When you scalp down at the M1 or M5 may I presume you are just looking for the 3x8 at an appropriately steep angle?
Not really waiting for the end of the candle on M5 are you?
Forest
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DislikedRebecca,
When you scalp down at the M1 or M5 may I presume you are just looking for the 3x8 at an appropriately steep angle?
Not really waiting for the end of the candle on M5 are you?
ForestIgnored
DislikedThat is correct...just the angle of the 3 and 8. I like them straight up or down, which has happened often this week.
If it is close to the end of the time period, shown on the chart, I will often place a line and if when the time changes price goes below/above that line, I will enter or continue the trade, whichever is the case.
Note that that little line is a S/R line.Ignored
DislikedThere's a pretty good reason for that line in the sand......the PA reach a point of resistance on the Daily.
I've stopped trading this strategy in it's current form for what I consider to be a sensible reason - we are using indicators to provide us with good points of entry, however for the most part our exits are being picked out if thin air. It's no good thinking "ok, my TP is about 25 pips and the closest support is 15 pips below so I'll place my stop just under there", when in fact, if we'd properly looked at all the S/Rs on all timeframes,...Ignored
DislikedI'll post some indicators once I'm in front of my computer later tonight. They will show all SRs for all TFs on one screen, it's pretty much guaranteed to improve our exitsIgnored
DislikedYou may need to start your own thread. I am trying to keep the charts here as "clean" as possible...and no candles is the essence of the thread.Ignored
DislikedHi LG
hope you are well, noticed how the system has changed or should that be developed some what, from being a 1 hr /15 m system concentrating on a 3/8ema crossover it is now a scalping strat, using 1 m and 5 m charts or is this just a separate strat with in a strat?
I personally use candles with the ema's and include the box breakout though I use 7 candles rather than 4, I am in the UK so my trading day starts at 7am gmt and So I use 7 x 1 hr candles starting at 12.00am finishing at 7am which covers the asian session and I use a London breakout...Ignored
DislikedIn terms of trading daily and weekly vs shorter timeframes - why are drawdowns bigger and profits higher? If you're position sizing correctly I can't understand how you come to the conclusion. If, at the end of the trade you make 3R you make 3R whether it's on the hourly, daily or monthly.
Where the longer TFs become more profitable is in the transaction costs vs the size of your win/loss as they tend towards 0 and of course if you are trading a large account and have to split your orders.
Spread betting - depending on which SB you're using you...Ignored