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

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UC - we can if market wants to attract more sellers here go down to 9022- 24 and then rise again
Under 28/9 and 25 i would be holding any scalp sells or taking new ones and only scalp buy now over 9037 and 39 for 44-46 area
 
MajorMagnuM said:
ie i think the buy was at 9 minutes past
Click to expand...

This type of scalping is the most difficult to do - simply because market can rise say 6 pips over 30 mins or so - and then in 2 mins drop 5 pips

So you lock in profit and take part off on all rises - knowing the market will suck you in

At 5.21 it was time to say - i will take what I got - and hide it under the bed- before the market finds it and grabs it back - lol

Ok off for tea in a bit

Have a great weekend and will be around later on here and over weekend for a bit

Regards

F
 
I have read your post and would like to say thanks to you that you share this post here with us. I hope and really wish that you will continue to post here. Thanks.
 
Hi Helas

Thank you for using your first post on T2W to say that.

I don't know what level you are at and whether you trade Forex - but I am glad you have enjoyed the contents of this thread

Fell free to ask any questions or queries on here - whenever you like and i will try and get back to you asap or normally within the day

Regards

F
 
Hi F,

I know that you are an advocate for tight stops, and having read your posts you say that sometimes you don't even wait for the tight stops to be hit, and that you pull out.

Am I right in assuming there will be times when a trade has gone against you a few pips, and you have killed the trade, but what do you do if the trade reverses again and starts going in the direction you had originally thought. Do you re-enter, or do you leave it, and wait for another opportunity.

Best
John.
 
Hi John

A good question and one I have not explained to MM.

In theory - with my type of trading - I can always find a trade or even 2 or 3 approximately every 30 mins.

Whether the trade makes 7 pips or 25+ pips - I will not really know but anything over 10 pips and a RR of 2 and I have at least met one of my requirements

With regards to when I take myself out at just 1 pip or minus 2 pips without waiting to see if I am stopped and then it start going in the direction I was after - my answer is as follows.

1. When i chose my mental stop of approx 5 pips - I know that if price goes say 9 pips or more and takes my stop out - I should be looking at the opposite to what I had done - as I have got the trade direction wrong.

Yes - for me the difference between say 5 pips and 10 -12 pips is the difference between the correct and incorrect next wave direction

2. So if I come out a minus 3 pips and then it goes to my stop of 5 pips or even 6 or 7 pips and then turns again in my favour - i will probably look at reentering in my original direction - once I have had extra confirmation

3. If i take myself out at minus 2 or 4 pips and then it goes 10 pips against my entry - I then have to look at the fact - i might have mistaken the scalp bias and direction - and then I should be taking the opposite entry.

4. This does happen to me quite often and i will give you examples of both good and bad -

On a good day when I am focused and buzzing - I might take a scalp buy with 5 pip stop - and price rises after entry say 4 pips . It then pulls back and rises again to 5 pips and then stops again. - I think then OK - look at exiting as it does not look so good - so say I get out with just 2 pips profit and then prices goes under my entry. If prices then bounces - but goes under entry again for over 9 pips - I am already in the scalp sell - and my result might be 2 plus pips on the buy - and then I might get 7 or even 10 plus pips on the sell - That would be on a good day

On a bad day - I enter a scalp buy - it does not go up 2-3 pips and stays minus 2 under entry - I wait another minute or two and it goes down to minus 4 - I would exit - and lose those pips - but then I don't have time to get in again when it carries on with another 6 -10 pip drop. In that case I have lost 4 pips and missed out on a good 10+ pip scalp trade - a double scalp whammy and frustrating.

5. Another consideration is also how many trades have I taken and how well am I doing - this is so important. For example if I have been trading over 3 or 4 hrs and have say 7 good trades behind me and I am up 35 - 40+ pips - I will re-enter again more than wait for next half hr. If however I have done 5 trades and 2 have been wrong already - I will be more cautious - as I am not fully in my trading zone and the market must be difficult.

So "horses for courses" and for me "multi" factors to be taken into consideration - and even then I still might get it wrong what ever I do .

Its important to be quick thinking and have many scenarios already catered for - such as loosing internet connection and platform failure whilst this is all going on. Plan for chaos - over analyse - make a decision - remain flexible - and what ever you do - if both decisions you take are wrong - don't allow yourself to lose 10 pips in total - only losing say 6 pips on 2 bad trades is good in my books ;-)

Hope that explains my way more and no problem on more of these type of questions as I am sure MM will also be interested in them as well

Regards

F
 
Last edited:
Forexmospherian said:
Hi John

A good question and one I have not explained to MM.

In theory - with my type of trading - I can always find a trade or even 2 or 3 approximately every 30 mins.

Whether the trade makes 7 pips or 25+ pips - I will not really know but anything over 10 pips and a RR of 2 and I have at least met one of my requirements

With regards to when I take myself out at just 1 pip or minus 2 pips without waiting to see if I am stopped and then it start going in the direction I was after - my answer is as follows.

1. When i chose my mental stop of approx 5 pips - I know that if price goes say 9 pips or more and takes my stop out - I should be looking at the opposite to what I had done - as I have got the trade direction wrong.

Yes - for me the difference between say 5 pips and 10 -12 pips is the difference between the correct and incorrect next wave direction

2. So if I come out a minus 3 pips and then it goes to my stop of 5 pips or even 6 or 7 pips and then turns again in my favour - i will probably look at reentering in my original direction - once I have had extra confirmation

3. If i take myself out at minus 2 or 4 pips and then it goes 10 pips against my entry - I then have to look at the fact - i might have mistaken the scalp bias and direction - and then I should be taking the opposite entry.

4. This does happen to me quite often and i will give you examples of both good and bad -

On a good day when I am focused and buzzing - I might take a scalp buy with 5 pip stop - and price rises after entry say 4 pips . It then pulls back and rises again to 5 pips and then stops again. - I think then OK - look at exiting as it does not look so good - so say I get out with just 2 pips profit and then prices goes under my entry. If prices then bounces - but goes under entry again for over 9 pips - I am already in the scalp sell - and my result might be 2 plus pips on the buy - and then I might get 7 or even 10 plus pips on the sell - That would be on a good day

On a bad day - I enter a scalp buy - it does not go up 2-3 pips and stays minus 2 under entry - I wait another minute or two and it goes down to minus 4 - I would exit - and lose those pips - but then I don't have time to get in again when it carries on with another 6 -10 pip drop. In that case I have lost 4 pips and missed out on a good 10+ pip scalp trade - a double scalp whammy and frustrating.

5. Another consideration is also how many trades have I taken and how well am I doing - this is so important. For example if I have been trading over 3 or 4 hrs and have say 7 good trades behind me and I am up 35 - 40+ pips - I will re-enter again more than wait for next half hr. If however I have done 5 trades and 2 have been wrong already - I will be more cautious - as I am not fully in my trading zone and the market must be difficult.

So "horses for courses" and for me "multi" factors to be taken into consideration - and even then I still might get it wrong what ever I do .

Its important to be quick thinking and have many scenarios already catered for - such as loosing internet connection and platform failure whilst this is all going on. Plan for chaos - over analyse - make a decision - remain flexible - and what ever you do - if both decisions you take are wrong - don't allow yourself to lose 10 pips in total - only losing say 6 pips on 2 bad trades is good in my books ;-)

Hope that explains my way more and no problem on more of these type of questions as I am sure MM will also be interested in them as well

Regards

F
Click to expand...

Fantastic, and thank you for your in-depth reply. I really appreciate it.

(y)

One other thing I wanted to ask you, and anyone else who would like to contribute on this point was do you work out statistical probabilities on every trade you take, above and beyond "your edge", and how you do this(if you do it at all that is).

Best
John.
 
Mr Fox said:
Fantastic, and thank you for your in-depth reply. I really appreciate it.

(y)

One other thing I wanted to ask you, and anyone else who would like to contribute on this point was do you work out statistical probabilities on every trade you take, above and beyond "your edge", and how you do this(if you do it at all that is).

Best
John.
Click to expand...

I know most traders may laugh at my messy LR charts - but they do help me with working out if a trade is a AA+ or even better a AAA+++

I use mainly between 6 and 9 LR's. 3 are purely for scalping along with the time windows and also other clues such as HH & HL's etc S & R etc etc and then another 2 are for session bias.

The more that line up - the stronger possibility of the direction over the next 10 -60 mins

I am also a big "bouncy ball" fan -

Ie - if you throw a tennis ball hard on a concrete floor it will bounce - the harder the down force - the bigger the bounce

Well that is the same in Forex price movements - very quick 20 -50 pip drops over say 5 mins or what - will bounce back up . Slower 20 -50 pip moves will not have so much bounce

To read "bounce" is another skill to compliment you scalping.

Timing is paramount- but learn to get it right and it will really reward you well.

I cannot give a an exact probability on each trade - but i certainly can gauge the 60% ones and distinguish them for the 80% + ones that we all prefer to take.

As we know the market is just too clever to make it easy and allow traders guaranteed profits - but the next best thing is knowing catching high probability trades that may only last 15 mins but can move 15 -40 pips in that time.

The majority of traders will enter too late and end up with 5 -10 pips - but for short term time window scalpers a 30 pip move means 15 -25 of those pips are totally available for your account ;-))

Have a good week John

Regards

F
 
Last edited:
Forexmospherian said:
I know most traders may laugh at my messy LR charts - but they do help me with working out if a trade is a AA+ or even better a AAA+++

I use mainly between 6 and 9 LR's. 3 are purely for scalping along with the time windows and also other clues such as HH & HL's etc S & R etc etc and then another 2 are for session bias.

The more that line up - the stronger possibility of the direction over the next 10 -60 mins

I am also a big "bouncy ball" fan -

Ie - if you throw a tennis ball hard on a concrete floor it will bounce - the harder the down force - the bigger the bounce

Well that is the same in Forex price movements - very quick 20 -50 pip drops over say 5 mins or what - will bounce back up . Slower 20 -50 pip moves will not have so much bounce

To read "bounce" is another skill to compliment you scalping.

Timing is paramount- but learn to get it right and it will really reward you well.

I cannot give a an exact probability on each trade - but i certainly can gauge the 60% ones and distinguish them for the 80% + ones that we all prefer to take.

As we know the market is just too clever to make it easy and allow traders guaranteed profits - but the next best thing is knowing catching high probability trades that may only last 15 mins but can move 15 -40 pips in that time.

The majority of traders will enter too late and end up with 5 -10 pips - but for short term time window scalpers a 30 pip move means 15 -25 of those pips are totally available for your account ;-))

Have a good week John

Regards

F
Click to expand...

Hi F,

You have highlighted one issue that I do have, and like you I am a fan of trading of a 1 min chart, and like you say if you're not quick of the mark to get in, which you have to be, then that's the difference between being in a profitable trade, or not.

As for knowing the difference probability wise of a +60% or +80%, I guess after the rule of watching charts of 1000+ hours, I guess you do this with unconscious competence.

Have a good week F. I know I will.

:)

Best
John.
 
Mr Fox said:
Hi F,

You have highlighted one issue that I do have, and like you I am a fan of trading of a 1 min chart, and like you say if you're not quick of the mark to get in, which you have to be, then that's the difference between being in a profitable trade, or not.

As for knowing the difference probability wise of a +60% or +80%, I guess after the rule of watching charts of 1000+ hours, I guess you do this with unconscious competence.

Have a good week F. I know I will.;-)

Best
John.
Click to expand...

You are probably correct on that assumption

LOL - love the sign off - so many keep saying it now :)

Regards

F
 
Forexmospherian said:
I know most traders may laugh at my messy LR charts - but they do help me with working out if a trade is a AA+ or even better a AAA+++

I use mainly between 6 and 9 LR's. 3 are purely for scalping along with the time windows and also other clues such as HH & HL's etc S & R etc etc and then another 2 are for session bias.

The more that line up - the stronger possibility of the direction over the next 10 -60 mins

I am also a big "bouncy ball" fan -

Ie - if you throw a tennis ball hard on a concrete floor it will bounce - the harder the down force - the bigger the bounce

Well that is the same in Forex price movements - very quick 20 -50 pip drops over say 5 mins or what - will bounce back up . Slower 20 -50 pip moves will not have so much bounce

To read "bounce" is another skill to compliment you scalping.

Timing is paramount- but learn to get it right and it will really reward you well.

I cannot give a an exact probability on each trade - but i certainly can gauge the 60% ones and distinguish them for the 80% + ones that we all prefer to take.

As we know the market is just too clever to make it easy and allow traders guaranteed profits - but the next best thing is knowing catching high probability trades that may only last 15 mins but can move 15 -40 pips in that time.

The majority of traders will enter too late and end up with 5 -10 pips - but for short term time window scalpers a 30 pip move means 15 -25 of those pips are totally available for your account ;-))

Have a good week John

Regards

F
Click to expand...


Hi F,

Can you help me more with how you use LR's in your trading. I know you started a thread on the subject, but seemed to have left it since.

You mention above certain LR's for bias and some for scalping. Obviously assume lower for scalping etc, but can you be more specific.

Any help.

Pete
 
Morning Traders

Monday 13th January 2014 and in between the Opens at 7.30 am

EU - after Friday's rise - Price for the session is still bullish above 3655 / 60. We made 3688 on Friday and presently price at 3673 and in scalp buy above 68.

GU - bullish above 6460 - with price now at 6493 and high at 6508.

Swissy - Fell to 9006 on Friday and bearish still under 9035 and 60 for me

More to follow

Have a good week - yes OK - you know I will ;-))


Regards

F
 
pete_tong said:
Hi F,

Can you help me more with how you use LR's in your trading. I know you started a thread on the subject, but seemed to have left it since.

You mention above certain LR's for bias and some for scalping. Obviously assume lower for scalping etc, but can you be more specific.

Any help.

Pete
Click to expand...


Morning Pete

Yes I use 3 tighter (faster ) settings for scalping on the 1 min - although different settings on a tick chart. The LR settings range from 9 to 25 and you need to play with the setting to get best fit on your own chart package

I will post a chart later with just these 3 on to show you how they assist

All the Best

Regards

F
 
EJ - dropped over 160 pips from highs on Friday. Would need back over 141.90 and 142 10 to even think about holding any scalp buys for higher. Low 141.22 and price now at 141.39. Above 52 and 60 - scalp buy or hold existing ones and only scalp sell under 32 - but need under 20 and 18 to hold them on
 
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