again you - which happens to so many traders - and happened to me once I tried to go over 20 and 25 lots per pip.

We all have our own limits and fears and comfortability levels - work within them etc

All the best and have a good evening session for you

Regards


F

 

[Fugazsy]

Hi Fzsy

In theory - I agree with all the points you have said in your comments - it's true we are all different as traders and you have to find your own unique way of coming to a way that you are happy with and can then go on to carry it out thousands of times over hopefully many years with success etc.

Money management is a key component and is so important for any winning system. All I would say going up to 2% stakes and even at a push 3% is fine with most retail account - certainly those under say $30 -50k - because the figures are normally all easily coped with etc.

However - if you did end up getting over say $120k and $150k - ie larger retail size capital accounts - for your own safety - I would not recommend going over 1% with tight stops. Thats only my own personal view - but the larger the capital account the more difficult psychologically it is too handle losses - and its important in the first few years of full time trading - that you do not get to a stage that goes again you - which happens to so many traders - and happened to me once I tried to go over 20 and 25 lots per pip.

We all have our own limits and fears and comfortability levels - work within them etc

All the best and have a good evening session for you

Regards


F

F

Thank you for your response.

Have a good day.

Fzsy