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

[Mr Fox]

Hi Mr Fox

just seen your comment a I was just leaving

Will explain in detail later - my spread was 0.3p on EU on entry at 214 and out at 281 so a net 6 pips - on 70% stake - stake being only 3 lots

I dont like scalping under 7 pips really and glad out now as supports gave way on EU - which I had not expected just yet

Regards

F

0.3 pip spread, have I read that correctly.
:-0

Best
John

 

[Forexmospherian]

0.3 pip spread, have I read that correctly.
:-0

Best
John

Hi John

Yes 0.3 pip spread and on EU it goes as low as 0.00 spread at certain times and mainly for over 80% of the time between 0.2 and 0.8 pip so even with a commission charge on lots - most of my total scalp trade cost is under 1 pip per scalp from FXPro - my ECN broker

Scalping for small pips - ie 3 -7 pips can work on the EU and others as long as your spread is under a max of 2 pips - but if you have a broker charging 2.5 - 3 + pips spread - forget chasing the quick scalps and ideally don't look any any scalp under a possible 10 or 12 pips

On the scalp buy I took - I had thought it might try back up to 3531/2 area so from 21 - a 10 pip scalp which is normally a RR of 2 - as spreads are always counted in my stop.

It hit just over 28 and then fell and did not exceed it again - basically saying - no its losing momentum and then as soon as I had left and price went under 3515 - it was back to scalp sells .

That trade - ie selling under 3515 would have been worth approx 20 pips - so worth taking and on the GU similar under interim supports at 6104 - it dropped to 6081 -

The problem is whilst still above 3500 - I would still have thought it would test the high again - but not to be and the scalp sells were better than trying the scalp buys ;-0

Not too bad a Monday with 17 trades and 90+ pips in net total - hard work though as 90 pips should easily be done on less than 10 trades - but only 1 of any good on the GJ of approx 21 pips

Hope that helps and explains more with regards to my technique and trading plan etc

Regards

F

 

[Forexmospherian]

ok, worked out 17:40 g/u mistake

1) time as described in this thread
2) 6094 was broken at 17:43 at that point two forms of resistance had gone.
the hl at 17:51 would have been a good place to get long

Yes MM - the GU low at 6080 was exactly at the end of time window - so false set up as did not carry on and then if you did not scalp buy within 5 pips of low - then 6092/4 was the next perfect scalp buy price - but unfortunately was not around then to trade it

 

[Forexmospherian]

See you tomorrow guys - GU at delicate price position now - needs over 6116 for more scalp buys and then supports at 6103 - so under 6100 more scalp sells - over 17 and 20 scalp buys - easy really - but only applies if in correct time windows and we dont just go into a range for over an hour - as after that anything might happen - purely to catch traders out ;-)

 

[Mr Fox]

Hi John

Yes 0.3 pip spread and on EU it goes as low as 0.00 spread at certain times and mainly for over 80% of the time between 0.2 and 0.8 pip so even with a commission charge on lots - most of my total scalp trade cost is under 1 pip per scalp from FXPro - my ECN broker

Scalping for small pips - ie 3 -7 pips can work on the EU and others as long as your spread is under a max of 2 pips - but if you have a broker charging 2.5 - 3 + pips spread - forget chasing the quick scalps and ideally don't look any any scalp under a possible 10 or 12 pips

On the scalp buy I took - I had thought it might try back up to 3531/2 area so from 21 - a 10 pip scalp which is normally a RR of 2 - as spreads are always counted in my stop.

It hit just over 28 and then fell and did not exceed it again - basically saying - no its losing momentum and then as soon as I had left and price went under 3515 - it was back to scalp sells .

That trade - ie selling under 3515 would have been worth approx 20 pips - so worth taking and on the GU similar under interim supports at 6104 - it dropped to 6081 -

The problem is whilst still above 3500 - I would still have thought it would test the high again - but not to be and the scalp sells were better than trying the scalp buys ;-0

Not too bad a Monday with 17 trades and 90+ pips in net total - hard work though as 90 pips should easily be done on less than 10 trades - but only 1 of any good on the GJ of approx 21 pips

Hope that helps and explains more with regards to my technique and trading plan etc

Regards

F

Hi F,

Please excuse me if you have answered this question already, but may I ask which is your preferred broker,

and what are your views on Fxcm, Dukascopy, and FxPro's.

Thank You

Best
John.

 

[Forexmospherian]

Hi F,

Please excuse me if you have answered this question already, but may I ask which is your preferred broker,

and what are your views on Fxcm, Dukascopy, and FxPro's.

Thank You

Best
John.

No problem here - personally Dukascopy and FXPro are good and OK - but FXCM - no nice comment ;-((

 

[Forexmospherian]

The GJ as been nice tonight from 7.00pm for approx one and half hrs a lovely 50+ pip fall - and then after 8.30pm ( Uk) a nice scalp buy for 30+ pips back up

See attached chart with times shown and also lots of other clues ;-)

Was out having my tea whilst this was going on and most days I don't trade after London Close - as normally if I cannot find good trades in the key session periods of the day - then I should not really be trading full time ;-)

 

[Forexmospherian]

Good Morning Traders - Tuesday 19th November - approx 7.00am UK time and the European Open

First over view review

EU - Price at 3517 and bullish with it being in a scalp buy from above 3509,

GU - Price at 6106 - and needs to clear 6109 to remain bullish and in a scalp buy above 6100 area

UChf - Price at 9118 and is bearish under 9132.

Will now check another 3-4 pairs I watch and update in next few minutes

 

[Forexmospherian]

AU - price at 9396 and scalp buy bullish above 9386.

EJ - price at 134.88 - and scalp sell bearish under 135.00

GJ - price at 160.73 - and is scalp sell bearish under 160.90 and 161.07

OK - will now look at the 6 pairs I have mentioned and see if we can take some new scalp trades prior to the London Open

Unfortunately not around for 8.00am Open - but will be back then within 40 mins or so

Have a good day and any questions - or any other pairs that take interest please comment on

Regards

F

 

[Forexmospherian]

ATM - the GU as been the pair I have jumped in on another scalp buy from 6109. can only hold if we make 6115 - otherwise will pull off 70%

 

[Forexmospherian]

GU - 70% off scalp buy at 61144

 

[Forexmospherian]

GU - 30% stake left on as free trade with stop at 6105 ( that stop not quite at b/e)

 

[Forexmospherian]

AU now at 9400 - above 9392 - still in bullish scalp buy mode - but now near half hr time window

 

[Forexmospherian]

GU taken 30% stake off early at 6110 - as price not trying higher atm

 

[Forexmospherian]

GU - will look at another scalp in this time window - and ideally another scalp buy above 6103. Below 6100 then would have to change bias to scalp sells

 

[Forexmospherian]

6105 on GU seems to be trying to hold. Not entered another scalp buy - but will be trying to ideally catch a small pullback and get in between 03 and 07

If I cannot during next 4 mins - will then ignore and wait again

 

[Forexmospherian]

Morning MM - yes similar school run in 20 mins - EU above 3513 still in scalp buy bias

 

[Forexmospherian]

GU - 6105 - not held - so now to see if 6103 can and if so will enter over 07 then on a scalp buy - Under 6102 forget scalp buys for now

 

[Forexmospherian]

also 10 to confirm.

Yes - and PA being made deliberately unhelpful ;-)

Off out in 10 mins - so not leaving any trades on for now and back later

Have a good day yourself and see you later

 

[Forexmospherian]

Well Done MM - you seem to have a caught a few nice scalps there ;-)

Just back and of course missed all the open action. I can only claim 8 pips in credit atm - ( lol) yes and after all the nice action - including the AU which was a dream scalp buy above 9400 and made 9447 before an interim topping - shame - but still I am sure there will be loads more to take during the rest of the day.

For now AU is still bullish above 9410 for me but needs back over 33 to start thinking of adding scalp buys. Under 9400 then different scenario

EU and GU - just really trying to throw traders out of their trades - before more proper moves - will review those again after hr change

GJ - stand out for me again as below 160.85 - in bear mode and if 50 goes worth holding scalp sells for lower

Another update and next plans within next 10 mins