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

This is a discussion on Intraday Live short term trading calls from an Expert Retail Forex Trader within the Discretionary Trading forums, part of the Methods category; Originally Posted by MajorMagnuM ok kind of the converse of the reason to use it in fast times... Ok I ...

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Old Nov 20, 2014, 10:17pm   #28156
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Quote:
Originally Posted by MajorMagnuM View Post
ok kind of the converse of the reason to use it in fast times...
Ok I found the perfect example to demonstrate my point EU from 4.50pm to 9.50pm (5 hours). Picture explains everything
Just by adding a typical average 95 LR and showing a tick chart (top left) a 2 min chart (top right) and 1 min (bottom) you can see the main advantages.
With the tick chart you would have had a better short (and long) entry earlier (6.41pm at 2552) and the LR do not keep crossing price after 7.50pm when market slows down... so you can stay in the trade... easier to read PA etc...
2 Min chart LR crosses price later at 7.14pm (2548) and then it looks flat...
1 Min chart is worse because after 7.50pm LR keeps crossing price that has become flat.
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eu-20141120-dmall.jpg  

Last edited by sunwest3d; Nov 20, 2014 at 10:33pm. Reason: Typos
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Old Nov 20, 2014, 10:25pm   #28157
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Forexmospherian started this thread
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Originally Posted by NVP View Post
ive seen some posts elsewhere that tell me I can refix my FXCM to go down to tick level.......may do that as an experiment .....1min is fastest I get ......

if anyone cn get this to work that would be appreciated

N

http://www.fxcmapps.com/metatrader-4...m-time-frames/
Hi N

i know you need your MT4 or 5 for your strength correlator - but personally for scalping move away from MT4 set ups

Try tick charts on ctrader ( FXPro ) or DuKascopy , LMAX or even Alpari - all have LRs as well

Unfortunately dont know much about FXCM - although did use them about 10 yrs - ago. If you can get a tick chart on a non MT4 platform there - that would be OK

You may need just to keep your MT4 for your correlator - but for scalping stick to other specialized charts etc

Hope you are around tomorrow

Regards

F
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Old Nov 20, 2014, 10:34pm   #28158
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Quote:
Originally Posted by montmorencyt2w View Post
I may be off the wall here, but I wonder if you can relate this to using volume - there are definitely some aficionados of Volume in FX out there (even if it's "only" tick volume). By the same token, might those without access to tick charts benefit from using volume?

Hi MMt2w

I remember going through level 2 and other order volume methods - but got to admit could not really get them to work for me

I did not trust the info - and of course got the feeling that the liquidity providers and even some of the big players were manipulating what we saw via false cancelled orders

I trust a tick chart - mainly because of price structure again - I don't really like raw price - as i find it misleading and I also am very much into time - as an indicator

I know it might sound silly - but also its what you get used to over 1000's of trades - even down to when you see a gameplan being put into action - to try and get traders stuck in wrong way trades.

I would love to hear from another scalping pro who feels he has volumes down to a tee - and uses them with great effect - as yes I then think I could learn more from them

Good Trading


Regards


F
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Old Nov 20, 2014, 10:41pm   #28159
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Quote:
Originally Posted by sunwest3d View Post
Ok I found the perfect example to demonstrate my point EU from 4.50pm to 9.50pm (5 hours). Picture explains everything
Just by adding a typical average 95 LR and showing a tick chart (top left) a 2 min chart (top right) and 1 min (bottom) you can see the main advantages.
With the tick chart you would have had a better short (and long) entry earlier (6.41pm at 2552) and the LR do not keep crossing price after 7.50pm when market slows down... so you can stay in the trade... easier to read PA etc...
2 Min chart LR crosses price later at 7.14pm (2548) and then it looks flat...
1 Min chart is worse because after 7.50pm LR keeps crossing price that has become flat.
Interesting SW

You are correct - some times tick charts can get you 2 -4 pip better entries and even assist on exits - as well as give you better accuracy

I know many traders say you are just working in "noise" - But true noise is really just in a tight BTTZ area.

Normally - if you wanted and had the focus you can nearly follow every pip move over an hour and if you spreads were super small ie 0 2 of a pip - then you can get trades of a RR of 2 easy of a 5 pip move

Glad you are working at it and understanding more of how you can make intraday trading profitable .

Every 500 trades you will get better - its all practice and experience etc

Regards

F
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Old Nov 20, 2014, 10:42pm   #28160
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Quote:
Originally Posted by sunwest3d View Post
Ok I found the perfect example to demonstrate my point EU from 4.50pm to 9.50pm (5 hours). Picture explains everything
Just by adding a typical average 95 LR and showing a tick chart (top left) a 2 min chart (top right) and 1 min (bottom) you can see the main advantages.
With the tick chart you would have had a better short (and long) entry earlier (6.41pm at 2552) and the LR do not keep crossing price after 7.50pm when market slows down... so you can stay in the trade... easier to read PA etc...
2 Min chart LR crosses price later at 7.14pm (2548) and then it looks flat...
1 Min chart is worse because after 7.50pm LR keeps crossing price that has become flat.
Ty will study this.
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Old Nov 20, 2014, 10:44pm   #28161
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Forexmospherian started this thread Not trading tonight - but notice GU will have to depend on supports at 5672 -75 area to keep it in the up bias and then 5650

Under there favours falls lower
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Old Nov 20, 2014, 10:46pm   #28162
Joined Sep 2011
just looking now
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Old Nov 20, 2014, 10:53pm   #28163
 
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For what it's worth, Ashraf Laidi's latest thoughts on the USD:

http://ashraflaidi.com/forex-news/a-...e-dollar-bulls
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Old Nov 20, 2014, 10:55pm   #28164
Joined Sep 2011
the following two shots show how very different my setups have been looking. the lower one is paint by numbers
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Old Nov 20, 2014, 10:56pm   #28165
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hopefully F you can now see what i mean when im saying" but price was below the white lrs so i did not buy ( blue line)
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Old Nov 20, 2014, 10:56pm   #28166
Joined Sep 2011
and price was above so i did not sell ( yellow line)

the differences are massive. also note in lower pic the buy happens above green
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Old Nov 20, 2014, 10:58pm   #28167
Joined Oct 2013
EJ - Tonight from 8 39 pm - 1 min LR chart with Price structure

Forexmospherian started this thread EJ

Just before I pop off for my beauty sleep - looked at EJ

Missed the scalp buy after 8 39 pm - dont normally trade in evening after about 5or 6 pm

Notice how structure as changed

Also EJ dropped approx 120 pips from its high today - and yet still just about in up bias session channel

Good Luck for tomorrow

Regards


F


Click the image to open in full size.
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Old Nov 20, 2014, 11:05pm   #28168
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will check out and compare tick entries too
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Old Nov 20, 2014, 11:21pm   #28169
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interesting, i got the short at 23_08. gu, using bias from longer lr structure on faster tick charts. the best signal white lr wise was on t8 at 22:56
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Old Nov 20, 2014, 11:32pm   #28170
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Originally Posted by MajorMagnuM View Post
interesting, i got the short at 23_08. gu, using bias from longer lr structure on faster tick charts. the best signal white lr wise was on t8 at 22:56
Yes interesting indeed , thanks for sharing MM. Going to Bed now. See you all tomorrow
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