Forexmospherian
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GU
2 30 pm - looks like interim high atm is 6782 now
2 30 pm - looks like interim high atm is 6782 now
peter just curious would you have been long again GU (2.16/17PM.)
EU - made it higher - GU still under old high - will it follow now ??
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Still a bullish mode above the low of 11 21 am at 46 then at 11 41 at 48 - ie HL and rise
Rise carried in at 12 pm and through time window - but stopped short if 60 - at 57 /58
It then fell and under 55 was a scalp sell - but that scalp sell stopped at 12 30 pm time window at 48/9 price
So the scalp sell was worth say 6 -7 pips net - but entering at 12 25 pm - and it was only worth what 2 -4 pips
By 12 30 - no breach of dynamic support or horizontal support - and so above 50 a scalp buy
Hope that helps -
BUT one main point
Scalping in a BTTZ is not always a good idea - as it is proper manipulated noise to really catch out scalpers
If price after 12 ,25 pm had breached under 48 and 45/46 - then your scalp would have been worth minimum 10 pips from say 12 15 or 5 -6 pip min from 12 25pm
Remember the market is always right - thats why you can never be 100% correct
But yes 12 25 pm was still a scalp sell for 2- 4 pips - but 12 30 pm was a scalp buy for 7 -9 pips - thats the difference - and both were in a BTTZ
LR structure beat news in end - as LR structure wants GU price up higher - shown ny red yellow green Lrs and also green above green dotted
Regards
F
If I can give a point of view that may help.
From 9.45am GMT approx. gu was doing M1 swings of 10 - 12 points max. If using F.'s method takes 6 - 8 points from a high / low to provide a signal to buy / sell then it's pretty obvious that you're going to run into a big challenge to your entry almost straight away. Conditions have to be right for a trade i.e we need volatility AND range to be able to scalp with confidence. We did have volatility but not range and therefore no momentum. Personally I wouldn't have taken a long or a short under those conditions and both myself and YT alluded to this.
I can see MM ( and most probably others ) getting very frustrated. There is huge gap between where you get into a trade F. and where MM and others get into a trade. Unless you somehow complete your education for your followers then you will continue to have, frustrated followers.[/QUOTe
I dont know about the 6 to 8 pips for a signal?? 55 was a scalp sell signal when 58 was the high.
I had thought new traders to this method would need 6 -9 months to become really good at it on a live account
i might be wrong - it might take 9 -15 months to get a constant 70% + win ratio with small size stops - but with perseverance - you can do
Unfortunately - already a few who tried it end of last year - probably realised it was not just not going to happen in a couple of months - but like anything in trading - its a never ending journey - and it will take time and patience
Regards
F
ty. How was 55 a scalp sell? all previous hl as hh as you pointed out. whites were above reds and white lr, a new high was in place just six minutes previously and the higher low of 1206 had not been broken
i dont think this explains why gu was not a sell at 12 25 F
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Hi MM
Well I had the EU a sell after midday time window after 12 09pm - or under 55. At 12 13 pm it went to 57/58 - but that was false and was still a sell
It then went down under 55 - to 50 and stopped at 3748/9
So under 55 was a sell at after 12 09 pm
For it to be a bigger sell - needed to breach R's at 45/6 - 48 area - but it did not after 12.28pm
So then at half hr change - 50 became a scalp buy - as we could not breach under supports - and it was half hr window - sell sellers took profits.
From 12 30 pm - it became a buy again
Does that help and along with other notes mentioned - I would have only sold under 12 25 or under 55 knowing that if I did not break under S or out BTTZ - it would then turn again for a buy.
Its easy in hindsight - but really all the while from the low early on am and then from above 3640 - the EU wanted to rise
Regards
F