My journey towards consistency

[Forexmospherian]

-5.4

Morning gft

Looking forward to commenting in next hour - as can see so many things I can help you on now - that i am seeing what you are doing

When we get a lull for a bit this hour - will make some positive comments to help etc

Meanwhile - remember its very difficult to concentrate and focus whilst both scalping and blogging

Ok its easy for me - because of the years I have been doing it - but dont make it too hard for yourself

Really pleased you have started a real time blog - as its then easier to see what you might be doing wrong

GL - keep it up and will come back to you soon

Regards

F

 

[gftrader32]

Morning gft

Looking forward to commenting in next hour - as can see so many things I can help you on now - that i am seeing what you are doing

When we get a lull for a bit this hour - will make some positive comments to help etc

Meanwhile - remember its very difficult to concentrate and focus whilst both scalping and blogging

Ok its easy for me - because of the years I have been doing it - but dont make it too hard for yourself

Really pleased you have started a real time blog - as its then easier to see what you might be doing wrong

GL - keep it up and will come back to you soon

Regards

F

Thanks F,


It's really difficult to do both at same time, and I find myself focusing on shorting the market only...

Not sure why, and it's this day only, I tend to think that shorting is easier....

I'm down a lot this morning:

12 trades
3 winners - 10.3 pips
9 losers -5.4 so around -50 pips

I'm trying to synchronize with 30 minute chart, not working, but will keep trying...


I'm kind of desperate and down atm...

 

[gftrader32]

short 10 05

Finally some greens are coming.

 

[gftrader32]

Finally some greens are coming.

moved stop +3.5 pips

currently +15 pips

 

[gftrader32]

moved stop +3.5 pips

currently +15 pips

trying to get half position off the table at +20 pips ..hates to give it all back

 

[gftrader32]

trying to get half position off the table at +20 pips ..hates to give it all back

the market between 1025 1014...My tp for half position sits on 1013

 

[Forexmospherian]

Hi gft

i think this was my first concern

Seeing all sells on EU this morning

If you were using say a LR I min chart - then the longer LRs were saying up bias for morning session - certainly after 6 and 7 00 am

OK EU was not easy for us this morning as PA was being made awkward - but you needed to think that out your first 5 or 7 trades - more should be buying than selling

I think you might be using one click for entry and exit ? so next question - you must say OK - i dont want just 2 pips - must try for 5 and 7 pip + but if you get your timing wrong and you go down even say 3 or 4 pips - exit rather tahn waiting for say minus 5 or minus 7

Timing - we can improve - but this morning AU and GU were actually easier than EU

I know you dont want to focus on 4 - 6 pairs but try focus on 2 - ideally EU and then AU or even NU or UJ

Then this will help you with either positive or negative correlations and moves in sync

I can assure you what you are going through happens to 95% of all scalpers and short term intraday traders for a start

But within a few weeks or month - all can be fine tuned and converted to what you need to do

Maybe over a full day - dont try over maximum of 2 scalps or 3 max per hour

You need 5 -7 pips + off wins as a minimum - ok if you after to bale accept 3 - but dont chase 1 to 3 pips

Once you are in profit then focus on part profits with stops at B/E etc - as instead of 9 losses averaging 5 pips - we might have said - stop after 4 losses for 30 mins - and try and keep your losses under 3 or 4 pips - ie exit as soon as you dont see a move going your direction

MM will tell you - he went through it just like you - some days he would have 10 -20 bad trades in a row even

Now look at him - and see what's he done today already - all down to fine tuning and experience from many many hrs at the coalface with real intraday charts under 5 mins.

I have loads of tips to offer - but maybe - step by step

Options George is correct on spreads etc - but when you go live with over a few thousands you can negotiate better rates and commissions in fact on over $10 or 20k far better than on demo or under $500.

The thing is though - slow down and think I want 2 or 3 good trades of 7 -25 + pips - rather than 10 winners all making 1 to 3 pips

It will come - believe me - and over your next 100 trades you will see difference after some more fine tuning etc etc

More to follow


Regards

 

[gftrader32]

Hi gft

i think this was my first concern

Seeing all sells on EU this morning

Hi F,


Yes indeed, it's not just this morning, I tend to rely more on selling the market rather buying it.

Like my brain is programmed to look for selling opportunities...

I'm not sure if this is normal, i.e., traders who focus on one direction only and find it more trade-able...

The last short worked (half position +20, and the other half currently +25 pips)

 

[gftrader32]

Hi F,


Yes indeed, it's not just this morning, I tend to rely more on selling the market rather buying it.

Like my brain is programmed to look for selling opportunities...

I'm not sure if this is normal, i.e., traders who focus on one direction only and find it more trade-able...

The last short worked (half position +20, and the other half currently +25 pips)

In fact, when it's an uptrend like today from 6 37 to 8 30...I tend to think the longer the uptrend the better to short the market....

If it was a downtrend, it will work - ie going with the trend...

If it is against the trend (ie the trend is up), then the longer the uptrend the better the short.

That's my thinking anyway, as you can see I got burnt out today many times (9 trades)...the last trade currently is +30 pips half position

 

[gftrader32]

It would be good if we test the trendline on the 30 min chart...and would be even better if we break it....thoughts?

 

[gftrader32]

okay quarter of the position is sitting on 1001 level to be closed.

 

[gftrader32]

40% left

 

[Forexmospherian]

Hi F,


Yes indeed, it's not just this morning, I tend to rely more on selling the market rather buying it.

Like my brain is programmed to look for selling opportunities...

I'm not sure if this is normal, i.e., traders who focus on one direction only and find it more trade-able...

The last short worked (half position +20, and the other half currently +25 pips)

OK

we need to get you thinking - trade both directions - and try and nullify your bias

My bias is any move over 7 + pips - and whether its a buy or sell - i never really bother - forget fundamentals for scalping and short term intrday - think just tick and 1 min to 5 min charts.

Ok bias can come from 30 mins and 1 hr charts for intraday - but on my 1 min LR set up the 3 longer lrs are showing the 15 min to 2 hr mode anyway

We need to program you to look at more buys next 50 trades then sells - just to break the habit etc;-)

 

[gftrader32]

OK

we need to get you thinking - trade both directions - and try and nullify your bias

My bias is any move over 7 + pips - and whether its a buy or sell - i never really bother - forget fundamentals for scalping and short term intrday - think just tick and 1 min to 5 min charts.

Ok bias can come from 30 mins and 1 hr charts for intraday - but on my 1 min LR set up the 3 longer lrs are showing the 15 min to 2 hr mode anyway

We need to program you to look at more buys next 50 trades then sells - just to break the habit etc;-)

Thanks F, when you say your bias is any move over 7+ pips, how do you tell? I mean how do you know that the move will last for that amount of pips?

Is it previous high/low? 30 min time window?

 

[gftrader32]

Off the screen now, 40% left on my short, tp around 985 level..sl in profit 1030

 

[Forexmospherian]

Thanks F, when you say your bias is any move over 7+ pips, how do you tell? I mean how do you know that the move will last for that amount of pips?

Is it previous high/low? 30 min time window?

Many clues

1 - as been past 5 - 10 mins seen a new low or high - and we are hitting an important interim level

Classic example GU at 10 50 am and 11 00

That bounce up was going to be more than 7 pips - because its like a "bouncy ball effect- ie when you get a nice drop expect a bigger bounce up etc

The market will always want to catch traders out and get then going the wrong way

In tight ranges or as I say BTTZ areas - maybe leave alone - look at levels that will turn or stop a move - or if broken by say 3-7 pips allow a bigger move

Like with EU this morning

Once over 1003 you expect 10 -15

Then over 1020 and 25 - you expect higher - by 50 - you expect a stop as move as been good enough to get more buyers in - now time to throw the weak ones out and stop hunt

Remember its a big money game - expect the unexpected and look out for the bouncy ball effect on both ways etc

More clues and tips to follow

 

[options-george]

I am trading off slightly higher timeframes than you GFT32 - mainly looking at 5M.
However even with that I am listening to a FX-squawk all day long.

I am not sure whether scalpers regard that as a necessary tool. Forexmospherian?

Certainly I was all glued up on the entire Yemen situation (and further developments as they happened through the morning) just by listening to it.

It costs me just £20 a month.

 

[Forexmospherian]

I am trading off slightly higher timeframes than you GFT32 - mainly looking at 5M.
However even with that I am listening to a FX-squawk all day long.

I am not sure whether scalpers regard that as a necessary tool. Forexmospherian?

Certainly I was all glued up on the entire Yemen situation (and further developments as they happened through the morning) just by listening to it.

It costs me just £20 a month.

I think it can help - and if you depend on it - stay with it

I got to stage i just rely on my tick and 1 min chart - and time

OK - will never be 100% right and will get caught out at times - but not even watching order flows as my LR structure and TW's and key times are my main guidance along with 1 mim PA

Good Trading

Regards

 

[Forexmospherian]

12 20 pm

I know we have dollar red news in 10 mins gft - but did you get the EU scalp buy after low at 12 03 /4 pm

After 12 09 pm it was confirmed and now up over 20 pips

If not check it out etc - as a perfect type of trade you want

 

[gftrader32]

12 20 pm

I know we have dollar red news in 10 mins gft - but did you get the EU scalp buy after low at 12 03 /4 pm

After 12 09 pm it was confirmed and now up over 20 pips

If not check it out etc - as a perfect type of trade you want

Sorry was away... didn't catch that one...

The thing about bouncing is difficult to tell which "bounce" will work....in real life, I try to see if the trendline will hold or not....

So back to 12 09 pm...how do you know it will bounce here? Not for example 11 56?