EUR/USD: IntraDay Scalping and Short Term Swing Trading Only

The thing is that at the time you entered. We were below 350, sloppy bouncing up, so wait either for next level which is 320 or at least mid - 335.Sorry for late response, I was offline.

Last trading story for the weekend...not EURUSD related but related to trading in a way...this is a long story, but somewhat entertaining.

Today's internet problem I had, reminded me of when I attempted to trade the SP futures years ago on a dial up connection when 28k was the fastest available and 56k was just getting implemented. If you don't know what 56k is, you're not going to understand the rest. Anyway, my connection was spotty on dial up and I had placed orders online instead of calling them in to my trading desk which was the standard at the time. Back then you had to wait for a confirmation because the orders got routed to a floor trading pit at the CME, and then back to your account. I was also using a live squawk over the internet at the time. I had put in an order for 4 contracts (not mini SP back then), and didn't get a fill right away, so I decided to put in another 4, thinking that they would get filled, and then my internet connection got disconnected and I had to dial up again to get online. When I came back online, I was fully margined unintentionally for 8 contracts, and freaked out and wondered how I was going to get myself out of these without going bust. Then I got lucky, there was a rush of orders and I was up 8k and then 12 grand within minutes and was jumping up and down thinking "Oh yeah!!!"... Then the power went out in the house, along with my computer and net connection..all black and dark it was the middle of the morning and I was shaking and pissed. When I came back online, several minutes later, after switching the circuit breaker in the house and restarting my computer which took several minutes back then, I was only up 3k compared to 12k a few minutes earlier, and I closed all immediately. I nearly pee'd my pants trying to unload those contracts online and waiting for a fill. I was shaking. I could have ended up owing several grand to my broker on that fiasco, there's no concept whatsoever of "negative balance protection" trading futures, and you sign all these contracts when you open a futures account letting you know that up front, and back then, everything was not marked to market every tick like it is digitally today, it was marked to market at the close or after you were negative. Sometimes, traders would get lucky and get filled with negative equity (not balance that can be carried), but equity, and their brokers and clearing houses would let it slide as long as they came up positive at the end of the day, but if you came up negative, they came after you for the money and any other assets you have. Anyway, after that I was shocked for a few days. It could have been a five minute 12 grand disaster, instead, I had been lucky in a strange way to only lose 9k in MFE equity only, with a few minutes of time. That was my first week of daytrading. And because of that I was too scared to try it again for real, for years. I had promised myself to never try to daytrade on a dialup connection ever, unless I could devote myself to the screen for several hours straight every day just for trading, and have back up connections just in case, and I kept that promise until recently. Luckily today, I was able to connect with my smartphone and I wasn't that exposed in the first place and only lost 12 pips on that one.

No, you're responses are ALWAYs appreciated at ANY TIME. I'm pretty sure there are several others here now too that feel the same way. Thank you.

short at 11388 as its at resistance level going back few weeks.

Nice story, had a good laugh. I bet that even if you hadn't had that blackout you wouldn't have closed it as well! Beginners greed!
My first modem was 33.600, good old days...

Regarding EU, bulls did a nice mid term swing 1.11-1.14.
What can you expect next week? If it's gonna behave as usual after that kind of swings then retrace from 1.14 +-30p is 100-150p.

Have a nice weekend!

EU levels for October 12

1.13630
1.13390
1.13220
1.12820

And good weekend to all

Thank you for the heads up. Something to chew on over the weekend.

Seahorse, thanks for the numbers everyday. I look at them and I know that others look at them here and consider them as well.

The numbers I've been posting include the open of the open session in their calculation, so...Monday, in case there is some gap.

However, I know now that yours is not a pivot point formula I think, and based on chart levels instead, and since we closed at around 57 and your top number is 60, your bias is down to the low 1.13s or maybe even back to under 1.12 on Monday. Will keep in mind.

Got the yellow ones to the right for scalping on Monday. Valleys are better as peaks are usually congestion areas. I use initial balance too (opening range) but not the same way you do with the 30 pip ranges. Waiting to see London interaction (about 5 mins after open) around yellow numbers and depending on the position of the 1m 34ema wave will take a direction till the next 2-3 of them get hit or until a major valley is reached.

Interesting. If I've read the chart correctly, your levels would be:

1.1403
1.1387

1.1341
1.1325
1.1314
1.1296

Thank you.

You guys are doing your Monday prep early. It's still Saturday!

Yep, those are for 1m scalping. Longer term ones are the big fibs (1.1209 or 1.1459) if it breaks above or below the boxed numbers (vpocs from previous days 1.14 - 18th Sep / 1.1274 - 8th Oct). Actually I just note them on chart on Friday night after weekly close then forget about them until Monday morning, I don't pre-plan much.

Thanks for the nice MP sakisf. Always good way to confirm pivots.
I just spent a few minutes to cycle through pairs. It looks like lots of them finished or 'just' bounced off nice S/R's just like EU. I think it's too early to say if it's gonna continue and break just like that without any 'external' catalyst...
Perfect scenario for me - 150p chop zone over next two days.
Don't want to paste daily forecast like last week.
Sleep.

01:50 Asia session: Just looked at my screen getting a little late start here this morning. Missed the first 7p turn from today's projected mid. Oh well.

Projected ORL/M/ORH

1.13735
1.13585
1.13435

Give or take a few on either side. Looks like today's significant area could be 39 - 43 (perhaps 40 - 45 area).

Have a profitable day. And for the newbies, don't give back profits like I did last week!

02:07 Looking to get into first morning trade here. Already 14 viewers at this hour? Will post trade a few minutes after I'm in it, after direction has been established and after I've modified the order (didn't finish my auto modify EA).

02:40 In trade now. Looking at exit area to get out or waiting for exit signal. Trade is in plus pips. Looking at chart at this time will give you indication of direction.

03:05 Typical shake, bake and fake move by big player that happens 2 to 3 times a morning recently, still scary when you're caught in the middle of it, hadn't moved to BE yet so they didn't shake me out, and wouldn't have hit my SL because they don't have that much strength individually to move it that much in a bar at this hour. Thank them for doing that, just moved to BE+5, run or retrace. I'm on them this morning. In fact, just loaded up a bit more, if they wanna run.

Note to those looking for potential exact entry and exits: Just look at the levels and expect market to move either from those areas or to the next level above or below. You should not allow your orders to get hit anymore than 15pips max, or you've picked the wrong direction at the wrong time, and if a 15p swing kills your account, then you are definitely OVER leveraged. Be balanced.

They just took out my early orders at BE+5, I placed it half a pip too high, and they're allowing my add on to run from a higher price. So I moved my SL on the add on to the low of the bar they took my profitable orders from. If this is run, which the higher TF bars say it might be, they're not going back again for at least several minutes or until Frankie opens. Anyway market is sitting at Projected ORH and deciding what to do next. Usually, market before Frankie tends to move back from ORH/ORL, towards mid, or move from mid towards ORH/ORL, and if this was before 3am I would retrace here, but the closer we get to Europe opening, it could decide to continue the move, so monitoring.

Hi Guys

I am new to forex, the spread sheet is no updating, I don't have MT4.exe instead I have forex terminal.exe, how can get the spread sheet update...Thanks

Added on a bit more, not by much but I think the move between 03:00 and 03:06 was accumulation, don't think a big player would do that just for a 7 to 10 pips scalp. Next significant scalp line and potential TP is at 88 for me. Fairly close stops in play on server, not overly leveraged. Let's see what happens here.

Took a shower and came back to find that I had missed a minor exit sig and opp to reverse for a quickie. Instead playing defensive on this one. Considering a hedge to work way out of. Or loading up with more on a potential buy sig. Have limit orders in place.

Will be back later. Good luck all. Signing off.

Just posted a poll if you're interested, see the first post on page 1.

05:25 As usual, this morning pre Frankfurt, there is some resistance at ORH as it seems there are always limit orders to sell/buy in the opposite direction at the at the opposite ends. Although the reaction was precise just now, the PB was not as strong as it could have been, there has been some build up since this morning starting from end of day Friday on the 5 and 15 min charts. If/when blow through the ORH before Frankie this morning, and it could be good for 7 to 15ps right away, and followed by either a fake out at Frankie's open or continuation for another 15 to 30 up. Be prepared either way.

Just noticed that 88 puts us less than a couple of pips above Friday's high, so you know there's going to be some action down/up there. I just took off TP on one of my orders just to let it fly if it does, others I lock in. You know the heavy hitters are aiming for that, and you know the algos are going to be all over that number.

Note to self: don't get shaken out of potentially good entries here. Take a legit hit if it turns against you for sure, otherwise just follow the movement along the TLs this morning and trade the breaks if necessary.

If it drops it will drop hard and fast across the bottom of the TLs so be ready for that just in case.

In the meantime, got a minor sell sig here so I opted to hedge for now and wait for more definite action.

Gotta be careful here, we may retrace down and not visit this area again. It's still EARLY so anything is up for grabs.

The old adage is popping up into my head here...

Be greedy when others (you) are fearful and be fearful when others (you) are greedy.

My mind is saying "don't be greedy" here, because I'm afraid of being wrong. My positions are on, but I so want to load up more....

If not mistaken Friday's high is also a weekly high. It's a well known fact many large traders buy at highs looking for higher highs. Whatever is suppressing price prior to Frankie here will have to give way to volume either way when it comes. Just be ready to push that button to reverse hedge or buy more...

06:51 Ever so subtle break of that upper TL suppressing prices along this morning's ORH

No volume buyers coming in to step it up, either they're not at work yet this Monday morning, or they are afraid. On the other hand, no sellers really slamming it either for more than a short minute. Tempted here to put on a little more. It's still an hour and a half, 2 hours to Europe waking up to this.

Bonus - 1.1413 , 1.1438 , 1.1445
The highest price (12Oct) - 1.1405
1.1393
1.1383
1.1379
midlle
1.1355
1.1348
1.1334
1.1321
1.1311
The lowest price (12Oct) - 1.1304
Bonus - 1.1294 , 1.1278