Intraday Timings - 9 Minute Rule
A couple of traders have asked me to explain some of my own timing rules.
Today we have had perfect examples of one of my "own rules" - ie the 9 minute rule.
I am showing a different GU Tick chart - ( another one I am currently testing) with a classic example of how "time" can assist you to intraday trade.
Many members know I am always going on about 30 minute and 60 minute time changes and how important they are - with regards to money flows. So for me I have a stopwatch and use time as one of my important indicators - for catching scalps and intraday trades.
Approximately 9 minutes either side a 30 min or One Hour time frame change is an important time for changes in small wave patterns - ie traders exiting trades and traders entering new trades.
Exactly on the hour the GU dropped - shown on tick chart ( EU also did the same)
So scalpers should have been selling - but the important part is when do you exit.
I normally try to exit and enter new trades around the 9 minute mark.
If the scalp sell had continued to fall after 9 mins past a main time frame - I would have stayed with the sell.
In this case we bottomed and then a HL and a chance for a scalp buy - for another 20 -30 pips within 30 minutes
I do have other timing rules and as you can imagine - the players and their robots never stick to the same patterns or routines - day in or day out - they change them
Therefore I use my stop watch to clock them :-)))
I am sure i will get lost of questions regarding this subject and i will say - you will not be able to read this from anywhere - simply because its my own findings - which I don't mind sharing with FX Street members.
Unfortunately - its not really for beginners or new traders - you need to get a good level and understand many other aspects of intra day trading to progress it - but at least it helps to explain why I am able to be successful scalping and to normally maintain over 70% accuracy ( 90% some times - but like all traders I make mistakes - because I am only human )
Regards
Peter
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Comment by Peter jcp on February 1, 2013 at 2:18pm -
9 mins after the hour change on EU - and price still falling ;-))
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Comment by Peter jcp on February 1, 2013 at 2:28pm
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This chart shows EU -first hour change after NFP - 9 mins before hr change - and 9 mins after still falling - so sell with supports then to hold - question is which supports?? - but remember half hr bounces and then 9 mins again - ;-))
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Comment by Peter jcp on February 1, 2013 at 2:37pm
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5 mins after 30 min change and price at 3600 - 70 pip fall - will it carry on past 9 mins ??
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Comment by pixta on February 1, 2013 at 2:40pm -
1.3600 is the last supp I think...
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Comment by Peter jcp on February 1, 2013 at 2:43pm
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Hi Pixta - we only have confirmation for 3600 as a low - either after 30 mins from 5 mins past half hr change - or if price can go back over 3631. I can scalp buy - but as you might guess under 3602 would be scalp selling again ;-))
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Comment by Peter jcp on February 1, 2013 at 2:51pm
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Missing next 30 mins - school run ( !:!!!^^+!!!) You cannot really look at any buys again until price goes back over 3605 - 3621 and 3631 - cu later
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Comment by Romano on February 1, 2013 at 3:03pm -
Peter, since 9min is close to 10min, would be trading or watching 10min TF candlesticks and their research have same effect? I mean, instead of seeing on 1h if its reversing last 9min, simply to either check last 10min candle(s) before final that close 1h TF(or set of 2x 5min ones).
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Comment by Peter jcp on February 1, 2013 at 3:26pm
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Very true Lisa - I suppose it depends on the action as well - but yes need to get a platform on my mobile - or get it wired up into my Sat Nav on the car ;-)) The kids can learn to trade then on the way back from school - it fact it would have been cheaper to send a chauffeur driven limo today as guessed a "game ploy" and so left scalp buy prices.
Did you notice low on EU at 9 mins to hour change ?
Romano - yes 10 min candles are OK around the hour change - but just would not give me my accuracy - even a tick chart is too lagging - so I want to know at 30 second intervals when price hits highs and lows - as even 3 mins can be 10-15 pips in volatile times .
We should still have a lower high under the 3670's - but then we must break supports again to go lower
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Comment by Peter jcp on February 1, 2013 at 3:46pm
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Price at 3670 now with 14 mins to hr change - you have guessed it - watch timings either side hr change again - GL
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Comment by Peter jcp on February 1, 2013 at 3:51pm
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We were all very bullish early today - but all knowing EU is OB - so players allow a 90 pips drop to set the sentiment - and then carry on up - but dont worry - they will not catch us out ;-)))
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