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

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Evening Traders - nearly 7 30 pm - and still not done my 50 pip target today

Got to 43 pips prior to US time - but with no real action this afternoon - I did not bother going after any more trades

Shame really as I notice the GU as fallen approx 100 pips from the EO - and I did not get even 30 pips of them ;-((

I have attached my GU chart for today and for the benefit of Morgen_edge - who had asked about a scalp sell at 6715 - which had bounced at that point - and would have needed a 17 -20 pip stop to stay in the down trade

From the chart you can see the dynamic resistance offered by the down trendline and the importance of any bounce going over 33 /35 for it to start a turn up

It did not make it and then under 22 and 17 again it became a scalp sell again - but then by 6709 - you would have needed a 25 - 30 pip minimum stop to stay in the trade

Believe it or not - even on a 100 pip fall - there are at least 4 scalp buys available with each one making a minimum 7 pips and 2 over 15 pips,

You then have the chance to take additional scalp sells from the LH's and make even more pips than a straight swing sell with a 35 -50 pip stop - which after all would make you only a RR of 2

One scalp buy with a 5 pip stop and a 17 pip profit is a RR of 3 - far better than waiting 8 - 12 hrs to just make a lower RR of 2 on just one trade

This is what so many traders do not get - scalping for RR's of 2 to even 5 give you far better results than any normal swing trade - and normally you can do 10 -30 scalps a day rather than just a few swing trades - with you risk all on together - yet again another negative compared to short term trades lasting less than 15 or 30 mins - even allows you to compound every hr or 2 if need be :)

OK - can I find another 10 pip trade anywhere in the next hr lol

Regards

F .


Hi F,

Is one of the constraints of this type of trading i.e. multiple trades, not the commissions, unless you have a large account to operate from, as round trips do add up, or am I missing something here...even more so when you are taking 70% off and leaving on 30% for a later exit.

Thanks
Pete
 
Hi F,

Is one of the constraints of this type of trading i.e. multiple trades, not the commissions, unless you have a large account to operate from, as round trips do add up, or am I missing something here...even more so when you are taking 70% off and leaving on 30% for a later exit.

Thanks
Pete

Hi Pete

OK - let me address each part of your questions

Firstly the additional cost of taking multiple trades - when I was training to become an accountant over 30 yrs ago - one of my mentors who was very business orientated said - don't just look at cutting costs all the while - as you may end up worse off and not realise even if you reduce the cost base or the overheads by say 30% - you might end up halving the turnover - and ending up worse off ;-)

So bearing this is mind - yes I would prefer to pay only say for example $1000 a month on all spread and commission cost than say $5000 - you are better off surely ??

But think about it - you are only interested in your net gains -so if you got away paying say only $1k to your brokers - and say making $9k net - are you better off than paying say $4k to your broker - but making $18 k net ?

Yes - making more trades costs you more - BUT you only take more trades if you have a high win ratio and a positive RR - so if you take say 80 trades in a week instead of just 10 trades - you will pay out more - but similar you should end up with a lot higher net gain

I could reduce my own brokers bill by half by cutting out on say 40 trades a week - but if out those 40 extra trades - 30 make a net positive profit after costs - I end up with more money

Thats the whole point of trading - we would all like to earn more net money after all our costs

I would agree scalping for 1 to 3 pips only is expensive - that's why I prefer trying to make 7 -25+ pip trades - higher RR's and more profit - I would prefer to make 50 or 100 pips a trade - but not if I need 30 -50 pip stops and it takes 4 -8 hrs to achieve my target - instead of only 15 -30 mins

I hope that as put that first question to bed and if I ever end up paying my broker say $20k a month - it means I will be earning an awful lot of money :D

Next question - the 70% and the 30% free trade concept

When you scalp you have targets - but sometimes 12 pip scalp - might retrace say 9 pips and then go up another 15 pips and then retrace say 6 pips etc etc and 2 hrs later its made 46 pips - all from an initial 5 pip stop

But during that journey - it could have easily stopped at say 21 pips and reversed 37 pips the other way

So the way around it is to take 70% of your stake off at say 5 - 10 or ideally 15+ pips - and then leave 30% on as a free trade with your stop already in profit - whether it be just 3 pips or 9 pips in profit

You then cannot lose what ever happens/ You can also add to it again as well - ok extra cost of a trade - but again irrelevant if it makes you more money

So you dont have to babysit or worry about the trade so much as its a winner what ever happens

Obviously you want to to go on and make treble the pips you made on the 70% - ie if you made 12 pips on 70% and the 30% then goes on to make in total 36 pips - you have made more money on 30% stake - than on the main scalp stake at 70% - and would you want to leave all your stake on and manage it for an hr or 2 and then find out you get worried when it pulls back 9 pips and you pull the whole trade for only say 3 pips - after being up over 15 pips ??

So the free trade - 25 -35 % concept of leaving that part of the stake on can be very efficient and make you a lot of pips

In my case in 2012 I was very fortunate to have a"free trade" stake make me over 1000 pips on one trade in approx 3 months - - during that time I reduced down to only 10% - and scalped against myself on higher stake sizes etc - but it was great to know - even if the trade came back against me 150 pips or so - it was still in profit

I generally find out of every 10 scalps - at least 2-3 should work with a free trade earning more than the initial scalp

I appreciate it might be difficult to get your head around some of the MM ways I work - as they are not the normal standard stuff you will read about - but I can assure they do work - but like everything in trading - not every time :)

Hope that helps Pete

Regards

F
 
11 19 pm and I checked at 11 pm to see what was happening before I went to bed

On the EJ 139 -72 - was saying scalp buy with 69 being the cut off

In less than 15 mins I have just had my second best scalp of the day ( even though only on half normal stake) and I was out 139 90 - approx 17 pips net and taking my daily tally up to 60 - 10 pips above target - but not hit target on money though

Pleased - did not want another day under 50 pips - pure luck though as I dont normally trade at this time of night and was surprised with how quickly the pair move up - nice ;-)

See you around the Opens

Regards

F
 
hello everyone

today morning for me a wonderful day.

thanks to you Forexmospherian, after your advice to trade more pairs and for me the yen and aussie is perfect today because of my time here in asia.

this morning I take both pair and have a pretty good result!

more the 150 pips, I never before have that.

really helpful your info here in this threat.
it is a little pain to read all the post but it is worth the time spending.

sure no one will find here the holy grail, but for me as a scalper, it is a lot of small things what I have see here and that help me a lot.

also to see a successful scalper over many years, more then I, tell me I on the right way.

thanks again Forexmospherian and all other here!

now I still my first two UJ trade open, by +75 for 70% and lock already +65 and second +35 for 70% lock +25

hope all have today a successful time!
see you later all!
 
OK now all SL was trigger at UJ.

but that's is my result for today:

I risk by every trade 2% if SL -6 will trigger, but most I cut the trade if wrong before!
have now 20.73077% plus for today, that's awesome!

that was at 8 trades, 6 winner and 2 looser.

I call it a day

and will stay at sideline

cheers
 
OK now all SL was trigger at UJ.

but that's is my result for today:

I risk by every trade 2% if SL -6 will trigger, but most I cut the trade if wrong before!
have now 20.73077% plus for today, that's awesome!

that was at 8 trades, 6 winner and 2 looser.

I call it a day

and will stay at sideline

cheers

Very well done fx

I am really pleased I have been able to assist another scalper and glad you have found some good tips in this thread

I learnt more from various other experienced traders than I ever did from reading books and watching DVD's or video's and then incorporated many of their ideas with what I discovered myself - spending thousands of hrs every years watching the small charts and trading them

I suppose because I am more risk averse than I was 5-7 yrs ago I now stay with under 1% on a $50 -70K account - and so many of my free trades can be on under 0.2% stake and therefore a great day for me now is 5-7% and a normal target day is 2-3%. But its all relative as well to what you are prepared to lose and therefore risking say $300 on one account might be hardly nothing - but on another smaller account it could be 8 -10% of the capital - and then any "black swan" event might end up with a big drop or even a write off on your account

Keep it up fx and i hope February ends up as one of your best trading months you have ever had

Regards

F
 
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Tuesday AM - 18th February 2014 - European Open time approx

Morning Traders

Well I hope today is busier than yesterday - with the US being on Holiday

Quick update on main pairs I will be looking at trading today -

EU - still in its range - really I suppose 3680 to 3725 - 45 pips on the larger scale - but at times under 25 pips and so difficult to do anything other than scalp it until it breaks into a direction. Above 3700 - I would prefer to try and take scalp buys - but really - I prefer to scalp other pairs ;-)

Swissy - 8900 area acting as main support area with most rise staying under 8930 - above 8918 favours scalp buys and under 15 and 12 look more for scalp sells again

GU - It did fall over 100 pips on boring Monday - to 6695 - 6700 area and during the last 12 hrs as retraced up to 6741 - and now above 6719 - is still in a scalp buy mode after the present fall from 40

More to follow - and here for London Open in just under an hour

Have a great day ( fx did already :) )

Regards #

F
 
AU - above 9021 and 33 in a session scalp bullish mode. Needs back over 9055 and 80 to confirm further tries up - whereas falling under 33 is scalp sells with 9020 -25 being the interim support

EA - normally a reversed correlation with the AU - but the EA does move a lot more so be careful if you are not used to scalping it

Above 5130 for me its still session or scalp bullish - but needs above 75 and 80 to keep holding scalp buys - below 5120 and 5100 - then more scalp sell land with 5080-90 being a support area Presently under 62 a scalp sell and so which supports now might hold it ?
 
Notice we have EU news at 9 00 am and GU news at 9 30 am for a start - over 90 mins away until that hr - so I hope we can get some nice scalps in first
 
So far last 30 mins - boring again - but the EJ is in a scalp sell under 140 70 - and I am now in at 61 and hoping it will carry on falling past the half hr change
 
Ok within 4 mins EJ down to 46 and I take 70% stake off scalp sell at 48 - approx 12 pips for a start and will hold 30% on under 57 - as that could be a scalp buy price
 
taken out at 57 but under 66 the EJ is still in a scalp sell mode - so you could look at another scalp sell if this bounce stays under 66

Above 70 - would show price was trying to turn up again and the 45 - 50 area would act as a interim support
 
EU - as tried up above 3700 again - and now at 3715/16 - above 10 still scalp buy but need now to try above 18 and 23
 
GU - also another scalp buy atm - the trouble is - other than the EJ sell - all other pairs still look asleep with no volumes behind them
 
GU - only made 6735 - no follow through although whilst it stays above 23 - it is still in the scalp bullish mode - but needs back over 30 to get back in buys again

Under 23 and 20 would be more scalp sells
 
GU - under 23 was a scalp sell - not in it as too much going on atm - and most of it is just fakes - as I type that GU falls another 3 pips - bu88er lol
 
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