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

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GU

now at 6590 and missed out on fall under 6604 - just so suspicious of it - mainly due to my Lrs saying they are not convinced on fall keeping going

At times - they are wrong - but not that often ;-)

Back to look after 7 30 pm and EU - put stop down to 3272 on 30% stake
 
EU

Out 30% sell at 3263 - finished now for today on trades I reckon

Going out after 8 30 pm - but hope to get an answer out on some question from early on today beforehand

GL guys and see you in the morning from the Opens
 
Sigma-D said:
Genuine questions if you have the time to respond and if you can do so without pointing me in the direction of some other thread that would be much appreciated.

Did that mean if it hit 3302 on the offer, you'd hit the offer, or if it hit 3302 on the bid you'd hit the offer?

Does that mean having gone in at 3302 you'd need it to go above 3308 to stay in or 3310 to stay in? Which? And again, is that on the bid or the offer? And how long do you give it to go above 3308 or 3310 and how far will you let it come back before baliing out?


Again is this bid or offer you're using to trigger your scalp trades? And which of these levels is the trigger, 3300 or 3297?




So which is it 3, 5, 6 or 7 pips? And as you don't know until after the event whether the trade was a 5 pip scalp or a 25+ pip trade how do you utilise your method for establishing number of pips stop?

TIA for your response. Much appreciated.
Click to expand...

Hi Sigma D

Sorry i did not have time enough to answer these questions in full during the main day - but now I have time etc


If I am scalp buying - it would be my ask price I am looking at - which of course might be 1-3 pips different to yours - as normally with different platforms and different brokers - you do get small differences in prices

The fact the most of the pairs I scalp have spreads under 1 pip - which I include in the stop as well - bid and ask might only be 0 3pip difference on my charts.

With scalp sells then its the lower bid price - but as you guess it could still be up to 2 or 3 pips different to what you are seeing even if at exact time with no lag - due to platform differences

Normally if I am scalping with another scalper on another platform - then we check to see what the differences are - so we can both work together on what we get on highs and lows.

This is one of the reasons I quote normally 2 prices within say 3 pips of each other - and so i might be happy to keep a scalp buy on over 3309 - but on other charts my 3309 is 3311 or even 3312.

Also if i quote 2 prices say 3- 7 pips apart - thats because sod's law say price will peak or stop in between - so by quoting both prices its clearer then on the decision making -ie we need above both to stay with a buy - or below both to stay with sell.

I really do try to keep all my trades with stops under 7 pips maximum and on 1 pip spreads or under - then 5 pips is my limit

I can normally see from the time and my LR structure if i can let it go 3-4 pips against me - and my stop is a soft stop as I enter and exit scalps on a one click basis and my proper stop only for emergencies is say 20 -25 pips away - ie normally large enough to deal with 4 -10 pip false spikes

For me every scalp trade is really unique - it just depends on so many factors - including time of session and day - and previous 5 -10 mins of PA.

So with the market being dynamic - I dont use fixed targets and really not fixed stops. If i can see a scalp which only need a 3 pip stop - thats my cut off - if i see a scalp needs 8 or 10 pips - i don't take it.

Similar i try not to be stopped out on full 5 pips on entries - if I enter and price goes 2 pips against me and does not go my way within under another minute - I will even exit at minus 2 or try for break even if it does not look as though the timing is right correct ,

Some days I can have 4 bad trades - and still not lost over 12 pips - I am that tight on only staying in the black

With regards to targets - yet again - I have ideas depending on how busy the market is and time of day - but if my target is 14 pips and it only gets to 9 pips and stops and drops then to 3 pips - i will exit if we dont make back above the 9 pips I had - i dont wait until it goes 3 or 5 pips against me

I have no fixed numbers of trades to take everyday - but reluctant to be in more than 3 scalps per hour and I can go some days an hour of two with no trade is price is really in a no trade zone

Flexibility is key to your money management - yes super tight stops but let your winners run - ideally leaving 30 -50% on with your stop in a few pips profit

You can then switch off micro managing your trade with no stress - you are in a win win situation - you will either get stopped out with just 1 or 3 pips or whatever - or the moves goes you way and 2 or 10 hrs later you collect 30 or 50 or even 100+ pips

Hope that helps for now - and I have no problem answering any queries etc on intraday FX trading - and can tell you - yes with practice - patience - and time - you can get there and then every 500 trades - you normally end up getting better

Regards


F
 
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Thursday 21st August 2014- Pre Opens

GM - FX Intraday Traders

Looks like a busy red news day today - starting shortly at 8 00 am - then 8 30 am then 9 00 am and then 9 30 am - 4 in 90 mins

Normal stuff - quick reviews and updates on the main FX pairs I plan to scalp or intraday trade.

Well Done to Spread Doctor with his GU sell - he should be well in the money this morning (y)

Have a good day

Regards


F
 
Forexmospherian said:
GM - FX Intraday Traders

Looks like a busy red news day today - starting shortly at 8 00 am - then 8 30 am then 9 00 am and then 9 30 am - 4 in 90 mins

Normal stuff - quick reviews and updates on the main FX pairs I plan to scalp or intraday trade.

Well Done to Spread Doctor with his GU sell - he should be well in the money this morning (y)

Have a good day

Regards


F
Click to expand...

morning F. yeah the position is looking rosy this morning. Just waiting on on the 60 print to get out, missed the fill earlier by 3 pips. Either way I am out by 7am as we are likely to see a smallish reversal start around then. GL
 
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EU

Price made 3242 and then printed a HL - 2 hrs later at 43 - and now another couple of hrs later is at 3248

We have seen a drop of approx 150 pips on this pair this last 3 days and for now you would say any retraces staying under 3300 or 3310 can be sold again.

Trouble is if you sell at say 3275 or 90 - and then it only drops say 12 pips - turns and goes back up - and over 3315 and then 3350 - it might never come back under 3275 - and you could be shafted

Thats the markets trick of catching so many traders out - nothing can be taken as 100% certain

For now we need above 3252 to hold scalp buys on and then next R's at 3265/70

Under 3240 and 34 - take more scalp sells for next support at 3220/30

Remember multi red news announcements in just over an hr on euro
 
GU

Morning SD ;-)

Yes it got down to 6564 and bounced up over 10 pips in last 2 hrs. Unfortunately I got nothing under 6605 area - as did not leave anything on - silly really - but that's trading - sometimes your rational goes out the window - and mine must have done last night (lol)

I have 6581 -87 area as first R that might stop tries back up to 6600 again - both dynamic and horizontal /static R's

Under 6560 and 55 - I would be scalp selling again - but its been a good drop so that might not just happen yet - although we do have more red news at 9 30 am
 
Usd / Chf ( Swissy )

High so far this morning 9146 and pullbacks staying above 9130 - I would scalp buy again

Under 29 and 27 would be the scalp sell fall zone down to 9120 to even 9107

News at 8 and 8 30 am might come into play on this pair
 
EJ

We have had approx 200 pip rise since August 8th with latest high this morning at 137 73

I have resistance at 137 78-82 area and supports at 137 46 /50

For now - under 62 is still a scalp sell from after the 6 30 am TW and we need under 54 to hold it on longer to test the support area
 
Forexmospherian said:
GU

Morning SD ;-)

Yes it got down to 6564 and bounced up over 10 pips in last 2 hrs. Unfortunately I got nothing under 6605 area - as did not leave anything on - silly really - but that's trading - sometimes your rational goes out the window - and mine must have done last night (lol)

I have 6581 -87 area as first R that might stop tries back up to 6600 again - both dynamic and horizontal /static R's

Under 6560 and 55 - I would be scalp selling again - but its been a good drop so that might not just happen yet - although we do have more red news at 9 30 am
Click to expand...

hmm. I am still holding my short for the moment.
 
SpreadDoctor said:
hmm. I am still holding my short for the moment.
Click to expand...

I hope to be scalp selling under 82 /85 - to test 65 again

I would be concerned if it made above 90 and back to 6600 - etc - but then more red news at 9 30 am

Difficult one if you are hanging out for 6560 - you never know in just over 2 hrs time we might be under even 6520 - or up over 6600 again ?

GL
 
Usd / CAD

Made another high earlier on this morning at 0986 and then after 6 30 am - the fall and now at 0975 as I type at 7 28am

Under 0981 on pullbacks still another scalp sell

Supports at 65 and 70 area
 
GU

Up at 82/3 at half hr change

Want to sell around here to 85 and need under 77 as confirmation etc

For now above 78 still a scalp buy
 
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