Thank you F for the explanation with the charts.
One question with LitS (Line in the Sand) area, can you define it?
Is it the 30 mins rules?
If its not my time to know yet. Then its ok.
Today Results:
Regards.
Morning Sun
I hope you are having a nice weekend and all is OK
Day 15 was Friday and I calculate at your present rate you will need another 4 or 5 days to get to around 500 scalps. At that point we can evaluate more as well as starting stage 2.
Stage 1 was all about getting used to a 1 min chart and the 3 LRs and the timing of entries - plus being able to react to very tight stops and only small targets.
Entries are key for scalpers - even if you catch a wrong trade and it does not move the 5 or 10 + pips you are expecting - a really good entry still might enable you to get out with just 2 pips or so or no loss.
Its a skill - it takes lots of practice but you improve by reading PA at the coalface along with the key times in the 2 time windows.
500 scalps is nothing in the big picture. When you are fully trained - even if you only take 15 scalps over a full session or day its still over 3000 scalps in a full year - and every 500 you will get better - until you eventually reach my level or Major Magnums.
The FX markets are dynamic - they are forever changing and no 2 days are exactly pip for pip the same. That means you will have good days - average days - brilliant days - but never really bad days when you are trained to use my method along with advanced money management and other tips you will never read about elsewhere.
It will also mean in the real trading journey you will have different win ratios.
When I look back at my records of batches of 100 scalps - I have had been as low at just over 61% and as high at 87% - all acceptable but ideally you want to be aiming for the 70 to 80% win ratios on batches of 100 scalps - whether over 4 or 7 trading days.
I am sure you realise as your reading of the 1 min chart and learning more about the LR's and time windows improves - you will get to over 75%.
In stage 2 we will be fine tuning the LR's and might add another one - as well as working with the time rules and understanding the basics of intraday price structure which after all gives you an edge on bias and so you then expect the scalps you take with the PS bias to give you more than just 3 or 5 or 7 pips.
Have you noticed the quickest 2 LRs tell you what not to do ?
For example - if they are under the 1 min price bar/ candle and turning up - the you should be scalp buying and you only come out the buys if they both cross over back over price ?
Because we use LR's on a 1 min - we dont get the "lag" of moving averages used by many on 1 / 3 and 5 min charts.
We gain anything from 1 to 3 pips on entries
In fact when you improve further and try tick charts sometimes you can get entries even 2 pips earlier than on a 1 min. Major Magnum did that late Friday afternnon when we were trading together in the other thread.
Next point
Pick any FX pair you trade - ie EU - AU - UJ etc and chose any day after Wednesday last week and then put in on a 1 minute naked chart over the the main key 12 hrs of the 24 hr day - ie UK either 7 am or 7 pm - might be 4 or 5 am your time to 4 pm or so
Then notice the main turn points - normally there might be anything from 3 to 6 intraday highs and lows
Everyone can be traded from a 3 pip stop - but only when you are fully skilled and know all the tips and time rules.
You are presently playing with 6 KT's per hr and so over 5 hrs you could have taken 30 scalps on 1 pair.
Ideally in that 5 hrs - there might have only been 2 or 3 KT's that will give you the 15 - 30+ pip scalps. So instead of needing to take 30 scalps - you will fine tune and filter out ending up with just maybe 4 -6 key scalps a session a pair.
Multi entries with different stake sizes etc is a long way off - at least 4 -6 months - step by step first
Ok more to follow over the day
Im a little confused how you dont grasp that concept.I do not believe for 1 second that you are who you say you are.
