5M Channel Scalping - 100pips \ week
Trading plan for next week:
3 Set-ups in the making, if a pullback will occur I will enter.
Hope that we can yield few percents. Thanks...
Update:
Anyone who had traded the set-ups I posted would have made the easiest 3% ever.
Check out the attached chart..
Another setup I traded yesterday, made 2% - that's +5% on equity in one day!
A setup from today, that was 'legally' OK, but the Risk:Reward ratio was 1:1 and thus unsatisfying. I didn't enter. Another rule you should mind...
EUR\USD Potential Trade:
Wait for pullback to occur, take profit = 60 pips.
EUR\USD Potential Trade:
Wait for pullback to occur, take profit = 60 pips.Anyone who had taken this trade, made 70 pips in 1 hour :-)
I have added a video guide to the system, to illustrate how I trade it:
HEY GUYS!
After a lot of time of no updates, I am back with many analysis, trading plans and signals. For those who remember, I started the thread about the 5Min Channel Scalping...
Anyway, my trading plan for the next week:
Some nice patterns I have noticed:
In the GBP\JPY, there's a nice wedge which also confirmed with an 61.8 retracement. I expect the GBP\JPY to go up, breaking the wedge and continue, passing the 100% of the trend. There's a possibility of a gap at the opening.
Also, a wedge in the EUR\USD, which is expected to break down. Do not enter at the pullback, this usually not a profitable entry.
The Wedge seems to be a big player these days. Another one at the AUD\USD. Note that this one also looks like channel, so in case of breakout I will trade short on the pullback to the support line. Expect a gap -> pullback very shortly after.
All trading plans and analysis is also posted at my blog. I do this for no profit, so this is not any kind of advertising or something of that kind...
GOOD TRADING!!!
I hope you guys took the nice trade on the AUD\USD. The gap signaled a breakout and the pair continued many pips after...
Nice identification M!
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A strategy I have been trading for a month now... Works great.
Its stupidly simple, but it works.. So I don't mind =]
Basically - I trade only high-probability setups, usually with channels.
I focus on tight stop loss, reasonable Risk:Reward ratio and pre-calculation of take profit. I don't use indicators nor trailing stop loss of any kind. I like 'Fire and forget' type of strategies - Enter and go back to sleep hahaha.
I will write a thorough guide later, with instructions of the exact place to enter, how to determine Stop Loss and Take Profit.
Meanwhile.. Enjoy these examples: