A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

EJ

11 20 AM

Keeping an eye on Time rules on the last high on EJ at 10 51 am at 134 94

I want to sell it off more and now unless we try over 135 03 and 10 feel that it now ready to pullback and test supports at the 134 65 to 75 area

10 51 am and 11 00 am were both scalp sells - check chart set up and now its a case do we get a ABC or 123 set up with a LH staying under 134 90.

My sell stop for now on 30% stakes is in profit by 2 pips and 82/3 is a scalp buy - but it should stay under 90/91

If we carry on higher than I stay with 100% stake on scalp buy -this is a part many dont understand as I am in a sell on 30% stakes - but buying against myself at 100%- purely as a scalp from 827

 

[Forexmospherian]

I noticed in another thread about many saying there is no point in being both in a sell and a buy on the same pair

Rubbish as far as I am concerned

With intraday trading i can scalp against a swing on different stake sizes and make money on both way moves - but dont recommend it for 85% + of all intraday traders - only those who can follow every pip and are experienced scalpers as well as intraday swingers

 

[Forexmospherian]

11 27 am

Now this to me is after 11 20 am when I bought the EJ at 133 827

Price so far 134 901 and still in both a sell at 30% stake and a buy at 100% stake and in profit on both

If we go over 94 I stay with the scalp buys

Staying under 91 I cut buys and stay with 30% sell and look at adding again under 79

 

[Forexmospherian]

11 31 am

Slightly off topic but another few comments on both this forum and on others that have made me smile have been newbie FX traders saying - whats the point to scalping and Intraday trading - far better to take trades that make 150 -200 pips then take a load of trades making 10 or 20 pips - easier and more profitable

Again - Rubbish

Its shows they know nothing about trading efficiency and RR's and profitability and ROC etc etc

A scalp of 17 pips from a 4 pip stops is far more profitable on the correct stake size % than a 170 pips winning trade with a 55 pip stop - so many just dont get this

Plus the fact you maybe can take 3 or even 5 scalps making RR's over 3 or 5 + in one day - not many days can you take 3 + trades making 170 pips in a day - and so you dont earn the account increase so quick and you end up making a measly 3 -8% per month ROC rather than a retail achievable 25 -50% + per month ( not compounding )

 

[Forexmospherian]

11 42 am

EJ trade update

OK sold from just under 133 94 - dropped to 30% stake at 86 with a 6 pip profit on 70% stake size - ie 2 lots

Scalp bought at 827 and now at 134 97 so dropping to 30% stake on buy and banking approx 12 pips on 70% stake

Made approx 2 pips on 30% stake on sell taken out at 1 lot and still have locked in 3 pips on 30% stake of buy on another lot

Total pips so far on moves after 10 51 am = 6 + 12 + 2 + 3 - ie 23 pips with 18 pips at 70% stakes and approx 5 pips at 30% stakes of 1 lot.

Hope that makes sense

Now ifwe drop under 79 I look at scalp selling again on any slight pullbacks staying under 92

 

[Forexmospherian]

One thread on the forum I found very interesting with comments back to 2008 was the following

http://www.trade2win.com/boards/discretionary-trading/37288-no-b-s-day-trading.html

Worth reading through approx 28 pages - because were I am very much into TA - I found many of the comments very interesting - even from the guy who was all into volumes and forget charts etc etc

Also nice to hear some of the members confirming how good Grey1 was - a very consistent intraday trader although again I dont think he was a master of FX as he traded by the look of it more indices

Trading indices is different to purely FX - I am only an FX trader - no Dow/ Ftse / S & P / oil / gold other etc - different ballgame as far as I can see although for intraday again - multi trading and tight stops both so important

 

[Forexmospherian]

Midday - 12 00 pm UK time

2 key news releases in 90 mins

EJ for now stuck in range from 133 -80 to 134 03 - just over 20+ pips

Under 133 79 and 76 I would be selling

Above 134 03 and 10 - i would be scalp buying

In between now a BTTZ area but still with bull bias - its whether it can overcome the interim R area now

 

[Forexmospherian]

It looks at though we have a scalp sync on EU / EJ / EA - all been scalp buys in this TW from 11 50 am

Trouble is - all have interim R areas over next 5 -10 pips

 

[Forexmospherian]

EA

12 05 pm

Check it out from after 11 39 / 40 am KT interim low

its moved up nearly 30 pips compared to just over half that on EU and 18 pips on EJ

Please dont try scalping all 3 pairs at student level - focus on just 1 or 2 pair for scalps - but try and use syncs and correlations to assist you with your decision making etc etc - ie with EU rising again - UChf as been a nice sell from after 11 40 and 11 51 am - ie oppositely correlated

 

[Forexmospherian]

EA

12 05 pm

Check it out from after 11 39 / 40 am KT interim low

its moved up nearly 30 pips compared to just over half that on EU and 18 pips on EJ

Please dont try scalping all 3 pairs at student level - focus on just 1 or 2 pair for scalps - but try and use syncs and correlations to assist you with your decision making etc etc - ie with EU rising again - UChf as been a nice sell from after 11 40 and 11 51 am - ie oppositely correlated

EA CHART

Perfect LR set up on quick and medium set ups

Buy anytime after 11 39 am and 11 50 am and notice 12 09 pm - a turn at an interim high

That move up was worth over 37 pips - I did not get anywhere near that many as late to party trying to scalp all 3 pairs

 

[Forexmospherian]

OK back now about 1 20 pm ready for key news releases

See you later guys

 

[Forexmospherian]

Looking at scalping EU and UCad for news

Will wait for release and then try and get in either within 3 mins or 9 mins afterwards depending on action

Ucad is session bullish above 3080/85 for now

 

[Forexmospherian]

1 30 pm

Nice scalp buy on UCad

so far from release moved up 31 pips and I am up atm 18 pips after slippage

 

[Forexmospherian]

1 35pm

EU is a scalp sell under 1230 for now with a high of 1232/3 for now

need under 16 to stay with sells

 

[Forexmospherian]

1 30 pm

Nice scalp buy on UCad

so far from release moved up 31 pips and I am up atm 18 pips after slippage

1 39 / 40 pm was the scalp sell from 3131 with top so far at 3133/4 - check your chart set up on cross over

Pullbacks staying above 3105 are buys again

 

[Forexmospherian]

1 35pm

EU is a scalp sell under 1230 for now with a high of 1232/3 for now

need under 16 to stay with sells

1 55 pm now

20 min later from call

EU so far dropped down to 1212

Taken 70% stake off and banked and will leave 30% on with stop in profit at 1226

 

[Forexmospherian]

EA and EJ

From 1 39 / 40 pm - KT on set up for LRs changes


So far EA dropped 30 pips - EJ 18 pips and EU now from after news release down 23 pips

 

[Forexmospherian]

1 39 / 40 pm was the scalp sell from 3131 with top so far at 3133/4 - check your chart set up on cross over

Pullbacks staying above 3105 are buys again

UCad

1 59 pm

dropped down now 16 pips - still hope to scalp buy again above 3105

 

[Forexmospherian]

2 05 pm

This is too easy today

I had my cross over around 1 58 pm to 2 02 pm on Euro crosses for a scalp buy

Still left some 30% stakes on sells for now

UCad testing 3110 for now - looking at scalp buying either by 3 10 pm or if no crosses and bounces will wait

 

[Forexmospherian]

2 17 pm

Dont forget to keep a look on the time rules on last interim highs and lows

UCad as gone over 30/ 35 min with no new high - but still not tested 3105 - if it is going to bounce and be a scalp buy - it would then need another 20 mins to test high again - thats if it does want to test the last high?