A Master Class in FX Intraday Trading by F & Co

[Forexmospherian]

11 30 am Update

Back for 30 -45 mins for now

EA pulled back / retraced nearly 80 pips from its high - still in a bullish PS above 5445/ 50 but needs back over 5520 to stay with buys

EU - 2 critical support areas next - 0810/ 15 and the 0800. We need to stay above both to be in a bullish PS for more scalp buys

Under 0800 and 0780 - then bear land and would be looking at taking or holding more scalp sells

GU - Under 4280 bearish PS and now under 4240 next supports around 25/30 and under there 4210 ish

UCad - still got it in a bullish PS above 4160 but 4200 and 4220 both R areas

EU

1 34pm

We did test 0810 after not stopping above 0815 - but it held and we have had the turn up again and the scalp buy

Next question - can it make over 0830 and even R at 0840 ??

 

[Forexmospherian]

EU

1 34pm

We did test 0810 after not stopping above 0815 - but it held and we have had the turn up again and the scalp buy

Next question - can it make over 0830 and even R at 0840 ??

EU

1 42 PM

0838 NOW - STILL scalp bullish atm

 

[Forexmospherian]

EA - did a 30 pipper in under 10 mins - Euro been strong last 30 mins

 

[sun11]

Hi Sun

Would be interested to see your AU chart - and question if you have trading the AU did you sell under 7005 - as basically that was LiTs scalp area - ie favours sell under and buys only above ?

What did you think of 1 00 pm UK time on the GU at 4272/4 area Sun ??

Hi F,

I posted my AU chart on my thread marking my trades. I took my 3 trades on a range. Later it did reach the lower bound. But going more than 3 pips against me. So i close the trade. Yes i missed the 7005 lits zone. It need to zoom out my chart more to see last day price action. Got it.

I didn't trade GU as its out my league due to the tight leverage. But yes, chart shows a nice buy trade from 13:30 UK time. But 13:04 sell trade i wouldn't be taking before 13:07 after it broke below the all upcoming LR.



I don't know its right or wrong. Only you can correct me. I generally try to pick trades, where i don't see much Lr coming in it's path, so that I can target clear cut with better target.

 

[Forexmospherian]

Hi F,

I posted my AU chart on my thread marking my trades. I took my 3 trades on a range. Later it did reach the lower bound. But going more than 3 pips against me. So i close the trade. Yes i missed the 7005 lits zone. It need to zoom out my chart more to see last day price action. Got it.

I didn't trade GU as its out my league due to the tight leverage. But yes, chart shows a nice buy trade from 13:30 UK time. But 13:04 sell trade i wouldn't be taking before 13:07 after it broke below the all upcoming LR.

View attachment 215380

I don't know its right or wrong. Only you can correct me. I generally try to pick trades, where i don't see much Lr coming in it's path, so that I can target clear cut with better target.

Hi Sun

Whats also been a shame = this last hour as been good on many pairs - and of course you have stopped - thats just sod's law when nothing goes right

What broker are you using - as you can get ctrader on other brokers other than FXPro ?

You need to be able to trade the GU and EA - so maybe you need to look for a better deal

I will explain more about LR's and LR structure on a separate comment on my thread either later today or tomorrow

Also even EU as been good after 12 30 and 1 00 pm UK time - nice rise - it was always in a bullish PS above 0800

More to follow


Regards


F

 

[sun11]

Hi Sun

Whats also been a shame = this last hour as been good on many pairs - and of course you have stopped - thats just sod's law when nothing goes right

What broker are you using - as you can get ctrader on other brokers other than FXPro ?

You need to be able to trade the GU and EA - so maybe you need to look for a better deal

I will explain more about LR's and LR structure on a separate comment on my thread either later today or tomorrow

Also even EU as been good after 12 30 and 1 00 pm UK time - nice rise - it was always in a bullish PS above 0800

More to follow


Regards


F

I checked your post on my thread.
Truly Sod's law.

I am using Tickmill. But I use Ctrader. I see charts on Ctrader from fxpro & then execute trades on Tickmill. Tickmill spread & commission is lower than Ctrader. Ok I will increase my leverage a little bit so that i can trade GU flawlessly. Currently EA is ok with this leverage.

I will be looking forward to see your post on LR structure, whenever you get time.

Till then, See you..
Have a nice day..

 

[Forexmospherian]

EU

2 16 pm

Now 0842

Pullbacks staying above 33 are still buys atm

 

[Forexmospherian]

EU

2 16 pm

Now 0842

Pullbacks staying above 33 are still buys atm

EU

2 30 pm

Update

Lots of scalp opportunities - NVP would have a field day ;-)

 

[PipsterPipstoffelees]

EU

2 16 pm

Now 0842

Pullbacks staying above 33 are still buys atm

Hi F,

Would you mind at some point clarifying this with your chart, and ideas, because when I look at the EU I see confusion, with long term LRs being under price, but the medium ones, the traffic light on my chart, are all over price, which prevents me from taking a buy at any of the lows shown here.

thanks

 

[Forexmospherian]

Hi F,

Would you mind at some point clarifying this with your chart, and ideas, because when I look at the EU I see confusion, with long term LRs being under price, but the medium ones, the traffic light on my chart, are all over price, which prevents me from taking a buy at any of the lows shown here.

thanks

Will Do PP

Need to do it for Sun as well - as she is getting confused as well when all the LRs start getting drawn to gether and are mixed - ideall you dont trade then

I will do a separate comment on this issue later on tonight


Regards


F

 

[Forexmospherian]

GU

12 22pm

Already mentioned 4225/ 30 was an interim support area - so if it lines up for a bounce - then scalp buy opportunity

We know its in a bear price structure bias under 4260 and 80 - so we know we should also be able to get a scalp sell in on the pullback

We also need to keep an eye on low holding 30 + mins with no breach - that favours a turn up again

Here's my scalps

GU

4 00 pm Update

So far its made 4285 area - and 4280 was the second R area

Price structure is now changing if retraces stay above 4245/ 50 -

To go back into a bear PS we would need to see price drop under 4240 and under 4220 - in both cases I would be scalp selling

Above 45/50 - ideally I want to scalp buy again - when all lines up

 

[Forexmospherian]

EU

2 16 pm

Now 0842

Pullbacks staying above 33 are still buys atm

EU

4 00pm Update

Its made 0845 in the end - and then topped out with high holding over 30 mins with no breach

We have suppports at 0820 -24 area and under there 0814 and 0806/7

Price structure is still bullish above 0810 /12 area

 

[Forexmospherian]

EA - did a 30 pipper in under 10 mins - Euro been strong last 30 mins

EA

Comment above pre 2 00 pm

We stayed in the bull price structure and made a new high so far of 5554 - and at the moment its still bullish

We need to stay above 5510/15 on pullbacks to be able to buy again next

 

[Forexmospherian]

EA

11 38 am

Updated chart

EA

4 28pm

Updated chart

 

[Forexmospherian]

EU

6 03 pm

Draghi speaking atm - so far no effect

Will just check out over next 15 mins

 

[Forexmospherian]

EU

6 03 pm

Draghi speaking atm - so far no effect

Will just check out over next 15 mins

EU as been a scalp buy since 5 30 pm from 0825 area

So far its made 0834 - hardly any real movement - we need to see over 0838 and 42 to stay with buys

GL

 

[Forexmospherian]

 

[MajorMagnuM]

Hi F,

Would you mind at some point clarifying this with your chart, and ideas, because when I look at the EU I see confusion, with long term LRs being under price, but the medium ones, the traffic light on my chart, are all over price, which prevents me from taking a buy at any of the lows shown here.

thanks

for me this is about mixing pa levels with lr turn signals
as i see it in hindsight and limiting lines to ones i would have been using at the time:
A)yellow circle shows retest of broken yellow trendline( a forgiving one at that)= bullish
B)pink rectangle.: price breaks through blue tl and tested pink horizontal support line, then breaking back above blue tl at 13:30= bullish but officially white rectangle fractal only becomes a higher low when price breaks above red rectangle fractal( this happens at 13.40 ish.
so three bullish signs, price is above yellow down trendline, failed to stay below blue trendline and left a gap above horizontal pink line support.

so price turns at green triangle. whats important is it failed to breach interim support at the unfilled green triangle. then the next low at the white arrow gives us a new trendline in white. we can also draw an intereim support line there.
then both these lines hold at eotw 14.09
in that whole 30 mins from abouut13:45, price actually forms a sort of triangle. we see a high, a higher low in green transparent box then lower high etc, so if we took the long at 1412 it would be with the caveat of breaking above light greeen triangle high and then red resistance box higher up, formed from older pa.
so lr wize, we see that you medium set came over and price tried to get lower. it went some, failed then continued with the session bias. in other words the lr did their job.
It might be interesting to look for another chart wiht similar medium term set up etc but with the longest set being in different position re price, and see how that narrative worked out.
from this description i reckon you could write as set of repeatable instructions/ questions about this process that would keep you actively questioning what you are seeing. When you can do this, you will begin to wonder why people use preset orders to enter positions when they are not using all that info that develops in the meantime... duck

 

[Forexmospherian]

LR's - Reading the Price structure and Bias etc.

This is for Sun and PP

Major Magnum has explained how he sees it and of course for both of us - it makes sense and we can understand the relationship between the 9 + LRs and so it helps us be able to understand Price analysis and Price Bias etc.

In a nut shell - the more LR's under price - then the more likely the price structure is bullish and we should be buying - and the opposite when all the LR's are over price - ie price is then bearish - favouring sells.

We need to split the LR's into 3 main groups

1. The 3 fastest LRs - they are used for scalping - and a good example today is a chart I have shown on the GU - when it hit a support level and turned in a time window with the 3 quick LRs going under price and price then moving up 25 + pips

2. The 3 mid range LR's are the ones coloured - red / yellow and green

I look for set up with a traffic light sequence - ideally - the longest 3 Lrs underneath the green and then the yellow and the red - thats a bullish price set up and price should be rising.

A great example tonight is after 7 30 pm on the EU - price rises from 0835 area and carries on up to a new high of 0856 so far.

3. the longest 3 Lrs - they give you the price structure and the Line in the Sand ( LiTs ) area.

this morning I said not long after 6 00 am that the EU was is in a bullish PS above approx 0800/ 0805.

I got the guidance from the longest 3 Lrs being under price and if price had gone down to 0790 or 0780 etc - then it would go under the 3 longest Lrs and the price structure bias would be turning bearish - favouring sells

4. The 3 quickest Lrs always move first and take preference for scalps of say 3 to 20 pips or so. That means even in a very bullish set up - if price hits a R area it can turn down and drop 10 - 15 or even 25 pips - but still remain in a bullish price structure - if it stays above the 3 longests LR's

I need to find out some example - maybe do that tomorrow of all the different price structure set ups.

Remember - the components are - time - S & R levels ( they can stop the falling knife or the speeding train )and then actual PA of HH's and HL's - or in a down bias - LH's and LL's. All LR's do is assist me in seeing different price structures.

If I get a muddle of say 5 Lrs above price and 4 below - then its not easy - ideally you dont trade - unless you are just scalping

Every time window - we want to find a FX pair that as a nice set up - not like how the AU was when Sun was scalping it early on today - ie lows had gone over 30 + mins with no breach - but same on highs - so really into a no man's land or as I call it a Bermuda Triangle Tease zone - set up to catch scalpers and intraday traders out.

I agree that its not easy working out all the components and matching and balancing them to come up with a decision - do I scalp buy more or scalp sell.

As Major M will tell you - its get's easier with experience - many months and even now in MM's case 2 years of reading 1 min charts and LR set ups etc.

Again - we will never be 100% correct - I say that and MM many times gets it more accurate than me - he can average 80 -90% win ratios on batches of 100 scalps - I can now and again - but anything over 70+% and I am happy - because - I get out quickly when I am wrong - and take advantage of quick 5 -15 mins scalps on pairs like the EA / GA / GU etc when we can get RR's over 5 - all within a 20 -30 mins period.

I will look for different set ups and then post the charts etc - as a picture can be worth a 1000 words if it explains it easier etc etc

Hope this helps for now and more to follow tomorrow.


Regards


F

PS - see you n the morning - anytime after 6 00 am and before 6 45 am

 

[Forexmospherian]

EA

4 28pm

Updated chart

EA

Just a quick one on the EA

This pair as moved up over 200+ pips from 7 00 am this morning

it did not go into a bullish PS to near LO and above 5440 - from then on - its stayed in a bullish PS - like the EU - all day

See you in the morning


F