From my testing on the H1 time-frame this method works well, particularly on the larger daily range pairs. As the author said the best way to trade this is without a stop, and if you study the price bars you can see why!
But, is trading without an SL a step too far! The delema is, if you put it too close you'll get stopped out often (where price would've come back to hit your TP), or you put it further out risking being stopped out negating any profit made......... but trading is all about making decisions!
Today, for example, I spotted a buy candle formation with USDJPY on H1.
No doubt, the trend has been bullish since September 2019.
Went to a lower TF and got a suitable price to buy at 109.80.
Waiting to hit between 5-10pips and I'm out.
Today, for example, I spotted a buy candle formation with USDJPY on H1. No doubt, the trend has been bullish since September 2019. Went to a lower TF and got a suitable price to buy at 109.80. Waiting to hit between 5-10pips and I'm out.
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Hi Express,
I'm not sure I understand how you're using this method, why do you go to a lower time-frame to enter? And UJ only travels around 44 pips a day currently, so getting a quick 5/10 pip scalp on that pair is not going to be easy.
How are you measuring the trend, granted it's been slightly upwards on the daily but it's pretty much in a sideways pattern! But surely the daily trend doesn't have any bearing at all on an H1 five to ten pip scalp, and also the author of the Currency Grail method does say to ignor anything but the two bars you're looking at.
Sorry to be so negative but I'm just trying to get a handle on how you're trading this method
{quote} Hi Express, I'm not sure I understand how you're using this method, why do you go to a lower time-frame to enter? And UJ only travels around 44 pips a day currently, so getting a quick 5/10 pip scalp on that pair is not going to be easy. How are you measuring the trend, granted it's been slightly upwards on the daily but it's pretty much in a sideways pattern! But surely the daily trend doesn't have any bearing at all on an H1 five to ten pip scalp, and also the author of the Currency Grail method does say to ignor anything but the two bars...
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1. I look into the lower time frame to get into the trend as quick as possible after a slight retracement that usually follow the candle formation from the H1 in the pdf.
2. How would 10pips out of 44pips be difficult? I don't seem to understand that part of your question either.
3. Like I said earlier, I use demand and supply zones to gauge the overall daily trend.
{quote} 1. I look into the lower time frame to get into the trend as quick as possible after a slight retracement that usually follow the candle formation from the H1 in the pdf. 2. How would 10pips out of 44pips be difficult? I don't seem to understand that part of your question either. 3. Like I said earlier, I use demand and supply zones to gauge the overall daily trend. You have not sounded negative a bit.
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Thanks for your reply.
I was just thinking that five to ten pips is quite a high percentage of a 44 pip daily range. Because at some point you're going to get into a situation where you'll be holding overnight and getting into a Swap problem, and as the TP is a relatively small size negative swap will, over-time, erode your edge!
{quote} Thanks for your reply. I was just thinking that five to ten pips is quite a high percentage of a 44 pip daily range. Because at some point you're going to get into a situation where you'll be holding overnight and getting into a Swap problem, and as the TP is a relatively small size negative swap will, over-time, erode your edge!
Average of 3 solid complete candle formations. Its really hard to come by with my other additions though, but when they all form together, u can be sure of high degree TP.
{quote} Average of 3 solid complete candle formations. Its really hard to come by with my other additions though, but when they all form together, u can be sure of high degree TP.
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How could the author of the PDF possibly think one can double his capital within a month using this? Weird
I've been trading this manually for the past couple of weeks and it does work well, especially on H1. But it is quite difficult to trade it on more than two to three pairs manually as entries can happen at the same time, and it's easy to get messed up. I've also had MT4 freeze up a couple of times for a few seconds with entries, which is a bit unnerving!
Going to give PaulDV's EA a run now as well, see how it goes!
PaulDV your EA seems to expire soon, are you going to do a replacement at all? BTW thank you for your effort on this, as I know EA writting is not easy.
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Joined Jan 2020
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Status: Simple and effective
|24 Posts
Hi all!
To the ones operating manually how do you set stop losses? I ve been trying on h1 and I put 5pips of TP and 17pips of SL but my RR has me wondering if it's to much risky. My win rate is around 75% in one month.
If someone bring me some light I will appreciate it
{quote} I use my eyes and the little understanding I gained from the use of demand and supply zones to guage the daily trend. There are lots of indicators out there to guage closely the prevailing trend on a given TF, check around for a suitable one for you, else you go through the pains for months to learn how to use Demand and Supply Zones to determine the trend accurately in a glance.
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Thanks for your reply can you give me some recommendation?
Hi all! To the ones operating manually how do you set stop losses? I ve been trying on h1 and I put 5pips of TP and 17pips of SL but my RR has me wondering if it's to much risky. My win rate is around 75% in one month. If someone bring me some light I will appreciate it
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Manually I'm not using a stop, as the author describs. Would I able to do this on a live account? I'm not sure! But if you're using a stop you could try to place it where the author suggests, but it is a dilemma. Too close and you'll be stopped more often, too far away and one stop-out will negate all your profits for many days.
There is no best way..............
On the whole though, if it does go the wrong way against you it usually does come back after a few bars as the author describs. Like all trading it's not easy. With this method the trend is not your friend.
{quote} Manually I'm not using a stop, as the author describs. Would I able to do this on a live account? I'm not sure! But if you're using a stop you could try to place it where the author suggests, but it is a dilemma. Too close and you'll be stopped more often, too far away and one stop-out will negate all your profits for many days. There is no best way.............. On the whole though, if it does go the wrong way against you it usually does come back after a few bars as the author describs. Like all trading it's not easy. With this method...
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Yes, it's true that the author doesn't use it. But using the method without stops i have burnt 2 demo accounts. How long have you been trying it?
{quote} Yes, it's true that the author doesn't use it. But using the method without stops i have burnt 2 demo accounts. How long have you been trying it?
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Only a few weeks
One thing I would say is that I think it works best on GJ and other high volatile pairs
But beware of strong daily trends, although these are fairly rare
Currency Grail Scalping System
