Ok. I think I'm done for the day. I made one more trade on EUR/USD not a long ago, closed majority of the trade and moved the rest to BE and got stopped out with a little loss (actually it is the trade commission that took the trade into the red). but so far so good 7 trades in total and 1 light loss. That's 85% success ratio.
Hi Mortezakh, I follow the rules set out in the post 408, I believe that's the latest version of the Wolf for scalping. I never got to trade the LionKing version of it as i'm not a huge fan of CCI trendlines (I make too many mistakes on them). I only have a slightly different setup for the higher time frame. Please see the screenshot below. For the higher TF I use 20, 100 and 200EMA to see the current trend on the 5 minute, but I also look at the 30min trend just to confirm that there is nothing developing in there that can stop my trade from working out. You will be able to see the exact entries I did i.e. today when you look at the time from the account overview (all times are UK). Below is the screenshot of my chart setup.
Post 408
4XP Wolfenstein v1.3
1m chart with the WMMA(2-200) Rainbow and CCI(21) + optional pivots indicator
5m chart with Color MA(34); plot past swing levels (past pivots, then transfer these on 1m)
Determine best time to trade (good volatility). Don't trade at open or news time, wait until price stabilizes
Determine the major trend (look at 5m to 1H). Best when 5m in same dir as 1H
Entry: - Price re-emerge in dir of trend from at least a yellow dip or touch + cci goes over 100(for long)...under -100(for short) + optional break s/r or pivot and closes there
//--- Use scripts for speed, with calculated risk and money management (1 mini lot for every $500 in the acct. and SL10; this is a 2% risk)
//--- SL may be different for different pairs, check ATR and test, don't take it if price has a pivot just ahead
6. Exit: TP 10-12 pips, SL10 or when price dips at least to yellow and breaks cci trend line against the trade
the CCI entry over 100 or below 100 do work best in strong trending markets all EMAs pointing at 4 o'clock or 2 o'clock. When the market is in the established downtred but is not dropping hard the Laguerre entry works pretty good, short when it crosses 0.85 and long when it crosses the 0.15 up. The rainbow has to be in the right order.
I have to be honest the only thing I struggle with a little is when is the best time to exit, I'm not as good as letting the trade run. I have to work on that. Hopefully it will come with time and practice.
Great. It will be nice if you could share your experience like you said. Hopefully through all that we can make it even better. New day tomorrow and I will post all my trades together with the analysis.
Great. It will be nice if you could share your experience like you said. Hopefully through all that we can make it even better. New day tomorrow and I will post all my trades together with the analysis.
HI Mortezakh, I just made a trade on EURGBP (top of the account statement). Please see the below my entry point from this morning. I looked at the 5 minute EMA together with the 30 minute EMAs. They all pointed down also there was still some room for the price to reach S1 Pivot Point. I entered a little prematurely on the 1 minute chart as I saw the price getting close to -100 CCI, but the price broke the trendline so I thought I'm good to go. The price action went back on me a little but there was a strong resistance on the M1 horizontal green line so I held it to see if it's going to respect it and it did. I couldn't enter the 2nd trade when price came out of the red (that was where the big drop was) as I already used my margin.
hi David .and good morning.thanks for sharring.i also had 2 positions on eurusd and I will share.just a question, do you set SL for all your trades? and sorry for my bad English(I have been learning English for a year)
Hi. I set SL for all my trades it ranges from 15 to 20 pips. I know its not 2 to 1 and sometimes it's not even 1 to 1 ratio, that's why I need to learn to hold the trades for longer. On your entries its much better to wait until the price dips into the yellow Moving Averages combined with CCI or Laguerre. Do you use those indicators? Don't worry about your English, its not my mother tongue either.
Hi. I set SL for all my trades it ranges from 15 to 20 pips. I know its not 2 to 1 and sometimes it's not even 1 to 1 ratio, that's why I need to learn to hold the trades for longer. On your entries its much better to wait until the price dips into the yellow Moving Averages combined with CCI or Laguerre. Do you use those indicators? Don't worry about your English, its not my mother tongue either.
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it's good that you set SL .because without it the statement is worthless .however if we try to find a good way even with 1/1 rate and 70 or 80 % win rate it will be great especially in long term.i don't use cci or languerre or any other indicators ,because i like trading with simple chart and too many indicators have a negative effect on my trades. instead i use my knowledge of price action.i would like to focus on Eurusd for the begging.
I totally agree, I always use the SL more often I put the SL right above the last peak or valley on the 5 minute chart. It's good that you use naked chart, the indis comfort me in some sort of a weird way. I'm back at my desk right now and I will see if I can get more trades in now.
{quote} it's good that you set SL .because without it the statement is worthless .however if we try to find a good way even with 1/1 rate and 70 or 80 % win rate it will be great especially in long term.i don't use cci or languerre or any other indicators ,because i like trading with simple chart and too many indicators have a negative effect on my trades. instead i use my knowledge of price action.i would like to focus on Eurusd for the begging.
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Hi mate, just a quick one. Since we are here to learn from each other, how do you choose your entries? do you go off the simple pullback (2nd Entry) I can't figure out the first entry you did? Was it of the broken resistance? Thanks
I am now looking at to enter the EURCAD, still got some time before the CAD rate decision. on the 30 min chart price is trading above the 200EMA and the 5 min EMAS are nicely lined up also there is a little pullback on the 5 minute. I will see what happens when the price will get closer to the m1 resistance.
{quote} Hi mate, just a quick one. Since we are here to learn from each other, how do you choose your entries? do you go off the simple pullback (2nd Entry) I can't figure out the first entry you did? Was it of the broken resistance? Thanks
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at first i wait till the price comes to my lines if the price goes up to the lines and m5 chart is ok and in m1 chart i see the signal with the first pullback i will take a buy.and if the price goes below the lines and m5 chart is ok and in m1 chart i see the signal with the first pullback i will take a sell. i also check the price that doesn't be distant of my lines.it is just an idea and i have taken 2 trades and it's too early to decide that it will work or not.
{quote} at first i wait till the price comes to my lines if the price goes up to the lines and m5 chart is ok and in m1 chart i see the signal with the first pullback i will take a buy.and if the price goes below the lines and m5 chart is ok and in m1 chart i see the signal with the first pullback i will take a sell. i also check the price that doesn't be distant of my lines.it is just an idea and i have taken 2 trades and it's too early to decide that it will work or not.
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do you enter the first pullback on the m1 after the rainbow is lined up together with the m5 chart?
