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

[Forexmospherian]

EU

2 07 pm

Need under 2023 and 2020 to hold scalp sells on - otherwise we should bounce before 25 ?

 

[jfw215]

yes - last time i went to us was when gu was over 1 6000 + and time before nearly 2

lol!!!

 

[Forexmospherian]

F,

I got a question in the attached chart.

I held on to the EU short from 9EST window. But was considering closing out early. Would you have held through the 2nd rectangle marked in the chart? Your thoughts on how to exit this trade appreciated.

J

For me - i would have exited at least 70% of stake for profit and then left rest on with stop in 1 pip of profit from entry

By doing that you dont have to babysit trade - you either gain more on 30% or get stopped but still with a profit


Regards


F

 

[Forexmospherian]

For example

If live and on 3 lots - then takes 2 lots off at above 7 or 10 pips profit - lets say 10 pips - ie $200

Then leave 1 lot on with stop at entry plus 1 or 2 pips profit and then exit it a t say 15 pips - so then you have another $150 dollars

Total $ 350 dollars with pressure off after 10 pips

 

[jfw215]

For example

If live and on 3 lots - then takes 2 lots off at above 7 or 10 pips profit - lets say 10 pips - ie $200

Then leave 1 lot on with stop at entry plus 1 or 2 pips profit and then exit it a t say 15 pips - so then you have another $150 dollars

Total $ 350 dollars with pressure off after 10 pips

F,

In the trade I posted, price went about 3 pip advance after 8 mins and stalled... question is do you exit here (2nd rectangle in the attached chart) or do you still try to hold on for the 7-10 pips?

Thanks

J

 

[Forexmospherian]

Forgot also GU - will it make 5400

Then it would be a big number day - ie EU 2000 - UChf 1000 - UCad 1700 - GU 5400 - AU 8100 - et etc

 

[Forexmospherian]

F,

In the trade I posted, price went about 3 pip advance after 8 mins and stalled... question is do you exit here (2nd rectangle in the attached chart) or do you still try to hold on for the 7-10 pips?

Thanks

J

Forgot you spreads are large as well

Well never let a winning trade - even of 3 pips go to a loss

Always take the bird in the bush - you might never get the 2 in the hand

ie always take a profit and then reeneter if it looks it going lower

Trouble is you need spreads under 0 5 and 1 pips to be scalping etc - 3 pip spreads and too much not on your side

 

[jfw215]

Forgot you spreads are large as well

Well never let a winning trade - even of 3 pips go to a loss

Always take the bird in the bush - you might never get the 2 in the hand

ie always take a profit and then reeneter if it looks it going lower

Trouble is you need spreads under 0 5 and 1 pips to be scalping etc - 3 pip spreads and too much not on your side

Thanks F. Is there a rule of thumb for how many minutes to wait after entry before scratching? I know that you usually hold for 3-5 minutes.

My spread on the tradestation simulator is ridiculous. for live trading i will be using another broker with better spreads.

 

[Forexmospherian]

Thanks F. Is there a rule of thumb for how many minutes to wait after entry before scratching? I know that you usually hold for 3-5 minutes.

My spread on the tradestation simulator is ridiculous. for live trading i will be using another broker with better spreads.

You need to - yes

Sometimes within 2 mins I will pull if the trade does not go into profit

If after 5 mins not started to go my way - i would know had i got my entry wrong

With a good entry even if your target of say 7 or 10 + pips is not reached - you can still get out with just 1 or 2 pips - rather than wait to take your stop at 5 or 10 pips

 

[Forexmospherian]

2 30 pm

Over an hour since EU last low - so now it can go lower if it is going to

 

[Forexmospherian]

So far got a 1699 on UCad and a 1001 on Uchf / swissy

EU testing 2020 now

 

[jfw215]

You need to - yes

Sometimes within 2 mins I will pull if the trade does not go into profit

If after 5 mins not started to go my way - i would know had i got my entry wrong

With a good entry even if your target of say 7 or 10 + pips is not reached - you can still get out with just 1 or 2 pips - rather than wait to take your stop at 5 or 10 pips

Thanks F on the guidelines... 2-5 mins should be sufficient to get the first push and out on 70%.

EU really tanking now... wish i had real money on the line today!

 

[Forexmospherian]

2 39 pm

end of TW - EU now at 2010 and UChf at 1008

 

[Forexmospherian]

Thanks F on the guidelines... 2-5 mins should be sufficient to get the first push and out on 70%.

EU really tanking now... wish i had real money on the line today!

When you study the real detail - as I call it at the coalface - you start to see the importance of time and price structure to help you stay in a trade

It will take months and even years to get to a really great level - but its all possible - its just not many have the patience and diligence etc to get there

GL

 

[Forexmospherian]

EU

around 19 -26 area we should be able to scalp sell again

If we bounce over 30 - then a different ball game again

 

[Forexmospherian]

Ucad now over 1700 and GU under 5400 at 2 46 pm

 

[jfw215]

When you study the real detail - as I call it at the coalface - you start to see the importance of time and price structure to help you stay in a trade

It will take months and even years to get to a really great level - but its all possible - its just not many have the patience and diligence etc to get there

GL

Thanks F. I do feel that I need to switch to a faster chart to read it better at the coalface. Do you like 3 second line on close chart?

 

[Forexmospherian]

Thanks F. I do feel that I need to switch to a faster chart to read it better at the coalface. Do you like 3 second line on close chart?

I do prefer tick charts under 60 seconds or under 34 ticks for scalping

But for a lot of my larger moves - a 1 min with everything lining up in a TW can still be fine and although I might lose 1 or 3 pips on entries sometimes - it balances out as some tick charts get you into great 2 -5 pip moves - BUT - i dont really want them - I prefer to wait to 7 -30+ pip moves and even enter on retests or pullbacks etc etc

 

[jfw215]

Interesting how price tanked 5 mins before the ISM report and popped back up right on the 10est release!

I'm done for the day... 3 EU shorts on the sim... I'm going to setup a real sim with the tighter spreads soon. I think today was an easy day since it was kinda one way price action

Have fun!

J

 

[Forexmospherian]

3 03 pm

Looks as though we will not test under 2009 for now - as the bounce is bigger than first thought and soon it will begone over 30 mins with no breach