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

[NVP]

nice action in last 2 hours or so .............I nearly damn missed it as I was hesitant ..........nice to bag a few pips as I havnt really been able to get to the table much this week with a lot of BS at work

later all good weekends
N

 

[Forexmospherian]

Hi F

Cant believe I got stopped out at 6875, I would of had a nice return on that trade. If I hadnt of been out I could of caught the upswing as well. I suppose its worth being around when these important news announcements are coming out.

I will check out the other thread you mentioned. Thanks for letting me know

No problem

Also tell me about your trade etc on Gu and do screen shot with time etc

i will then take you through it etc e

Have a good weekend


Regards


F

 

[Forexmospherian]

nice action in last 2 hours or so .............I nearly damn missed it as I was hesitant ..........nice to bag a few pips as I havnt really been able to get to the table much this week with a lot of BS at work

later all good weekends
N

Got the scalp sell on the AU after the 9275 - going to post chart with clues on next

Have a great weekend - and look forward to being you own boss with your own work and business plan - I am sure you would make it


Regards


F

 

[NVP]

Got the scalp sell on the AU after the 9275 - going to post chart with clues on next

Have a great weekend - and look forward to being you own boss with your own work and business plan - I am sure you would make it


Regards


F

thanks ..............with the BS at work and the BS from job interviews ive had recently looks like I will have to try to go pro anyway

N

 

[Forexmospherian]

AU chart from high and scalp sell along with clues off my chart - 1 min this one with LRs and trendline

 

[Forexmospherian]

AU - scalp sell after 9275 high prior to 4 00 pm UK

 

[NVP]

see you next week ...same time same channel .......

 

[mike.]

Im off work all next week, so will join in the fun.

Question for you F, what's your normal procedure when a trade moves say 15 pips into profit ? ( I know you used to call it free trade zone,) Do you then move a hard stop to BE ? and start looking at other pairs for a trade ? or would you close it out and trade the re-trace ?

I'm under the impression its wasting valuable trading time watching a trade develop for a few hours even though it is still slowly going into profit, whereas you may have doubled your pip count by taking say an extra 5-10 trades in the same time period, thoughts ?

 

[tar]

see you next week ...same time same channel .......

Stay tuned , i'm going to take the market to the cleaners

 

[Forexmospherian]

Im off work all next week, so will join in the fun.

Question for you F, what's your normal procedure when a trade moves say 15 pips into profit ? ( I know you used to call it free trade zone,) Do you then move a hard stop to BE ? and start looking at other pairs for a trade ? or would you close it out and trade the re-trace ?

I'm under the impression its wasting valuable trading time watching a trade develop for a few hours even though it is still slowly going into profit, whereas you may have doubled your pip count by taking say an extra 5-10 trades in the same time period, thoughts ?

Hi Mike

First of all you and all are welcome

i will answer your query in a bit when I have some free time and give you some examples and also a link to another comment on this forum thread of how I try and manage my day - ie covering a 12 hr opportunity window - with only approximately needing 3 hrs at key times to catch the moves I am ideally after - ie 7 pip -25+ pips all ideally in under 30 minutes

Also i will then get into more detail with regards to getting trades into a small profit - locking it in and then not having to "babysit" the rest of the trade through out the day ie No Pain Gain Trade - or a NPGT

Regards

F

 

[Forexmospherian]

Hi Mike

Re your questions again

Its always a dilemma when you scalp or intraday short term trade- do you hold when you have a little profit - and risk losing it for an extra 5 - 15 pips ?

Many times i will take an extra 2 or 3 scalps in a rally - when I need not have done - and instead just have lived with a 3 or 6 pips retrace - but then I have entered scalps in an opposite direction to a session bias - and instead of bagging 5 - 10 pips - i end up finding the move is larger than I thought and it up making me 15 or 20+ pips and if i had stayed with my original trade - I would have been stopped out - with only say 1-3 pip profit.

There is no easy answer - scalping is not black and white - your first target which might only be 5 -7 pips can easily be beaten and it reaches say 14 pips - and then fully reverses. Alternatively it only makes 4 pips reverses takes out you stop and then moves in your original direction 25 pips - so frustrating - but then - that's trading

My answer is based on many factors - the time of the day - is it in a key hr change window? - as the previous move been slow and under say 15 pips in 30 minutes - or might the pair be OB or OS because it just rallied 35 pips in the previous 45 mins?

If my LR structure is for example bullish - but the pair as room to fall say 15 -20 pips i am encouraged to hold for more than 5 -7 pips - ie 10 -15 pips and if i have not got many pips on the board as early morning - i might over 7 pips - take 70% off and then leave just 30% on with my stop in 1 or 2 pips of profit

Personally i don't like break even trades

If i ended up with say 6 in day - - no gains - i I have 6 trades fail but the stop is 1 or 2 pips already in profit - I might to be up 10 pips - and at say even $20 + per pip - than another $200+ dollars in the kitty - rather that no win or no loss

I also drop to 30% stakes - knowing even if I let the trade got back past entry to my 5 pip stop level - my 70% winning stake - would cover that particular loss.

Also if an interim low or high level is not breached within 30 mins - i am encouraged to hold part stakes on - as more than likely - the next 30 mins will see the trade move more still in my favour

A perfect trade would be a scalp over 20 + pips in under 15 mins - then leaving 30% stake on with stop in 5 pips of profit and then that trade 2 hrs later makes another 30 or 50 pips in the day. Even though its only on 30% stakes - i have not had to babysit it - as what ever happens I win with profit - ie just 5 pips profit if stopped out - or a possible 30 - or 50 or even 200 pips if just keeps going my way then next 2 hrs - or even 2 days ;-)

if you do manage your No Pain Gain Trades ( NPGT) and keep moving you stops into more profit - but give it more room - you can still scalp against your 30% direction - with 100% stakes - and even add to your 30% trades - when the scalps are again in its favour. Best this year so far is scalp sell of EA at the 5500 price area - that 30% stake went on to makes so far over 700 pips of profit in just over 6 weeks

That's nice for a intraday scalper

Regards


F

 

[mike.]

Thanks for taking the time to explain.

I guess its something ill have to build into my strategy, whether to let a winner run or take the profit and keep trading.

What i dont want to get back into is babysitting as you rightly mention, a trade all day where i may be missing many other opportunities.

 

[Derolo]

Hi F

Many thanks for getting back to me about the GU bet I was closed out on. I have tried to do a screen shot, but its not working for some reason. I placed my stop at 6875, but the price didnt climb that high, but a rookie mistake I made, I forgot to add the 3 pips on top that the demo account charges and it closed on me. If I had placed my stop 2 pips higher I would have been ok. You live and learn.

Just looking at your chart above, it looks like something from a traffic control towers screen, not a trading one. Its amazing that you can actually look the chart and work out when to take the trade.

I dont suppose you would like to enlighten me on the above, and how it works, or is that a trade secret?

Speak soon

Dean

 

[Forexmospherian]

Hi Dean

Most of the trade would laugh at my charts - and regularly do - but do i bother ........ as you might guess - if they assist me to make money they can carry on laughing

I like your phrase you used - "like a traffic controls flight screen" - nice one - and in a sense thats what i am trying to do - plot the next path of price - will it carry on up - or turn and fall

My methods are totally different to commercial traders or even most professional retail FX traders - but over the years - I have developed a system that helps me to interpretate what might happen next.

The chart i showed for the AU scalp sell - I have attached again with a wider view showing the drop from the main news and then after the pullback another possible scalp buy - based on structure. Its a 1 minute chart - i do use tick charts and other charts such as 3 /5 mins and even 30 and 60 mins - but very rarely any higher - unless I am just looking at the world map and need the last year's view etc

I am using - time windows - as mention around 30 /60 min frame changes - LR's instead of MA's - that go over price for lower and under price for higher - and then other tech aids like trendlines and support and resistance lines - and the PA - Higher Highs or Lower Lows etc etc.

That is a good area worth reading up - ie using S & R - trendlines - and any more information on price analysis

The charts shown are from a broker FXPro - and i have used Intellicharts Pro and E signals - but they cost money per month ( $100-200) and really the fact that all charts etc are not that accurate - its not too important - as long a they include the indicators you might want to use.

MT4 is fine and many brokers support it - but its not my favourite - even though by using all the custom indicators you can make it bespoke for what you want.

Whilst you are going through the demo stage - try at least 3 or even more different brokers platforms and see if you like any more than others.

Most traders have not got a clue on how I even see the price or even read PA with so much stuff on my working charts - but i show you them on a wider frame than I would use normally as I am really only interested in the last hour - and the next hour not yesterday or last week and not what might happen in 2 or 3 days time - as I look upon that as fortune telling - with therefore a lower possibility of getting it correct.

Hope that gives you an insight - but please don't just follow me - read up and watch many other types of trading - swing - position - Longer term - Elliots Wave etc etc and the more knowledge you then gain - the more you may then see what i do - and how it makes sense

Regards


F

 

[Forexmospherian]

EU - Chart from Freaky Friday May 2nd 2014

 

[TheRumpledOne]

Hi Dean

Most of the trade would laugh at my charts - and regularly do - but do i bother ........ as you might guess - if they assist me to make money they can carry on laughing

I like your phrase you used - "like a traffic controls flight screen" - nice one - and in a sense thats what i am trying to do - plot the next path of price - will it carry on up - or turn and fall

My methods are totally different to commercial traders or even most professional retail FX traders - but over the years - I have developed a system that helps me to interpretate what might happen next.

The chart i showed for the AU scalp sell - I have attached again with a wider view showing the drop from the main news and then after the pullback another possible scalp buy - based on structure. Its a 1 minute chart - i do use tick charts and other charts such as 3 /5 mins and even 30 and 60 mins - but very rarely any higher - unless I am just looking at the world map and need the last year's view etc

I am using - time windows - as mention around 30 /60 min frame changes - LR's instead of MA's - that go over price for lower and under price for higher - and then other tech aids like trendlines and support and resistance lines - and the PA - Higher Highs or Lower Lows etc etc.

That is a good area worth reading up - ie using S & R - trendlines - and any more information on price analysis

The charts shown are from a broker FXPro - and i have used Intellicharts Pro and E signals - but they cost money per month ( $100-200) and really the fact that all charts etc are not that accurate - its not too important - as long a they include the indicators you might want to use.

MT4 is fine and many brokers support it - but its not my favourite - even though by using all the custom indicators you can make it bespoke for what you want.

Whilst you are going through the demo stage - try at least 3 or even more different brokers platforms and see if you like any more than others.

Most traders have not got a clue on how I even see the price or even read PA with so much stuff on my working charts - but i show you them on a wider frame than I would use normally as I am really only interested in the last hour - and the next hour not yesterday or last week and not what might happen in 2 or 3 days time - as I look upon that as fortune telling - with therefore a lower possibility of getting it correct.

Hope that gives you an insight - but please don't just follow me - read up and watch many other types of trading - swing - position - Longer term - Elliots Wave etc etc and the more knowledge you then gain - the more you may then see what i do - and how it makes sense

Regards


F

Greetings Forexmospherian:

Stopped by to see what I can learn from you...

 

[Derolo]

Thanks F for such a detailed response and I will certainly check out some of the indicators you have mentioned above.

With regards to the doubters, if you are making money, then who cares what people think of your trading style. I also think its very honourable of you to post so much of what you are doing on a daily basis on this forum. Lots of so called "pro traders" charge a lot of money for the information you give away free. This tells me that you are successful at what you do and have nothing to hide.

Thanks again for the info and speak soon.

 

[Forexmospherian]

Greetings Forexmospherian:

Stopped by to see what I can learn from you...

Hi TRO

Happy to help and share with any knowledgeable trader - and I appreciate you have been about for years and during my journey over the last 11 years have enjoyed many of your posts and stories

I have another thread on this forum under Trading systems -


http://www.trade2win.com/boards/tra...ding-forex-market-make-consistent-profit.html

Its been fairly controversial and caused many to join in and try and pull it apart - but worth sifting through the main method I use - which can be found in less than 100 comments out of the 500+

Regards


F

 

[Forexmospherian]

Thanks F for such a detailed response and I will certainly check out some of the indicators you have mentioned above.

With regards to the doubters, if you are making money, then who cares what people think of your trading style. I also think its very honourable of you to post so much of what you are doing on a daily basis on this forum. Lots of so called "pro traders" charge a lot of money for the information you give away free. This tells me that you are successful at what you do and have nothing to hide.

Thanks again for the info and speak soon.

Thank you - Although I have been using my methods over the last 8 + years - I have only really been more open about them in the last 2-3 years - simply because they stood the test of time - and I am presently at retirement age - and cannot see me carrying on more than another 3 yrs maximum - as I still want to try and sail around many parts of the world i have not yet visited and do a few other Leisure projects as well.

What i do is difficult - and it does take a few years to get to a great skill level - but its all possible and then its up to you to decide what level you take it to.

If I was twenty or thirty year younger - I would be testing myself with larger capital ( 500k -1 mill+ ) and 50+ lots sizes per pip - but I have been burnt once and so stayed with a level I am comfortable with - and enjoy sharing and even learning more from other experienced traders.

That's why I stress - learn from as many sources as you can - soak it up like a sponge - and then find out what suits you in terms of commitment ie via time available and what fits in with your lifestyle and temperament etc

GL

Regards



F

 

[TheRumpledOne]

Hi TRO

Happy to help and share with any knowledgeable trader - and I appreciate you have been about for years and during my journey over the last 11 years have enjoyed many of your posts and stories

I have another thread on this forum under Trading systems -


http://www.trade2win.com/boards/tra...ding-forex-market-make-consistent-profit.html

Its been fairly controversial and caused many to join in and try and pull it apart - but worth sifting through the main method I use - which can be found in less than 100 comments out of the 500+

Regards


F

Just finished reading all 66 pages.

Please send and email to me at my gmail address.