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

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Looks as though EU range is now 1080/5 to 1000/05 - say approx 80 pips

Not staying to scalp that - finished now for day

Will check later on and see you in the morning


Regards


F
 
The EU after US close

Note how news made sure it took out all sellers in trailing stops from early morning - then dropped again

I marked the critical level in the circle - staying under there meant more falls

I have used FXPro's chart shot to take this picture - first time I used it

Bx8yn.png
 
Forexmospherian said:
The EU after US close

Note how news made sure it took out all sellers in trailing stops from early morning - then dropped again

I marked the critical level in the circle - staying under there meant more falls

I have used FXPro's chart shot to take this picture - first time I used it

Bx8yn.png
Click to expand...

I'd like to make a comment with respect to one aspect of the above Mr. F, but I don't want to appear confrontational or disruptive.

Would you prefer me to raise it on a separate thread or is it acceptable to do so here on your thread, or would you prefer me not to do so at all, at all?
 
Pat Riley said:
I'd like to make a comment with respect to one aspect of the above Mr. F, but I don't want to appear confrontational or disruptive.

Would you prefer me to raise it on a separate thread or is it acceptable to do so here on your thread, or would you prefer me not to do so at all, at all?
Click to expand...

Hi Pat

No problem

Please make any comments with respects to above here and will do best to answer it

Regards


F
 
Forexmospherian said:
Evening Jon

I normally check my charts and thread before hitting the sack - so no problem answering tonight.

Good to hear from you and WD - spotting the 1 51 pm UK time buy on the GU at around 5575 /6

A very good question and always a difficult one to answer as there is not just one answer that fits all etc

That particular 1 51 pm scalp buy set up was worth anything between what 7 and 50 + pips - all depending on the time you had available and how you decided to manage it

If you notice - from then on and the rest of the day - we never went under 5575.

That would be key as that price could be looked upon as a HL in a bull bias PS through out most of the session after the 9 30 am UK Pound News.

For me - I try and get around the problem of when I exit by treating my entries as the most important part of my whole trading equation.

That price might just work today - but for all we know - it might never be breached with price going lower for the next day - or week or month - or even year and we might see price up at 6300 later on this year - could happen - and you have a trade still on with 600 + pips ;-)

So - once you are feeling a bit more comfortable with the methodology - why not then look at the PPND strategy - ie pyramid and peel but never dump .

To do this instead of say just entering with 1 lot or $10 a pip - enter for example 3 times within a minute with a $3 then a $4 and then a $3 - still $10 a pip - but you can then scale out or peel as price pulls back rather than exit completely. So you might have taken $7 off at 10 pips and stayed with just $3 and then added another $4 as it moved up to 11 pips and then taken more off at 18 pips etc etc and then by 5 21pm decided to come out all together - with well over 50 pips at different stake sizes etc

Always try and get your stops into profit - even just 1 to 3 pips for a start - that gets rid of worry etc and you can relax then knowing what ever happens - you will either come out with just say 2 pips of profit - or 20 or 200 or even 600+ pips a few weeks later on.

Personally - I try and get pips in my kitty early and take off with any profits over 5 pips - but then when I am up say 20+ pips after a few scalps - I relax and try and get as many trades on as possible with stops in profit and hope 30% of them go on in my direction making me more pips and profits.

Also the multi LRs help as the more under the more likely price will carry on up - even if you get 5 and 10 pip pullbacks

Study your LRs over the next few days and you will read and understand them more and they will assist you staying in the scalps etc

The only thing not to do is stay in moves going 5 or 10 pips against your entry .Get out of them asap ;-)

All the best this week and Good Luck

Hope to see you about tomorrow and feel free to ask any questions etc

Regards


F
Click to expand...

Hope you don't mind me starting this thread on pyramid and peel.

Would be good to get your input and others.

Cheers
Oscar

PS
Long thread this one.


http://www.trade2win.com/boards/technical-analysis/208066-pyramid-peel.html#post2595852
 
Thursday 30th July 2015 - Pre Opens

Good Morning to all FX Intraday traders

I hope yesterday was another good day for you and you did not get stopped out in any trades by the 7 00 pm news.

Two days of this month left and again only red main news releases at 1 30 pm today on the US dollar

I am looking forward to a couple of Holidays in August and one in September - need the breaks to refresh etc - will update nearer the dates

Normal stuff today

All other contributions welcome - the more the merrier on FX Intraday - I really don't mind the good the bad and the ugly questions and also always like to see other traders charts - to make sure none look as silly as mine ( but still they work ) ;-)

Please dont worry about making any trade calls you like - whether good or bad and even if they are not using the same method I use - by doing that we can all assist each other etc

LitS coming up in next 20 mins and also please tell me if you would prefer for me to cover more other pairs than mainly the EU / EJ / GU or any suggestions that can help try and make this thread even better etc

Stay Focused - take breaks - try and take 5 -25 trades over the day all depending on how its going - the main objective is profit - the more the merrier but never risk all of your good winnings on 3 or 4 bad trades - if you make say 7 trades with 5 winners and are happy with the results stop. If you start off with 3 bad trades in a row - stop - have 30 -60 mins off and try again adjusting timing or what ever and carry on - I have had great days when I have even had 5 losses and only 8 winners - but the winning trades have gone on to wipe the losses out over tenfold - all within a normal session.

Every day can be different - but hopefully this thread will steer you on the right road to prosper

Have a good day


Regards


F

(PS - yes 5 51/2 am scalp buy on EJ my first of the day this morning )
 
6 34 am

LitS area on some main key FX pairs


EU - 0968 - 0995 ish - ( big for a reason )

GU - 5590 - 5615 ish

EJ - 136 06 - 136 30 ish

UChf - 9663 - 9685 ish

UCad - 2935 - 2955 ish

AU - 7290 - 7307 ish

UJ - 123 82 - 124 02 ish

GJ - 193 27 - 193 52 ish
 
EU

6 43 am

Pre Open update

Had to stick a larger LitS area on EU this morning - normally 10 -15 pips is all thats needed - but not this morning

The main reason was because of the tricks the market makers got up to with the news last night

We really need back over 1000+ to be holding buys on looking for 25 -50 - 100 pip rises - and similar without 0960 letting go we could spend half the day in a 30 -40 pip range

We are below the LitS area - saying a PS session of bearish - but thats only going to carry on under 0970 and 0960 if either hold - then its a test of the 0980 -1000 - key critical area for the next directional moves

Its a buy above 0971 and after 6 00 am this morning but still so slow for now and we need over 80 and 85 to think we might be able to stay with it
 
EJ

6 47 am

Already taken 2 scalps on this pair - it is normally my favourite for intraday

Both scalps - a buy and a sell - at Key Times - ie 5 51 am ish and 6 21/ 22 am

In both cases levels - LRs and PA said a change going on

First scalp only 7 pips

Second scalp - 7 pips so far - but left part stake on in case it goes under my buy entry point from before

The EJ is above the LitS area - just - and so favours buys in theory and unless both 15 and 10 let go - i will want to buy again
 
Morning F,

Last day in the capital, head home tonight and get back to trading proper next week.
Had a few trades this week but not many and I don't like it without a full set up and monitoring but it worked out.

As for your PPND method. When scalping Dax I always am ready to go on 3 stakes, the first is a good size but if it doesn't go against me within secs/minute or so I am ready to add and again. It could all be entered in under a minute or over 2/3. It is just watching and having experience on this market and if A doesn't happen then B should etc. I then exit in any number of parts depending again on how it looks but keeping a profit is essential once we have gone onside nicely.

I still admire your enthusiasm for the dissers etc but I am sure the experience and confidence in your system has given you that.

One area that I suspect you to get questioned on is the 'manipulation' part. I do see what you see but I don't think of it in quite the same way. In fx you can basically trade it for 5.5 days a week with little spreads and mostly a very fluid market. This is provided by many different brokers/traders etc and the cost of this is that at certain times it does spike, gap etc. Sometimes this is due to people pulling all orders around numbers and making it easy to move it a big number of pips in seconds. I would add that it is possible to trade at those exaggerated levels and anyone who had stops taken out etc also have the option of removing all stops around a number coming out and remaining in the position. I guess we can't have it all ways.
When we know this happens day in and out then it is no longer a surprise and part of normal market movements. If fx or any other market moved 100% rationally, in the way we perceive it, then it would be too easy and no longer would exist. The way it is now is in fact a normal market and at certain times with less liquidity we will always see such moves. I for one like trading at these times and if I didn't I would not lament that it happens.

I suspect you know all of this and just like to play up your bankster banter and see if you unearth someone from under their rock.

Have a great day as usual and I will get back to normal next week.

GL all today.
 
GU

Update for 7 00 am ish

Messy atm - not scalped it yet

Hanging around 5600 price area

Under 5590 and lower - as you would expect - scalp sells

Staying above 5600 and making above 5611 and 15 - then above the LitS and PS bias would be going bullish favouring scalp buys

6 39 am was a scalp sell - but did not take it - its dropped about 3 or 4 pips so far - and as supports at 96/7 and then 94 ish

We need under 5590 to stay with any sells
 
Morning Nick

Good comment - and yes I think you are spot on - I love a good wind up with a Bankster type - but without them I would not be able to afford some of the luxuries of life they have provided.

In my previous career - i had to appear a few times in front of the old Monopolies and Mergers commission bodies to prove I was not up to any dirty tricks with my main competitors - as we had over 60% of the market at the time. I got a pasting and it cost me personally maybe over half a million over the next 2 years due to the outcome ( a very long story that should remain confidential ).

I look back and think what i went through and then look at the Finance Industry and the unregulated FX markets and think - how do they get away with it ??

Still - they do and so i have to embrace it and use it to my advantage - and normally I can and so should be grateful as I am doing nothing illegal just mirroring their stop hunting and unusual movements ;-)

You too have a good day and i bet you are looking forward to going back home for a bit

Regards

F
 
My best trade so far is the EJ sell - followed by GU and EU - the GU - god knows why i did not take it at 6 39 am - but after 6 51 am convinced me

The EJ I found fairly easy - and i suppose because its my favourite I am more in tune with it normally
 
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