Intraday Trading the Forex market to make consistent profit

[NVP]

Hi N

I am happy to be your personal mentor and happy if you want to start your own new journal and only allow me and couple others like say MM on it

I am up for it N - and will not let you down

Regards

F

thanks for that kind offer F ...............still pondering a return ........

N

 

[frostbliss]

Hi Frost

First question I need to ask

How long have you been trading Forex ?

Why I ask that is because my method is far from easy and is complex etc and really you ideally need 12 / 18 months of general FX trading knowledge and also at least 6 months of scalping experience etc

I am not trying to put you off - but I dont want you to waste you time and effort etc .

i will be updating some info in a new trading journal on this Forum next week and will be covering more of the terminology etc etc

All the best

Regards


F

Hi F,
Glad that you are back.

I did trade for a year plus on the 4 spot majors during the European session into the US open during 2010, before I went back to a day job after not much satisfaction with the outcome. Capital was net net slight negative but I wasn't happy at the way it turned out. Doesn't feel I have made sense of those moving candlesticks. I couldn't figure out how not to trade into a flat persistent whipsaw. That was on the M1 and M15 TF, and I close all positions at the end of each day.

So I went back to a day job and continue on a part time basis in the evening 2 hours or so till now, doing mostly position trades on the H1 and H4.

Regards,
Frost

 

[Forexmospherian]

Hi F,
Glad that you are back.

I did trade for a year plus on the 4 spot majors during the European session into the US open during 2010, before I went back to a day job after not much satisfaction with the outcome. Capital was net net slight negative but I wasn't happy at the way it turned out. Doesn't feel I have made sense of those moving candlesticks. I couldn't figure out how not to trade into a flat persistent whipsaw. That was on the M1 and M15 TF, and I close all positions at the end of each day.

So I went back to a day job and continue on a part time basis in the evening 2 hours or so till now, doing mostly position trades on the H1 and H4.

Regards,
Frost

Hi Frost

Well I think you have got the basic stuff behind you and so will try and help you move forward.

With you only having a couple of hrs a day - please be aware it could take you over 9 -12 months to get to another level - even after I give you all the necessary tools and advice etc etc. Unfortunately you cannot beat experience - and thats learnt over time watching small chart movements over 1000's of hours etc etc.

It really is worth spending 4 -10 hrs going through my key comments on my set ups and methods and then trying to relate them to what you see etc.

The industry love to try and make traders think its all simple stuff and you can make great profits after a few years etc etc. As you know 80%+ of all FX traders fail - lose money and give up - maybe a few years before they are there.

It does take 3-5 yrs part time to understand the complexity of the FX market and then another few years to test that you are consistent and you can carry on in all conditions. OK - I can help knock a few years off the learning curve and I know my method and system works to give good results - but even then I expect out of every 10 traders who carry on with it - only 3-5 at best will really be able to carry on and hack it with live money on a continual basis - yes it that's tough

As long as you know what you need to put in - then good luck to you and i can tell you - if and when you do get there - its all then looks easy and its well worth all the hard toil etc

Regards


F

 

[Rockford-]

Hi Frost

Well I think you have got the basic stuff behind you and so will try and help you move forward.

With you only having a couple of hrs a day - please be aware it could take you over 9 -12 months to get to another level - even after I give you all the necessary tools and advice etc etc. Unfortunately you cannot beat experience - and thats learnt over time watching small chart movements over 1000's of hours etc etc.

It really is worth spending 4 -10 hrs going through my key comments on my set ups and methods and then trying to relate them to what you see etc.

The industry love to try and make traders think its all simple stuff and you can make great profits after a few years etc etc. As you know 80%+ of all FX traders fail - lose money and give up - maybe a few years before they are there.

It does take 3-5 yrs part time to understand the complexity of the FX market and then another few years to test that you are consistent and you can carry on in all conditions. OK - I can help knock a few years off the learning curve and I know my method and system works to give good results - but even then I expect out of every 10 traders who carry on with it - only 3-5 at best will really be able to carry on and hack it with live money on a continual basis - yes it that's tough

As long as you know what you need to put in - then good luck to you and i can tell you - if and when you do get there - its all then looks easy and its well worth all the hard toil etc

Regards


F

Hi F,

You're telling Frost that you can cut time off his learning curve. Please tell all of us your entry criteria, and what you've actually looking for when using Linear Regression. I haven't seen anything in this thread or your LR thread that explains any of that.

Rockford

 

[Forexmospherian]

Hi F,

You're telling Frost that you can cut time off his learning curve. Please tell all of us your entry criteria, and what you've actually looking for when using Linear Regression. I haven't seen anything in this thread or your LR thread that explains any of that.

Rockford

Yes you can cut your learning time down - but it still requires at least 4 6 months on my system to really see any decent results

I will explain on this thread later my criteria for scalp entries using LR's and TW 's and PA etc later on some time today

Good trading and have a good February

Regards


F

 

[Forexmospherian]

Hi F,

You're telling Frost that you can cut time off his learning curve. Please tell all of us your entry criteria, and what you've actually looking for when using Linear Regression. I haven't seen anything in this thread or your LR thread that explains any of that.

Rockford

Here's a great example of my entry criteria being met and resulting in a trade with a RR of either 3 to 5 depending on your stop size - all within 30MINS

I need to see an interim high or low at a key time in a time window

I then need to see 3 quick lrs go over price for sells and under price for buys

I need to see correct PA - ie LH and LL on a tick or 1 min chart

I need a dynamic Trendline breached

I need to see other pairs in similar correlations either move in tandem or opposite

i need to see the move continue to find momentum after 3 and 5 and even 9 mins

i ideally need to look at closing the move in next TW ie from 12 to 30 mins later

See chart of scalp sell on UJ

Hope this helps


Regards


F

 

[frostbliss]

Hi Frost

Well I think you have got the basic stuff behind you and so will try and help you move forward.

With you only having a couple of hrs a day - please be aware it could take you over 9 -12 months to get to another level - even after I give you all the necessary tools and advice etc etc. Unfortunately you cannot beat experience - and thats learnt over time watching small chart movements over 1000's of hours etc etc.

It really is worth spending 4 -10 hrs going through my key comments on my set ups and methods and then trying to relate them to what you see etc.

The industry love to try and make traders think its all simple stuff and you can make great profits after a few years etc etc. As you know 80%+ of all FX traders fail - lose money and give up - maybe a few years before they are there.

It does take 3-5 yrs part time to understand the complexity of the FX market and then another few years to test that you are consistent and you can carry on in all conditions. OK - I can help knock a few years off the learning curve and I know my method and system works to give good results - but even then I expect out of every 10 traders who carry on with it - only 3-5 at best will really be able to carry on and hack it with live money on a continual basis - yes it that's tough

As long as you know what you need to put in - then good luck to you and i can tell you - if and when you do get there - its all then looks easy and its well worth all the hard toil etc

Regards


F

Hi F,
Thanks in advance.
I'm quite aware that clocking enough chart time and committing to live trades are the only way.

My aim is to day trade well in that short 2 hour plus window. I read To achieve mastery one has to spend at least 10000hr practising his craft. [emoji29]

Btw i am using interactive broker's platform for trading will it be ok?

 

[Rockford-]

Here's a great example of my entry criteria being met and resulting in a trade with a RR of either 3 to 5 depending on your stop size - all within 30MINS

I need to see an interim high or low at a key time in a time window

I then need to see 3 quick lrs go over price for sells and under price for buys

I need to see correct PA - ie LH and LL on a tick or 1 min chart

I need a dynamic Trendline breached

I need to see other pairs in similar correlations either move in tandem or opposite

i need to see the move continue to find momentum after 3 and 5 and even 9 mins

i ideally need to look at closing the move in next TW ie from 12 to 30 mins later

See chart of scalp sell on UJ

Hope this helps


Regards


F

Hi F,

1) When you say an interim high or low, is this the high of the day, or a high over the last x hours?

2) when it comes to Linear Regression, are you using a linear regression line, or channels, and how many? Please explain all the lines on your chart. Which are Linear Regression, and are the rest Moving Averages and Bollinger Bands?

3) When you look at other pairs, are you using a strength meter, or looking at charts to identify tandem/opposite moves?

Thanks,
Rockford

 

[Forexmospherian]

Hi F,

1) When you say an interim high or low, is this the high of the day, or a high over the last x hours?

2) when it comes to Linear Regression, are you using a linear regression line, or channels, and how many? Please explain all the lines on your chart. Which are Linear Regression, and are the rest Moving Averages and Bollinger Bands?

3) When you look at other pairs, are you using a strength meter, or looking at charts to identify tandem/opposite moves?

Thanks,
Rockford

Hi Rockford

1 ) The interim highs and lows for me as an Intraday trader are all the different levels covered by the pair from approx Midnight UK time to 10 pm UK time

I am only really interested in the ones from say 6 am to 6 pm

For example there is approx 14 levels of interest for me on the EU from say 1300 to the latest high at 1530

Out of those levels - ( found on all charts under say 5 mins ) there as maybe been only 4 of real importance.

A level above is a R or resistance and a level below price then becomes a support

Those are levels I ideally want to scalp from on pullbacks or reversals etc

2 ) - LR's or Linear Regression indicators or forecasters - according to your broker terminology - not channels or fixed lines. They are like moving averages - but better with less lag and better qualities etc


3 ) I normally dont use the strength meter for my own method - but certainly it can be used a a guide and another clue with what should happen

I normally look at correlated and opposite correlated pairs - ie EU and GU and AU normally should be going in the same direction - and if there prices were going up - then pairs like the Ucad and Uchf should have their prices falling

I believe NVP is able to use his FX strength meter for intraday trading by looking at what currencies are the strongest and others the weakest etc and then try and match that pair together.

Ideally try a broker like FXpro / Dukascopy / GFT who have the LR indicator and then try the 9 settings on a 1 min chart

You then need the extra clues of reading PA / Time / levels etc and that is the difficult part and takes 1000's of hours of chart time to get into the zones and understand how it all works

Hope that helps


Regards


F

 

[Rockford-]

Hi Rockford

1 ) The interim highs and lows for me as an Intraday trader are all the different levels covered by the pair from approx Midnight UK time to 10 pm UK time

I am only really interested in the ones from say 6 am to 6 pm

For example there is approx 14 levels of interest for me on the EU from say 1300 to the latest high at 1530

Out of those levels - ( found on all charts under say 5 mins ) there as maybe been only 4 of real importance.

A level above is a R or resistance and a level below price then becomes a support

Those are levels I ideally want to scalp from on pullbacks or reversals etc

2 ) - LR's or Linear Regression indicators or forecasters - according to your broker terminology - not channels or fixed lines. They are like moving averages - but better with less lag and better qualities etc


3 ) I normally dont use the strength meter for my own method - but certainly it can be used a a guide and another clue with what should happen

I normally look at correlated and opposite correlated pairs - ie EU and GU and AU normally should be going in the same direction - and if there prices were going up - then pairs like the Ucad and Uchf should have their prices falling

I believe NVP is able to use his FX strength meter for intraday trading by looking at what currencies are the strongest and others the weakest etc and then try and match that pair together.

Ideally try a broker like FXpro / Dukascopy / GFT who have the LR indicator and then try the 9 settings on a 1 min chart

You then need the extra clues of reading PA / Time / levels etc and that is the difficult part and takes 1000's of hours of chart time to get into the zones and understand how it all works

Hope that helps


Regards


F

Hi F,

1) So you're saying the time frame you're interested in is 1 hour before Germany Opens to the London Close. Ok.

2) All the Linear Regression indicators I've ever seen are LR Lines (like the one you suggested on your LR thread to NVP), or LR channels. You did not explain what is on your chart. What type of LR indicator are you using? Also, what else is on your chart, MA's, Bollinger Bands etc?

Rockford

 

[Forexmospherian]

Hi F,

1) So you're saying the time frame you're interested in is 1 hour before Germany Opens to the London Close. Ok.

2) All the Linear Regression indicators I've ever seen are LR Lines (like the one you suggested on your LR thread to NVP), or LR channels. You did not explain what is on your chart. What type of LR indicator are you using? Also, what else is on your chart, MA's, Bollinger Bands etc?

Rockford

Hi Rockford

1) Yes purely because that the hours I might be trading - ie from after 6 00 am to latest 6 00 pm - 95% of all my trading in those hours. If you lived in the US or Far East then you may be keen to look at different hrs etc

2) I dont use MA's or Bollinger Bands - pure LR's - 9 or them normally - but can be anything from 7 minimum up to 11 maximum - ie what ever suits your own preferences etc - depending if you scalp or more swing

Regards


F

 

[Rockford-]

Hi Rockford

1) Yes purely because that the hours I might be trading - ie from after 6 00 am to latest 6 00 pm - 95% of all my trading in those hours. If you lived in the US or Far East then you may be keen to look at different hrs etc

2) I dont use MA's or Bollinger Bands - pure LR's - 9 or them normally - but can be anything from 7 minimum up to 11 maximum - ie what ever suits your own preferences etc - depending if you scalp or more swing

Regards


F

Hi F,

1) 6:00am UK, is 1:00 EST, 1 hour before Germany opens, and 6:00pm UK is 2 hours after London closes.

2) You're saying you're using 9 Linear Regression indicators at the same time? RIGHT...


Rockford

 

[Forexmospherian]

Hi F,

1) 6:00am UK, is 1:00 EST, 1 hour before Germany opens, and 6:00pm UK is 2 hours after London closes.

2) You're saying you're using 9 Linear Regression indicators at the same time? RIGHT...


Rockford

Hi Rockford

Are you East Coast of USA ?

Also many think LC is at 4 00 pm UK time - but for Forex its not. I was told for years it was 5 00 pm UK time and then a so called commercial professional said no its 4 30 pm UK. Its is different to other market times etc - but personally I still look upon up to 5 00 pm - as all Banks and Offices are normally open to 5 pm anyway.

With regards to using the 9 LRs - I spilt them into groups of three

its all explained in the 2 threads on LR's and also in this one

You do need to read through to understand how I work them

it is complicated - its not a simple system - but once grasped it then makes more sense.

GL on reading all the details etc - i could have written a book on it - but don't want to have to try and explain in just a single reply comment - as it would not be giving the method true justice

Regards


F

 

[frostbliss]

Here's a great example of my entry criteria being met and resulting in a trade with a RR of either 3 to 5 depending on your stop size - all within 30MINS

I need to see an interim high or low at a key time in a time window

I then need to see 3 quick lrs go over price for sells and under price for buys

I need to see correct PA - ie LH and LL on a tick or 1 min chart

I need a dynamic Trendline breached

I need to see other pairs in similar correlations either move in tandem or opposite

i need to see the move continue to find momentum after 3 and 5 and even 9 mins

i ideally need to look at closing the move in next TW ie from 12 to 30 mins later

See chart of scalp sell on UJ

Hope this helps


Regards


F

Hi F,
I see 2 charts in this post and there are many lines in there. Could label them with their parameters? Am trying to setup on my broker platform. I saw on the chart once price breaks the thick red line it seems to confirm xhange of direction.

What is this time window TW? How you define it, is it dynamic? What's the difference between LR and LR 2?

Regards,
Frost

 

[frostbliss]

Hi Rockford

Are you East Coast of USA ?

Also many think LC is at 4 00 pm UK time - but for Forex its not. I was told for years it was 5 00 pm UK time and then a so called commercial professional said no its 4 30 pm UK. Its is different to other market times etc - but personally I still look upon up to 5 00 pm - as all Banks and Offices are normally open to 5 pm anyway.

With regards to using the 9 LRs - I spilt them into groups of three

its all explained in the 2 threads on LR's and also in this one

You do need to read through to understand how I work them

it is complicated - its not a simple system - but once grasped it then makes more sense.

GL on reading all the details etc - i could have written a book on it - but don't want to have to try and explain in just a single reply comment - as it would not be giving the method true justice

Regards


F

Hi F,
Do you we set the parameters of the 9 LR lines on our charts as we see fit? Or are a fixed set with some lines tweaked according to the pair?

Tks.

Regards,
Frost

 

[Rockford-]

Hi Rockford

Are you East Coast of USA ?

Also many think LC is at 4 00 pm UK time - but for Forex its not. I was told for years it was 5 00 pm UK time and then a so called commercial professional said no its 4 30 pm UK. Its is different to other market times etc - but personally I still look upon up to 5 00 pm - as all Banks and Offices are normally open to 5 pm anyway.

With regards to using the 9 LRs - I spilt them into groups of three

its all explained in the 2 threads on LR's and also in this one

You do need to read through to understand how I work them

it is complicated - its not a simple system - but once grasped it then makes more sense.

GL on reading all the details etc - i could have written a book on it - but don't want to have to try and explain in just a single reply comment - as it would not be giving the method true justice

Regards


F

Hi F,

Please point to the post on your threads that explain how you put 9 versions of the same indicator on one chart? I'd be very interested in seeing and reading that.

Rockford

 

[drammen]

Hi F,

Please point to the post on your threads that explain how you put 9 versions of the same indicator on one chart? I'd be very interested in seeing and reading that.

Rockford

You add those indicators multiple times. If you theres 1 LR, you add one linear regression indicator, if its 2 LR's you add two linear regressions, if its 3 LR's, you add three linear regressions. What is it that you dont understand? He has posted the link multiple times. http://www.trade2win.com/boards/tec...linear-regression-indicator-over-8-years.html

 

[Rockford-]

As painful as it was, I have thoroughly read your Linear Regression thread for the second time at ...

http://www.trade2win.com/boards/tec...linear-regression-indicator-over-8-years.html.

This is Forexmospherian's Linear Regression scalp setup.

1) "My key 5 -9 LR settings for any time frame from 1 min to 1 month are as follows: 15 - 25 - 45 -95 - 115 - 180 - 285 - 500 - 900 - and for tick charts up to 1500 and even 1900".

2) "You do need all the LRs to be lining up - either on the waterfall effect from lower - or them all starting to turn up for higher".

3 a) It can be just one or two - ie 15 and 25 if its in a time window and price is near or past an interim S & R. Sometimes my 1 min chart is too slow and the LRs on a 10 second tick chart will be under already saying a change in bias. I also watch the HH's and HL's and opposites on the 1 min as well as seeing if a RSI 2 on a 30 or 60 min is OB or OS. A quick move prior to the exact hr change can also be a false move - to get traders in the wrong way - before a turn.

3 b)Yes - exactly - trades can suddenly stop at say 2.51pm or 3.00pm on the dot and also if they don't stop then and manage to go past 3.09pm - then they should carry on most of the time to approx 3.21pm.

That's it folks!

 

[Rockford-]

One last thing, this is what was said regarding Lot Sizes traded in Forexmospherian scalp setup...

"Most commercial traders are happy with 4- 7% per month - never mind a day - but I would be if I was trading a few millions of my own money - as then its very big returns. However as already explained I hit my financial wall at 22 full lots per pip and nowadays the majority of all my trading is under 10 full lots per pip".

I'm sure everyone knows that on a US pair 22 Standard Lots = $220 per pip USD.

God help the new guy that loses every dime he has, thinking he's going to get rich on this scalping system.

 

[Forexmospherian]

Hi F,

Please point to the post on your threads that explain how you put 9 versions of the same indicator on one chart? I'd be very interested in seeing and reading that.

Rockford

Hi Rockford

Sorry I am late coming back to you - but I believe you now have the link to settings on the 9Lrs

I will say - the real pain will be the few thousand hours of watching live charts at the coalface - ie on 1 to 3 min charts that is needed to start to understand how movements take place etc

They say you need over 10k hrs of study to get to a really high standard.

I am well past that now - and over 17k of live trades over a total of 7 yrs full time

Please if you want to learn my my method in just 4 or 6 months - then you need at least 12 -18 months of basic FX trading knowledge and understanding to be able to use and understand my method.

Are you sure you already have that knowledge ?

Why I say that is we are not really on the same wave length - ie I think you are looking for something simple and quick - believing that is possible?

With regards to 22 lots - It took me 7 yrs to get to that level - and nowadays I stay under 10 lots per pip - with most of my trades in the 3 -8 lot area.

That is still enough to earn a substantial amount of money when you reach a good experienced skill level.

It will not just happen over night - and therefore if that's what you are looking for - please ignore my method etc etc

Regards


F