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

[Forexmospherian]

Hi Peter, just a quick question for you, I read a pages ago, you like scalping EU, GU, AU etc as they all sync together, whats your thoughts about focusing on 1 pairing, like Fugazsy does, and increase your stake. There must be times when your in all 3 or 4 together in the same direction, just wondered on your view.

regards Rob

Hi Rob

Before I went full time - my plan was just 30 pips a day from focusing on a maximum of 2 pairs

I had spent a couple of years just scalping EU and GU - so I knew them well enough and that made sense to me then

Then after I hit my psychological "financial " wall - of not being able to trade comfortable over 20 /25 lots per pip - I know the idea of just keep compounding up was not going to work for me.

Instead of the original idea of say 50 lots a pip and just making 20 net pips a day - yes great in theory - I knew I had to stay in my comfort zone and therefore be able to trade with no big worry or fear at under 10 lots maximum- so I did not see losses of a few K off just one bad scalp.

Then after another 2 yrs I was comfortable with covering 3 pairs and then realised I did not have to baby sit every trade - if I could get my stop in profit

By doing that it changed everything

Now - ideally - I want 30% trades with stops in just a few pips of profit on 4 or 6 or even more pairs - as I can switch off with no worry - what ever happens

By doing that - i can concentrate on scalping 1 to 3 pairs maximum together and then just leave part stakes on and move to other pairs.

By doing this - I get better correlation line ups at key times and as we know in 10 mins the EU might move only 12 pips - whilst the EJ moves 21 pips etc

So by sharing the lot sizes on to a few pairs and then trying to get stops in profit - I reduce exposure - and end up instead of being happy with just 30 pips - might end up with 300 pips or more in a good session

I dont compound at all nowadays - instead keep taking money out of accounts - and i dont plan to cover say 10 or 12 pairs - but happy with say 4 -7 key pairs most days.

Trouble is - you cannot get to that stage in just a few months - you need to have a year or two of getting into the groove and being happy with being able to deal with multi pairs etc etc

Every trader is different and Fugazsy might for all I know stay focused on just 1 pair and end up getting up to say 50 lots per pip and be able to cope with it and stay comfortable etc

Then just 1 pair and 20 -30 pips a day and he would be delighted - but if not then 6 pairs never going over say 10 lots and with part stakes can still earn you big bucks without the palpitations and sweaty hands for me

Hope that explains it from how I see it


Regards


Peter

 

[DowJones]

Hi Peter, just a quick question for you, I read a pages ago, you like scalping EU, GU, AU etc as they all sync together, whats your thoughts about focusing on 1 pairing, like Fugazsy does, and increase your stake. There must be times when your in all 3 or 4 together in the same direction, just wondered on your view.
regards Rob

Without wishing to butt-in, and you probably know this, but there's also the view in currency trading of different "currency buckets": funding currencies, risk currencies & petro currencies. Focusing on the USD index alone misses this point. Also we have differing CB intervention (& thus interest rate differentials) at present. So although there is correlation to the USD, there are times when dollar pairs act quite differently; e.g. GU and EU can move in completely opposite directions, or you might get a more pronounced move on say cable for UK-centric news etc. Just my 2c.

 

[Forexmospherian]

Without wishing to butt-in, and you probably know this, but there's also the view in currency trading of different "currency buckets": funding currencies, risk currencies & petro currencies etc. Also we have differing CB intervention (& thus interest rate differentials) e.g. BOJ/Yen - Fed/USD at present. So although there is correlation to the USD, there are times when dollar pairs act quite differently; e.g. GU and EU can move in completely opposite directions, or you might get a more pronounced move on say cable for UK-centric news etc. Just my 2c.

I agree with you DJ

I try to scalp at times when they are all correlated - for example when the EU / GU / AU etc hit a support area and all are able to hold above their new lows for over 30 mins

I have been scalping the GU in a buy and the AU in a sell - but I know it maybe just a 3-7 pip move and not a proper move of anything from 10 to 50 pips or so

I think you know how key my times are for me - and when you get the EU / GU / AU / NU saying all want a scalp buy and then the UCad and UChf saying interim peak and want a scalp sell - then great - a real key intraday move will happen - and hopefully it will be for a lot more than just 3 to 7 pips off each pair

The main moves when all say 6 -8 key pairs line up might happen just 2 or 3 times a day - although some days you can get 6 or even more over a 12 hr period

This afternoon was nice after 2 00 pm on several scalps and then 3 00 pm all change again - with pairs even out of sync

Regards


F

 

[Forexmospherian]

Ok - off for dog walk in 10 mins

Popping back in after 5 00 pm - but done now for day anyway - will just see if any major changes then after LC

Hope it been good to you

See you later


F

 

[tanka22]

nicely done f, enjoyed the to and fro..
cheers

 

[spinola]

PM trades, one still open , the **** can fall out of it now... see if we get much downside , or ... not..

 

[monster]

how to get these threads to automatically keep me updated to yhe last post

Ok - off for dog walk in 10 mins

Popping back in after 5 00 pm - but done now for day anyway - will just see if any major changes then after LC

Hope it been good to you

See you later


F

is there any way to get these threads to automatically keep seing the most recent post? i enjoy your thoughts on the mkts Forexmospherian but hope there is a way to see your post as soon as you post them. great job

 

[barjon]

is there any way to get these threads to automatically keep seing the most recent post? i enjoy your thoughts on the mkts Forexmospherian but hope there is a way to see your post as soon as you post them. great job

Go to your settings and subscribe to the thread. You'll then get e-mail notification of new posts. That what you want?

 

[tar]

Go to your settings and subscribe to the thread. You'll then get e-mail notification of new posts. That what you want?

Maybe he meant an auto-refresher ...

 

[spinola]

You can get auto refresher f5 key, but not sure it will jump pages if needed, unless you set thread to show recent first ????dunno

 

[monster]

Go to your settings and subscribe to the thread. You'll then get e-mail notification of new posts. That what you want?

i am hoping to see the post just like in a chatroom in real time is this possible with these threads ? thanks for responding

 

[spinola]

What about a morpian live vocal trade room ? Voicing out his levels ? Maybe a side arm for t2w premium members , access to live trade rooms...?

 

[myattitude]

i realise this is late in the trading day now but this is what i have up, lr from yellow to blue at 10,20,35,50 on 1 min chart. so what is it im looking for, that they all meet at the same point?

im going to read those other tech threads but im just looking for an example right now

 

[Forexmospherian]

5 15 pm

Just popped back to have a look what happened

i think the best sell after 3 00 pm was the GU as now down to 4870 and under 4888 on pullbacks still another sell down to supports

EU as been dropping and so far 0590 and for me under 0612 /15 area still another sell on pullbacks

I think I would need over 0620 and 33 to say it wants to try up again and test 50 and above

UCad - 2710 and above 2680 on pullbacks then still in a bullish price session structure for more tries up again

Similar UChf above 0025 and 0030 on pullbacks - still in a bullish bias for rest of session until Rs at 0085 to 0100 area

GL

See you in morning


F

 

[Forexmospherian]

i am hoping to see the post just like in a chatroom in real time is this possible with these threads ? thanks for responding

What about a morpian live vocal trade room ? Voicing out his levels ? Maybe a side arm for t2w premium members , access to live trade rooms...?

i did try skype for a bit - but it did my head in

I think if you refresh every 30 secs in busy times - ie around my 6 key times per hour - you might then know what I am up to

Cheers


Regards


F

 

[MajorMagnuM]

What about a morpian live vocal trade room ? Voicing out his levels ? Maybe a side arm for t2w premium members , access to live trade rooms...?

when i can do this all day i will give up day job, open a room and charge for piggyback ride

 

[Forexmospherian]

i realise this is late in the trading day now but this is what i have up, lr from yellow to blue at 10,20,35,50 on 1 min chart. so what is it im looking for, that they all meet at the same point?

im going to read those other tech threads but im just looking for an example right now

Yes - thats its

Ideally with 9 Lrs - you have a group of 3 for scalping at key times

3 mid range for say 15 -25 pip possible moves

3 long term Lrs over 180 /300 /500 to get the long term session bias of the day fr next 3 to 6 hrs

Hope that makes sense


PS - yes you want a waterfall type effect of going over for sells - and then for buys the more Lrs under the stronger the move up

For scalping just 2 under for start of buys and then if 3+ should carry on if at in a correct tw

Regards


F

 

[spinola]

when i can do this all day i will give up day job, open a room and charge for piggyback ride

I was thinking more, to save typing. As opposed to specific entries , exits...

Good trades. Keep up the good work.

 

[spinola]

Is there anything like a live fx commentary , anywhere, , anyone know. Bit like the pit audio for the spoo's. ?

Id listen to that, I guess.

 

[Forexmospherian]

when i can do this all day i will give up day job, open a room and charge for piggyback ride

Excellent by the look of it MM

Will check the stats more - but looks as first glance - as usual Very good

You will end up far better than me - it just takes time and commitment and maybe you will end up over 25 or even 50 lots per pip one day

GL

Regards


F

PS - are you about tomorrow