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

[Forexmospherian]

From 9 51 am the moves have kept going - but now after 10 00 am be aware in case we get bounces and pullbacks

 

[Forexmospherian]

Its amazing how just catching a busy TW can suddenly make you an extra 15 -25 + pips if scalping 2 or 3 pairs with stops in profits etc etc

 

[Fugazsy]

Its amazing how just catching a busy TW can suddenly make you an extra 15 -25 + pips if scalping 2 or 3 pairs with stops in profits etc etc

did you get the move down on EU, if yes can you show it on the historical chart? (not added arrow) Thanks, I got 4 pips....chart coming

 

[Forexmospherian]

What time intervals do you use to base and draw your trend and support lines? For eg: when scalping off 1min or 3 min charts?

Hi Karmit

For scalping - yes off the 1 to 5 min charts

I do check out 30 min and hour charts to see the structure in the bigger picture - so to get a feel on other levels

For example on GU now - 5370 to 5382 is all a support area

I know therefore we would need under say 67 and 64 to be holding scalp sells on for lower - and more than likely we will get pullbacks in the support area.

Its then watching to see if the bounces are over say 10 pips and test then the new interim r levels etc

I can see we should stay under 5405 on bounces up - but could easily bounce up to say 95 or 5399 area

So i will then place a trend line again on the angle of the scalp and use it in conjunction with the LRs and TW's

Hope thet helps##


Have a good day

Regards


F

 

[Fugazsy]

did you get the move down on EU, if yes can you show it on the historical chart? (not added arrow) Thanks, I got 4 pips....chart coming

my chart in and out, also the only trade of the day...

bit late....but the initial move initiated from the middle of the range....no so easy as it looks in hindsight

 

[Forexmospherian]

did you get the move down on EU, if yes can you show it on the historical chart? (not added arrow) Thanks, I got 4 pips....chart coming

Sorry did not catch it - was on the GU sell and UJ and UCad buys instead

I have preferred GU to EU so far - as its dropped approx 60 pips from its high - compared to 30 pips on EU

I will say though I can tell you from 9 30 am and 9 39 am UK and under 1418 was the start of last scalp sells with then 9 52 being time to exit

So approx 12 to 15 mins of drop - or 3 or 4 x 5 min candles - but 10 to 15 mins of 1 min candles falling

Hope that helps


F

 

[Forexmospherian]

my chart in and out, also the only trade of the day...

bit late....but the initial move initiated from the middle of the range....no so easy as it looks in hindsight

For me Fugazsy - this is why you need to use tick and 1 min charts to catch small moves of say 5 to 15 pips - anything over 2 or 3 mins charts are too slow

I appreciate many traders say - i dont want 5 -10 pip moves - i use 5 min or 15 min charts for 20 -50 pip moves - but unfortunately we just do not get too many of those in a 2 hr session - yes might be 3 or so over 10 hrs or so.

But if you check out most pairs - thefre are loads of 5 - 10 pip moves that when scalped with small stops really add up

For example if Major M had taken all his 25 winning trades at just 5 pips - he would have still made 125 pips in his trading session -

There is a correlation as well that normally for ecery 7 -10 trades you takes 1 or 2 will go on to make 25 or 50 + pips - so thats why you need to leave some trades on with stops in just 2 pips of profit with part stakes - they might 3 or 6 hrs later make you 50 + pips - and even if they dont - you have not lossed


Regards


F

 

[Forexmospherian]

For Fugazsy - on EU

Check out 10 00 am UK time TW

end at 10 09 am and 1398 /99 is the scalp buy

 

[Forexmospherian]

GU

10 44 am

We need to see if 10 51 am and 11 00 am can turn the GU into a scalp buy above 5372 area now

 

[Forexmospherian]

The clue on the GU now is a break up above 5386 and 90 - both needed for any scalp buys to be held on longer

Price at 77 atm - and I cannot scalp buy yet - but still in a 30% sell with stop down at 87

 

[Forexmospherian]

10 54 am

When you drill down to a tick chart on the GU - you can see the manipulation by the LPs' clearly

They try to to get scalp bulls in by a 4 pips rise and then drop it 9 pips down deeper into the support area

We now need 77 then 81 and 87 to look at scalp buys etc.

I would only look at scalp sell under say 67 and 64 as 5370 / 72 might be the critical play area

 

[Forexmospherian]

The clue on the GU now is a break up above 5386 and 90 - both needed for any scalp buys to be held on longer

Price at 77 atm - and I cannot scalp buy yet - but still in a 30% sell with stop down at 87

30% stake stop down to 80 now

 

[Forexmospherian]

UCad

7 07 am

With the EU and GU being in bullish am session price structures for now - as you can imagine - dollar weakness - and UCad as been falling since midnight down to 2421 area.

Supports at 2420 and under there 2400 area.

A nice scalp buy from 6 51 am and 2422 - but was not in it

Would need above 32 and 35 to stay with any buy and low to hold on 30 min rule

Ucad

9 27 am

the low did hold over 30 mins and also we made over 32 and 35 topping so far at 44

Was not here to take it unfortunately though - but still scalp bullish above 33 / 35 on pullbacks

UCad

11 00

Topped now at 2463

Above 48 / 50 on pullbacks - still scalp bullish

Need under 42 and 38 to carry on holding scalp sells on pullbacks

 

[Forexmospherian]

30% stake stop down to 80 now

11 03


GU

i am out my 30% stake sell at 75 - earlier than stop - as above 73 was a scalp buy confirmed after 75 /76

Low needs to hold 30 mins as well now

 

[Forexmospherian]

Gu as first interim R at 84 / 86 - so will take 70% off scalp buy and leave 30% stake on with stop in profit at 76

Back in 20 mins or so

 

[Fugazsy]

For me Fugazsy - this is why you need to use tick and 1 min charts to catch small moves of say 5 to 15 pips - anything over 2 or 3 mins charts are too slow

I appreciate many traders say - i dont want 5 -10 pip moves - i use 5 min or 15 min charts for 20 -50 pip moves - but unfortunately we just do not get too many of those in a 2 hr session - yes might be 3 or so over 10 hrs or so.

But if you check out most pairs - thefre are loads of 5 - 10 pip moves that when scalped with small stops really add up

For example if Major M had taken all his 25 winning trades at just 5 pips - he would have still made 125 pips in his trading session -

There is a correlation as well that normally for ecery 7 -10 trades you takes 1 or 2 will go on to make 25 or 50 + pips - so thats why you need to leave some trades on with stops in just 2 pips of profit with part stakes - they might 3 or 6 hrs later make you 50 + pips - and even if they dont - you have not lossed


Regards


F

the 1m Tf also gives many false moves, I will not go for 5 pips, but 10 is what I am looking for, in a strong market I might go for more.... I do not need to take 10 trades per day, I only need one to three, into range I do not think is wise to cover partial profits, RR will not be efficient, in a running market will make more sense..

I am not sure how you do it, closing a trade at -2 pips, as soon as you enter you are down at least one pip, then will fluctuate a couple pips before moving on unless you are spot on with your entry which requires a good eye for double pressure being able to filter the false one...

Can you show me the GU Historical chart of the move that you took with entry and exit, not just the arrow placed afterwards. Thanks, very much appreciated.

 

[Forexmospherian]

Hi Fugazsy

Yes - no problem

Will do this now as just got taken out of GU on 30% stake at 76 as my stop was too tight - i had nearly 2 pips profit in that stop anyway and will explain on a chart along with the comments prior to the move as well - during next 10 -15 mins or so

Give me a few mins to get the chart sorted etc - as not used to this windows 8 package still - like windows 7 better and XP pro the best - purely because I had used it for about 6 years or so


Back in a bit

 

[Forexmospherian]

GU - detail for Fugazsy with charts

GU

10 44 am

We need to see if 10 51 am and 11 00 am can turn the GU into a scalp buy above 5372 area now

10 54 am

When you drill down to a tick chart on the GU - you can see the manipulation by the LPs' clearly

They try to to get scalp bulls in by a 4 pips rise and then drop it 9 pips down deeper into the support area

We now need 77 then 81 and 87 to look at scalp buys etc.

I would only look at scalp sell under say 67 and 64 as 5370 / 72 might be the critical play area

30% stake stop down to 80 now

11 03


GU

i am out my 30% stake sell at 75 - earlier than stop - as above 73 was a scalp buy confirmed after 75 /76

Low needs to hold 30 mins as well now

Gu as first interim R at 84 / 86 - so will take 70% off scalp buy and leave 30% stake on with stop in profit at 76

Back in 20 mins or so

GU Charts for Fzy - a larger picture on a1 min and then the scalp buy from 11 00 am TW

 

[Forexmospherian]

the 1m Tf also gives many false moves, I will not go for 5 pips, but 10 is what I am looking for, in a strong market I might go for more.... I do not need to take 10 trades per day, I only need one to three, into range I do not think is wise to cover partial profits, RR will not be efficient, in a running market will make more sense..

I am not sure how you do it, closing a trade at -2 pips, as soon as you enter you are down at least one pip, then will fluctuate a couple pips before moving on unless you are spot on with your entry which requires a good eye for double pressure being able to filter the false one...

Can you show me the GU Historical chart of the move that you took with entry and exit, not just the arrow placed afterwards. Thanks, very much appreciated.

A couple of points here - yes tick and 1 min charts can give you false moves - thats why you will never be 100% accurate. Anything above 70% win ratio is great

2 ) I disagree with some of the short term guru's - you have to be fluid in a dynamic market - ie I will take 4 pips I will take 9 pips I will take 18 pips - ie I dont just look for say 5 pips or 10 pip moves -

3. You need multi trades to make the big returns. It would only be possible for you to take say 10 + trades a day if you have say 4 to 6 hrs to do it in.

If you only have a 2 or 4 hr window to trade - maybe 3 -5 trades is all that might be possible on one or two pairs - but when you scan 6 pairs and can then trade with stops in profits - you can then have 4 or 6 trades open - with no risk - as stops are in profit - ie a win / win scenario

Study MM latest results from Friday

All the detail is there - he used 2 good FX pairs that moved well and multi traded with part stakes as well

No gurus really discuss this in detail - but its important for continual success

You end up knowing you could take 30 or 5o trades over a 10 hrs session - but its too tiring - but just 12 or 15 trades over a day is fairly easy when you have been doing it for years etc

Hope this helps


Regards



F

 

[Forexmospherian]

For Fugazsy - on EU

Check out 10 00 am UK time TW

end at 10 09 am and 1398 /99 is the scalp buy

EU

12 01 pm

2 hrs later from start of buy and EU still not made over 1420 - now a interim R area

Looks a bit boring - 1410 / 13 are supports and 1420 -22 now R - so a 9 -12 pip range