My journey towards consistency

[gftrader32]

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.

5m is quite close to 1 min chart...Never tried FX-squawk, what do they talk about?

 

[gftrader32]

40% left

Out of this trade... I wish I hold it all (not only 40%)... or even if I left it after the news... oh well...something to work on it when to exit...

 

[gftrader32]

The more I analyze the trendlines the more sense they make...

 

[gftrader32]

30 min trendline

 

[Forexmospherian]

The more I analyze the trendlines the more sense they make...

Yes on your example - after 12 51 pm it was buy time - and then after 1 51 pm it was sell time

TL's on small frame charts are great for 5 -20 + pips

On larger frames and major breaks - then a lot more pips - but the devil is in the detail and so you need to have the tick or 1 min for accuracy of very small pips

If you allow a 15 or even 30 pip stop on a 30 or 60 min chart - then even a 50+ pip move might only be a RR of 2 - and it might take over an hour

A 5 min stop and a 15 move in 5 -15 mins is a RR of 3 and if you lose its only 5 pips to find - not 15 or 30 to claw back

Have a look at MM's results for today - scalping and leaving trades on

Have a guess how many pips he totaled ??

Regards


F

 

[gftrader32]

Yes on your example - after 12 51 pm it was buy time - and then after 1 51 pm it was sell time

TL's on small frame charts are great for 5 -20 + pips

On larger frames and major breaks - then a lot more pips - but the devil is in the detail and so you need to have the tick or 1 min for accuracy of very small pips

If you allow a 15 or even 30 pip stop on a 30 or 60 min chart - then even a 50+ pip move might only be a RR of 2 - and it might take over an hour

A 5 min stop and a 15 move in 5 -15 mins is a RR of 3 and if you lose its only 5 pips to find - not 15 or 30 to claw back

Have a look at MM's results for today - scalping and leaving trades on

Have a guess how many pips he totaled ??

Regards


F

I've just looked at it... that's really good for MM, over 600 pips...I am very far away

 

[Forexmospherian]

I've just looked at it... that's really good for MM, over 600 pips...I am very far away

Step by step - and one day you will get there - its all possible - but takes time and study and getting it all together

Saying that in 13 yrs not many days I have had over 400+ pips and MM's not even 18 months on scalping and pyramiding and peeling

 

[gftrader32]

Step by step - and one day you will get there - its all possible - but takes time and study and getting it all together

Saying that in 13 yrs not many days I have had over 400+ pips and MM's not even 18 months on scalping and pyramiding and peeling

how is it possible to follow more than 1 pair at a time?

Seems MM have had trades on different pairs...Even you, you can comment on any pair....

I'll stick with EU till I am sorted, maybe GU as well

 

[Forexmospherian]

how is it possible to follow more than 1 pair at a time?

Seems MM have had trades on different pairs...Even you, you can comment on any pair....

I'll stick with EU till I am sorted, maybe GU as well

I spent nearly 3 years just on EU to get used to it

Only been on more than 3 pairs last 3 yrs- prior to that just 2 or 3 pairs

the EU is not always the easiest - some days the UJ and AU are nicer slower clearer PA

GU can be a bit of a beast - but by having 2 pairs in sync - it can help your decision making etc etc

 

[options-george]

I am sorry to ask a daft question - who is MM?

GFT32 - have emailed you the squawk details.

 

[Forexmospherian]

I am sorry to ask a daft question - who is MM?

GFT32 - have emailed you the squawk details.

MM is Major Magnum - a trader I helped learn my method back in December 2013

He had already 18 -20 months of FX experience before trying my scalping method and using LRs and TW's and part stakes with stops in profit systems

It took him another 6 -8 months before he went live . Now been live over 6 months or so and soon might be at 2000 live trades

Last 3 months he's gone on to excel - after a difficult few months going live etc


Regards


F

 

[gftrader32]

short 3 43 pm

 

[gftrader32]

Step by step - and one day you will get there - its all possible - but takes time and study and getting it all together

Saying that in 13 yrs not many days I have had over 400+ pips and MM's not even 18 months on scalping and pyramiding and peeling

Forgot to ask why do you mean by pyramiding? adding in you mean? or partial profit taking?

 

[gftrader32]

going on nicely

 

[gftrader32]

going on nicely

+15 pips

 

[gftrader32]

+15 pips

out +11.1

 

[gftrader32]

back in again short

 

[gftrader32]

back in again short

-5 pips

 

[gftrader32]

long this time

 

[Forexmospherian]

Forgot to ask why do you mean by pyramiding? adding in you mean? or partial profit taking?

There is a saying called PPND

ie Pyramid and Peel - but Never Dump

Pyramiding is adding to your original order - another order or more stake

Peeling is taking some of the stake off as it pullbacks / retraces

So if a scalp buy goes from say 10 pips to 100 pips over say 2 hrs you might add to order as price moves up every 3 or 5 pips and then take some off it it pulls back every 5 -10 pips etc etc

Its more advanced and really first part is getting the basic trades correct - before moving on to next stages of turning scalps into swing trades and longer etc