This method can work for you. Anyone. It may seem technical to start but is a very simple check and balance entry. I am a full time trader for the past 2 years. This thread will help keep me focused on doing my diligence in every trade, that way they can become examples or at least take them all as thou they would be examples. Kind of like having the boss look over your shoulder. I have been working on my discipline for some time as I like many of you enjoy the excitement, being in the market, but sometimes end up jumping in a trade before confirming all details. I will admit there is discretion in some trades, if they were 100% mechanical we could set it and forget it. This is the system I believe everyone can follow profitably but of course the more experienced you are the better the results. There are so many opportunities that you do not have to feel like you missed the boat if you pass up a trade. I trade all different times of day but found that it is best to stay out of the market from 17:30 GMT until 22:00 GMT, in my experience this is the market reset period and it usually consolidates. Other than that troll the pairs on both time frames (that will keep you busy) and you can easily knock down the 50 pip range everyday regardless of market conditions. This is one of my main methods, is time tested. Follow the rules, when in doubt stay out. Stick with it , ask questions, happy trading.
I am not the fastest at posting or following up with the latest questions as I am usually monitoring multiple pairs, but I will do everything I can to make sure your on the right track as soon as possible.
Basics:
Time Frame: 5 and/or 15
Pip Target: 5-15
Stop: look for 1:1 ratio or better based on setup
---------------------------
Indicators:
Fractals
SMA 50
Ichimoku (std settings - 9,26,52 sandy brown solid)
Ichimoku ( 2,3,5 Blue solid- this cloud can be overkill, not really needed but I took a liking to it and have on all my charts)
**** Both of these are cloud only set other line colors to none ****
Momentum (16) three levels, + @ 100.0675 , 100 @ 100, - @ 99.9325
Trend Magic (10, 20) this is the only custom indi you need to add to majority MT4
----------------------------
Entry: ex: for longs, opposite for shorts
Conditions: 1. Price above Cloud (sandy) and/or 50ma
2. Fractal formation below previous 1-2 candles (it takes 1 or 2 candles to appear as that's what's required to be a fractal)
3. Current candle breaks high of fractal candle or next candle (usually see an IB form then next candle breaks that high, this is ideal, all
happens quite quickly)
4. Candle that gives entry signal is above Trend Magic
5. Momentum is above "+" level on signal candle or even better if previous candle also above
Exit:
Target: 5-15 pips based on currency and timeframe
Ex: GU 5min 10pip, 15min 15pips, UJ 5min 6-8pip, 15min 10-12pip
Stop: Candle close below Trend Magic
**** Use this as a way to gauge risk in a trade based on the target you have. ****
===============================================================================
template and indicator provided
next post will have a chart example to clarify.
I am not the fastest at posting or following up with the latest questions as I am usually monitoring multiple pairs, but I will do everything I can to make sure your on the right track as soon as possible.
Basics:
Time Frame: 5 and/or 15
Pip Target: 5-15
Stop: look for 1:1 ratio or better based on setup
---------------------------
Indicators:
Fractals
SMA 50
Ichimoku (std settings - 9,26,52 sandy brown solid)
Ichimoku ( 2,3,5 Blue solid- this cloud can be overkill, not really needed but I took a liking to it and have on all my charts)
**** Both of these are cloud only set other line colors to none ****
Momentum (16) three levels, + @ 100.0675 , 100 @ 100, - @ 99.9325
Trend Magic (10, 20) this is the only custom indi you need to add to majority MT4
----------------------------
Entry: ex: for longs, opposite for shorts
Conditions: 1. Price above Cloud (sandy) and/or 50ma
2. Fractal formation below previous 1-2 candles (it takes 1 or 2 candles to appear as that's what's required to be a fractal)
3. Current candle breaks high of fractal candle or next candle (usually see an IB form then next candle breaks that high, this is ideal, all
happens quite quickly)
4. Candle that gives entry signal is above Trend Magic
5. Momentum is above "+" level on signal candle or even better if previous candle also above
Exit:
Target: 5-15 pips based on currency and timeframe
Ex: GU 5min 10pip, 15min 15pips, UJ 5min 6-8pip, 15min 10-12pip
Stop: Candle close below Trend Magic
**** Use this as a way to gauge risk in a trade based on the target you have. ****
===============================================================================
template and indicator provided
next post will have a chart example to clarify.
Attached File(s)
Trend Magic.ex4
3 KB
|
1,203 downloads
#fractal_scalp.tpl
2 KB
|
1,133 downloads