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

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EJ - 16 to 25 area full of interim supports - so you might be able to scalp buy in there. Under 15 and I reckon it might try supports again - first at 143.00
 
be-positive said:
happy new year Peter ----- omg hope you are not trying to average over 50 posts per/day ,starting to think you can type faster than talk, and with fingers as nimble as yours the wife must be a happy bunny http://www.trade2win.com/boards/members/492496-forexmospherian.html (Statistics Posts Per Day: 49.49)
Click to expand...

LOL - Happy New Year to you as well

Yes - I reckon I type quicker than I scalp - slow today for me - still must be getting over the excess drink and food

Its been a cracking day - but missed a lot ;-(

Still - as long as we can make good profits - then i will be happy

All the best

Regards

F or even P
 
GU and EU both still bullish entering 5.00pm time window

Will call it a day after hour change

Hope you guys have had a good day as well - even though at times the market as been very cunning at times - hopefully you have not been caught out too many times
 
GU - no under 35 in next few minutes just take any profit on scalp sell under 48.

EU made 3677 for now - out scalp buy at 76
 
OK - close down - I have taken over 20 trades today and made some excellent pips - but probably only half of what I should have achieved on a great movement day - like today.

Will pop in later on to check out and then see you tomorrow around Opens

Regards

F
 
I am done foe the day also. finished on +31.3 pips. 7 tardes. 6 winners 1 loser (-9.8) for which was completely retarded. I didn't trade that well this afternoon but it all came good. Catch you l8r peeps.
 
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Forexmospherian said:
2014 - A new trading year with mine starting tomorrow January 2nd from the Opens - European Open from 7 am and London Open from 8 am UK time.

I notice we do have a few red announcements tomorrow with UK news out at 9.30 am an then US news at lunchtime and later on.

Just a recap for all new members - who don't want to go through 700 pages over the last 2 months of me speaking to myself and saying what I am thinking and doing. I would like to thank Major Magnum getting involved in the last 6 weeks - he had approx 2 yrs of normal experience behind him - but was not making consistent monies and was keen to follow what I was up to - on the short term Intraday level.

Already he's having some very good days - like Tuesday 31st December - see his figures - in last 3 or 5 pages - and he has not yet done 500 intraday scalp trades yet ( I am sure he will hit that number soon) but his understanding my strategy and goals etc etc.

My main goal is not to have a losing day - ie a profit everyday

My daily target is 50 pips . My stops are always under a maximum of 7 pips - 3-5 pips on EU and all low spread pairs with commissions and costs under 1 or 1.5 pip per trade

If I cannot get a trade entry with a stop under ideally 5 pips ( including costs) then I will not take it - I will wait for another opportunity - and normally they are not that far apart.

I take normally between 10 and 20 trades a day over a 4 to 10 hr period - depending on how the markets moving.

My key pairs are normally EU / GU / AU / EJ / EA / UChf / and occasionally GJ

i don't stop if I hit my daily target with just 4 or 5 trades - and so on good days do have 150 -250 pip days - with my best last year being on July 4th - a cracking 409 pips within the day off 24 trades - with only 4 losses.

On bad days - when I struggle and have 3 or 4 bad trades in a row - I then have to work harder and longer and take more trades - to turn the loss into a profit - and if possible to the target 50 pips.

During the last 2 months - every day as been profitable - but on 2 days I did not make my 50 pips.

My targets are 7 -25 + pips normally - If the move looks a good one - I will then use a "free trade" with only 30% stake left on - with the stop in profit.

If that trade then goes on to make 30 or 50+ pips in is possible than it can make me more profit than the 70% initial stake scalp.

I might take up to 3 scalps at a time - but normally only 2 and will try and major every day on one pair ( scalping it) whilst leaving "free trades" with no risk on other pairs.

I cannot always give more than 2 min notice on scalps - and so they do not always appear quick enough to copy. However - once you understand my time windows and general thought etc - you will understand what I plan to do at certain times and prices.

I do advise you to refresh the pages every 1 or 2 mins if you are following for a few hours so that you see the calls - rather than finding out 2 -5 mins later etc.

This thread is really a trading diary of my thoughts and intentions and afterwards I can check why i took the trades etc etc - and the ones that go wrong - I can recap why ?

All short term intraday traders are welcome to comment and ask questions - even on other forex pairs I am not covering - no problem

I know i will have a profitable trading year - whether it will be my best - i don't know - that depends on the markets and how much time and effort i put into my trading.

I will also break over 15000 live trades during the year - so I am used to it - but will still make mistakes - because all traders have losses.

You will see when I am in the zone and focused and also will see when I get caught out.

I would hope I can get MM more consistent in next 3 months - and then we can cover some more currency pairs - as if he uses my system and methods etc - i will have total confidence with his calls - without having to spend 5 mins checking the pair out for a scalp trade.

i trade normally under 1% stake with a 50k + account and still expect returns of 4 -6% per day - with good days easily over 10% + ( remember some of my free trade stakes might only be on 0.2- 4% stake size)

As I have said many times - retail forex trading and commercial forex trading is chalk and cheese.

I would not be able to do 5% a day on a multi million pound account. But on a $100 account I will put several hundred percent on it in a day - simply because I can afford to blow $100 accounts - I am not in a position to blow £50 mill accounts - or even lose say a quarter of a million on some bad trades - different world.

So if anyone says you cannot put 30 -50% per month on retail trading accounts under $10k - as the commercial trade only do 3 -7% per month - then hopefully you now know what to say ;-)))

I will also do some live small account 10000% gains in between normal trading and will share the results.

I do plan to have 4 weeks off over next 3-4 months - skiing is now off the agenda after what's happened to Schumacher - and I never wear an helmet - as it mucks my hair up ( lol) - I just hope my one time hero pulls through - 44 yrs old is no age.

Saying that - I am also 60 yrs old this month - cannot run half marathons under 2 hrs now - but 10k runs are still OK . Mentally - I am not as quick or alert as 10 -15 yrs ago - but because I am more experienced as a scalper - I can still hack it ;-))

OK - I wish all of you a Happy. Healthy and Prosperous New Year

Look forward to you pulling me apart this year as well - you know I like it ;-))


Regards

F
Click to expand...

Hi F,

I found your thread in the last few days and have been going through it, though think this really needs to be done on a 'real time' basis, which is what I shall do starting tomorrow. Background here is inconsistently trading forex for a couple of years, firstly on shorter timeframes using pa, trendlines and s/r (then listened to what most were saying about HFT's and algo's and the 'impossibility' of making consistent gains' off the shorter timeframes - even though had some cracking months) and moved to higher timeframes, its ok, but, slow and not 'setting the world alight'.

You have inspired me to go back to shorter timeframes again.

Can you give me some basics on the time windows (I use to notice/feel in my short timeframe trading days that either side of hour was important), but never pinned it down.

Also what is the best way to understand what your doing. Sure will follow interactively with my charts...but is there a roadmap posting that was provided in the 700 odd pages of postings.

Tbh I am not sure how far you are prepared to help those struggling with consistency and wanting and willing to put the work in to improve. I am not a newbie, but I am very inquisitive, so will ask questions, not afraid to, but won't ask if that's what you prefer. Let me know.

All the best,
Pete
 
pete_tong said:
Hi F,

I found your thread in the last few days and have been going through it, though think this really needs to be done on a 'real time' basis, which is what I shall do starting tomorrow. Background here is inconsistently trading forex for a couple of years, firstly on shorter timeframes using pa, trendlines and s/r (then listened to what most were saying about HFT's and algo's and the 'impossibility' of making consistent gains' off the shorter timeframes - even though had some cracking months) and moved to higher timeframes, its ok, but, slow and not 'setting the world alight'.

You have inspired me to go back to shorter timeframes again.

Can you give me some basics on the time windows (I use to notice/feel in my short timeframe trading days that either side of hour was important), but never pinned it down.

Also what is the best way to understand what your doing. Sure will follow interactively with my charts...but is there a roadmap posting that was provided in the 700 odd pages of postings.

Tbh I am not sure how far you are prepared to help those struggling with consistency and wanting and willing to put the work in to improve. I am not a newbie, but I am very inquisitive, so will ask questions, not afraid to, but won't ask if that's what you prefer. Let me know.

All the best,
Pete
Click to expand...


Hi Pete

Yes no problem - will be delighted to assist you. I have been also training Major Magnum since mid November and you are welcome to join in etc.

I am currently getting ready to go out for a few hours - but later on tonight will explain some more of my strategy and MM etc.

The fact that you have a couple of years behind you is great and i would say within 6 - 9 months I could make you very consistent if you are really committed.

It will take a few weeks /months for you to get the feel - and at least 500 short term trades ( maybe half on demo) to make sure we can keep you above 65-70% win ratio.

Ideally you do need at least 4 hrs a day to get the trades in - and if you can spare 6-8 hrs over the key sessions some days - you will then start to see the rewards etc.

Will update you more later on - and yes will be trading tomorrow again - most of the day with a few breaks in between

Regards

F
 
Forexmospherian said:
Hi Pete

Yes no problem - will be delighted to assist you. I have been also training Major Magnum since mid November and you are welcome to join in etc.

I am currently getting ready to go out for a few hours - but later on tonight will explain some more of my strategy and MM etc.

The fact that you have a couple of years behind you is great and i would say within 6 - 9 months I could make you very consistent if you are really committed.

It will take a few weeks /months for you to get the feel - and at least 500 short term trades ( maybe half on demo) to make sure we can keep you above 65-70% win ratio.

Ideally you do need at least 4 hrs a day to get the trades in - and if you can spare 6-8 hrs over the key sessions some days - you will then start to see the rewards etc.

Will update you more later on - and yes will be trading tomorrow again - most of the day with a few breaks in between

Regards

F
Click to expand...


Thanks F,

Look forward to your post later on. Have a good 'un.

Cheers,
Pete
 
Hi Pete / MM and any members interested

I have attached my 1 minute EU chart for today.

The Vertical line is 7.00 am UK time European Open

All the curved lines are Linear regression indicators - as I prefer over MA's

My main clues are from - LR's - Time changes and time windows - trend lines - S & R's -
LH's and LL's and opposites - game play - OB's & OS's - 10 sec tick chart -5 min - 30 min and even 1 hr charts occasionally for the big picture.

EU shows examples of 12 trades today I could have taken - but did not take each one - as was also trading GU / Swissy / EA and EJ occasionally.

All my stops are under 7 pips maximum - ideally 5 pips and under on EU

All targets are from 7 - 25+ pips on full stakes when possible - - then if direction still looks the same - I go into a free trade of only 30% of entry stake with stop in profit.

You need low spreads / commissions - ideally all pairs you trade under 2 pips and EU can be as low as 0.5 pip spread included in the stop.

i break every session into 30 min time frames - with the hr change being most important - and then the half hr change.

My time windows are 9 mins either side of hr and 30 min change - so normally most trades entered in time windows and held to next time windows - if all other clues line up.

I also have a naked chart with 3- 5 -10 mins on just to put other trendlines on and on my 30 min chart I use a RSI at a 2 setting - but not always check it.

Normal charts lie . They are set up by market with false sentiment to get you trading the wrong direction

The key is less lag as possible and tick and 1 min charts to help with entries

I ideally want RR's of 2 + -- some days I catch a few over 4+

I will take 10 -20 trades normally a day - depending on what's required to make over 50 pips daily target. Some days its easy - other days if I have 3 or 4 bad trades at the start - I know I will have to take over 14 / 16 trades to turn loss into a 50 pip + profit.

Today I well exceeded my target - but took over 20 trades - with 4 wrong - largest loss - 4 pips - others 2 and 3 pips.

Will during 2014 hit over 15k of live trades. Have win ratios of 62% on batches of 100 trades - up to a best of 86/7% on other 100 trades - so average is over 70% success

Key is tight stops and multi trades - and free trades when you think you have a direction

if I cannot get a trade with stop under 7 pips from entry - then will miss it and wait for another one.

The market is dynamic - my targets are fluid - but my risk is set in stone - ideally under 1% on larger accounts and if I am not in profit within a few mins of entry - i will pull - even if just minus 3 - will not wait for stop - which is not hard as trade on one click enter and exits.

You can put hard stops in 15 -25 pips away - but I watch all scalps and only get caught out on spikes now and again - and normally - if they are under 20 pips - they will retrace anyway - as they are just broker stop hunts .

You need a ECN / scalper friendly broker - and get best deal possible.

Money talks and also tell them you will play up if they start playing negative slippage all the while. The more you complain and cause a fuss - the more they will give you an easy life or ask you to move on if you really kick up ;-))

Hope that helps - I am sure you will have loads of questions

You will need at least 500 trades to get into it etc etc

See you tomorrow

Regards

F

Today on EU was down - but unfortunately did not have one free trade sell above 3700 area that I stayed in.
 

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Forexmospherian said:
Hi Pete / MM and any members interested

I have attached my 1 minute EU chart for today.

The Vertical line is 7.00 am UK time European Open

All the curved lines are Linear regression indicators - as I prefer over MA's

My main clues are from - LR's - Time changes and time windows - trend lines - S & R's -
LH's and LL's and opposites - game play - OB's & OS's - 10 sec tick chart -5 min - 30 min and even 1 hr charts occasionally for the big picture.

EU shows examples of 12 trades today I could have taken - but did not take each one - as was also trading GU / Swissy / EA and EJ occasionally.

All my stops are under 7 pips maximum - ideally 5 pips and under on EU

All targets are from 7 - 25+ pips on full stakes when possible - - then if direction still looks the same - I go into a free trade of only 30% of entry stake with stop in profit.

You need low spreads / commissions - ideally all pairs you trade under 2 pips and EU can be as low as 0.5 pip spread included in the stop.

i break every session into 30 min time frames - with the hr change being most important - and then the half hr change.

My time windows are 9 mins either side of hr and 30 min change - so normally most trades entered in time windows and held to next time windows - if all other clues line up.

I also have a naked chart with 3- 5 -10 mins on just to put other trendlines on and on my 30 min chart I use a RSI at a 2 setting - but not always check it.

Normal charts lie . They are set up by market with false sentiment to get you trading the wrong direction

The key is less lag as possible and tick and 1 min charts to help with entries

I ideally want RR's of 2 + -- some days I catch a few over 4+

I will take 10 -20 trades normally a day - depending on what's required to make over 50 pips daily target. Some days its easy - other days if I have 3 or 4 bad trades at the start - I know I will have to take over 14 / 16 trades to turn loss into a 50 pip + profit.

Today I well exceeded my target - but took over 20 trades - with 4 wrong - largest loss - 4 pips - others 2 and 3 pips.

Will during 2014 hit over 15k of live trades. Have win ratios of 62% on batches of 100 trades - up to a best of 86/7% on other 100 trades - so average is over 70% success

Key is tight stops and multi trades - and free trades when you think you have a direction

if I cannot get a trade with stop under 7 pips from entry - then will miss it and wait for another one.

The market is dynamic - my targets are fluid - but my risk is set in stone - ideally under 1% on larger accounts and if I am not in profit within a few mins of entry - i will pull - even if just minus 3 - will not wait for stop - which is not hard as trade on one click enter and exits.

You can put hard stops in 15 -25 pips away - but I watch all scalps and only get caught out on spikes now and again - and normally - if they are under 20 pips - they will retrace anyway - as they are just broker stop hunts .

You need a ECN / scalper friendly broker - and get best deal possible.

Money talks and also tell them you will play up if they start playing negative slippage all the while. The more you complain and cause a fuss - the more they will give you an easy life or ask you to move on if you really kick up ;-))

Hope that helps - I am sure you will have loads of questions

You will need at least 500 trades to get into it etc etc

See you tomorrow

Regards

F

Today on EU was down - but unfortunately did not have one free trade sell above 3700 area that I stayed in.
Click to expand...


Thanks F,

I am going to absorb this information and watch closely tomorrow......I really do appreciate this opportunity to learn and improve. Already have questions (as you thought). However will try and keep questions to a minimal number of postings for all concerned.

All the best
Pete
 
morning chaps. 1st tarde on EU +3.5pips. always nice to start with a winer
 
Morning SCM

Late again this morning for me - WD on your first trade

Still got the EU in down bias this morning although not a LL yet as yesterday 3629 = so far today 3644

Will get myself sorted in next 5 -10 mins

Have a good day
 
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Swissy - still bullish - High yesterday of 9029 - presently this morning high 9009 with price currently at 9002

EA bearish and AU bullish so far - but EJ trying up again so out of sync with EA
 
GU - need over 6460 to stay bullish - still trying up - but Rs here between 50 and 60.

Above 6446 scalp buy bias - but need 60 to go to think it might try higher
 
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