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

[MajorMagnuM]

taken 70% on all add ons and first short. 40k left

 

[Forexmospherian]

And also, what long term LRs are giving you if you are looking at (from what i see) swing highs/lows breakouts for determining trade direction?
Alex

Hello F,
i have some more questions for you, if you dont mind...
1. Which levels do YOU consider the most important when scalping? I mean levels from 1m, 5m, 15m etc
2. What do you consider to be the breakout of the level? Close of 1m bar above/below? Or all LRs should be above/below level to take the trade?
3. do you trade fades (false breakouts of larger time frame s/r zones)? Good example from today when you told that from some level youll be looking for short scalps, but price went a little lower, false breakout of support and moved higher? when ill be at my pc ill post a chart to show what i mean.
4. What are your signals to exit the position? Are you looking at LRs to tell you when or by price action?
5. You told that you are using s/l not greater than 5 pips - dou you just set sl to 5 pips or it depends on price action? Or maybe above/below fast LRs - if price will break them probably we are on the wrong side anyway...
thanks in advance
Alex

Hi Alex

I will start with - the LRs I look at for a Price Structure bias on a 1 min chart - and then give you 2 examples later on via a 1 min and then 5 min chart. Main LR's for structure are based on LR setting over 200 - 300 and then 450 to 500.

The longest on my chart is marked in thicker red - with the other 2 in different dotted black.

These LRs give me structure - IE - If below price then price should rise. - if all 3 are above price then price should fall and in a bearish PS.

Don't forger the quickest 3 LRs from 9 to say 20 /25 are for quick scalps of 3 to 7 pips in either direction - whereas middle LRs - say 60 to 100 setting are for intraday swings of say 7 - 25 pips . If all 9+ LRs are all under or over price then thats a stronger move - normally you get them both sides of price.

OK

Q1 - For scalping I prefer a tick or 1 min chart. In fact if there was a tick chart on the market that could cover over a 15 -20 hr period on one screen - i would use a tick all the time.

All movements start from the first change of price and the tick is the most accurate to catch scalps and all moves that happen quickly and last say 3 to 20 mins anything from say 3 pips to 25 pips.

I do use other time charts such as 4 or 5 min and 10 and 30 min for the bigger picture - ie over last 2 or 3 days - but only because I cannot see it all off a 1 min chart.

I also use the weekly and monthly for seeing the bigger picture if I have a scalp thats gone to swing and as been going over say 3 days and is already up 150 -200+ pips - then I need to see the weekly and monthly view etc

Q2 - A breakout all depends on so many circumstances - not just a 2 or 3 pip move over or under a support or TL

It depends on PS and time of day and of course time itself along with volatility and the last 30 mins movements.

Thats why trading FX for me is not simple or easy - it's' really complex with so many things needing to line up and agree as clues.

Sometimes I enter 5 -10 pips before an important level and place stop in profit and just wait to see if it goes my way - othertimes I let the B0 happen and then enter on a pullback - all depending on the clues - every occasion can be different there is no simple black or white answer

I dont need all LRs under or over for scalps - just ideally 2 quick ones

Q3 - I trade every movement ideally above 7 pips - what ever the conditions or structure - but only when all my clues give me enough confidence to say its not a 50 /50 trade - i want ideally 80% + probability on my side - I know I can never be 100% correct on 1000's of trades anything from 65 to 85% is enough .

Q4 - I am different to 90%+ of all traders - my entries are far more important to me than my exits. I want a perfect entry and happy with just an average / good or Vgood exit - based yet again on LRs - PS - PA and time again.

I would prefer a 30 pip scalp than getting out early with just 7 pips - BUT - if I think it as more legs - I leave part stake on with stop in a small amount of profit and then move it up as it goes more my way

EG - this afternoon on the EU - I left a part stake on from 1317 and so happy to exit that one with around 50 pips - because even on part stakes - it like a 15 pip good scalp on 100% stakes with a RR of 3 +

I add by pyramiding and peeling on intraday trades and as long as i don't have stops out of any profits I am happy . Trading is never perfect - i have had a relatively good day - but missed out on many more green pips and money today - simply because of my own mistakes and not being around at certain KT's

Q5 - No - do not set hard stops at 5 pips - I babysit every scalp until I exit or am happy with a stop in profit.

I can have a hard emergency stop say 20 -25 pips away from action - but when I enter a scalp on one click - if it just goes 2 or 3 pips against me - i will pull it

Ideally I want to be in a profit within a minute or two maximum - sometimes I can be in profit within 15 -20 seconds of entering if I get my timing correct

I don't mind price pulling back on me by 4 or 7 pips etc - if i am up in profit - but not from entry.

Babysitting takes anything from 3 to 20 mins - but once I have a stop in profit - the pressure is off - ie cannot lose then .

On part stake 30% trades - with stops in profit I can have 3 or even 6 on at the same time - with no real pressure if all have stops in some profits - and also no excess exposure on your Capital.

Hope all that helps

Its easier if you are already or have been a scalper for 3 or 6 months - but as Major Magnun proved - he was no scalper before he copied my method but after about 6 months - he was well up to speed and could really read PA at what I call the "coalface" or noise - most periods of the day


Regards


F

 

[Forexmospherian]

Price Structure on EU on a 1 min and 5 min LR chart

2 charts

1 a 1 min LR Chart with red LR showing main PS

The other a 5 min LR Chart showing previous bearish PS before changing to bullish last 2 day

 

[counter_violent]

Hi Alex

If it's OK - I will answer your questions a little later on tonight. Popping out for tea - but hope later on after 8 00 pm or so will make a full reply

Regards

F

How is TRO getting on with the software or has the project gone underground ?

Hope he hasn't run off with your ideas cos it's so successful and he doesn't want to share

 

[avasfx]

I really appreciate your answers and time you put in this thread!
I have never been a scalper but i like it more and more... :clap: I was always swing trader with medium results... But now combining some of my personal medium-long term view of the market and some of your entry techniques - i can say i'm quite happy with the results. Have to master some things using this method, my today results in EUR are as follow
Have a great evening
Alex

Hi Alex

I will start with - the LRs I look at for a Price Structure bias on a 1 min chart - and then give you 2 examples later on via a 1 min and then 5 min chart. Main LR's for structure are based on LR setting over 200 - 300 and then 450 to 500.

The longest on my chart is marked in thicker red - with the other 2 in different dotted black.

These LRs give me structure - IE - If below price then price should rise. - if all 3 are above price then price should fall and in a bearish PS.

Don't forger the quickest 3 LRs from 9 to say 20 /25 are for quick scalps of 3 to 7 pips in either direction - whereas middle LRs - say 60 to 100 setting are for intraday swings of say 7 - 25 pips . If all 9+ LRs are all under or over price then thats a stronger move - normally you get them both sides of price.

OK

Q1 - For scalping I prefer a tick or 1 min chart. In fact if there was a tick chart on the market that could cover over a 15 -20 hr period on one screen - i would use a tick all the time.

All movements start from the first change of price and the tick is the most accurate to catch scalps and all moves that happen quickly and last say 3 to 20 mins anything from say 3 pips to 25 pips.

I do use other time charts such as 4 or 5 min and 10 and 30 min for the bigger picture - ie over last 2 or 3 days - but only because I cannot see it all off a 1 min chart.

I also use the weekly and monthly for seeing the bigger picture if I have a scalp thats gone to swing and as been going over say 3 days and is already up 150 -200+ pips - then I need to see the weekly and monthly view etc

Q2 - A breakout all depends on so many circumstances - not just a 2 or 3 pip move over or under a support or TL

It depends on PS and time of day and of course time itself along with volatility and the last 30 mins movements.

Thats why trading FX for me is not simple or easy - it's' really complex with so many things needing to line up and agree as clues.

Sometimes I enter 5 -10 pips before an important level and place stop in profit and just wait to see if it goes my way - othertimes I let the B0 happen and then enter on a pullback - all depending on the clues - every occasion can be different there is no simple black or white answer

I dont need all LRs under or over for scalps - just ideally 2 quick ones

Q3 - I trade every movement ideally above 7 pips - what ever the conditions or structure - but only when all my clues give me enough confidence to say its not a 50 /50 trade - i want ideally 80% + probability on my side - I know I can never be 100% correct on 1000's of trades anything from 65 to 85% is enough .

Q4 - I am different to 90%+ of all traders - my entries are far more important to me than my exits. I want a perfect entry and happy with just an average / good or Vgood exit - based yet again on LRs - PS - PA and time again.

I would prefer a 30 pip scalp than getting out early with just 7 pips - BUT - if I think it as more legs - I leave part stake on with stop in a small amount of profit and then move it up as it goes more my way

EG - this afternoon on the EU - I left a part stake on from 1317 and so happy to exit that one with around 50 pips - because even on part stakes - it like a 15 pip good scalp on 100% stakes with a RR of 3 +

I add by pyramiding and peeling on intraday trades and as long as i don't have stops out of any profits I am happy . Trading is never perfect - i have had a relatively good day - but missed out on many more green pips and money today - simply because of my own mistakes and not being around at certain KT's

Q5 - No - do not set hard stops at 5 pips - I babysit every scalp until I exit or am happy with a stop in profit.

I can have a hard emergency stop say 20 -25 pips away from action - but when I enter a scalp on one click - if it just goes 2 or 3 pips against me - i will pull it

Ideally I want to be in a profit within a minute or two maximum - sometimes I can be in profit within 15 -20 seconds of entering if I get my timing correct

I don't mind price pulling back on me by 4 or 7 pips etc - if i am up in profit - but not from entry.

Babysitting takes anything from 3 to 20 mins - but once I have a stop in profit - the pressure is off - ie cannot lose then .

On part stake 30% trades - with stops in profit I can have 3 or even 6 on at the same time - with no real pressure if all have stops in some profits - and also no excess exposure on your Capital.

Hope all that helps

Its easier if you are already or have been a scalper for 3 or 6 months - but as Major Magnun proved - he was no scalper before he copied my method but after about 6 months - he was well up to speed and could really read PA at what I call the "coalface" or noise - most periods of the day


Regards


F

 

[Forexmospherian]

How is TRO getting on with the software or has the project gone underground ?

Hope he hasn't run off with your ideas cos it's so successful and he doesn't want to share

Hi CV

Not heard off him since about Christmas time

He had managed to get it working on a basic level - using the quick LRs and trying to link it with interim levels and time windows.

I had said to him - to get it to a level equivalent to even Major Magnums standard would take ages and cost a lot in time etc - because it so complex and i should imagine very difficult to code all the components required to get it even 80% automated

Saying that - he probably got it too such a level he's happy with it and decided to stay with what was working etc - or - He's given up ;-))

One or the other

Regards


F

 

[Fugazsy]

Hi Alex

I will start with - the LRs I look at for a Price Structure bias on a 1 min chart - and then give you 2 examples later on via a 1 min and then 5 min chart. Main LR's for structure are based on LR setting over 200 - 300 and then 450 to 500.

The longest on my chart is marked in thicker red - with the other 2 in different dotted black.

These LRs give me structure - IE - If below price then price should rise. - if all 3 are above price then price should fall and in a bearish PS.

Don't forger the quickest 3 LRs from 9 to say 20 /25 are for quick scalps of 3 to 7 pips in either direction - whereas middle LRs - say 60 to 100 setting are for intraday swings of say 7 - 25 pips . If all 9+ LRs are all under or over price then thats a stronger move - normally you get them both sides of price.

OK

Q1 - For scalping I prefer a tick or 1 min chart. In fact if there was a tick chart on the market that could cover over a 15 -20 hr period on one screen - i would use a tick all the time.

All movements start from the first change of price and the tick is the most accurate to catch scalps and all moves that happen quickly and last say 3 to 20 mins anything from say 3 pips to 25 pips.

I do use other time charts such as 4 or 5 min and 10 and 30 min for the bigger picture - ie over last 2 or 3 days - but only because I cannot see it all off a 1 min chart.

I also use the weekly and monthly for seeing the bigger picture if I have a scalp thats gone to swing and as been going over say 3 days and is already up 150 -200+ pips - then I need to see the weekly and monthly view etc

Q2 - A breakout all depends on so many circumstances - not just a 2 or 3 pip move over or under a support or TL

It depends on PS and time of day and of course time itself along with volatility and the last 30 mins movements.

Thats why trading FX for me is not simple or easy - it's' really complex with so many things needing to line up and agree as clues.

Sometimes I enter 5 -10 pips before an important level and place stop in profit and just wait to see if it goes my way - othertimes I let the B0 happen and then enter on a pullback - all depending on the clues - every occasion can be different there is no simple black or white answer

I dont need all LRs under or over for scalps - just ideally 2 quick ones

Q3 - I trade every movement ideally above 7 pips - what ever the conditions or structure - but only when all my clues give me enough confidence to say its not a 50 /50 trade - i want ideally 80% + probability on my side - I know I can never be 100% correct on 1000's of trades anything from 65 to 85% is enough .

Q4 - I am different to 90%+ of all traders - my entries are far more important to me than my exits. I want a perfect entry and happy with just an average / good or Vgood exit - based yet again on LRs - PS - PA and time again.

I would prefer a 30 pip scalp than getting out early with just 7 pips - BUT - if I think it as more legs - I leave part stake on with stop in a small amount of profit and then move it up as it goes more my way

EG - this afternoon on the EU - I left a part stake on from 1317 and so happy to exit that one with around 50 pips - because even on part stakes - it like a 15 pip good scalp on 100% stakes with a RR of 3 +

I add by pyramiding and peeling on intraday trades and as long as i don't have stops out of any profits I am happy . Trading is never perfect - i have had a relatively good day - but missed out on many more green pips and money today - simply because of my own mistakes and not being around at certain KT's

Q5 - No - do not set hard stops at 5 pips - I babysit every scalp until I exit or am happy with a stop in profit.

I can have a hard emergency stop say 20 -25 pips away from action - but when I enter a scalp on one click - if it just goes 2 or 3 pips against me - i will pull it

Ideally I want to be in a profit within a minute or two maximum - sometimes I can be in profit within 15 -20 seconds of entering if I get my timing correct

I don't mind price pulling back on me by 4 or 7 pips etc - if i am up in profit - but not from entry.

Babysitting takes anything from 3 to 20 mins - but once I have a stop in profit - the pressure is off - ie cannot lose then .

On part stake 30% trades - with stops in profit I can have 3 or even 6 on at the same time - with no real pressure if all have stops in some profits - and also no excess exposure on your Capital.

Hope all that helps

Its easier if you are already or have been a scalper for 3 or 6 months - but as Major Magnun proved - he was no scalper before he copied my method but after about 6 months - he was well up to speed and could really read PA at what I call the "coalface" or noise - most periods of the day


Regards


F

good post.

 

[Forexmospherian]

good post.

Thanks Fugazsy

I appreciate at times I maybe do not explain myself too clearly - I know what I mean - but sometimes its difficult to place it into words - simply because trading is not a pure science meaning we can keep it black or white - there are so many grey areas -meaning at times we just have to sit on our hands and wait another 20 or 30 minutes before we might see enough information we can act on

Have a good session


Regards


F

 

[Forexmospherian]

Thursday 14th May 2015 - Pre Opens

Good Morning Guys

Slightly different start to my Intraday trading morning for me

My 6 21 am scalps were on the Yen crosses - ie UJ and EJ - both saying at that time a weak Yen enabling a nice retrace bounce on both pairs

OK - both pure scalps - but at least they were correlated with regards to PA and time

Normal stuff on main key pairs again

All FX related input etc welcome - charts - forecasts - ideas questions etc etc

Have a good day

Regards


F

 

[Forexmospherian]

EU

6 41 AM

Price at 1363 and so far we have not been over the last main high of this last few weeks/ months of 1390

Above 1350 and 60 we are in a bullish PS for now with a morning high around 1374 against 1380 of yesterday

6 30 am was a scalp buy from 1360 and a I type this comment - its moving nicely up atm past 74 to 79

Late joining the party on it - BUT still in EJ scalp buy on 30% stake

 

[Forexmospherian]

GU

6 48 am

Price at 5750

In a bullish PS above 5730 - but we need to see over 5760 + to stay with buys - as we could easily have a larger pullback of 50 -100 + pip - and still be in an up mode bias of the last week - ie from the Election Day

6 30 am was a scalp buy on it - but did not take it as was with EJ and then EU

 

[Forexmospherian]

Keep an eye on 30 min rules on the interim highs and lows this next hour after LO

 

[Forexmospherian]

All the main Dollar leading pairs - ie UChf / UCad /UJ seem to be in bearish PS's for the am session atm

Remember this can easily change after the Opens - but we would need some retraces of between 24 and 40 pips for this to happen

 

[Forexmospherian]

EU

6 41 AM

Price at 1363 and so far we have not been over the last main high of this last few weeks/ months of 1390

Above 1350 and 60 we are in a bullish PS for now with a morning high around 1374 against 1380 of yesterday

6 30 am was a scalp buy from 1360 and a I type this comment - its moving nicely up atm past 74 to 79

Late joining the party on it - BUT still in EJ scalp buy on 30% stake

EU and EJ

6 57 am

still in both on 30% stakes with stops in profit

The UJ scalp buy at 6 21 am I had to dump after 5 pips - as although it was in sync with EJ for the start of move the PS was different and dollar was too weak to carry on taking it up.

The EJ as briefly made a new high - but EU not atm

 

[Forexmospherian]

EU and GU also in sync on scalp buys - but still not jumped in the GU buy as 2 simultaneous scalps enough atm at Open times

EU just made over 1380 and I have added to scalp buy at 73 and for me pullbacks staying above 68 are still scalp buys again

 

[Forexmospherian]

You can see the change in PA on both the EU and EJ just after 7 00 am and the European Open

Suddenly its become more volatile and now turned down

Out all buys now

 

[Forexmospherian]

We are still in bullish PS on the EU / EJ / GU etc - but when the PA turns a bit ugly - best to take proits and wait for the play to calm down

The GU after 7 00 am as now dropped 14 pips - and 7 00 am was the start of a scalp sell - but missed it as was coming out my EU and EJ buys.

No too ways about it I should have planned to scalp sell all 3 for just after 7 00 am - but had hoped the pullbacks would only be 4 -7 pips - not like 12 -15 + pips

 

[Forexmospherian]

AU

7 13 am

Noticed its near 8100 after a high 8160 this morning

8090 and 8100 are both support areas - if we can stay above we stay in a bullish PS for session

Under both - then look for more sells

 

[Forexmospherian]

AU

7 13 am

Noticed its near 8100 after a high 8160 this morning

8090 and 8100 are both support areas - if we can stay above we stay in a bullish PS for session

Under both - then look for more sells

AU

7 22 am

although its in a scalp buy above 8100 - I am looking to see if I can scalp sell under 8125 / 22 area next maybe after 7 30 am ??

 

[Fugazsy]

GM F & Co, watch the 94