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

[MajorMagnuM]

Nice AU show MM. Some 100 posts straight , very interesting seeing your way of thinking , dilemmas, trades , stops even in retrospect , scrolling back chart.

Ty for your kind comment
please feel free to point out mistakes!

 

[MajorMagnuM]

now need hl GU

 

[Forexmospherian]

News at 3 00 pm UK in approx 1 min - on Cad - but can still be used as an excuse re via the dollar

 

[MajorMagnuM]

Got brief ll instead

 

[MajorMagnuM]

Missed ss

 

[Forexmospherian]

Seems like another damp squid

Meanwhile AU another high and EA another low

 

[MajorMagnuM]

cld swear gu being messed with here. cant get an entry close to a top or bottom at all

 

[Forexmospherian]

AU now done 9300 again

 

[MajorMagnuM]

that ss happened so fast...

 

[MajorMagnuM]

can i get hl 88 with 87 holding for sb? lr under

 

[MajorMagnuM]

no. stop loss hit. lr were under.

 

[Forexmospherian]

Monday 7th April 2014

Good Morning Traders

Before I do an update review on the key currency pairs I plan to Intraday trade - I will do a brief summary on the basis of my way of trading.

1. Entries are paramount and will only be taken if they have an high probability of working without going 3 -7 pips against me. My average stop is 5 pips - but it is not an hard stop ( that can be 20 -25 pips away) and if after entry the trade is not into profit within 30 seconds or a few mins and looks like it will work - i decide whether to close at a small profit - 1-3 pips or a loss of minus 1 to minus 5 pips

2. Timing is critical and that's why I use different time windows

3. Main scalp targets are 7 -25+ pips and the trade should ideally be under 15 mins

4. If the trade looks as if it as more distance - then i will exit and leave 30% stake on with the stop in profit - ie a NPGT. This trade might then last another 15 mins or even 15 hrs or days - as its a win - win -( stops in profit anyway )

5. Most days I take between 10 and 20 intraday trades. I do have existing NPGT's on with 2 different pairs at present - both well in profits

6. There is another thread explaining more of my method in the trading systems section on the forum

7. I am not an alert or call service - I do this thread for my own use but happy to share it with other similar minded Intraday traders

8. I do not recommend any newbie traders try and follow this thread - its more suitable for short term traders who already have a year or two's experience etc

9. I do not do any private one to one teaching etc - but will assist all suitable traders on the forum in a totally open way - with no charge or hidden agenda - ie I am NOT a vendor

10. I recommend less than 2% stake size with small tight stops and suggest you try it out at least a few hundred times on demo - before trying live and ensure you can maintain over a 65% success rate. I work on a 65% to 85% success rate and some days I will just have only 1 loss - that might only be 3 pips and other days I might have 3 or 4 losses of 3- 7 pips max on each trade.

11 Please refresh the page every 30 seconds at busy times to catch all comments- I will not aways be able to post scalps in advance as my entry and typing may have 10 -30 second lag. However you will know in advance key levels and directions on the main pairs

12. I trade normally 4 - 6 pairs - but do not scalp them all at the same time. i am rarely in more than 2 scalps at simultaneously - but can have 3- 6 NPGT's on - as there is no risk exposure with stop already in profit

13. I generally cover from 7 00 am UK time to 6 pm - ie 11 hrs - but might only be at my desk checking out charts - 4 -7 hrs a day.

14. My daily target is 50 pips - that might happen on say 3 trades or could take 14 trades+ if its a slow day and I have numerous losses, I do not stop at 50 pips if achieved early on and my current daily record is 409 pips on July 4th 2012 with 24 trades. Many days I will achieve above 100+ pips - but then some days I might struggle to achieve even 50 pips.

This as happened now 11 times since I started on this thread in November 2014 - but so far not one losing day or under 20 pips on all the days I have traded

Hope this helps with what you are witnessing

Have a good trading week

Regards

F

 

[Forexmospherian]

EU

This last hr the EU was a scalp buy and as risen to 3708/9

We need to see above 3712 and 22 to hold any scalp buys on above 3701 and scalp sell really only under 3692 and then 3687.

I still have the EU as bullish above 3600 - but if we see another low under 3600 and 3550 - then you get the feeling we will carry on having LH's under 3810 etc

The EU is no longer one of my favourites to intraday trade - as it is too manipulated and subject to too many tease areas. I will still trade in when I see suitable moves but now prefer others like the EJ / EA / GU etc

 

[Forexmospherian]

EJ

Under 141 50 is session bearish but as bounced up from the 12 and 15 area.

You can scalp buy in both ways with price currently at 141 35. I would hope to scalp sell again under 43-45 and if not there under 50 -55.

Above 55 then it would be trying to turn and I would be looking for more scalp buys above 46 and 56

 

[Forexmospherian]

AU and EA

Been my 2 favourites in March and this last week

AU as been more bullish with new highs and EA bearish with another low

For today we need to stay above 9210 and 15 area to try back up into the 9300 area. Presently just under supports at 9278 with next supports at 69 -73 and then under there at 43 to 50

EA - low 4696 and now at 4770 area and still session bullish above 4745

Will be looking at trading both these pairs over the next hr and currently in EA scalp sell under 4774

 

[Forexmospherian]

GU

Price at 6579 and a scalp buy above 71 - but not in it - as PA is ugly atm

Under 6585 session bearish for now - need to see better PA with less spikes etc before taking more GU scalps

 

[Forexmospherian]

EA - still in the scalp sell at now 4761 - but going to take 70% stake off and hold the other 30% on a tight stop in profit at 70

 

[Forexmospherian]

Swissy

Under 8925 scalp bearish - but need to see under 8910 and 8897 to think of holding any scalp sells longer or taking new ones

Need above 24 and 28 to be scalp buying and then R;s at 45 -50 area

 

[Forexmospherian]

EA - taken 30% scalp sell stake off now at 67 - as 65 became a scalp buy

not entered scalp buy - but think it might have attempted my stop at the 70 - so sooner have the extra 3 pips ;-)

 

[Forexmospherian]

EJ

Under 141 50 is session bearish but as bounced up from the 12 and 15 area.

You can scalp buy in both ways with price currently at 141 35. I would hope to scalp sell again under 43-45 and if not there under 50 -55.

Above 55 then it would be trying to turn and I would be looking for more scalp buys above 46 and 56

Comment from over 40 mins ago on EJ

Its been nice for 2 scalps - a sell at 37 -38 - and a buy at 24 with price currently back at 38. OK most available on first scalp sell was 14 pips - but 2 trades under 30 mins making a net 20 pips after spreads is great intraday trading - and the EJ for me currently as a spread under 0.4 of a pip