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GamblerPro

  • #641
  • Aug 21, 2019 9:03am Aug 21, 2019 9:03am
Gold [M5]
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Masterrmind..............
Master your Mind then Master your Trades
  • #642
  • Aug 21, 2019 9:25am Aug 21, 2019 9:25am
Quoting Masterrmind
Gold [M5] {image} Masterrmind..............
Shorts on offer now that price has hit 1504ish but keep the stops just above the 1505 level to minimize risk just in case the bulls come back.

Manage the entry if taken, I'm about done for the day.

Masterrmind.............
Master your Mind then Master your Trades
  • #643
  • Edited 12:42pm Aug 21, 2019 11:28am | Edited 12:42pm
congratulations mastermind your scalp strategy is impressive 90% profitability

how do you find your daily ideal forex pairs for your strategy?
  • #644
  • Aug 22, 2019 7:15am Aug 22, 2019 7:15am
Quoting fellargasi
congratulations mastermind your scalp strategy is impressive 90% profitability how do you find your daily ideal forex pairs for your strategy?
Hi fellargasi,

Although a scalping type approach has been used on this account in the early stages I will by no means trade only a scalping approach.
The primary purpose of the scalp approach is to accumulate 'buffer profit'.

Buffer Profit is additional coin generated in excess of initial risk capital which will offset a losing trade of the medium to longer term type.
The potential loss may be as much as ~80% of the accumulated 'buffer profit'.

For example, starting with a $10,000 account and having accumulated $1000 profit from mostly scalping type trades I may allocate a SL of up to $800 meaning for an Equity or Profit Range that dictates trading 1 Lot position size this would afford me an 80 pip SL on the major pairs.

The reality is that the account will actually use multiple strategies from short to medium to long term applying a series of very different techniques.

Any technique may be applied at any time throughout the life of this trading account.

Good trading,

Masterrmind............
Master your Mind then Master your Trades
  • #645
  • Aug 22, 2019 9:29am Aug 22, 2019 9:29am
hi Mastermind

But in your last operation because you chose euraud?
  • #646
  • Aug 23, 2019 3:55am Aug 23, 2019 3:55am
Quoting fellargasi
hi Mastermind But in your last operation because you chose euraud?
Hi fellargasi,

Your Question:

"how do you find your daily ideal forex pairs for your strategy?"

My response:

On my chart shown below there are 30 symbols listed.
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In the early stages of building a High Risk Accounts' Equity typically I will trade any of the symbols listed from AUDCAD to XNGUSD (Natural Gas) with a bias towards the majors + Gold.

Usually I do not trade the Indices or CFD's (AUS200 to CHINA50) in the early stages but if other traders request it I will oblige them.

I may decline an entry on a given symbol if the spread is seen to be excessive in my opinion.

I get a far better trading environment using a professional platform for Futures compared to a retail trading platform such as MT4.

In this thread I'm not about to discuss in detail my selection of symbols for trading and entry strategy except to say that my posts are full of clues.

I focus on ranges, price action and how I see the symbol moving be it up the chart or down the chart.

Initial bias can be shorts if price is under the Daily Open price line and longs if price is above it.

However, I do counter-trend trade and go against the grain at times.

Harmonics plays a big part in my intraday trading but more so is confluence where I try to get as much alignment as possible that is likely to produce a higher probability setup.

In the next post I will outline my EURAUD trade so you have a better understanding of what it is I look for in a typical setup.

Masterrmind.............
Master your Mind then Master your Trades
  • #647
  • Aug 23, 2019 8:03am Aug 23, 2019 8:03am
EURAUD [M5]

This is the setup I took for this symbol recently (details are shown in my account history).
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I attempt to make entries (even for short term scalp type trades) that are based on the best setups possible under the prevailing market conditions.

I applied the stop and targets to the entry as per my expectations.
Note where my stop was placed and where my TP was placed.

The trade would have been a very good one hitting target in about 1.5 hours with minimal DD.

However, I chose to close out after just a small gain, this is because I only wanted to take a small scalping gain and then move on.

Not all setups are the same, nor are the stops the same on different pairs, nor do I expect to win every trade.

However, I do expect to make a significant gain in Equity over the mid to longer term as hopefully this account will show.

Masterrmind..............
Master your Mind then Master your Trades
  • #648
  • Aug 23, 2019 8:21am Aug 23, 2019 8:21am
Gold [M5]

Price currently up near the 1505 level after a rather strong move up the chart.

Plenty of news floating around so an entry needs to be well managed.
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Lets see if I can time an entry without losing too much bark in the process.

Masterrmind.............
Master your Mind then Master your Trades
  • #649
  • Aug 26, 2019 7:53am Aug 26, 2019 7:53am
Quoting Masterrmind
Gold [M5] Price currently up near the 1505 level after a rather strong move up the chart. Plenty of news floating around so an entry needs to be well managed. {image} Lets see if I can time an entry without losing too much bark in the process. Masterrmind.............
Gold [M5]

Big weekend gap up on the precious metal.
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PA has since close the gap and now we have some PA to work with but question is where do we trade it ... ??

Up to 1535 ?

Down to 1525 ?

Masterrmind..............
Master your Mind then Master your Trades
  • #650
  • Aug 26, 2019 7:59am Aug 26, 2019 7:59am
Quoting Masterrmind
{quote} Gold [M5] Big weekend gap up on the precious metal. {image} PA has since close the gap and now we have some PA to work with but question is where do we trade it ... ?? Up to 1535 ? Down to 1525 ? Masterrmind..............
Took a very quick short on Gold closed out for a winner.

Looking for next setup.

Masterrmind............
Master your Mind then Master your Trades
  • #651
  • Aug 26, 2019 8:11am Aug 26, 2019 8:11am
Quoting Masterrmind
{quote} Took a very quick short on Gold closed out for a winner. Looking for next setup. Masterrmind............
Took a quick scalp in the long direction for another small winner.
Still looking for market direction.

No solid bias at this stage.

Masterrmind.............
Master your Mind then Master your Trades
  • #652
  • Aug 26, 2019 8:18am Aug 26, 2019 8:18am
Gold [M5]
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Masterrmind............
Master your Mind then Master your Trades
  • #653
  • Aug 26, 2019 8:27am Aug 26, 2019 8:27am
Gold [M5]

Short Play ??
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Masterrmind............
Master your Mind then Master your Trades
  • #654
  • Aug 26, 2019 8:35am Aug 26, 2019 8:35am
Quoting Masterrmind
Gold [M5] Short Play ?? {image} Masterrmind............
Took a quick short trailed within the one M5 candle until the market took me out for a small winner.

Masterrmind............
Master your Mind then Master your Trades
  • #655
  • Aug 27, 2019 7:40am Aug 27, 2019 7:40am
Gold [M5]

Price for the most part has remained on the high side of the DO Line.
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Lets get into some trades.

Masterrmind.............
Master your Mind then Master your Trades
  • #656
  • Aug 27, 2019 7:44am Aug 27, 2019 7:44am
Quoting Masterrmind
Gold [M5] Price for the most part has remained on the high side of the DO Line. {image} Lets get into some trades. Masterrmind.............
Long 1 Lot.

Masterrmind.............
Master your Mind then Master your Trades
  • #657
  • Aug 27, 2019 7:47am Aug 27, 2019 7:47am
Quoting Masterrmind
{quote} Long 1 Lot. Masterrmind.............
A small winner just to get ready for a major setup.
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Onto the next setup.

Masterrmind............
Master your Mind then Master your Trades
  • #658
  • Aug 27, 2019 8:01am Aug 27, 2019 8:01am
Gold [M5]

That's the direction I'd like to trade Gold but lets see.
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Quite easy for the bears to rip price down to the 1527 level close to the DO Line so an entry long now is perhaps prone to the possibility of additional DD which is what I'm trying to avoid as much as possible.

Masterrmind............
Master your Mind then Master your Trades
  • #659
  • Aug 27, 2019 8:06am Aug 27, 2019 8:06am
Quoting Masterrmind
Gold [M5] That's the direction I'd like to trade Gold but lets see. {image} Quite easy for the bears to rip price down to the 1527 level close to the DO Line so an entry long now is perhaps prone to the possibility of additional DD which is what I'm trying to avoid as much as possible. Masterrmind............
Nice pop up off the 1530 handle but the bears are still around and very active so be careful.

Masterrmind............
Master your Mind then Master your Trades
  • #660
  • Aug 27, 2019 8:18am Aug 27, 2019 8:18am
Quoting Masterrmind
Gold [M5] That's the direction I'd like to trade Gold but lets see. {image} Quite easy for the bears to rip price down to the 1527 level close to the DO Line so an entry long now is perhaps prone to the possibility of additional DD which is what I'm trying to avoid as much as possible. Masterrmind............
Gold ........ and here we go perhaps nearer the DO Line !
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Masterrmind..............
Master your Mind then Master your Trades
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