I know there's a potential strategy here to use the weekly forecast numbers for short term directional plays. I just haven't had the time to really look into it and at a glance it seems hit or miss. if anyone is interested in doing some research I can supply the data for all of 2019
Well I’ve tried to wake up early to trade the shorter time frames but that just wasn’t practical at the time. I tried swing trading and that also for various reasons wasn’t practical.
Ive back tested 12 years of daily candles and my average return is 7.8R per month. the strategy is basically scalping PA and using a 1:1 rrr. There’s at least one opportunity a month to swing for the fences though and I plan to do just that when the stars align.
Unfortunately none of the funding companies (topstep, funded-traders, 5ers) offer anything for this kind of strategy. Essentially those companies offer you higher margin, not more risk capital. I’m not in need of more margin when my SL is the ADR.
At this point I have no doubt I could pass one of the futures day trading tryouts. However my wife’s basically done with me trading. I went too hard too early on. Which sucks cuz I don’t see any option now besides spending the next few years growing a small account and making monthly deposits along the way.
Its kind of soul crushing to have already put in thousands of hours and know there’s still years ahead before trading would make a positive financial impact.
Decided to have trades be entered automatically when a signal is fired. So rather than trying to quickly get in trades I like I’ll have to quickly close trades that I don’t like
22 trades in 8 hrs. Some excellent, some terrible. Gives me some ideas for filters though like....
don’t open a second trade if price is still within some atr of the last entry
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check for opposing price action. Currently this isn’t part of the pattern recognition and I’ll need to consider if it’s worth slowing down the bot in order to do some of these checks. This one would also probably fall under a different filter of the entry price being too far from the recent low.
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More to do’s:
1. auto lot sizing
2. If trades aren’t filled within a certain time, or if price moves too far away, cancel the pending order
3. Be able to send a command like “ga b” thru telegram which would set the stop loss to break even on any GBPAUD trades. I don’t like having to manually enter prices into mt5
I never posted charts showing the result of my correlation scanner which, out of everything I've done so far, is probably the most usable tool. the blue line is the average close of other markets which are currently correlated to the shown instrument. sometimes spikes will occur if the number of correlated instruments changes (ie, an instrument gets dropped or added to the aggregate).
also the volume section is showing the calendar forecast data, not volume (haven't updated it hence the missing data). and its not the raw forecasts, many calculations are applied to that data to score its relevance.
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Some nice divergences can be found and in terms of finding logical trading reasons, I dont know what else could be better as a retail trader. There are a lot of little custom tweaks added and Im pretty happy with how it turned out. The charts shown are 4H.
Coded this type of SR level finally. I think it turned out pretty well.
im using it on the index charts to activate trade scanning on actual pairs. So like if the JPY index gets within range of a sell level on the H1 chart, all JPY pairs will start scanning for sell entries on a 10 min chart.
i remember having a lot of fun scalping low time frames when price would get into a HTF zone