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

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Hi F

How are you finding the markets today? Its my first day demo trading and Ive lost 23 pips from a total of 5 trades. Ive tried to keep my SL to around 6 pips, trading as if it was my own money. But I suppose this is normal for a newbie.

Trying to spot patterns or S/R lines, but seem to have missed a few 20 pip trades on the GU.

Would you keep trading into the evening if you were having a bad day, or just call it quits, and start again tomorrow?

Thanks

Derolo
 
Derolo said:
Hi F

How are you finding the markets today? Its my first day demo trading and Ive lost 23 pips from a total of 5 trades. Ive tried to keep my SL to around 6 pips, trading as if it was my own money. But I suppose this is normal for a newbie.

Trying to spot patterns or S/R lines, but seem to have missed a few 20 pip trades on the GU.

Would you keep trading into the evening if you were having a bad day, or just call it quits, and start again tomorrow?

Thanks

Derolo
Click to expand...


Hi Derolo

For a start I would limit yourself to only 1 or 2 hrs of focus on the charts and what you pairs you are looking at trading.

Check you calender if you live in Europe - best time are Open from 6 -7 am and then US opens from 2pm to say 4 pm

So if you have say 2 or 3 windows of say 2 hrs each
just look for 1or 2 trades

Trying to get it to work on 6 pips for a start is difficult - you will need hundreds of hrs watching charts to follow the timings
and then it will take thousand of hrs to really start to master it

As long as you are demo once to three times per hr on say 1 or 2 pairs and try and follow moves from 10 -30 pips - as there are lots of them at the busy time

What ever you do - dont stay 10 -15 hr glued to the charts - you will lose focus and get frustrated - keep it to short periods you can focus on

Trading is a journey - you will need months and years to build up your strats and learn what happens. It cannot be all done in 6 months even at 50 hr a week - you need time to understand and follow and learn

It took me over 3 yrs part time to get to average level - and before i went full time nearly 7 yrs ago - I nearly gave up many times

Its get easier after a few thousand live trades and learning to lose and control your emotions etc etc

Acquire as much info as you can - learn as many methods etc - and then find an edge ie for me its linear regressions - time windows - and scalping - but thats another skill to just intraday swing.

i know you might think surely - I will be live in 2 -3 months

Yes you might - but you will lose money without strict money management and a really good plan and even when you go live - keep it really small stakes - under 2% max - as your emotions will kick in with live money.

Major magnum will tell you his journey - and i am sure many here will admit - its not all plain sailing. Could you be lawyer or a surgeon or a mechanical engineer all within a few years - no - you need time to learn all the many things involved

Also maybe only 1 to 3 out of every 10 new traders make it to a successful consistent profitable business - its a shame but the rest just give up within 6 months to 5 years.

Good Luck

Regards


F
 
Friday 2nd May 2014 - Pre 7 00 am UK and Opens

Good Morning Intraday FX traders

Its's Freaky Friday today - ie Non Farm employment announcement at 1.30pm UK time

This used to be the news announcement in years gone by - ie the largest mover of the market - ie 150 -300 pip moves in 5 to 30 mins or so.

Nowadays and for the last few years - its not been having the same effect - Ok - we still might have a 50 -100 pip move - but nothing like from 3 -5 yrs ago.

Many traders prefer not to trade today - or at least only trade later on after the event is out the way. I have been trading these Fridays for at least 7 years - but have rarely actually traded the news announcement itself - preferring to trade up to it - ie 5-10 mins before - exit short trades - and then re enter within 5 -30 mins after the dust as settled. There are many reasons for this but i won't go into them now and instead get on to what might be happening this morning.

Quick update and review to now follow on main pairs I hope to be trading


Have a great day - stay focused - and be cautious.

Regards


F
 
EU and Swissy

Eu today so far as been bearish and Swissy bullish. This can easily change in the next hr or two - so lets look at levels I am interested in for Intrady short term trades - as well as scalps

Price on EU atm - 3858 - and its a scalp sell under 65

To look at scalp buys - i can enter pre 65 - but would need above 67 and 70 to see a turn starting for higher again. We have supports at 50-52 and then at 35 -40 area. R area 75 -85 - we would need a rise over 88 and 95 to be carrying on up to 3900.

Swissy - scalp bullish atm above 8795 - and currently at 8800. R area is here to 8805 and then if you held any scalp buys - you need over 8810 and 15 with more r's at 20 -25.

Swissy for scalp sells -- back under 87 and 82 - with supports at 8770 and then 8745-50 area.
 
EJ

First scalp of the morning -

Bullish above 141 90 and 93 was a nice entry place with price now trying 142 00. Above 95 will hold the scalp buy - but we need over 142 05 to hold on longer for higher

I will update with levels on EJ later
 
AU and EA

Well EA as been bearish this morning - but so far the AU as not been that bullish - hovering around 9270

Will leave these pairs atm - and review again after the London Open.
 
EJ - scalp buy trade update - well its above 142 00 - but still not quite made 05 - with price currently 03/4.

I need to see over 05 - with then more R's at 10 and 15 .

Unless we do over 05 - i will exit 100% and then look at re scalp buying above 96 again

Under 93 and 90 - then thats back to scalp selling
 
EJ - exited at 142 03 - as O2 is a scalp sell down to maybe 93 -96 area

I will lookt at scalp buying again - as this pair is still presently in a bullish morning session
 
Yen has been the sell for about an hour now .........NZD is fading as a buy ...........volatility pretty low on G8 presently

Agree on all comments re the NFP's ............I dont get to worried until the hour before and generally will let it settle after as well for as long as needed .............then back to business

good hunting all

N
 
EJ - 97 as held it for now - so our scalp range is really 96 to 142 -06

We need back over 142 -06 to look at more scalp buys or holding them - and under 96 - to think it over for now and scalp selling is back in

Its half hour window as well - so will check out to see if any scalps on other pairs we can get in
 
NVP said:
Yen has been the sell for about an hour now .........NZD is fading as a buy ...........volatility pretty low on G8 presently

Agree on all comments re the NFP's ............I dont get to worried until the hour before and generally will let it settle after as well for as long as needed .............then back to business

good hunting all

N
Click to expand...

Morning N

Yes - have a good day. agree volatility low at moment - playing with EJ atm - need above 06 now to get a little run up going

Not here for 8 00 am but back that hour

Regards


F
 
GU

Ugly PA atm - stuck around 6884 - and teasing 5 pips either side

Won't touch it with a bargepole - until we get a clearer scalp move - under 6880 and 77 as scalp sells or above 92 and 96 for scalp buys and a go up to 6900 again

GL - out in 10 mins back after 8 30 am UK time
 
EJ - great tease - another high at just over 142 04 - but - then the pullback - woth 02 another scalp sell

Yep - we need over 06+ to hold scalp buys and now under 02 and 96 - more scalp sells

need to exit within 10 mins as out prior to 8 00 am

GL
 
Back now and 8 36 am - not missed much at all - are we still in an Asian session - it seems that slow lol

With do a update review in a bit for 9 00 am time window
 
GU

For all pattern followers - If the GU stays under say 6903 -5 price - then we have a nice Bearish Head and Shoulders on the small frames

Above 6910+ I would say this pattern is not longer valid

We do have some more UK pound news this morning at 9 30am - so i will be looking at the GU movements more this next hour
 
Last edited:
EJ - 142 -05/6 as not happened and under 142 -02 - as mentioned already - is a scalp sell needing under 96 to hold or add to scalp sells

i see supports from 86 to 92 area next - maybe then another scalp buy
 
EUR/NZD , looks nice and loose

May hold bullishness above 1.6065 1.6066
May hold bearishness under 1.6013 1.6012
 
Forexmospherian said:
EU and Swissy

Eu today so far as been bearish and Swissy bullish. This can easily change in the next hr or two - so lets look at levels I am interested in for Intrady short term trades - as well as scalps

Price on EU atm - 3858 - and its a scalp sell under 65

To look at scalp buys - i can enter pre 65 - but would need above 67 and 70 to see a turn starting for higher again. We have supports at 50-52 and then at 35 -40 area. R area 75 -85 - we would need a rise over 88 and 95 to be carrying on up to 3900.
.
Click to expand...


Comment on EU from approx 2 hrs ago

EU made 3851 and is now 3854 - and as stayed under 62 the whole 2 hrs

Amazing really - so slow this morning

3853 could be looked as an HL and a scalp buy for aggressive scalpers - you need over 58 - with 55 holding to stay with it

Under 53 and 49 - more scalp sells
 
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