Intraday Trading the Forex market to make consistent profit

[Forexmospherian]

If price crosses and closes above the LR, buy.

If price crosses and closes below the LR, sell.

Take your 3 - 5 pips and be happy.

This is a SCALPING METHOD designed to make 3 - 5 pips. Don't let what you could have had effect you. IN/OUT and FORGET! Wait for next entry opportunity.

RULE OF THUMB.. DO NOT TRADE AGAINST THE H1 AND D1 CANDLE COLORS!

Hi TRO

I think as a rule of thumb and using just one LR or MA on a 1 min chart - then yes - with tight stops you might make a profit

Were I would probably differ with you though - is it's too simple to make continual profits and consistent returns

The market is ultra complex and dynamic - too simple methods are screwed - normally within months.

I think if used by experienced traders who understand Money Mangament and PA etc etc - then yes they can make them work

But for me - the more complex the system - the more difficult to use and understand - the more sophisticated - the more likely - it contains "edges" that means it can survive long term - and make consistent monies.

That's why commercial automated systems cost mega money and take months and years to develop and fine tune .

With regards to scalping - I would scalp against any time frame above 15 mins - even the hour or 4 hr or daily - as 3 -5 pips can be found both ways any trading day of the week

Just my opinion

Regards


F

 

[TheRumpledOne]

Bar to right of vertical line closed above the LR45 line - ENTER THE TRADE LONG.

4 bars later, a price spike gave 1 - 3 pips. EXIT.

 

[TheRumpledOne]

"With regards to scalping - I would scalp against any time frame above 15 mins - even the hour or 4 hr or daily - as 3 -5 pips can be found both ways any trading day of the week"

I agree... HOWEVER.... rules of thumb are for those who are struggling.

 

[Forexmospherian]

I appreciate your efforts, F.

Once again, I am trying to understand the pieces and code indicators accordingly.

Then I can assemble a dashboard so traders can see where the next trade opportunity lies.

But to do this, I have to know each part of the setup. So far, time to trade - simple, support/resistance areas - not so clear yet - need a list, triggers - what F sees that makes him say YES, and click the trade button.

F may be more of a artist than a scientist when it comes to trading. And that is difficult to quantify.

I agree and understand your thoughts

I have always looked upon FX trading as neither a science - nor an art

Its a mixture - and for certain not a pure mathematical science.

I am also into gameplay theory and trickery

The FX market is full of it - as you know its corrupt and full of of manipulation and devious going on - after all their massive money to be made.

i am hoping Major Magnum will also give you his thoughts as he as been learning it now for 6 months - although he is not full time - so not about every day - but he may be also able to contribute.

As long as you have the time and the patience - I think I can supply all you need in clear answers.

The trouble is trading is grey and not just black or white - and with it complexity - what I might take as a trade at say 9 39am on a Monday - might be ignored at 10 51 am on a Wednesday - purely because of different variable we have not even discussed yet

Hope that makes sense to you and I think you have the first part IS done with the 3 white quick Lrs - its now the other Lrs and the time windows and S & R levels that need to be added to the equation

Regards


F

 

[TheRumpledOne]

"The market is ultra complex and dynamic - too simple methods are screwed - normally within months."

F:

The market is simple - BUY/SELL, UP/DOWN... nothing complex about it at all.

PEOPLE tend to make simple things complex - in trading and in life.

And the fact that we may disagree is the reason the market exists!

 

[TheRumpledOne]

"As long as you have the time and the patience - I think I can supply all you need in clear answers."

Of course, F. I do appreciate your kindness. Thanks again.

 

[Forexmospherian]

EJ

We posted another low at 3 00 pm at 62 - and since then its been a scalp buy this hour with price now at 139 82 and still trying as we come up to 4 00 pm

Will post a chart of this scalp rise

This EJ chart may help you TRO on LR structure - comments on chart with time windows


With regards to the market being simple - ie BUY / SELL - Up or Down or sideways

That is the 1% of the equation

99% of the equation is making more money than you lose - ie profits

That is the complex part of the game and that's why 80% of all traders who try - and they can range from extremely clever MENSA guys - to normal "joes" - FAIL

If it was easy we would see 80% of all trader win - even though I appreciate that cannot happen.

I totally agree there is no "Holy Grail" - no magic crystal ball - but out of every 100 trading systems - only 1 or 2 are real gems -

Regards


F

 

[Forexmospherian]

EJ - 4 21 PM

Here we go ;-)

From other thread - will we make 140 00 ???

 

[Dinos]

I made approx 409 pips off 24 trades F

??, With all due respect FX, I know exactly what my pips count is everyday, win or lose, never a fuzzy edge.

 

[Forexmospherian]

??, With all due respect FX, I know exactly what my pips count is everyday, win or lose, never a fuzzy edge.

i have a job remembering back over 11 months ago to the single pip and could not be arsed to check it out on history

I remember the day though - July 4th 2013 - Independence day and I took I think 24 trades

 

[Forexmospherian]

Perfect Example of a Scalp buy on the EU

Perfect Scalp buy at 5 00 pm UK time

Exit 7 30 pm and then try a scalp sell

Check this one out TRO

The cross was very nice - but the green was in the wrong position - but still carried on up - along with price


Regards


F

 

[TheRumpledOne]

LR45 crossover is working pretty well.

 

[TheRumpledOne]

Simplified view.

 

[NVP]

excellent work guys ......we are not worthy !

 

[tar]

excellent work guys ......we are not worthy !

:whistling

 

[Forexmospherian]

EU

9 30 AM - Can I scalp Buy ?

29 - 38 - Nice scalp buy - especially if on a 3 pip stop

Check this out on EU - TRO - with 3 white quick Lrs after sequence had been spot on in a time window

 

[Forexmospherian]

GU Chart - showing after Opens - ugly PA compared to nice PA

Great example of Price Action

Normally the Asian Session is slow and boring and not so nice to trade

Last night on GU compared to after the EO's of this morning shows a big difference with manipulated quick moves - giving ugly PA compared to easier PA to trade

 

[Forexmospherian]

One for TRO again - and why you need more LR clues

2 scalp buys here on EU this morning TRO

One at 9 30 am - but did not clear green LR

One at 11 00 am - yes this one did

[COLOR="Red"]3 hours plus later - the scalp at 11 00 am with the extra LR's under went on up approx 40 pips - compared to just 10 pips using the white LR's on their own[/COLOR]

 

[TheRumpledOne]

Check this out on EU - TRO - with 3 white quick Lrs after sequence had been spot on in a time window

Good day, F:

Thanks again for showing examples.

So price crossing the 3 white LRs is the trigger?

I am finding price crossing/closing above the White LR45 to be a solid signal.

 

[Forexmospherian]

Good day, F:

Thanks again for showing examples.

So price crossing the 3 white LRs is the trigger?

I am finding price crossing/closing above the White LR45 to be a solid signal.

Hi TRO

That's good - I am pleased

i appreciate you might laugh at this - but this is were the "devil is in the detail"

I tried many years ago - when I kept being told my many other traders - please keep it simple with just 1 quick LR say the 45 or 50 - rather than 2 or 3.

i did an experiment over 500 trades

I also tried separately 2 other setting - 55 and 65 in isolation

For certain months - the 65 gave me the best results - then other sessions the 45 got me in quicker

However - and this is why I use 3 quick LR's rather than 1 - by using an ultra quick - ie under 15 - then a 2 more average quick LR's - my average entries are from 1 to 2 pips earlier

Lets say just 1 pip

OK on an average 2500+ scalps a year - with just a 70% win rate - ie say 1750 winning trades - and extra 1 pip gain on just 1 lot - is $17500 per year - extra income

So in conclusion - that's why I use 3 quick Lrs over 1

Regards



F