A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

Agree truly. Ok will not rush into trades. Sorry for such a mess.
About pullback look at GU. Its falling from its interim top. I think 4511 is an area for buy. But market can pullback more above it. Infact its doing now.

Regard
Sun

Glad you understand

Also take stock of your balance every 3 to 5 trades - so you are in control and know were you are etc - helps you focus on what you need to do - rather than you checking after say 8 or 10 scalps and fining out you are down 19 pips etc etc

Out for a hr or so - I would wait for proper moves next Sun over the London Open hour and dont get suckered into false 3 -6 pip wrong set ups etc

Stay focused etc

See you later

 

[NVP]

Yes - but EU too slow for me in mornings and also played with far to much - so not a pair I trust etc

it a devil this morning .........that eu scalp of mine was 3-4 pips max before it turned .........

 

[Forexmospherian]

Morning N

I was still a sell if it stopped under 4514 - but now its trying to change its bias level

Would not trust it atm - might do over 4530 and 33 and carry on buying - and also under 4505 and under 4497 - but in between - again manipulation by LP / Market makers playing with orders etc etc

Have a good day

Regards


F

GU

7 45 am and as I leave GU now up at 4545 - and stopped - so out - need the pips this morning ;-)

See you later

 

[NVP]

Agree truly. Ok will not rush into trades. Sorry for such a mess.
About pullback look at GU. Its falling from its interim top. I think 4511 is an area for buy. But market can pullback more above it. Infact its doing now.

Regard
Sun

hey Sun

you are doing fine ...........just don't rush it ..............especially Mondays ......

when I switched to scalping 100% in the last 2 years Forexmospherian coached me into taking a lot less trades .......man I was taking 2-300 a day !!

less trades and more thinking :smart:

I dropped the ball this morning as well and didn't make much for 20-30 mins ..........:whistling

N

 

[NVP]

GU

7 45 am and as I leave GU now up at 4545 - and stopped - so out - need the pips this morning ;-)

See you later

AMEN

 

[sun11]

hey Sun

you are doing fine ...........just don't rush it ..............especially Mondays ......

when I switched to scalping 100% in the last 2 years Forexmospherian coached me into taking a lot less trades .......man I was taking 2-300 a day !!

less trades and more thinking :smart:

I dropped the ball this morning as well and didn't make much for 20-30 mins ..........:whistling

N

Good Morning NVP,

300! oh my god...:cheesy:

No i haven't reached to that quota. At the beginning i was under 100. Now 20-30 on busy days. Planning to bring it down around 10-15.

Quality over quantity...rules..!

Also agree with you about mondays...Monday morning are not favourable always.

Regards
SUN

 

[sun11]

GU is standing on 50% of its last wave also longer LR. I bought 4526.

 

[sun11]

GU is standing on 50% of its last wave also longer LR. I bought 4526.

Its 15 pip up now since i made this call. Trailed position at 37.
ideal target is last top 46.

 

[sun11]

Its 15 pip up now since i made this call. Trailed position at 37.
ideal target is last top 46.

All right closed position at 11 pips. I hope when Mr. F will return can provide me some valuable tips that how far to trail position?

If it moves more than 10 pips?

 

[sun11]

GU failure swing high.
Sold 4521 & closed at 9 pips profit.

 

[Forexmospherian]

All right closed position at 11 pips. I hope when Mr. F will return can provide me some valuable tips that how far to trail position?

If it moves more than 10 pips?

Back now at 8 45 am

Well Done with GU - 11 pips is good but if you were up 17 pips then maybe try not to lose more than 5 pips - so you are not too far out

For me easiest as been AU and EA this morning will update in a bit

Now how many scalps have you taken for 9 00 am and whats you update balance atm - are you in profit ?

 

[Forexmospherian]

7 30 am Update

EA and AU interesting atm - teasing negative correlations atm with AU looking bullish and EA as already mentioned more bearish atm

Not scalped EA yet - been slow so far

That soon changed about the EA - its now dropped 20 pips in approx 5 mins - missed the start after 7 17 am and 21 am shame

EA and AU

8 50 AM

From 7 30 am the AU as risen over 21 pips and Ea as fallen 30 pips - although both have seen pullbacks to take out scalpers etc - no problem on partial stakes though

EA needs bounces to stay under 5688 to sell again and AU to stay above 7108 area

 

[sun11]

Back now at 8 45 am

Well Done with GU - 11 pips is good but if you were up 17 pips then maybe try not to lose more than 5 pips - so you are not too far out

For me easiest as been AU and EA this morning will update in a bit

Now how many scalps have you taken for 9 00 am and whats you update balance atm - are you in profit ?

Thank you Peter,

I have taken 6 trades since I started. In this hour only 2 trades. My pl is +11 now.
Gu falling. But i am waiting to enter from a pullback.

In general sense, if you are up 15 pips. Where do you put your trailed SL?

Regards
Sun

 

[Forexmospherian]

GU

8 53am

Under 4530 and from 8 39 am ( before I got back) was a great set up on GU tick chart for a sell

Now 14 mins later its dropped over 40 pips and - I have only caught 13 pips - but still - not bad ;-)

 

[Forexmospherian]

Thank you Peter,

I have taken 6 trades since I started. In this hour only 2 trades. My pl is +11 now.
Gu falling. But i am waiting to enter from a pullback.

In general sense, if you are up 15 pips. Where do you put your trailed SL?

Regards
Sun

Now for me this is where you use your discretion

If its early in the morning and you need pips on the board - keep moving your stop up and try and not let it pullback more than 3 -5 pips maximum - you want the pips

But

If its later in the day - and its been Ok and you already have say 15 or 20 pip banked and safe in the kitty - then you might want to take 70% stake off and leave 30% on with stop in profit of only 2 or 3 pips if you think it as more legs to go further

You have to remain flexible - fluid and dynamic - just like the market - dont have rigid fixed methods and targets - adjust to the situation

I think I have told you about a guy who traded my account over 15 yrs ago - fixed targets of 50 pips and fixed stops - always 30 pips - set in stone

He did not last long - once I had seen several times we had been up over 35 pips and then stopped out for 30 pips when the market changed - that made me realise - fixed targets and rigid goals with no flexibility etc was not the way to play this game - especially if you are not setting and forgetting - but able to babysit for 15 -30 mins or more

Hope that helps

 

[Forexmospherian]

GU

8 53am

Under 4530 and from 8 39 am ( before I got back) was a great set up on GU tick chart for a sell

Now 14 mins later its dropped over 40 pips and - I have only caught 13 pips - but still - not bad ;-)

Going to post my GU tick chart in a bit

The set up was so much better on the tick than the 1 min and this does happen at times in LiTs areas

 

[sun11]

Now for me this is where you use your discretion

If its early in the morning and you need pips on the board - keep moving your stop up and try and not let it pullback more than 3 -5 pips maximum - you want the pips

But

If its later in the day - and its been Ok and you already have say 15 or 20 pip banked and safe in the kitty - then you might want to take 70% stake off and leave 30% on with stop in profit of only 2 or 3 pips if you think it as more legs to go further

You have to remain flexible - fluid and dynamic - just like the market - dont have rigid fixed methods and targets - adjust to the situation

I think I have told you about a guy who traded my account over 15 yrs ago - fixed targets of 50 pips and fixed stops - always 30 pips - set in stone

He did not last long - once I had seen several times we had been up over 35 pips and then stopped out for 30 pips when the market changed - that made me realise - fixed targets and rigid goals with no flexibility etc was not the way to play this game - especially if you are not setting and forgetting - but able to babysit for 15 -30 mins or more

Hope that helps

Yes it helps!

Got your point. We need to drive our trade according to the market movement.
Just made 6 pips on EU buy trade it was a cross over on longer LR.

GU price structure is bearish. I should look for a place to sell again? You recommend to enter on pullback instead of entering from high or low. Thats why asking.

Regards

 

[Forexmospherian]

GU - Tick Chart set up over Opens

Going to post my GU tick chart in a bit

The set up was so much better on the tick than the 1 min and this does happen at times in LiTs areas

t13 tick chart on ctrader

I would prefer a 10 second tick chart as available on some other broker platforms - but my LR set up was really good from 8 30 to 8 40 am time

 

[sun11]

Thanks for the tick chart. I took the GU sell trade & made 6 pips.

 

[Forexmospherian]

EJJ

9 19 am

Believe it or not the EJ is in a bull price structure above 130 35 / 45 area - its been on a pullback from its high of 130 90 area and now after 9 09 am its gone back to scalp buy from 130 58 area

We need to see 130 65 hold on pullbacks to carry on buying again