Daytrading/scalping with high leverage - my proven strategy

Hi Stassis,

Please see post 6887 for my response on similar request and it will lead you to all the indicators but I don't have a template.

Thank you, and God bless

Shalom

George

Hi 919gilead
Can you please tell me what settings you got for MA Ribbon and Ichimoku? I don't know which option is for ema, close etc. in MA Ribbon for ex. (first MA 20,1,3 second 200,2,2) but this settings are wrong.

Good morning

I use different settings for the MA Ribbon and you can find it in post 5523; the fast MA is EMA (1) while the slow MA is LWMA (3) both of close (0). I use the standard 9 26 52 setting for the Ichimoku Cloud. The Tenkan sen, Kijun sen and Chinkou Span are set to none, and only have colors (64,64,64) in the Up Kumo and Down Kumo.

Sorry for the late response as I decided to sleep in today and just got here

Shalom

Oh man... can anyone post a template like 919gilead? Anyone copied what he has and can share your template please!!!?

I can do it, if 919gilead will agree to that

Regards, pretorian1

PS. I have version like this. It is not perfectly same but...

Please go ahead Pretorian. Unfortunately I have stopped using the 2 MT4 brokers that allowed me to make transferable template; otherwise I would have uploaded one here.

Cheers

Okay.
So here you are guys. Template and indicators, thanks to 919gilead's kindness. Many pips to all! ~

[NOTE: Please remember, these indicators and template are not the only analysis tools to use, it just helps to make better and more precise entry. Do not use it as a "trading system".]

Regards, pretorian1

Took this AJ long and was stopped out for 22 pip loss, after I had an opportunity to close for 10 - 15 pips

I have been reviewing my style of trading as I am beginning to lose sight of something I learnt long time ago, and thought I would re-post, post 258 here in case we can all learn something:


Hey Dnabrasil,

Good system you have here. I trade something very similar and did double my account too in less than one month, and therefore understand what you are talking about and doing. I use the 200 & 20 EMAs of high and low. The 200MA channel is my signal line for long above, and short below; while the 20MA is my entry channel lines for long above, and short below. I trade this on the M5 TF and only difference from your system is that my SL is between 7 - 20 pips. In addition, I do use the currency strength meter (including the linear version) as these give me additional edge to trade strong against weak currencies. I mostly will not trade against the H1 trend, and if I find a CT trade, I want the potential reward to be at least 40 pips from the 200MA on the H1 TF.

I am a fulltime trader, and if a trader is not too lazy and laid back, (s)he should continue to improve his (her) trading system. I have now removed the 20MA channel, and replaced it with a 72MA of low and a 12 MA of close. I looked at your EJ trade which you took @ 7.46 am, and would have taken the same trade with the 20MA channel but the 12/72MA cross would have kept me out of the trade. See attached.

I believe every move starts from the lower time frame, M1 into M5 and upwards. I do not take the 1st break/cross of the 72MA but will wait for a re-test, and if I am going long, the 12MA must be above the 72MA at the time of the cross/re-test and trade, otherwise I pass. I am very selective of my trades and do not need to trade every day. The day I discovered this was the day my trading career changed. I look for specific setup and trade it with excellence. If the setup is not there, I look for another pair, otherwise I stay away from the market. But the setup will always be there - in one of the 28 pairs I trade as my broker offers very low spread with commission.

And of course, this did not come easy as I paid my dues from burning several accounts before I learnt, and I am still learning. I still allow my emotions to get the better part of me sometimes by removing my stop or trading without one but have discovered it is best to always have a stop to protect capital. If the stop is too tight and I'm taken out at break even + 1 & commission, then I will re-enter the trade if the setup is still intact. I have a lot of this but overall, I have always made more pips this way as every time someone convinces me to do otherwise, I have done worse. And this is why I can tell you my friend, that you have a good system and should continue to work on it.

Just my 2 cents to repay the so many lessons I learnt on Forex Factory as I have been unable to make serious contribution on threads that have greatly enriched me as originators of such threads mostly insist on showcasing their approved indicators.

Anyway, good trading to all, and I trust I can always stop by here once in awhile to drop a note.

Shalom,

George

NB
"I have always made more pips this way as every time someone convinces me to do otherwise, I have done worse." This has proven true over and over again. Account balance doubled within 2 weeks when I took 4 pips here, 5 pips there but after doubling my account, I decided to take more profit and have been worse off. I had 15 pips on a platter of gold, and exchanged it for 22 pips loss because I wanted more!!! The idea of this thread to re-enter several times => 5 -10 pips is 25 - 50 pips if done 5 times per day.

Much appreciated, thank you!

Also for those interested in my template, I still trade using Favorite's trading rules but just adapted them to my style of trading and incorporated the relevant rules with mine. Again, I thought I'll re-post, post 389 as every trader needs to develop his/her own trading system even if you are given a custom system, you need to understand why particular indicators are on the chart.



Hi Jgadefelth:

Good suggestion, and someone also sent me a PM requesting the same thing but unfortunately I don't have the time or patience to manage a thread, apart from the fact that my system is from knowledge gained here and there, and the information are available on those threads. Permit me to use this response to address other traders that have similar views. I do not believe you can learn everything from one source and therefore have to piece together what works for you and build your own system, as each trader is different.

I have already discussed the way I trade in the last few posts, and my way of thinking and trading is not for newbies, and even some experienced traders may also not find it appropriate but I have learnt that trading outside of the box is the way to go. If you continue to do what everybody is doing, you will also get what they are getting unless of course it is something that is working. And even then, it is a matter of time before it will exhaust its usefulness because everybody is doing the same thing.

Each trader has to chart his/her own course, spend screen time watching, learning, practicing and correcting mistakes on demo before proceeding to a live account. I built my system from learning from the following threads and from my failures, spanning over 3 years, and I am still learning:

 

1. the Sonic R System, and what I took away from it, is the simplified PA wave movement. This method is used on the M15 TF but I trade off the M5 TF;
2. Simple Money Making Method, and this was where I took the 12 & 72MAs that replaced my 20MA entry channel, and changed the 72MA of close to low, as I find that more suitable to the way I trade. This method is used on the H1 TF but I trade off the M5 TF;
3. Another Simple System - Time frame 15. Took nothing away from here, as it just corroborated what I already knew and was trading, especially with the 200MA. Again, this method is used on the M15 TF but I trade off the M5 TF;
4. Trading Price II - the best and most simplified explanation of trading supply and demand levels (resistance and support). This can be traded on any TF;
5. Currency Index Cross Referencing - more about trading weak against strong currencies, which I previously learnt the basics from Forex Early Warning;
6. There are other systems too and paid courses where I also gleaned one or two things, and only took what I considered useful for my own style of trading;
7. And finally, the Genesis Matrix Trading system where I have learnt a lot too. The system is built to trade off the M5 TF but can be used on other TFs too. I use only the Matrix dots and MTF Stochastic from this system.

My 200MA signal channel lines and 20MA entry channel lines was developed from a friend's (Zoltan's) proprietary trading system, and he trades slightly different from the way I trade and use different MAs and TFs. And this is why I said above that each trader has to chart his/her own course. You can not be copying what every other person is doing. Each indicator that you find on my system has its own job and if you read my 1st post, you will notice that it was without any indicator as I can also trade naked charts.

In my next post, I introduced the linear CSM I use as filter (and mentioned getting this from the ALF revisited - simple, effective daytrading system). If you visit this thread or download the original indicator, you will notice it is different from what I posted because I alter and adapt indicators to suit my own style of trading. This is majorly part of why I can't start a thread because I believe as you learn from here and there, you should build your own system. This was also why I did not give out templates, as a good trader should learn to assemble his indicators and build his system, and this way you understand everything that constitute the system.

My next post was a screenshot of potential Euro trades, as I closed a short trade with another long trade in place. I used post 284 and post 287 to "diagnose" DNA's EJ & EA trades offering what I would have done differently and why, rather than criticizing or calling him names, as some are quick to do.

In post 300, I added other indicators from the Genesis Matrix Trading thread and explained what I used them for.

Every indicator on my chart has a job, and in building a system, a trader needs to understand what he is doing, why an indicator has to be on his chart and what he needs in order to successfully accomplish the task ahead. Trading is war, and you have to be prepared. You don't underestimate your enemy or the market in this case. Respect the market, and the market will respect you. This is why you can't copy me, and I can't copy you because we are differently made. You can be successful with a system, and I may not - not because the system is not good but because of our nature or emotion - we are differently wired. Traders should get the education they need as this is majorly why 95% of traders fail. One finds a successful doctor and instead of going to a medical school, you want him to teach you how to perform surgery - why? Quick profit!! If I am going to be successful, I need to be educated, thorough and grounded, and this way you will not be jumping from one system to another. Read, learn, test, backtest and build your own system, and you will be successful even when others can't see what you see. They will be in the audience while you will be at the center of the performance. An instructor once said, "if you are able to recognize a trend, you probably never benefited from the move and someone else did." Why? Because we anticipate price movement before it happens, and I strongly believe every move starts from the M1 to M5 TF, and if the higher TFs catches on, then I remain in the trade for a gravy train ride.

A good trading system and strategy must therefore be built to identify:

1. possible trend direction on any time frame;
2. periods of consolidation/congestion when not to trade, but wait for the eventual breakout;
3. optimal entry point that will put the trader at an advantage over the herds;
4. a safe place for the stop loss;
5. supply/demand zones or levels to take profit;
6. strong & weak individual currencies, and momentum of the trend.

And yet it must be simple and uncomplicated. The rules of the system must encourage patience & discipline, thus ensuring traders have strong reason(s) not to take a trade; because there are specific thing(s) we are looking for at particular location(s) before a setup can be worth considering. We therefore do not need to chase trades, but rather wait for trades to come to us. We also do not owe any loyalty to any pair nor should we be married to any, as there will always be at least one or two of the 28 "major" pairs that will align with our setup rules. We only need 5 - 10 of these nice setups to earn a living for the month, and we have 22 trading days in the month to achieve this with the help of God. There is therefore no need to chase trades, and it is very important to get ECN brokers with low spread on the 28 "major" pairs.

I trust you can glean one or two things from the links I provided and build your own system, then you will understand the makeup of the indicators in the system, and there purpose.

In the words of Henry Ford, "If you think you can do a thing, or you think you can't do a thing, you're right!!" Alex Ferguson also once said, "Soccer is a simple game but playing it simple is the hardest."

Enjoy the rest of your week end, and get ready for next week's trading sessions. Proper preparation prevents poor performance my friends.

Cheers, and God bless

George

Hi George

Wise and inspiring posts, thank you

Keep posting, much can be gleaned from your trades to help us - the struggling majority

I am happy if it helps at least one trader, and thank you too JSF

Good job on the template.

Thank you and here you are, many pips to everyone using these tools ~

Hello, Hipofiz!

Sorry, I saw your post just now.

Thanks a lot George for those great posts. Very insightful. I'll put them amongst my important notes to read and re-read.

You mentioned you still use Favorite's rules besides your own. I saw some of your trading posts and you don't use you TMAs, HA, etc from Favorites original system. So, what rules you follow from Favorite's system?

Thanks.


[quote=919gilead;7346540]Also for those interested in my template, I still trade using Favorite's trading rules but just adapted them to my style of trading and incorporated the relevant rules with mine. Again, I thought I'll re-post, post 389 as every trader needs to develop his/her own trading system even if you are given a custom system, you need to understand why particular indicators are on the chart. Hi Jgadefelth: Good suggestion, and someone also sent me a PM.."

I substituted what I use with the TMA and adapted similar rules. I look for entries on the HTF and enter on the LTF in the direction of the HTF; watch for the MA Ribbon/MA Channel beyond the Cloud too. Instead of using the TMA for PT, I use the pivot points and other S/R levels, and few others like that.

I saw this article (A Dozen Great Chess Quotes For Traders) on FF news yesterday and thought we could all glean one or two things to help our trading as the writer said, and it goes to reinforce what I posted few days ago too.

Shalom