My Journal - Pathways to Improvement

[Forexmospherian]

Hi F,

no its not yet 500. Its around 400+, I think i will cover 500 within this week. I think it will be best, if we start the 2nd part on next week.

Regards

No problem - no rush at all - when you feel ready etc

Regards


F

 

[sun11]

Day 18

No of trade: 31
PL: 1.8
Largest win : 4.7
Largest loss: 4.2
Win rate: 61%

Today it was difficult at some hours.
On my option standing i was around top but due to market choppiness, I lost my rank. Anyway better luck next time.

This "level 1" training reminds me about my 1st guitar classes. At first, my teacher told me to strum on the strings from fret one to four & practice it for a month. That time i didn't know anything about scales or chords. He told me that, I want your hands get habituated with the strumming patterns. That's the basics.

I feel it works same way in here too...coalface level..

Best Regards

 

[Forexmospherian]

Today it was difficult at some hours.
On my option standing i was around top but due to market choppiness, I lost my rank. Anyway better luck next time.

This "level 1" training reminds me about my 1st guitar classes. At first, my teacher told me to strum on the strings from fret one to four & practice it for a month. That time i didn't know anything about scales or chords. He told me that, I want your hands get habituated with the strumming patterns. That's the basics.

I feel it works same way in here too...coalface level..

Best Regards

Hi Sun

Nice analogy - practice practice and practice and then as the saying goes you seem to end up being "lucky" and doing well - simple because you skill levels improves.

You are also everyday understanding the movement in your own session

I know you are not around for the US session after say 2 00 pm up end of London Close - but what hours are you presently covering - ie based on UK summer time as of now ?

As you go into stage 2 and then over the next few months stages 3 and 4 - you will be on at least 1500 scalps by then - and your performance will be entirely different to your first few hundreds scalps - with you getting at least one scalp making over 15 pips and load more between 7 and 12 pips

Catch up again tomorrow

Regards

F

 

[sun11]

Day 19

Hi F,

Today it was bit of over trading. I was trying to cover some losses. Other wise P/L could have been -20.

No of trade: 38
PL: -9
Largest win : 3.0
Largest loss: 5.9
Win rate: 60%

I have covered 500+ trades now. Let me know what you think. Generally in future level if I hold trades for than 3 pips,then probably my no of trades will decrease specially on real account. As I will be very selective. :medieval:

Have a nice weekend...
Regards

 

[sun11]

I know you are not around for the US session after say 2 00 pm up end of London Close - but what hours are you presently covering - ie based on UK summer time as of now ?

F

I think I'm covering end of the Asian session & start of the London session now. Probably from 6am UK Time. Generally I fill up my trading quota within London session. That's why didn't stay active during US session.

My general trading time is : 7:00 to 14:00 or 8:00 to 15:00. UK time. After 15:00 its night in here.

I also follow session to session timing. If I'm unable to make trade during London session, then will try US session. You know currency market gives us lots of flexibility..

 

[Forexmospherian]

I think I'm covering end of the Asian session & start of the London session now. Probably from 6am UK Time. Generally I fill up my trading quota within London session. That's why didn't stay active during US session.

My general trading time is : 7:00 to 14:00 or 8:00 to 15:00. UK time. After 15:00 its night in here.

I also follow session to session timing. If I'm unable to make trade during London session, then will try US session. You know currency market gives us lots of flexibility..

Hi Sun

Its a Bank Holiday in the UK tomorrow and although the FX markets are open there is no major red news and I might not be around most of the day.

I think you are ready now for stage 2 this week and you have taken over 500 scalp trades with tight stops and very small targets and have been able to remain fairly consistent.

With regards to your trading times - ideally I think you have 2 main sessions. First one is the 5 am to 9 30 am UK that can be split again into 2 parts. Some mornings 5 am to 7 00 am can be very slow - other times you do get some nice moves before the 2 Opens at 7 and 8 am UK time.

Always be careful exactly at 7 00 and 8 00am with regards to spikes.

From 8 09 am to 9 30 am you normally start to see some initial directions so 8 21 - 8 30 - 8 39 - 8 51 - 9 00 - 9 09 am UK times are all KT's for looking at all the clues lining up on scalps.

Your next ideal session is Midday to 4 00 pm UK time - again split into 2 parts

Pre news from 12 00 pm to 1 15 or 1 30 pm and then 1 51/ 2 00 pm ideally to 4 00pm. You will always have some good moves from 1 51 pm to 4 00 pm

You will not need to do all 4 mini sessions - but at least 2 and ideally 3.

Going back to new entries - If those 2 quick Lrs are still over price and pointing down and not crossed - you should still be in scalp sells - don't buy and similar on the opposite if the 2 are under price and pointing up and not crossed - dont sell.

Cross overs might not happen exactly at KT's - they can be a minute or so either side some times - but now we will through stage 2 start giving you more clues to be looking for and we will add another 4 th LR that will offer another clue on what type of target you should be looking for on your new scalp trade.

For now - I have asked you to take small targets - ie 1 to 3 or 5 pips and exit.

Over the next month - you will start to be catching scalps from 3 -10 pips first and then as you get used to 3 or 4 LR cross overs you should be looking for the 7 to 15 pip targets - using interim levels off the 1 min chart as your initial targets.

Soft stops need to be 3 to 4 pips ideally because as you will improve and catch more perfect entries with spreads under 2 pips and as low as 0 5 pip you should not need more than minus 4 pips to have caught the move.

I will post some examples next

Regards

F

 

[Forexmospherian]

Stage 2 from this week

I know this might seem a little strange - but it is step by step to get you to a competent intraday FX trader and you may think you will be going backwards to go forward at times

i want you now to work with an extra LR - ie 4 LRs

Ideally though this next one will not be longer than your existing 3 rd LR

Try settings at 8 -12 - 25 and then 35 to 37

Now you will be looking for not just a cross but a double or triple cross in a TW around a KT

I am posting an example on the EU from Friday afternoon

On my chart i am working with more than 4 LRs - but the others will come about later on in another stage

Note the circled cross around a KT in a TW and the result

This was a 12 39 pm example on the EU on Friday

You don't enter exactly on 12 39 pm as cross over not quite ready

Stop would be 1254 price - just below the LRs turning up

Entry would be from 1256 to 1258 maximum

Exit would be 1269 to 1271 - so a 11 to 14 pip scalp with a 3 to 4 pip stop

RR - 3 to 4 - time taken on babysit of scalp - 14 to 17 mins

Please set you chart up with the new 4 LR's and then you will know what you will be looking for next

the scalp example shown actually carries on to 77 -so another 6-8 pips available after a pullback - but trading the extra will come later in stage 3.

Hope all this makes sense - any questions feel free to ask etc

Regards

F

 

[MajorMagnuM]

Today it was difficult at some hours.
On my option standing i was around top but due to market choppiness, I lost my rank. Anyway better luck next time.

This "level 1" training reminds me about my 1st guitar classes. At first, my teacher told me to strum on the strings from fret one to four & practice it for a month. That time i didn't know anything about scales or chords. He told me that, I want your hands get habituated with the strumming patterns. That's the basics.

I feel it works same way in here too...coalface level..

Best Regards

practice practice practice. i am almost this quick now

 

[sun11]

practice practice practice. i am almost this quick now

You are genius MM

I heard you make 6000 pips per month, that's something !

Regards..:cheers:

 

[sun11]

Good Morning F,

Thank your the detailed post on the entries. I'm noting all the times & sessions.
Here is my new set up with 4 LR 8-12-25-37.



I will post more picture with the entry conditions to clarify my understandings.

Regards

S

 

[Forexmospherian]

Morning Sun

Its a long weekend in the UK - but it dull and raining in the Midlands and the idea of a BBQ later on is not looking that good.

I am not doing a full session today - but do plan to start a new trading journal open only to selected members later today.

I am also going to post some examples of nice scalps over the last hour in a bit

With the UK off - volumes should be down this morning - but maybe after 2 00 pm UK with Europe and the US trading then it might not be too bad

GL this week

Regards

F

 

[Forexmospherian]

LR cross overs with Time this morning on EU & AU

Two black quick scalping LRs the key

In relationship to time - levels and price structure from over LR's

Two examples with other clues shown as well

AU - 1 min LR Chart

EU - 1 min LR Chart

 

[sun11]

Stage 2 PA example

Going back to new entries - If those 2 quick Lrs are still over price and pointing down and not crossed - you should still be in scalp sells - don't buy and similar on the opposite if the 2 are under price and pointing up and not crossed - dont sell.

Cross overs might not happen exactly at KT's - they can be a minute or so either side some times - but now we will through stage 2 start giving you more clues to be looking for and we will add another 4 th LR that will offer another clue on what type of target you should be looking for on your new scalp trade.

Just one question, if PA get confirms with quick 2 LR's, then what is the usage of 3 & 4 LR. Is it just for further confirmation ?

I have seen market most of the time do correction around those 3rd LR.
In your last example, I saw same incident.

Regards

 

[Forexmospherian]

View attachment 198048

Just one question, if PA get confirms with quick 2 LR's, then what is the usage of 3 & 4 LR. Is it just for further confirmation ?

I have seen market most of the time do correction around those 3rd LR.
In your last example, I saw same incident.

Regards

Good and yes

The idea of multi LRs is to filter the strength of a new scalp

In theory the more LR's under price at a key level and a key time - the stronger the move up - and opposite if over

So when you end up with 9 LRs you then know unless you have 5 or 6 LR's under or over the price will not carry on and turn again

You use this clue along with reading PA and time and price structure - complex - but step by step and it will all make sense

If we started you off with 9 LRs or more - you would be baffled and confused

But the first 3 to 4 are the key for entries

The rest help decide do you stay with the entries - or look for opposite scalps etc

In the EU's case this morning after 6 00 am UK time it slowly been falling - both after 7 00 am and 8 00 am UK time with at a couple of times in last 10 mins all LR'S over price

The key now is levels of interim supports

Can 1200 - 1210 or 1217 stop the falls ??

 

[sun11]

Can 1200 - 1210 or 1217 stop the falls ??

It seems like it can...

50% of the last big wave. Good support hopefully.

By the way, i feel bad that you close down your live thread. I wasn't around here during weekend. But good that you decided to open private journal.

I will keep posting my results as usual.
Happy trading
Regards

 

[Forexmospherian]

It seems like it can...

50% of the last big wave. Good support hopefully.

By the way, i feel bad that you close down your live thread. I wasn't around here during weekend. But good that you decided to open private journal.

I will keep posting my results as usual.
Happy trading
Regards

Don't worry Sun - the thread close down under discretionary trading was always planned to happen by October 2015 as that was 2 years from when it started on the forum - the fact that it happened early was due to many factors - some under my control ( ie Holidays) - others not - ie too many disagreements and the thread getting hijacked etc

EU

the last scalp buy as just happened at a cross at 8 55 am - unless we make above 1222 and 26 though - I would just take profit and then wait for 30 mins or to see if we test 1200 next

 

[Forexmospherian]

Don't worry Sun - the thread close down under discretionary trading was always planned to happen by October 2015 as that was 2 years from when it started on the forum - the fact that it happened early was due to many factors - some under my control ( ie Holidays) - others not - ie too many disagreements and the thread getting hijacked etc

EU

the last scalp buy as just happened at a cross at 8 55 am - unless we make above 1222 and 26 though - I would just take profit and then wait for 30 mins or to see if we test 1200 next

EU

9 20 AM

Made so far 1225 on my chart so far

Also not quite 30 mins - but time rules in stage 3 - so not yet at this stage

Still - a nice 13 - 16 pip scalp buy

 

[Forexmospherian]

Will pop back in during morning Sun - a bit later on

On EU now - ideally you scalp buy again after the 9 21 am sell - if it stays above 1211/12

It then needs to get over 1227 and 33 for more scalp buys - with 1260 the key of the session on bias

Under 1210 and 1205 - it favours tests of 1200 big number support - with more interim supports at 1190 and 80.

Stay focused - take it easy - and GL

Regards

 

[MajorMagnuM]

Good and yes

The idea of multi LRs is to filter the strength of a new scalp

In theory the more LR's under price at a key level and a key time - the stronger the move up - and opposite if over

So when you end up with 9 LRs you then know unless you have 5 or 6 LR's under or over the price will not carry on and turn again

You use this clue along with reading PA and time and price structure - complex - but step by step and it will all make sense

If we started you off with 9 LRs or more - you would be baffled and confused

But the first 3 to 4 are the key for entries

The rest help decide do you stay with the entries - or look for opposite scalps etc

In the EU's case this morning after 6 00 am UK time it slowly been falling - both after 7 00 am and 8 00 am UK time with at a couple of times in last 10 mins all LR'S over price

The key now is levels of interim supports

Can 1200 - 1210 or 1217 stop the falls ??

more of the same

 

[MajorMagnuM]

now we look to pa for supports at o clock