Best Thread Live Trading and General Chat Lounge

[Purple Brain]

Purple Brain - ;-) got to get my 10 trades in before I pop out in next hr - so far only done 4 since opens - but now up 53 pips in total - all trades with stops of 3- 5 pips - scalper who's risk adverse - unusual

It's certainly unusual to use adverse rather than averse, but I've noted a few tells with those who specialise in 3 pip stops. Not that a higher degree level education is a prerequisite for successful trading, but a basic grasp of grammar paints a more convincing picture.

 

[Purple Brain]

Yes - easy high was 47 lower high at 46 at 9.06am and then that low was a higher low at 93,39 at 9.13 am and then I am out at 42 at 9,23 - so 4 pips less 1 pip spread with commission on FX pro

Ah, one of those trades. You get in at the absolute top some minutes before you post and get out 20 minutes before you mention the fact here. You also seem to have got some extremely favourable fills. Got it. The old retro-trade.

 

[Dinos]

hope some of the old timers start visiting this thread again ------- need to go catch up again

Hi BP, I'm not that old , I should be around from next week, being a little busy of late. I'll post up a few losing trades matey

 

[scholfield]

long audchf 0.8552
stop at 0.8530

-22.

 

[FX punt]

Long aud jpy 93.30 with 06 stop
Feeling lucky today !!!

Stop moved to 08 fwiw.
The luck I had was only filled for 1/4 of my
intended amount at the time.
I was also trying to buy nzd jpy which is
now lower and looking like a sell on rallies !!

 

[Forexmospherian]

Ah, one of those trades. You get in at the absolute top some minutes before you post and get out 20 minutes before you mention the fact here. You also seem to have got some extremely favourable fills. Got it. The old retro-trade.

Hi Purple Brain - sorry - well spotted a spelling mistake - I type at over 80 words a minute - but do make mistakes when replying quickly - as I was going out.

With regards to brains - thats interesting - I have a Hons degree in Economics approx 30 yrs ago and trained as an accountant before having a successful business career and retiring at 51.

I am an expert scalper - using time / linear regression HH's HLs and opposites along with dynamic and horizontal supports.

I catch interim tops and bottoms on up to 4 pairs a day and generally get it right 70% of the time - and even when I get it wrong - I can normally get our with a 1 or 2 pip profit or a very small loss

I am trading on 3 -5 full lots per pip normally with "free trades at 1 or 2 lots.

Normal execution is within a second or 3 seconds max - when I was trading at over 20 lots my entries could take 30 seconds to 1 min - but that was 4 yrs ago and ECn Brokers have improved - thank goodness

i apologise if you think I am a fake or full of BS - sorry to disappoint - but I do intraday trade very successfully.

You might want to note that once the AY dropped under 38 and 36 it fell then - as commented on in my earlier reply

I am happy to explain more of my ways if you would like to learn more - but I get the feeling thats not the case as you seem to think I am a nitwit ;-)

Shame

Still you will probably find out over the next few weeks how good I am if you keep a watch - meanwhile - are you any good ? and what's letting you down ?

Regards

Forexmospherian

 

[Purple Brain]

Stop moved to 08 fwiw.
The luck I had was only filled for 1/4 of my
intended amount at the time.
I was also trying to buy nzd jpy which is
now lower and looking like a sell on rallies !!

I admire your tenacity, but given the recent dearth of pips generally, why didn't you take a few pips when you saw it coming back against you?

I appreciate this is one of your strengths - staying in for the longer haul - but in current conditions, I'd be out like a rabbit - which is one of my weak points I'm sure.

 

[Forexmospherian]

Just noticed this thread is under the banner - "keeping things simple".

It seems to be fashionable and I am sure the industry love the KISS phrase as it encourages all type of people to trade - as they think its easy - and simple

Unfortunately trading is more difficult than rocket science if you really want to be consistent and make money every day.

Simple methods give simple results - ie not very good

You need to be able to deal with complexity and have a very agile well trained brain to make money out of this game - keeping it simple is great for the average Joes - but hardly the way to get to the 5 -10% who make proper money on an ongoing basis - and they are no way just lucky or guessing - I know that for sure ;-)

 

[FX punt]

I admire your tenacity, but given the recent dearth of pips generally, why didn't you take a few pips when you saw it coming back against you?

I appreciate this is one of your strengths - staying in for the longer haul - but in current conditions, I'd be out like a rabbit - which is one of my weak points I'm sure.

Yes good point. I did also read the earlier post
from you regarding this.

My problem is I like to stick to my trading
plan I have when I enter the trade. Yes I would
have been better taking a few pips but I shall consider
changing things a little next week if mkt does not improve !

 

[FX punt]

I admire your tenacity, but given the recent dearth of pips generally, why didn't you take a few pips when you saw it coming back against you?

I appreciate this is one of your strengths - staying in for the longer haul - but in current conditions, I'd be out like a rabbit - which is one of my weak points I'm sure.

Some people would say to rigid others good
discipline ?

 

[Purple Brain]

Hi Purple Brain - sorry - well spotted a spelling mistake - I type at over 80 words a minute - but do make mistakes when replying quickly - as I was going out.

A spelling mistake you’ve made in two posts which is then not really a spelling mistake. It’s an order of magnitude larger.

With regards to brains - thats interesting - I have a Hons degree in Economics approx 30 yrs ago and trained as an accountant before having a successful business career and retiring at 51.

Yes, almost everyone on this site is a brilliant entrepreneur and successful businessman. I feel quite dwarfed by it all being just barely average myself.

I am an expert scalper - using time / linear regression HH's HLs and opposites along with dynamic and horizontal supports. I catch interim tops and bottoms on up to 4 pairs a day and generally get it right 70% of the time - and even when I get it wrong - I can normally get our with a 1 or 2 pip profit or a very small loss

Yes, again, everyone seems to manage this sort of performance – until asked to demonstrate in real-time- then very few seem able to so with others watching. I’m sure it’s a psychological problem rather than a methodological one.

I am trading on 3 -5 full lots per pip normally with "free trades at 1 or 2 lots.

In your gushing intro full of bravado, bravura and (what’s that other word beginning with a ‘b’ – escapes me for the moment) you said you traded 10 lots at a time down from the 22 at your peak. Did you forget what you’d said? I’m not suggesting anything, but I find always sticking with the truth means I don’t need to have a good memory – which is just as well.

i apologise if you think I am a fake or full of BS - sorry to disappoint - but I do intraday trade very successfully.

The thought hadn’t entered my head.

You might want to note that once the AY dropped under 38 and 36 it fell then - as commented on in my earlier reply

Duly noted. As was your comment in that same post about a new high above 48 which you would have rightly claimed as a victory had it gone that way.

I am happy to explain more of my ways if you would like to learn more - but I get the feeling thats not the case as you seem to think I am a nitwit ;-)

Nothing could be further from the truth. I am positively looking forward to you showing your skills over the coming days, weeks and months. But as the title of this threads is ‘Live Calls’ to be taken seriously you will need to post your entries and exits at the time you’re taking the trades otherwise some might begin to doubt your glowing testimonials.

Still you will probably find out over the next few weeks how good I am if you keep a watch - meanwhile - are you any good ? and what's letting you down ?

I look forward to learning much from, you. I am absolute rubbish and barely scratch a few pennies from the business on the best of days. What’s letting me down? Just about everything and everybody almost. Myself mostly. I keep seeing the devil everywhere in all his various guises. A recent development.

 

[FX punt]

Just sold nzd chf .7399 with .7420 stop
Nzd rate decision out later might get it moving.

 

[Purple Brain]

Yes good point. I did also read the earlier post
from you regarding this.

My problem is I like to stick to my trading
plan I have when I enter the trade. Yes I would
have been better taking a few pips but I shall consider
changing things a little next week if mkt does not improve !

I wasn't suggesting I had the answer, obviously. I had a couple of shots going up aud/jpy early this morning and weaseled out at the first sign of trouble each time. Ended up with less than half a dozen pips for my efforts in total.

All well and good in today's market, but I do exactly the same thing when you sit on the swines all day and reap 40-50 pips.

Be great to know when to hold and when to fold.

 

[FX punt]

I admire your tenacity, but given the recent dearth of pips generally, why didn't you take a few pips when you saw it coming back against you?

I appreciate this is one of your strengths - staying in for the longer haul - but in current conditions, I'd be out like a rabbit - which is one of my weak points I'm sure.

I sold aud jpy 93.25 all sq in that now.

 

[Forexmospherian]

Hi Purple Brain

Well I can help you - as long as you have an open mind to trading - and probably forget everything you have already learnt about forex trading.

I have been calling live trades on 2 other forum sites for over 18 months with excellent results - in fact the one of FX street on July 4th made me over 400 pips in a 10 hr day - with 24 trades - and only 4 wrong ;-)

Because the market is dynamic - I scalp in time windows - 9 mins either side of the hour and half hr changes - normally - I only can give live calls to - 2 - 5 mins before my entries.

My scalps are normally in profit within 1 - 4 mins and on average last 10 -15 mins - with minimum 7 pip targets and the ones that achieve 25 + pips can take 15 - 30 mins .

All my trades are from average 5 pip stops - as long as spreads under 2 pips.

When I have under 1 pip spreads on key pairs I will attempt 3 or 4 pip stops - but generally 4 - 7 pips cover all the pairs i trade.

I will not take a trade unless I can achieve it with a small stop - as its essential for a good RR.

My average scalp trades don't make over 20 pips before I exit - but then if I get over 10 or 15 pips - I have an RR of 2 or 3 .

I am intrigued why traders have 40 pip stops with 120 pip targets and take 2 days to achieve an RR of 3 - when I can get the same or better result within 30 - 60 mins

That's were my accountancy brain helps - I trade for profit and great returns - not for big pips taken with larger stops - inefficient

So yes will give you some live trades on the EU / GU / EJ / EA and of course AU and some yen crosses over next 2 days.

I am sure you will find fault with them - but that does not bother me - as as long as they make money and I type and call before entry - then surely that is enough ?

I get the feeling that you are really a "smart ****" who seems to not like anyone who is successful in trading.

I will say there are only a very small percentage of traders who are successful and really 80% + are just guessers - trying to learn

To be successful - you will need to understand PA on the tick and 1 min chart - and although 10k live hours are advisable - even 2k hrs will improve your massively


Hope that's a help - and lets prove each other wrong ;-)

Ps - yes if AY price had gone higher and broke over R at say 52 -55 level - then yes it would have been a scalp buy. When it went under 38 and 36 - it was a scalp sell

The difference between up waves and down waves can easily be under 10 pips on the small frames - so on any pair - a buy might be at say 65 and 67 =- and a sell at 53 and 49 - thats how scalping works when you are only chasing targets of 7 -25 pips per scalp trade ;-)

Regards

Forexmospherian

 

[FX punt]

Today I have been unable to reply to posts.
Was trying to reply to forexm saying would be
good to see a human winning in short term trades
as I didn't this was possible in the age of the algo !
Seeing success would encourage me to investigate
Further !

 

[FX punt]

Think been FED comments moving USD but
I have brand new laptop but not been given permission
to look at charts on it yet ! Hopefully market
will reverse and save me some money as I would have
been looking for continuation !

 

[FX punt]

Just sold nzd chf .7399 with .7420 stop
Nzd rate decision out later might get it moving.

Stopped .8428, 8 pips slippage but fair enough
when int rate decision and wrong side of it.

 

[Purple Brain]

Hi Purple Brain

That's were my accountancy brain helps - I trade for profit and great returns - not for big pips taken with larger stops – inefficient

I have heard that accountants make great traders. Much as in the same way Marks & Spencer makes great pork pies.

I am sure you will find fault with them - but that does not bother me - as as long as they make money and I type and call before entry - then surely that is enough ?

Why on earth would you think that? I’m fine with any man who plays with a straight bat. My suggestion to make your calls at the time at prices available at the time is simply a reiteration of the ‘rules’ of this thread as laid down by the member who initiated this thread.

Win or loss matters less than how you play the game here.

I get the feeling that you are really a "smart ****" who seems to not like anyone who is successful in trading.

That’s very kind of you, but I’m sure I still have much to learn before I can claim to be anywhere near your level of skill.

I will say there are only a very small percentage of traders who are successful and really 80% + are just guessers - trying to learn

” 80%+” sound like just a guess? And yes, I’m definitely one of the guessers trying to learn.

To be successful - you will need to understand PA on the tick and 1 min chart - and although 10k live hours are advisable - even 2k hrs will improve your massively

Don’t be a tease! Improve my massively what?

Hope that's a help - and lets prove each other wrong ;-)

Been a tremendous help already, but neither of us have anything to prove. Looking forward to seeing your trading.

Final note just thought I should mention what you are doing isn’t technically scalping, just in case those even fresher than me to the game are reading this. What you are doing is trading for extremely small absolute profits and using stops that are heavily skewed towards failure with brokers’ commissions representing a significant percentage of your P&L and you’re trading heavily to make a reasonable daily profit from all of this. Nothing wrong with that of course but it is only your personal skill and brilliance that turn what would be for most a quick exit from the game into a stunning victory day after day, but it’s not scalping.

 

[Forexmospherian]

Morning Purple Brain

The definition of scalping in trading seem to be far from black and white.

Some look upon it only as very quick trades - ie under 2 minutes in length and for a small reward such as just a few pips.

Other definitions include any trade under 50 pips that is undertaken in a small period of time - ie under an hour.

I myself prefer to say I am an short term intraday trader in a dynamic market - so therefore I might only be in some trades 2 minutes and then in other trades 25 or even 50 minutes.

The only trades that I am in over 1 hr are "free trades" - ie trades were the majority of the stake - ie over 50% as been taken off at anything from 15 to 30 pips and then the rest of the stake as been left with a stop in profit - ie say 30% of original stake left on with a stop 15 pips already in profit.

With these trades you can switch off and you dont have to worry - as what ever happens you cannot lose - ie if you get stopped out you still have your 15 pips or what ever profit - and if it stays going your way - you might end up with say 40 pips or even several hundred ;-)

The European Open is at 7am and London Open 8am UK time as having just briefly looked through 6 pairs - I have dollar strength over the last 12 hrs and Euro weakness. As you know that can change very quickly - if the market wants it to - so with regards to directions - I look really in terms of every 30 - 60 mins

Its 7.25 am UK time as I type this ( please dont be too pedantic checking my typing - as I type quickly and dont proof check twice - as really this is not a novel or exam paper and as long as you understand what I am saying - dotting the i's and crossing the T's is not my high priority - ie getting my trading decisions correct is far more important in this exercise - I hope you would agree )

So during the next approx 10 mins I will look for a short term trade - did not want to say scalp - so not to upset you ;-)

Lets look at the GU - in a scalp buy mode from the hr with a HL at 6008 and resistance at 6023-25.

OK - so if we breach 25 - i will be looking at holding the scalp buy for higher - ie 35 + etc - and if we dont go over 6025 - i will be looking for a "scalp " sell.

Hope that makes sense for a start - as I am explaining here my plan for now.

So whilst price is over 6008 - i favour scalp buying to breach 25 and then for price to try higher .

No 25 and then a fall under 6008 - then it would be a case of "scalp selling" for a test of a new low under 6006.

This is too help you get into my "trading zone" - not the way I will be calling live trades with exact entries and as you know all stops at approx 5 pips away ( not hard stops- this is one click manual trading - you exit yourself - not with the stop already set in stone on your platform as its too close and in the older days would be hunted by the brokers - not now on ECN brokers

OK - will explain more etc during the morning

Have a great day - I will ;-)

Regards

Forexmospherian