My journey towards consistency

[KostasSt]

Got caught where the red trend line is.

 

[Forexmospherian]

Got caught where the red trend line is.

You have got a nice chart and also got your box area correct for the next S & R levels that need to be broken

For now its just too slow - maybe it might change next 30 mins or after even 4 30 / 5 00 pm

 

[KostasSt]

You have got a nice chart and also got your box area correct for the next S & R levels that need to be broken

For now its just too slow - maybe it might change next 30 mins or after even 4 30 / 5 00 pm

Obviously we are waiting price to break S or R but when we do so would it be wise to wait for some kind of retrace before going in ? I am really new to 1 min chart trading so don't know how to enter and exit properly.

 

[Forexmospherian]

Obviously we are waiting price to break S or R but when we do so would it be wise to wait for some kind of retrace before going in ? I am really new to 1 min chart trading so don't know how to enter and exit properly.

Would all depend on the time of any breach and the strength

If we are in slow motion mode - yes - wait for a 3 -5 pip breach and enter on small pullbacks or retraces - but not on any over say 10 or 12 pips

If the breach is quick and there is momentum either way try and be in before the breach ie for now over 119 98 / 99 favours scalp buys and even if we did not make 120 10 you could exit with say 4 -7 pips

Similar if 85 lets go try and be in scalp sells for test on 81 and 79 and if no breach there - you still might be able to grab 3- 5 pips or stay with it if it carries on##


The worse place to enter is dead on the price break - that's when the market can trick the most short term traders

GL

Off out in 5 mins but back later

 

[Forexmospherian]

As I leave UJ was a scalp buy after 3 39 pm and from 89 /90

we know it needs over 119 98 and 05 to stay with it

 

[KostasSt]

Got in just before 120 price price went up for a while then saw a red candle and ran away after the red candle price rallied Whopping 1.3 pips, commission ate half of it.

 

[Forexmospherian]

UJ - update after 5 00 pm

I wanted to chose the UJ for gft32 today - because I thought price would rise and therefore encourage him to scalp buy more

The last scalp buy point is marked on the 1 min LR chart at 3 39 / 40 pm from 88 /90 area - which is of course above the 81 / 83 support area

We could have said OK stop at 82 - so really a 6 or 7 pips stop - but in reality if price pulled back even just 3 or 4 pips - i would have cut the UJ scalp buy - unless i was already up 5 or 7 pips and so still in profit

This is why entries for me are key

Even if you don't get the trade move & direction you want - ie in this case we wanted over 119 99 and 120 05 - its still possible to come out with a few pips - or B/E or worse case less than 5 pips

If you keep getting the direction wrong on say 5 scalps but at least keep getting out with just 1 or 2 pips - its no pain.

3 or 4 bad scalps with minus 5 or 7 on each loss - is pain - it will happen whilst you are gaining experience - but you will get to a point that you escape and pull out before minus 2 or 3

Then 5 bad scalps might only be minus 10 or 12 pips instead of minus 25 or 30 pips - which is not so east to recover on just one or two good trades.

The last scalp buy at 3 39 pm as not been able to make over 120 15 for now - up to 120 20 is all a R area anyway - so if you had held it above 99 and 120 05 - a least 10 + pip scalp and from 88 / 90 - a 20+ pip scalp - on a stop of 5 pips nearly a RR of 4 .

Here's my chart for the day so far with my levels taken from off the lower frame charts - were price as stuck at a level or area for say 5 -15 mins +


Besides static / horizontal levels - dont forget your dynamic levels off a TL.

 

[T44]

Hi F,
Another lurker appears out of the shadows!
This is turning into a fascinating thread, thanks for your input there's very few that would give up their secrets like this.
Should say I'm an experienced trader but not Forex and not on such a short timeframe. I can however see most of what you are doing and teaching but I wonder if you'd mind clarifying:
At around 1609, and again around 1709 price hits and quickly rejects the 120.04/05 level. Do these rejections immediately generate scalp sells? How many red bars, or number of pips retracement do you need before entering? Once you've entered whats your criteria for taking a profit? Number of blue bars against you/number of pips retrace/fixed target?
Thanks in advance,
T

 

[Forexmospherian]

Hi F,
Another lurker appears out of the shadows!
This is turning into a fascinating thread, thanks for your input there's very few that would give up their secrets like this.
Should say I'm an experienced trader but not Forex and not on such a short timeframe. I can however see most of what you are doing and teaching but I wonder if you'd mind clarifying:
At around 1609, and again around 1709 price hits and quickly rejects the 120.04/05 level. Do these rejections immediately generate scalp sells? How many red bars, or number of pips retracement do you need before entering? Once you've entered whats your criteria for taking a profit? Number of blue bars against you/number of pips retrace/fixed target?
Thanks in advance,
T

Hi T44

My method is really fairly unique and is certainly different to normal technical analysis .

I use 6 key times an hour - in 2 time windows

Within 30 seconds of a KT - I expect a reaction - not every time - but if price is at a interim important level

I try and get into scalps within 0 5 to 2 pips of a change of price - so even if I get it wrong I still might get out with a few pips

I cherry pick and normally every day look for 10 to 20 intraday trades or scalps ideally looking for 7 to 25+ pips using stops from 3 pips on really low spread pairs to 7 pips max ( only on pairs with 2 or 3 pip spreads )

I dont wait for confirmation - I use time - PA - LRs and price structure along with interim S & R levels for entering

On average I am 70 -75% accurate on batches of 100 scalps - bad run around low mid 60% win ratio and on good runs 80 - 87% win ratios

My methods and strategy is explained in a couple of other threads - ie Intraday trading FX for consistent profits - and why I have used LR's for 8 years and more recently a "devil in the detail" journal thread

I am retiring within a maximum 3 yrs ( already 61 yrs old ) so wanted to pass on my way to a few other proper retail FX traders who are committed and want to succeed ( all free of charge )

I dont like the the Industry with all its deceit and lies etc and so want retail traders to know - it can be done - yes maybe 70 -85% of all FX traders fail and maybe most intraday - but if you stick at it learn a proper successful method and then continue with it ( like me over 17k live trades now ) you can be very profitable - way beyond the normal traders expectations on retail type capital under a maximum of say $250k

I have done it and am pleased I have now trained one member here - Major Magnum over a 6 -8 months period - and now he is becoming very profitable on a live retail capital account.

I hope during this year another few members will also try it out and also learn to be profitable on a consistent basis

Check out other threads etc and also join in on gft32's thread with any questions etc etc

All the best and Good Trading


Regards


F

 

[gftrader32]

Yes we need to change your longest 2 - will do in a bit - I would like to concentrate on scalp set up first and will use the UJ as the example - as out charts similar here for scalps

F, my longest 2 are 500 and 900, you said need changing?

 

[gftrader32]

Well no

First scalp buy is after 7 09 am

Now lets go through it from there

How do you read the PA and also then when would you scalp again after 7 09 am ??

currently reviewing the day, 7 09 scalp buy would have been a loss? price deceased exactly 5 pips

 

[gftrader32]

Take time with questions - no rush or pressure as we need to get you reading PA etc correctly

After you have done those first questions - next one##

As at 11 45 am UJ at 119 74

What price can we scalp sell from ?

What price can we scalp buy more from ?

What are most important interim levels at this time prior to midday for scalping and intraday ?

i noticed that i didn't reply to those:

- scalp sell below 63 / 60
- scalp buy 73 / 71
- most important interim levels 80 / 79, 63 / 61 / 57

 

[gftrader32]

i noticed earlier when you started asking question, you were asking which levels to sell / add more scalp buy etc etc

while i answered these questions and you said correct, they are still a mystery to me...what imean... how do you determine most recent s & r ?

is it low / high of last 30 min... or where the price holds for 1-2 hours??


i'm asking how to determine most recent levels to decide scalps sell / buy

sorry if it soundd naive question

 

[Forexmospherian]

7 00 am was the time to jump in the scalp sells on the EU / GU and EJ

Not trying all 3 - 2 at a time is enough

currently reviewing the day, 7 09 scalp buy would have been a loss? price deceased exactly 5 pips

Hi g

I did not actually take a scalp buy on the UJ this morning at either 7 01 am or 7 09am as I was scalp selling the GU and AU

However you are correct - exactly 7 09 am was not the exact best time to take the buy - as we said - AFTER 7 09 am at 7 10 am or 7 12 am would have been far better as still above the low of 6 35 am and 6 43 am - but over 30 mins from low with no breach

This is another part of scalping to learn

When you scalp buy - look for slight pullbacks and never buy exactly at the top of a candle - try and buy 2 or 3 pips lower - and like wise when you scalp sell - never take it exactly at the lowest price - try and take it after a 2- 3 pip or so pullback.

In both cases the scalp buy still must be a a HL price on a 1 min and the scalp sell must be still a LL on the pullback to previous 1 min candle level

For example - 7 00 am on the UJ was a scalp buy at 119 17 or 18 - but the last low had not gone over 30 mins by then - but after 7 09 am - we had gone the 30 mins from 6 35am - but the 7 09 am exact price from 119 21 to 225 - can be bettered just 2 mins later from 119 18 or 119 and then from then after 7 12 am - we never go lower for all day

Timing and PA is important - but also the quick LR's

At 7 09 am if you look on your chart the quickest LR was over the candle - so you dont want to scalp buy with that 1 lr saying price will pullback a bit - which it did

You ideally enter with all the quick 2 or 3 lrs under the candle or price you enter for a scalp buy and opposite on a scalp sell

This is why you line up all with time /PA and quick LRs and if they all agree then enter

At exactly 7 09 am - they did not all agree - they did at 7 04 am to 7 06 am as price rose 5 pips - but 7 08 and 7 09 am was not perfect but at 7 13am and 15 am it was a better scalp buy than 7 09 am as price was 3 or 4 pips lower and then your stop only had to be 2 or 3 pips maximum - for a 100+ pip rise

This is another example of the complexity of PA and scalping - but glad you raised it as its another clue I take for granted - but you would not be looking for all what I am looking for - - now you will see it again differently.

With regards to interim levels - the most recent are the best - ie within last 30 mins or hour - but if none then look 2 hr or 4 hr or 6 hrs or more for levels that stick or hold at a price for anything from 5 mins to hours - they are you interim levels - seen on the 1 min and maybe most on 3 -5 min - but not always noticable on other higher frame charts.

Remember we are looking for accuracy and need the minute details etc - not just approx guide areas or zones - they are OK for using 20 -35 pip stops - but for 3 -7 pip stops - then the devil is in the detail - and at the coalface.

Will explain more tomorrow

Notice on UJ - we never went under 119 81/3 area and tonight made 120 22 - before a 18 -20 pip fall

So - latest interim levels at 120 22 then 17 /18 - then 120 10 - lower 02/3 and then 120 00 and then 92 then 119 83 etc

All these interim levels might hold up a scalp buy or sell and are levels to target or take profit etc etc

See you in the morning


Regards


F

 

[T44]

Hi T44

My method is really fairly unique and is certainly different to normal technical analysis .

I use 6 key times an hour - in 2 time windows

Within 30 seconds of a KT - I expect a reaction - not every time - but if price is at a interim important level

I try and get into scalps within 0 5 to 2 pips of a change of price - so even if I get it wrong I still might get out with a few pips

I cherry pick and normally every day look for 10 to 20 intraday trades or scalps ideally looking for 7 to 25+ pips using stops from 3 pips on really low spread pairs to 7 pips max ( only on pairs with 2 or 3 pip spreads )

I dont wait for confirmation - I use time - PA - LRs and price structure along with interim S & R levels for entering

On average I am 70 -75% accurate on batches of 100 scalps - bad run around low mid 60% win ratio and on good runs 80 - 87% win ratios

My methods and strategy is explained in a couple of other threads - ie Intraday trading FX for consistent profits - and why I have used LR's for 8 years and more recently a "devil in the detail" journal thread

I am retiring within a maximum 3 yrs ( already 61 yrs old ) so wanted to pass on my way to a few other proper retail FX traders who are committed and want to succeed ( all free of charge )

I dont like the the Industry with all its deceit and lies etc and so want retail traders to know - it can be done - yes maybe 70 -85% of all FX traders fail and maybe most intraday - but if you stick at it learn a proper successful method and then continue with it ( like me over 17k live trades now ) you can be very profitable - way beyond the normal traders expectations on retail type capital under a maximum of say $250k

I have done it and am pleased I have now trained one member here - Major Magnum over a 6 -8 months period - and now he is becoming very profitable on a live retail capital account.

I hope during this year another few members will also try it out and also learn to be profitable on a consistent basis

Check out other threads etc and also join in on gft32's thread with any questions etc etc

All the best and Good Trading


Regards


F

Thanks for all that F. Yes I've been watching MM s progress, it's excellent indeed!
I've read ur LR thread, and i'll move on to the devil in the detail thread next.
2 more question's and I'll leave gft s thread for him to get on with his learning.

If your 6 key times are not private would you mind repeating them please, and secondly what is the maximum amount of time you would look back in order to set your important levels on a 1 min chart?

More of a statement now, I expect that after your amount of screen time the one thing you no longer/rarely use are the LRs, but I can see why they would be useful for a beginner or a trader that's totally indicator based. Personally if I have a go at a variation of your 1 min scalping method I will not use them. I will experiment with displaying volume from the CME currency futures instead but this will probably have little use in some of the less liquid ones, 6B, 6E, and 6J should be ok though.

Will let you know how I get on, but wont be for a little while.

Regards, T

I see you ve just touched on some of this in the post above, great stuff thanks again!

 

[gftrader32]

5 40

new day...new start

 

[gftrader32]

5 48

UJ

current s 13/4 then 07

current r 22 then 29 then 35

 

[gftrader32]

long uj 6 00 am at 16

 

[gftrader32]

long uj 6 00 am at 16

adjusted stop 13

 

[gftrader32]

uj 5 57 am was a false bar?