My Journal - Pathways to Improvement

[Forexmospherian]

Sure, I asked the reasons to exit the trades. It's important to understand when to exit a trade, as Sun and myself are struggling with that. On movements of say 20 pips we end up with just 4-6 pips at most. Price in our charts never goes straight from entry to +20 pips in our direction. It can make several pullbacks with stalls in price where one can be prone to exit, to see a bit latter price carrying on with the move, but without you because you exited on the pullback stall or strong retracement candles.
Anybody trading real time can relate to that experience. That's the difference between trading real time and on hindsight.
Cheers,
K

Hi K

They happen every day on many pairs - but sometimes you might have to wait over a 2 hr session to see them

If you can cover say a 8 hr period and just spend anything from 12 min to 30 mins every hr - so in total min under 2 hrs - max over 4 hrs - you will see many

Here's a perfect example - over 33 pips net in 8 mins - 8 1 min candles moving up from 1 min before a KT

OK - if you wanted to be fussy - 10 11 am UK time to 10 15/16 am with a 3 pips spread you still get 20 pips - say 5 mins in total - 2 quick LR's spaced nicely .

I have so many advantages over anybody not used to the method - as I have been trading this way over 10 yrs with nearly 8 yrs full time.

I guess I should be more skilled than any traders not continually doing it approx 200 + days per annum.

I agree you don't get so many moves like this on the EU / AU / UJ in 5 or 8 mins - only expect 7 -10 pips off them - but on the more volatile pairs with ok larger spreads - 25 to 40 pip continual moves over 10 to 15 mins happen a few times - everyday

The question to ask yourself ?

If you had been watching the GA at 10 07 / 08 / 09 am UK time today - would you have scalp bought ??

If you say yes - that's good - then I would have expected you to have got 15 to 30 pips - and I am sure you would have been delighted at any number of pips in between ;-)

Regards

F

 

[Forexmospherian]

Hi K

They happen every day on many pairs - but sometimes you might have to wait over a 2 hr session to see them

If you can cover say a 8 hr period and just spend anything from 12 min to 30 mins every hr - so in total min under 2 hrs - max over 4 hrs - you will see many

Here's a perfect example - over 33 pips net in 8 mins - 8 1 min candles moving up from 1 min before a KT

OK - if you wanted to be fussy - 10 11 am UK time to 10 15/16 am with a 3 pips spread you still get 20 pips - say 5 mins in total - 2 quick LR's spaced nicely .

I have so many advantages over anybody not used to the method - as I have been trading this way over 10 yrs with nearly 8 yrs full time.

I guess I should be more skilled than any traders not continually doing it approx 200 + days per annum.

I agree you don't get so many moves like this on the EU / AU / UJ in 5 or 8 mins - only expect 7 -10 pips off them - but on the more volatile pairs with ok larger spreads - 25 to 40 pip continual moves over 10 to 15 mins happen a few times - everyday

The question to ask yourself ?

If you had been watching the GA at 10 07 / 08 / 09 am UK time today - would you have scalp bought ??

If you say yes - that's good - then I would have expected you to have got 15 to 30 pips - and I am sure you would have been delighted at any number of pips in between ;-)

Regards

F

Forget to mention last night on this chart and for scalping a basic question I assume all scalpers do when scalping - but one so basic I might not have emphasised enough

On a scalp buy - using either bar or candle charts - you want HH's and HL's every minute for a continual scalp move

You can accept just 1 or 2pips not in line with the move - but not 3 or 4+ pips unless the move is a big one when even 10 -15 pip pullbacks scan still result with the scalp PA remaining bullish - or opposite bearish in a sell

For scalping - dont use a line chart

It's not accurate enough except on a tick chart - but not on a 3 or 5 mins etc etc

If you relook at that GA move over either 5 or 8 mins the LRs were saying stay with buy - and the PA from the candles said stay with buy - so basically - thats enought too say - yes stay with buy until either one or both changes

Regards


F

 

[NickBk]

Sure, I asked the reasons to exit the trades. It's important to understand when to exit a trade, as Sun and myself are struggling with that. On movements of say 20 pips we end up with just 4-6 pips at most. Price in our charts never goes straight from entry to +20 pips in our direction. It can make several pullbacks with stalls in price where one can be prone to exit, to see a bit latter price carrying on with the move, but without you because you exited on the pullback stall or strong retracement candles.
Anybody trading real time can relate to that experience. That's the difference between trading real time and on hindsight.
Cheers,
K

You keep talking about real trading and hindsight trading and of course your little mate pops up.
Are you implying F is hindsight trading and you are trading real, or is it you have not put enough hours in at the coalface?
It seems to be a recurring theme I notice in your posts, which I may add appear to revel in your difficulty and not look at solutions. Any help offered is put in the hindsight box.

 

[itspossible]

Sure, I asked the reasons to exit the trades. It's important to understand when to exit a trade, as Sun and myself are struggling with that. On movements of say 20 pips we end up with just 4-6 pips at most. Price in our charts never goes straight from entry to +20 pips in our direction. It can make several pullbacks with stalls in price where one can be prone to exit, to see a bit latter price carrying on with the move, but without you because you exited on the pullback stall or strong retracement candles.
Anybody trading real time can relate to that experience. That's the difference between trading real time and on hindsight.
Cheers,
K

If you enter correct and take your losses,why not just take small wins aswell.will it be worth doing that.Or will you break even.eg take losses and try for the 4-6 pips.

 

[Forexmospherian]

Scalping Tips

Hi guys

Going to try and give some more helpful tips with regards to scalping

Its 1 18 pm and I mentioned on other thread at 1 02 pm that 1 00 pm on the dot was some scalp clues for new moves on some pairs

I have chosen the EA as an example - as a bit of a beast and so suits my method with time and LRs

Lets look at the chart for now and then go through minute by minute

 

[Forexmospherian]

Comments on chart above


Why was 1 00 pm a scalp buy when price had been dropping ??

Because the drop under 85 and 84 was false to get more bears in

Why does the market do that?

To trick traders and get them in false moves and so the guys doing the tricks can make more money

Why 1 00 pm - a major key time - on the hour and key part of the day

Other key hour times - 7 am - 8 am - 11 am - Midday - 1 00 pm - 3-00 pm - 5 00 pm


Ok so we take a buy on the price going back above 84 / 85 - catching at 81/ 82 is too risky but on a tick chart 83 /84 is OK

We see the quick Lrs go under price and then the PA on first 3 mins go bullish - in fact the first one min candle goes up double compared to the one that fell

Where do we exit

Any price over 94 - as by then PA changing and LRs turning down

Result - anything from 6 to 8 pip next in say 5 mins

Do we exit all the stake ?

Optional

the pullback under 94 is weak only down to 87 - so leaving 30% stake on is OK

Do we buy again above 94 ?

Yes

beacause price is still bullish and you can then use 87 as a stop in profit

 

[Forexmospherian]

1 33 pm

EA price now 32 min after scalp buy up 26 pips - so say 23 pip net after all costs

So on 70% stake anything from 6 to 8 pips

On 30% stake 20 -23 pips

on another buy at 94 - 10 - 12 pips

All live as it happened

 

[sun11]

Thank you Forexmospherian for the post & explanation. I was just about to ask an question & then refreshed & saw your next post.

You could take the 12:39 buy trade ins't it?
PAC was above all medium LR & within Key time plus squeeze up.

Regards

 

[Forexmospherian]

1 33 pm

EA price now 32 min after scalp buy up 26 pips - so say 23 pip net after all costs

So on 70% stake anything from 6 to 8 pips

On 30% stake 20 -23 pips

on another buy at 94 - 10 - 12 pips

All live as it happened

EA CHART now at 1 38 pm

 

[sun11]

Currently holding a buy trade with EU.
Last sell trade on EU got stopped out.

 

[Forexmospherian]

Thank you Forexmospherian for the post & explanation. I was just about to ask an question & then refreshed & saw your next post.

You could take the 12:39 buy trade ins't it?
PAC was above all medium LR & within Key time plus squeeze up.

Regards

Hi Sun

Do you mean on the EA at 12 39 pm ?

If so then yes - that was worth 8 pips net - but for me - the set up was not strong enough other than for a quick scalp

Stronger set ups normally come off hr changes - not always but preferred when possible

 

[sun11]

Hi Sun

Do you mean on the EA at 12 39 pm ?

If so then yes - that was worth 8 pips net - but for me - the set up was not strong enough other than for a quick scalp

Stronger set ups normally come off hr changes - not always but preferred when possible

Yes it was for EA chart. Got it.

 

[Forexmospherian]

Currently holding a buy trade with EU.
Last sell trade on EU got stopped out.
View attachment 207366

Play safe and only look at holding buy trades on EU over 0590 +
For me still bearish atm - even though supports holding

 

[sun11]

Play safe and only look at holding buy trades on EU over 0590 +
For me still bearish atm - even though supports holding

Yes got stopped out on buy trade too...Now selling..Hoping around 570.

 

[Forexmospherian]

EA CHART now at 1 38 pm

EA

1 46 PM

To stay with any partial buys on EA we need price to stay over 92 now and then try over 4710+

Under 87 and 84 would favour back to sell again to try 80

 

[sun11]

Now I can understand what you said about 80 on EA.

My EA Chart.

 

[keen246]

My EA scalp today. Just for you NickB. I also can scalp.

 

[Forexmospherian]

EA

1 46 PM

To stay with any partial buys on EA we need price to stay over 92 now and then try over 4710+

Under 87 and 84 would favour back to sell again to try 80

EA

2 27 pm


Met first part of my requirements on EA - ie we stayed above 92 ( actually 916 on my chart)

Now we need over 4710 +

Have you worked out time rules on this trade ?

They assist on both directions

Also did you buy again at 92 or 94 ??

 

[Forexmospherian]

EA

2 27 pm


Met first part of my requirements on EA - ie we stayed above 92 ( actually 916 on my chart)

Now we need over 4710 +

Have you worked out time rules on this trade ?

They assist on both directions

Also did you buy again at 92 or 94 ??

2 30 pm

90 mins after we started this scalping exercise

Anybody not made money on EA ??

Price now 4713 - and i take another 70% off for now

 

[Forexmospherian]

2 30 pm

90 mins after we started this scalping exercise

Anybody not made money on EA ??

Price now 4713 - and i take another 70% off for now

EA

2 36 pm

This is the complicated part now

I have still a partial buy on EA with stop in profit at 4697

Now thats at 30% stake size

Under 4715 I can scalp sell at 100% stake - so I gain 70% stake win on every pip fall

I expect the EA to try and rise again above 4702 - but if not then hold scalp sell

If it rises above 15 I exit scalp sell at 100%