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

[Forexmospherian]

EJ and EU

Both going to plan at 1 46 pm

 

[Forexmospherian]

old spanish89 trick is to punish oneself after a losing trade.
He adopted the method of starving himself for a few meals, or would, on occasion make himself sick
on cheap rum.
Advanced risk management of a sort.
Don't see it mentioned here much - bit of an insider secret

Hehe

Another one is holding your breath on a scalp entry - until you moved into profits

That focuses your entries and your mind

 

[Forexmospherian]

F,

Would you take the following scalp on EJ (attached)? Also, would you have taken any other trades on that chart.

Thanks

J

Who's broker platform are you using J ???

 

[jfw215]

Who's broker platform are you using J ???

Thanks F. I have accounts with IB and MBTrading. That chart was using Tradestation.

For live trading, I 'm thinking of using MBTrading MT4 for small lots.

EU looks like setting up a long here.. just in time for the 9am EST window.

 

[Forexmospherian]

Thanks F. I have accounts with IB and MBTrading. That chart was using Tradestation.

For live trading, I 'm thinking of using MBTrading MT4 for small lots.

EU looks like setting up a long here.. just in time for the 9am EST window.

I took trade off at 2213 after not making over 2214

Will relook at scalp buying if we stay above 2201 on pullbacks

But we need now over 2216 and then 25 to keep with the scalp buys

GL

 

[jfw215]

EU better hold here 2205s for longs to stay valid?

 

[jfw215]

Calling a long here on EU 9EST Window. Im really loving this window stuff! and 3 pips from the swing low... jesus... what have i been doing before... lol

 

[Forexmospherian]

I took trade off at 2213 after not making over 2214

Will relook at scalp buying if we stay above 2201 on pullbacks

But we need now over 2216 and then 25 to keep with the scalp buys

GL

I did not take the scalp sell on the pullback - as lazy today and still in holiday mode

You need to always be looking for levels for changes

A key one is over 2225+ as 3 pips or so above current high

Also 2200 is a normal interim support

If we dropped under 2201 and 2198 - I would expect then 90 to 93 to hold for a turn up again

The key then is over 2216 and 25

If we try up and only make say 13 or say 2219 - we could then just drop and go below supports etc

The session bias is still EU scalp bullish - but as you know that can change every 30 or 60 mins - if the market wants it too

 

[Forexmospherian]

EU

2 01 pm

Stick an up trendline from 86 to say 95 and 2204

That is your dynamic support - extrapolate it

above line still bullish

If we drop under line - then its no longer a scalp buy etc

 

[jfw215]

I took trade off at 2213 after not making over 2214

Will relook at scalp buying if we stay above 2201 on pullbacks

But we need now over 2216 and then 25 to keep with the scalp buys

GL

F,

When did you get long on this trade? the one where you exited at 2213?

Also, what's the smallest tick/second time frame chart are you looking at to get such a good exit?

J

 

[Forexmospherian]

F,

When did you get long on this trade? the one where you exited at 2213?

Also, what's the smallest tick/second time frame chart are you looking at to get such a good exit?

J

I had 30% buy on after I exited a scalp above 2192 at Midday

I had favoured EJ - as normally moves more than EU

Still got 30% stake on EJ buy - but need above 147 18 to hold - otherwise under 03 - exit again

 

[Forexmospherian]

My key trades are just 7 to 25 pips

I accept say 4 pips if I have to and will drop to 30% stakes and bank 70% when over 15 pips normally - or earlier in slow markets

I need to get entries as key to the whole exercise

Even if I get a trade wrong - Ie it does not go my way way - if i get a great scalp entry - I still might be able to pull with a small profit - rather than lose 5 or 15 pips etc etc

 

[jfw215]

I had 30% buy on after I exited a scalp above 2192 at Midday

I had favoured EJ - as normally moves more than EU

Still got 30% stake on EJ buy - but need above 147 18 to hold - otherwise under 03 - exit again

F,

Do you mean you longed in the middle of the chart attached here? Also you held 30% for 2 hours!!? This is looking more like scalp/swing trading. I like!

Did you add and peel any more EU lots after the mid day 2192 entry?

 

[Forexmospherian]

Next part of the method - is being able to take 10 to 20 trades a day

If you only have a few hours as a slot - still try for at least 4 or 5 trades

OK - if first 3 alll make a good profit no problem

But for me as an example one Monday in November - 1st trade of morning OK - then next 7 trades only one more win - and I was down in the red by over 15 pips

The next 4 trades got me back into profit - and my end of day I took over I think 18 trades and made over target

If I had stopped at say first 7 or 8 trades - I would have had a losing day - as I had a bad 2 hrs

 

[Forexmospherian]

F,

Do you mean you longed in the middle of the chart attached here? Also you held 30% for 2 hours!!? This is looking more like scalp/swing trading. I like!

Did you add and peel any more EU lots after the mid day 2192 entry?

With market in holiday mode - I am not loading stakes - not been over 4 lots today - some days still use 8 -10 lots on scalps and 3 lots for my 30% stakes

Yes - although i trained as a scalper - I am not a pure scalper nowadays

I scalp for main 10 -30 mins then leave a stake on with stop in a few pips profit - if I think it as legs

So a 15 pip scalp in say 20 mins can end up a 200 pip move over 3 days- if my part stake ( 30% ) does not get taken out

Every 60 pips on part stakes is nearly like a 17 / 18 pip 100% STAKE SCALP.

Also - part stakes are win win - and dont need baby sitting like scalps

 

[jfw215]

Next part of the method - is being able to take 10 to 20 trades a day

If you only have a few hours as a slot - still try for at least 4 or 5 trades

OK - if first 3 alll make a good profit no problem

But for me as an example one Monday in November - 1st trade of morning OK - then next 7 trades only one more win - and I was down in the red by over 15 pips

The next 4 trades got me back into profit - and my end of day I took over I think 18 trades and made over target

If I had stopped at say first 7 or 8 trades - I would have had a losing day - as I had a bad 2 hrs

F,

I would be delighted to get 4-5 quality trades in the morning session. I used to sit for 10 hrs (eu open to us mid day) and get 0-2 entries!

Thanks

J

 

[jfw215]

With market in holiday mode - I am not loading stakes - not been over 4 lots today - some days still use 8 -10 lots on scalps and 3 lots for my 30% stakes

Yes - although i trained as a scalper - I am not a pure scalper nowadays

I scalp for main 10 -30 mins then leave a stake on with stop in a few pips profit - if I think it as legs

So a 15 pip scalp in say 20 mins can end up a 200 pip move over 3 days- if my part stake ( 30% ) does not get taken out

Every 60 pips on part stakes is nearly like a 17 / 18 pip 100% STAKE SCALP.

Also - part stakes are win win - and dont need baby sitting like scalps

F

I think that's like the ultimate trader, being able to scalp and hold for days.

What's the smallest timeframe/tick frame chart you look at to get near top tick exits? I imagine its sub-1min chart.

J

 

[Forexmospherian]

F,

I would be delighted to get 4-5 quality trades in the morning session. I used to sit for 10 hrs (eu open to us mid day) and get 0-2 entries!

Thanks

J

I will get you in to better time managment

I rarely take over 2 or 3 scalps an hour

Major Magnum - he will take 4 -6 scalps an hour in busy periods - with the odd one or two making over 10+ pips and then at least 2 making over 5 pips etc

Because I look over the whole day - I might only be at desk 3 -4 hrs - but over a 8 -12 hr session and cherry pick at key times

 

[Forexmospherian]

F

I think that's like the ultimate trader, being able to scalp and hold for days.

What's the smallest timeframe/tick frame chart you look at to get near top tick exits? I imagine its sub-1min chart.

J

Yes

I do use tick charts anything from 5 -10 seconds or from 13 to 34 tick - I call all FX charts under 1 min - tick charts and got slaughtered for it ;-)

LR's work on tick charts with time and levels

I dont mind any tick chart and when pure scalping - use it in preference to a 1 minute with different LR settings

 

[jfw215]

I will get you in to better time managment

I rarely take over 2 or 3 scalps an hour

Major Magnum - he will take 4 -6 scalps an hour in busy periods - with the odd one or two making over 10+ pips and then at least 2 making over 5 pips etc

Because I look over the whole day - I might only be at desk 3 -4 hrs - but over a 8 -12 hr session and cherry pick at key times

Gotcha. I think I used to trade with a lot more fear and that led to fear of entries.

If you had taken the long on EU at 9EST window, how would you have exited. I marked 2 possible outcomes. Your thoughts here appreciated.

Thanks

J