My first post on here. No MM - don't know what caused that - couldn't see any news event - could be some politico spouting something - more likely a big bank move do set up accumulation second part of Asian session and Euro session with major distribution coming in US session tomorrow after FOMC.
Might be my first post but I do have thousands of hours chart time. Many thanks to OP for riding out the original negativity and sticking with this. Will endeavor to follow although knowing a bit more of Forexmospherian's chart interpretation would be helpful in order to follow along - that said I have only read (make that skimmed through) the first 200 pages and the last 100 pages.
Hi Steve
Thank you for posting your first post on this thread and welcome
I am away this week and so have not been trading - but hopefully plan to be back for tomorrow - and if not will be around on Friday.
I am basically a retail scalper who's evolved into more of a short term intraday multi trader. I no longer chase just 2-5 pips all day with 5 pip stops - but try and catch longer intraday waves on the back of scalps - ie 7 -25+ pip moves all ideally under 15 or maximum 30 minutes.
I had spent time studying both Lance Beggs and Al Brooks - as I classify them as traders - not investors - and they helped me to look deeper into short term trading methods along with understanding more about the "devil is in the detail" - and that is certainly the case in the type of trading I do.
I only trade Forex - and normally stick with 4 - 6 pairs after originally spending 80%+ of my time on the EU.
I mainly use "ordnance survey" charts - ie 10 second tick and the one minute and look upon any chart above a 1 hr time frame as the "world map" - ie ideal for seeing the larger picture - but not so revelant for my type pf trading.
My daily target is 50 pips - I normally take 10 -20 trades and place not having a losing day higher than over achieving target
Some day I might do 14 trades and struggle to make 40 pips never mind 50 pips
Other days I might be on 100+ pips after just 9 trades- that is the unknown of the market action
All stops are under 7 pips max from entry - ideally 5 pips and below - and I will pull any trade at 1 pip or minus 3 pips rather than wait to be stopped out.
Most days I will have 1 - 3 bad trades - some days even 4 or 5 losers - but its all part of the game and does not normally stop me having a winning positive money day
I hope that helps you get the feel of how I trade - but you are welcome to join in when I am back and ask questions or make calls etc etc
All the best
Regards
Forexmospherian / Peter
