A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

EJ - This afternoon and with Sun

]on your tick chart - can you see ej was a buy at 78 ?

need above 88 to stay with it[/B]

This is a great example of how timing is important along with direction bias

From 3 17 / 18 pm this afternoon - I started buying the EJ

It had done a low at 77 and really 80 was support and for me it was going to turn

I said we needed above 88 and then 129 05 to stay with it

To cut a long story short

It never went back under 77 or 80

It peaked at 129 12 pip - thats over 30 pips higher - so a a nice move up


It took about 40 + mins to move up that high

Now I had said to sun - the EJ is stlll in a bullish PS for US session


Sun had been scalp selling and made a profit - but the she bought and actually made a loss

All down to timing and not working out the key on the prices needed to stay with buy

I dont know what actual price she bought at - but I guess just before a pull back - taking her out

So - Sun got the direction correct after 3 21 pm and above 78 / 80 - it was a buy

BUT

She still had a loss on it - showing her entry must have been just at wrong time

Ideally you dont buy at highs and sell at lows on rallies - you buy on pullbacks and sell on retraces when working on tight scalp stops

However the key is

If you get in early and see price go your way 9 or 12 pips - a 5 pip pullback is no problem - you are still in profit

if you buy late though and only see a 2 or 3 pip rise - a 5 + pullback wlll leave you out of profit and in Sun's case she loses

Sun - learn from this - the tick chart will help you speed up and not wait for confirmations - that come too late etc

All part of the scalp learning process - but focus and concentration is so important along with timings

Even then - we all will still get it wrong at times - but with me its 70% + win ratios and MM even 85% +. Sun is averaging 45 to 55 % lately - we need to improve it - and we can

See you later


F

 

[MajorMagnuM]

thats partials too mind you.

 

[MajorMagnuM]

This is a great example of how timing is important along with direction bias

From 3 17 / 18 pm this morning - I started buying the EJ

It had done a low at 77 and really 80 was support and for me it was going to turn

I said we needed above 88 and then 129 05 to stay with it

To cut a long story short

It never went back under 77 or 80

It peaked at 129 12 pip - thats over 30 pips higher - so a a nice move up


It took about 40 + mins to move up that high

Now I had said to sun - the EJ is stlll in a bullish PS for US session


Sun had been scalp selling and made a profit - but the she bought and actually made a loss

All down to timing and not working out the key on the prices needed to stay with buy

I dont know what actual price she bought at - but I guess just before a pull back - taking her out

So - Sun got the direction correct after 3 21 pm and above 78 / 80 - it was a buy

BUT

She still had a loss on it - showing her entry must have been just at wrong time

Ideally you dont buy at highs and sell at lows on rallies - you buy on pullbacks and sell on retraces when working on tight scalp stops

However the key is

If you get in early and see price go your way 9 or 12 pips - a 5 pip pullback is no problem - you are still in profit

if you buy late though and only see a 2 or 3 pip rise - a 5 + pullback wlll leave you out of profit and in Sun's case she loses

Sun - learn from this - the tick chart will help you speed up and not wait for confirmations - that come too late etc

All part of the scalp learning process - but focus and concentration is so important along with timings

Even then - we all will still get it wrong at times - but with me its 70% + win ratios and MM even 85% +. Sun is averaging 45 to 55 % lately - we need to improve it - and we can

See you later


F

i'll bet it was at 15:30. it wasa a good buy but pulled back 7 pips

 

[Forexmospherian]

EJ - More on this afternoon with Sun

OK - no problem

OK

First question - is it in a bull price structure for US session - or a bear one ??

Looks bear. Below all LR on tick13

Sorry to have to say SUn

I will post a chart

Price structure is bullish now above 128 70

EJ

6 38 pm


This is really for Sun

For my method we work out the LiTs and price structure always off the 1 min chart

5 mins or 15 mins is too long and not accurate enough for intraday

Tick charts are just for in the "now" trading - not really for structure for sessions

Therefore when you went onto a tick chart - you still needed to see a bigger picture on price structure off a 1 to 3 mins charts - I prefer 1 min because I scalp and my bread and butter trades are from 7 to 20 pips really.

By knowing price structure -it was OK selling off the tick chart - but knowing that before 128 70 - you should be looking to buy again

In the end we bought above 78 / 80

Now 3 hrs later - its moved up over 55 pips to a new high at 129 36 area for now

So to recap

Always work your intraday session bias from 1 min chart off the longer 3 LRs - mainly the longest to get the LiTs area


Here's the chart on the EJ for the day

Ideally under my method - and that's what make its unique - you catch every main wave move - both ways - but whilst you are learning and until you are consistently profitable - you have to try and trade with the price structure bias .

Today on the EJ it was bullish - but there was still 60+ pips to made on 2 pullbacks over the 12 hr main day

In terms of buy moves -100 pips of partials and 2 good buy scalps both over 50 pips - so in terms of partial total pips - you should be looking at 200 pips - half it even - 100 pips

No way do I expect you Sun or any newbie fx intraday trader using my method to make those type of pips - but after say 1 year - 18 months - yes - its all possible - ask Major M - I think he's had more 400+ pip days than I have in just 2 years.

1 min LR chart

 

[Forexmospherian]

i'll bet it was at 15:30. it wasa a good buy but pulled back 7 pips

I think you maybe be right

she maybe bought at a new scalp high - and the 7 pip pullback - threw her out

The base line was 78

Ideally you are as near to that as possible - ie 80 or 83

But 3 30 pm was 87 to 89 area - too late on buy

Better to wait for pullback - staying above 78 / 80 and then buy at 83/4 - if she missed the main entry points - or after 3 39 pm at91 /92 when it least it was back to a bull scalp buy move up after the pullback

Sun - another tip for you ;-)

 

[Forexmospherian]

A Great example of a Stop Hunt and False Set Up on the GU

GU

Did not mention it this afternoon - as was focusing on the EJ with Sun

It was in a bear price structure this morning from Opens under 4340

We had a nice move down to 4285/ 90 - and we bought expecting a pullback

However -

Instead of being a normal pullback - it was a bear stop hunt - which went back up over 70 pips - the last 15 -20 deliberately a false set up - manufactured by a large market maker ( s )

Then as soon as they would have had more bulls in and stop hunted weak bears - the turn and a 120 + pip fall then

Its most important that you understand FX trading is a game

False moves and sentiment are always happening - its legal - if you have the multi millions to do it - all you doing is going with large money against the masses or the majority of trader - who's money does not add up to what you can out trump it with

Normal traditional PA would leave you high and dry - you would be stung or burnt intraday - and as we know maybe 80 -90 % of FX traders are anyway

But not us - or traders following my methods

Gameplay is as important as price action and T/A - you have to understand that your money is wanted - and tricks are used to get it.

I still get burnt now and again - but as you know - only for 3-7 pips - I accept I will never be 100% correct - but being only 40 or 50 or even 60% accurate really is still not good enough ( I think even up to 80% accuracy is the bare minimum for Major M - but then he's a perfectionist and works hard at being right

Heres the GU chart

I have marked the LiTs area on the side - and notice the pullback and false high - deliberate to stop hunt and get bulls in

 

[MajorMagnuM]

wyckoff update

 

[Forexmospherian]

Thursday 28th January 2015 - Pre Opens at 5 55am ish

Good Morning FX Intraday Traders

Up early as out over to East Midlands Airport in a bit and really will not be back to start trading normally until some time after 8 30 am

I am just having a quick look at the set ups etc and the LiTS areas pre Opens

As we know - all can change from after 6 00 am to the end of the London Open first hour - but as least we can suss out areas of bias and change levels

The GU was interesting yesterday and I notice Major M as covered it with some Andrew's PF's etc

We also have UK Pound news at 9 30 am as well - and the 4230 area is critical today as under there and under 4200 could signal more larger falls

Staying above 4230 and then getting back over 4250 and 4280 - could be a start of a larger turn back up

Will do a quick guide on bias and levels on a few main pairs before I leave

Have a good day and all FX inputs welcome


Regards


F

 

[Forexmospherian]

EU

6 00 am Update

Range for now 0860 to 0920 - approx 50 -60 pips

Bias bearish under 0900 / 0910 for now

Would need above 0920 and 30 to go into a stronger bull price structure and then to be scalp buying more

Both 0880 and 0860 are interim support levels as well

 

[Forexmospherian]

EA

6 00 am Update

Approx 220 pip range from 5360 to 5580 over last 12 hrs - thats big !!

For now under 5520 is bear bias with 5420 to 30 main interim supports

5 59 am was a scalp sell from 5466/7

 

[Forexmospherian]

EJ

6 05am

Range - less than 50 pips from 129 00 to 45/50

Under 129 35 is bear bias on price structure - supports from 128 80 to 129 00 ish for a start

 

[Forexmospherian]

EA

6 00 am Update

Approx 220 pip range from 5360 to 5580 over last 12 hrs - thats big !!

For now under 5520 is bear bias with 5420 to 30 main interim supports

5 59 am was a scalp sell from 5466/7

15 pips off the EA scalp sell in 5 mins approx

First pips of the morning

 

[Forexmospherian]

5440 / 42 is a support on the EA - if it gets there than over 23 pips off a quick scalp

Got to go in next 5 mins or so

Will be back properly for 8 30 / 45 - but taking tablet with me to have a look whilst out

Good Luck guys

See you later


F

 

[sun11]

Morning Everybody,

I miss the EJ trade. Now it's too late to enter.

 

[sun11]

On Ej buy trade i was 4 pips profit. Then platform crashed I couldn't close it, lost 1 pips.
Excellent.

 

[sun11]

mt4 doesn't work nice with web browser. I need to use its original platform. lost -4 pips on ej entered wrong.

 

[Forexmospherian]

Morning Sun

I will not be back at my monitors until after 8 30/45 am today - on a tablet atm

OK - hope you worked your LiTs area out on EJ and others

When do you plan to sell the EJ again ??


When I get back I can give you an excellent example of agreat set up on the EA pair today - under Lits area - I sold 5 59 am this morning - and took profits and then sold again and left 30% partial on

I will post both set ups on a 1 min and tick chart and how they compliment each other

So far EA dropped over 85 pips from 6 00 am

Hopefully - it will make sense to you and then that should be your "blueprint" for starting on any pair every morning etc

See you later

PS - ideally - you need ctrader on a proper platform - not web based

I am worried about you having crashing problems

You could try say dukascopy or another broker with linears if we cannot get ctrader working right for you

Ideally - you dont want MT4 and especially trying to work both together on your computer

Regards


F

 

[sun11]

Installing a lightweight browser to post here. EJ reaching 50% of its day range.

 

[sun11]

Morning F, just saw your post.
I will do something about the technical issue.
How about selling EJ now.

 

[Forexmospherian]

Morning F, just saw your post.
I will do something about the technical issue.
How about selling EJ now.

129 22 to 29 is all R area

Not got a tick chart to check out though

Driving back in next few mins - see you later