Learn to be a Scalper - page 60
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I hope you made some cash on NFP, I took 1 trade for profits and then had to go out.
NFP is simply crazy, always look for it to go one way and grab everyone, then flop taking everyone for losses.
I am working on some charting during the weekend, hoping to share next week on my results, it may be something that can make everyone some money.....
Stay tuned.
Cheers.
I have been working on this charting setup and will continue to do so this week.
I have the 1hour, 15min, 5min charts for Eur/Usd.
The overall concept is to trade reversals, which will be on any of the 3 charts.
Many traders trade reversals, but most of the time the entries are premature.
I have found myself taking reversal trades and an hour later be down 50 pips, I have found many patterns and setups to counteract this problem, but I wanted to find something that can help other traders make the decision when to enter.
I will do an extensive back test and live test this week, and will prepare the entry and exit strategies based upon the findings.
Every system has winners and losers, it has been my goal the past few years to minimize the risk by placing logical stops, and by taking smaller chunks from the market.
I am not looking for a home run move, I am simply looking to capture 20 to 50 pips per trading session.
I will continue to post my results this week, things will not be normal since were in the holiday period.
Cheers
I am using the journal to post date and trade info for the 5m back test.
I will show entry points and exit strategies at a later time.
Date Max Loss/ Max Gain
9-1-2011 - 13/37
9-2-2011 - 16/62, 16/35
9-4-2011 - 5/10
9-5-2011 - 15/34, 16/45, 10/15
9-6-2011 - 9/237, 77/197, 27/150
9-7-2011 - 37/82, 17/78, 10/7, 10/10, 9/48, 5/4, 4/5, 5/35
9-8-2011 - 7/585
9-9-2011 - 25/8, 25/70
9-11-2011 - 24/11
9-12-2011 - 41/141, 12/38, 12/23, 21/41, 27/106, 12/7, 12/60, 21/108, 11/52
12 days total 552/2342 = 1790 pips available
To be continued..... this whole week.
I will not post any more back test for now, I will focus on live testing this week to see if each signal forms as expected.
I will monitor the 1 min also so I can see quicker signals.
5 min E/U Strategy Live Test
Short triggered, entry with stop marked at 14 pips, target at the next signal.
Stop moved to Break Even point.
Asia session has remained slow, I have a short trade (live test) still going after nearly getting knocked out at the entry point. I will monitor it as it moves to a crawl.
Will see if this week has some good power moves, especially after NFP friday.
Cheers
The Eur/Usd has been very slow this week so far.
I have only had 6 signals on the 5 minute, and 0 on the 15 minute and 1 hour.
So far the indicators are keeping me out of SLOW MARKET CONDITIONS.
Still testing and observing.
Cheers
I had a short signal trigger that paid out nicely, I did not ride it too long because I was having my morning coffee, but cleared 25 pips on the trade.
Then a Long signal after price dropped back to the recent lows, I took a small chunk of pips on that setup, but was hesitant because of the power move down.
I am recognizing a few factors with the indicators on my setups, but overall I am fairly pleased with it's accuracy.
I hope to continue live trades this whole month to get better aquainted with it's patterns.
Have a great day.
Cheers.
One thing I have noticed, is when there are signals there will be several in a row, I have taken 2 more longs this morning for profits, and I am now waiting for a 15min signal to go long.
I have not attempted to hold these trades yet, I am entering for 4 to 10 pips for testing sake, and to learn the patterns.
I have not had any 15min signals live yet.....
Maybe soon.
Cheers.
I am done trading for the week.
I recognized 17-5min setups on the live trades this week, and 3-15min setups. There were no 1 hour setups for the week.
It was good to watch this strategy live to see how the signals formed and performed. I traded part of the signals, but was not present for each setup.
I will continue to monitor the charts for the remainder of the month, I am very excited with the results thus far, and I hope to become more aggressive in January.
I hope everyone had a good week.
Back on Sunday, cheers.