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  • #7,821
  • May 5, 2022 12:07pm May 5, 2022 12:07pm
I never tried to trade this method on the M1 but after @tgdrela1 posts I was impressed that it really doesn't matter what the time frame is.
This method still works.

Here are the trades I did today:

Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD M5.png Size: 27 KB
Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD M1.png Size: 18 KB
Attached Image (click to enlarge)
Click to Enlarge Name: Another EURCAD M1.png Size: 17 KB


Both entries were made on M1 but based on the M5.


Also I'm using this spreadsheet that I downloaded from another forum and I find it is really helpful.
Attached File(s)
File Type: xlsx The Art of Compound.xlsx   23 KB | 359 downloads
Only the Mediocre are Always at their Best
  • #7,822
  • Edited 2:35pm May 5, 2022 2:15pm | Edited 2:35pm
I day trade nearly every day. I have been day trading for almost 30 years so I'd like to think that I know a thing or two about it by now.

Let me say this before I go on...I do not suggest that most traders day trade because it takes a unique set of skills that often takes years to develop and master, and an intense amount of concentration, and you will most likely lose a lot of trades (and a lot of money relatively speaking) before you get good at it...if ever.

1. There is an old saying. "There are only 2 types of day traders; the quick and the dead, because if you're not quick, you're dead".

2. Do not day trade 1 min. charts until you are successful at trading much longer time frames.

3. When I day trade, I use 3 charts; the 1 min., the 5 min., and the 1 hour. The 5 min. and the 1 hour must be going in the same direction as the trade you are going to make on the 1 min.

4. I use Japanese Candlesticks so I can easily see the true placement of where the price is, and where it's been.

5. I also use MACD (12, 26,9) and will only take a Long trade when the MACD signal line is greater than zero. And vice-versa for Short trades. Do not use the MACD for anything other than showing you which side of zero it's on.

6. You would be wise to set a loss limit for each day, either a dollar amount or a set number of losing trades, such as 5. Because when you are having an "off" day, it can get ugly very quickly.

7. KEEP YOUR LOSSES SMALL. It's okay to be wrong small several times, but it's NEVER okay to have any large losing trades.

8. Try to mostly only day trade the busiest times of the day, like after the Open for 2-3 hours.

I could go on and on, but I have stated some of the more important things that I know of.

Any other successful day traders here who want to share how they day trade would be welcomed to do so. No matter how counter they may be from what I have shared. We can all learn things from each other. And questions are welcome too.

Here's my day trading set-up:

Attached Image (click to enlarge)
Click to Enlarge Name: Scalping.PNG Size: 136 KB
Always a Student, Never a Master - Emulate What Works
  • #7,823
  • May 5, 2022 3:32pm May 5, 2022 3:32pm
My biggest problem is definetly the different time frames, it makes me second guess. I think i will follow those advices.
  • #7,824
  • May 5, 2022 4:15pm May 5, 2022 4:15pm
Quoting RobinHood
I day trade nearly every day. I have been day trading for almost 30 years so I'd like to think that I know a thing or two about it by now. Let me say this before I go on...I do not suggest that most traders day trade because it takes a unique set of skills that often takes years to develop and master, and an intense amount of concentration, and you will most likely lose a lot of trades (and a lot of money relatively speaking) before you get good at it...if ever. 1. There is an old saying. "There are only 2 types of day traders; the quick and the...
Hello RobinHood

I totally agree with you on all your points. Spikes and news will tear you to pieces from time to time. And the only way to survive is to have a position size that can handle this. Trading 1 lot on a 1K account is very risk and cannot be recommended.... but my SL is always set! No exception. I do suffer from impulsive counter trading after a loss, but this is getting better. As I am learning your method with some small adaptions, I will get more consistent and develop a style.

My path of trading is far from yours as my career was a technical one. Having developed fill order applications for some of the largest FX traders in the world, I understand supply and demand including liquidity management very well. That is why I like the short lived life of a 1 minute candle. -> it is a fast death :-)

Please let me know if you want me to post more of my hells bells journey on a 1 minute chart or better focus on the safe approach of higher timeframes. I will really not take any offence whatsoever.

I am off to Turkey for some R&R this week-end for one week and will watch the markets from the side lines

Good night and best regards

Lawrence

PS: I have one question about the candle sticks that you consider for trading.
  • #7,825
  • May 5, 2022 4:45pm May 5, 2022 4:45pm
Quoting tgdrela1
{quote} Hello RobinHood I totally agree with you on all your points. Spikes and news will tear you to pieces from time to time. And the only way to survive is to have a position size that can handle this. Trading 1 lot on a 1K account is very risk and cannot be recommended.... but my SL is always set! No exception. I do suffer from impulsive counter trading after a loss, but this is getting better. As I am learning your method with some small adaptions, I will get more consistent and develop a style. My path of trading is far from yours as my career...
Yes, I think many others here would be interested in seeing "how" specifically you day trade.

Post anything you want and as much as much as you want.

What's the question?
Always a Student, Never a Master - Emulate What Works
  • #7,826
  • May 5, 2022 4:58pm May 5, 2022 4:58pm
Quoting RobinHood
{quote} Yes, I think many others here would be interested in seeing "how" specifically you day trade. Post anything you want and as much as much as you want. What's the question?
You said that you use candle sticks for your day trading.

Here my questions:

Are you day trading continuation/trend following? If yes, what candlestick patterns do you use?

If you are looking for reversals in the short term, what candle stick patterns are you using?

My findings:
I have not found any reliable setups in day trading FX. I use round numbers, 20-80 level ( example 1.2680 or 1.2620) and mid levels (1.2850). The order book is full of of orders at these levels and they act like magnets.

Candle sticks are better at higher timeframes IMO, but I this is subjectively speaking, objectively I have no evidence(but have not really looked into it).
  • #7,827
  • Edited 6:49am May 6, 2022 5:10am | Edited 6:49am
Quoting tgdrela1
{quote} You said that you use candle sticks for your day trading. Here my questions: Are you day trading continuation/trend following? If yes, what candlestick patterns do you use? If you are looking for reversals in the short term, what candle stick patterns are you using? My findings: I have not found any reliable setups in day trading FX. I use round numbers, 20-80 level ( example 1.2680 or 1.2620) and mid levels (1.2850). The order book is full of of orders at these levels and they act like magnets. Candle sticks are better at higher timeframes...
I do not use any Candlestick patterns, none. I only use Candlesticks because to me they are visually more pleasing than OHLC bar charts.

I agree about the round numbers, and I am always aware of them, but I don't put a great emphasis on them.

When I have more time, I will go into some detail about how I day trade. But, for the most part, I do the same things that I presented on Page #1, Post # 1.

I would appreciate it if you and other traders here would explain how specifically you/they day trade. We can all learn from each other.
Always a Student, Never a Master - Emulate What Works
  • #7,828
  • May 6, 2022 5:24am May 6, 2022 5:24am
Dumb is what dumb does..... Names that I call myself: Stupid, silly, brain amputated, lobotomized, self inflicted pain addict....

I gave 250 bucks back to little John today... here is an example of a proper entry (no regrets) and then waiting to be right... and waiting .. in retrospect this could have been the best trade for the week, unfortunately it ended up being the worst or close to that.
Attached Image (click to enlarge)
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Looking back at the week, it is a good start but not more than that. Everyone can double an account taking high risks (flipping a coin) and therefore this counts for very little. Over the next couple of weeks I will see where this leads. RobinHood asked me for some insights into rules on the M1.

Answer:

  1. I look at the H4 in the morning using a template from HMAOUI from this forum. He uses Guppy's. Love Guppy for trend. Currently considering not doing this any more. Why? I think that a scalp is nothing more than a small drop in a huge pond.... should I really place that much value on that or trade what I see. It confuses me more than helping me.
  2. I also like Renko charts. This is my preferred trading chart out of all charts. This week though I have not used them
  3. This week I really looked at the charts using the templates from RobinHood and his colors.
  4. When the momentum is good, I enter. Normally market order. Sometimes I also use limit or stop orders but this often gets me in a bit late.
  5. Full focus is required and I only do this for 2-3 hours.... then I am exhausted.

  • #7,829
  • May 6, 2022 6:01am May 6, 2022 6:01am
Quoting tgdrela1
Dumb is what dumb does..... Names that I call myself: Stupid, silly, brain amputated, lobotomized, self inflicted pain addict.... I gave 250 bucks back to little John today... here is an example of a proper entry (no regrets) and then waiting to be right... and waiting .. in retrospect this could have been the best trade for the week, unfortunately it ended up being the worst or close to that. {image} Looking back at the week, it is a good start but not more than that. Everyone can double an account taking high risks (flipping a coin) and therefore...
Having a bad week myself on the H1 and H4 and finding time for scalping is too much for me with a full time job as well. Anyway, I am liking your postings on how u do it and it seems to be working for u, keep it up. Maybe scalping on imminent 2 or 3 star news is best avoided.
  • #7,830
  • May 6, 2022 7:04am May 6, 2022 7:04am
Quoting tgdrela1
Dumb is what dumb does..... Names that I call myself: Stupid, silly, brain amputated, lobotomized, self inflicted pain addict.... I gave 250 bucks back to little John today... here is an example of a proper entry (no regrets) and then waiting to be right... and waiting .. in retrospect this could have been the best trade for the week, unfortunately it ended up being the worst or close to that. {image} Looking back at the week, it is a good start but not more than that. Everyone can double an account taking high risks (flipping a coin) and therefore...
One of the things that I find to be most interesting is that YOU can create your own trading rules, and then when you break them, the market almost always punishes you for doing it. It's a strange thing how that can be. (I am not saying that you broke your rules, I just wanted to point this out).

I have a gigantic trading library. Collecting trading books, trading videos, trading courses, trading articles, etc. has long been a hobby of mine.

Out of everything that I have ever read, seen, or heard about trading, I would dare say that this is the best trading advice that I know of, and it's only 7 pages long. If you haven't read it, then do. If you have read it, read it again, and again and again.

Attached File(s)
File Type: pdf Holy Grail by Van Tharp.pdf   873 KB | 899 downloads
Always a Student, Never a Master - Emulate What Works
  • #7,831
  • Edited 9:15am May 6, 2022 7:33am | Edited 9:15am
I just received a PM with a request to send them my day trading template, so I am going to post it here because I don't know how to send an attachment in a PM.

This is what I am currently using (but it may change some over time):

Attached File(s)
File Type: tpl RH Day Trading.tpl   7 KB | 706 downloads
Always a Student, Never a Master - Emulate What Works
  • #7,832
  • May 6, 2022 7:46am May 6, 2022 7:46am
Quoting tgdrela1
Dumb is what dumb does..... Names that I call myself: Stupid, silly, brain amputated, lobotomized, self inflicted pain addict.... I gave 250 bucks back to little John today... When the momentum is good, I enter. Normally market order. Sometimes I also use limit or stop orders but this often gets me in a bit late. Full focus is required and I only do this for 2-3 hours.... then I am exhausted.
Hi Lawrence,
Your not on yer own there mate. So stop beatin yerself up, RH and others just might be able to help hahahahaha.

I might be jumpin in here where angels would fear to tread, but as you are in R&R mode in another country this weekend, a little time off screen might be just what the doctors ordered, ---(all of the above RH club.)

Pips n Gainz chart shows another view which I understand, and with some variations I will add to his charts in due course.

A question if I may---In your post 7801 tell me what is the purpose of the green and red horizontal dots, do they tell you something, if so do you use that level to assist a trading decision????hhhhmmm he asks.

I have a reason for asking because I also use a method that assists trading which I call COMPOUND TRADING, but that is down the track a bit.

Like RH I have a multiple screen method for trading.
1----Dly---Direction Bias
2----Markets, combined with a time zone that suits me---(The land down under full of rascals and thieves)
3----Several time zones, 1hr, 15 min 5 min and sometimes 1 min for exact entry points.
4----Previous volatility that I can reference (All markets Rise and Fall an Vice Versa) etc etc plus Indicators that assist in decision making.

I hope to duplicate your EUR/CAD chart and draw some comments on it if that's OK with you, but await your reply before doing so cos I am interested in your coloured dots.

OK guys n gals, n RH don't keep disappearing, your presence here makes it all work, well with both of you guys having some 60 years of experience between you both, and as RH says he has learnt a thing or two during his 30 years of trading.

Hope Turkey treats you well, spose you are in the North with all the other rich folk hahahahaha
Ben
  • #7,833
  • May 6, 2022 9:25am May 6, 2022 9:25am
If someone can help me with someting.

Say i enter a trade.
In M1, M5, M15, H1, they all trend the same direction.
Now this rarely just goes your way and it's all green
But when it goes up and down around your entry price point, now:

My options are i can just scalpe the first green i see, whatever it is, and then i have to close at the first red i assume. Because i had some trades really turn ugly on me in an instant. So i guess in this case it's just a matter of having more greens then reds at the end of the day. I'm more green overall with this option.

Or just try and go for a set percentage of profit, 1% for example. I kind of tried doing this that at least for me seems to make more sense. This is were i'm having problems.
Trying this it can also turn ugly very quick. What to do here? Set 1% limit up and down? Or even 1% TP and 2% SL, something like this. I see this a lot in tutorials.
Or is it ok to let it run red (and can this turn ugly sometimes) if it turns against you on M1/M5, but keeps your way on M15/H1 and hope for it to turn gree? or is this incredibly stupid?
I'm having a hard time here, SL everything to a small amount and i keep losing money and then i see that if i had waited i had made a profit. This happens most of the times. But at the same time all it takes is one trade to go bad and there goes all the days profits.
  • #7,834
  • May 6, 2022 9:26am May 6, 2022 9:26am
Quoting RobinHood
{quote} One of the things that I find to be most interesting is that YOU can create your own trading rules, and then when you break them, the market almost always punishes you for doing it. It's a strange thing how that can be. (I am not saying that you broke your rules, I just wanted to point this out). I have a gigantic trading library. Collecting trading books, trading videos, trading courses, trading articles, etc. has long been a hobby of mine. Out of everything that I have ever read, seen, or heard about trading, I would dare say that this...
Dear RobinHood

Many thanks for this paper. It means a lot to me when it comes with a recommendation from a well read person. "Leaders are readers!"

I will read it whilst destroying some of my brain cells in a muslim country.

I have read some good books on trading too but have found it difficult to adapt into something that suits me. This is weird, but your thread has provided me with the missing link......and I can't really point out why. Maybe it is the tag name that you use... RobinHood...love it! (or the Deep Pink colours... something I really have never used :-)

When the account is either blown or on 10K, I will come back and either grovel or jump around like a happy monkey..... enough for now. Family is home and I need to run. Happy weekend to you
Best regards
L
  • #7,835
  • May 6, 2022 10:08am May 6, 2022 10:08am
Quoting Polimini
If someone can help me with someting. Say i enter a trade. In M1, M5, M15, H1, they all trend the same direction. Now this rarely just goes your way and it's all green But when it goes up and down around your entry price point, now: My options are i can just scalpe the first green i see, whatever it is, and then i have to close at the first red i assume. Because i had some trades really turn ugly on me in an instant. So i guess in this case it's just a matter of having more greens then reds at the end of the day. I'm more green overall with this...
Everyone is different, but as for me, I don't like using set percentages or a set number of pips for stops and profit targets because no one knows how far a move can go. That doesn't mean that my ways are the best ways, it's just how I do it.

I could write a book about all the different ways to enter and exit a trade (based on Page # 1, Post # 1), so I'll just point out one way I enter and exit.

Look at the chart below and take note of the 2 arrows in window just below the price chart. See the first vertical green bar? That's my entry. Then see where the green first green bar falls below the yellow line? That's my exit. My Stop Loss would be placed just below that recent swing low.

Attached Image (click to enlarge)
Click to Enlarge Name: Day Trade Example.PNG Size: 30 KB


Now keep in mind, using a basketball analogy, I am just teaching you one move such as a "Jump Shot". But, there many other idiosyncrasies that need to be considered before you take that Jump Shot. What are higher time frames doing, time of day, has the pair been really choppy recently, does the pair seem to be ranging, and on and on.

I wish could tell you everything you need to know, but we all know that that would be impossible. Work on doing nothing but perfecting just one type of entry and exit until you get good at them, then expand your trading horizons.

I very often think about what Bruce Lee said:

"I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.”
Always a Student, Never a Master - Emulate What Works
  • #7,836
  • May 6, 2022 10:16am May 6, 2022 10:16am
Quoting tgdrela1
{quote} Dear RobinHood Many thanks for this paper. It means a lot to me when it comes with a recommendation from a well read person. "Leaders are readers!" I will read it whilst destroying some of my brain cells in a muslim country. I have read some good books on trading too but have found it difficult to adapt into something that suits me. This is weird, but your thread has provided me with the missing link......and I can't really point out why. Maybe it is the tag name that you use... RobinHood...love it! (or the Deep Pink colours... something...
Thank you for your comments.

I appreciate that you like my tag name. One thing that I doubt few here have ever realized or known is...

Robinhood is normally spelled like that. I chose to spell it: RobinHood, as in "Robbing the Hood", with the neighbor-hood being the Forex brokers who constantly want to rob me. We want to steal from the "rich" (the brokers) and give to us the "poor" (the traders)...comparatively speaking.
Always a Student, Never a Master - Emulate What Works
  • #7,837
  • May 6, 2022 10:19am May 6, 2022 10:19am
What you said it very true @ Robinhood but which EA are the green and yellow arrows of yours
  • #7,838
  • May 6, 2022 10:26am May 6, 2022 10:26am
Quoting RobinHood
{quote} Everyone is different, but as for me, I don't like using set percentages or a set number of pips for stops and profit targets because no one knows how far a move can go.
thanks, i hope i got it right, i'm making a mess out of this by going for the money won and lost and not so much by the charts and if they are still doing what i expected from them or not. Anyway that's what i got and made a lot of sense.
As an example, today i have made 12 trades, 10 positives, amazing right. But 2 of them i let them run for too long in the red. I barely made a profit overall. I have to work on this. Because this keeps happening over and over.

Can i ask what are the indicators used in the bottom of your chart. I downloaded RH Daytrading.pl file from you but only got the top part, i assume i don't have those indicators on MT4, if you can point them out to me so i can put them on MT4, that would be great so i can load them. I guess try the pro version so i can see if i can do beter
thanks.
  • #7,839
  • May 6, 2022 10:30am May 6, 2022 10:30am
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 92 KB
Not a bad start to the Month! hopefully can keep it up.
From tiny pips mighty oaks grow
  • #7,840
  • May 6, 2022 10:36am May 6, 2022 10:36am
Quoting Enagy
What you said it very true @ Robinhood but which EA are the green and yellow arrows of yours
There is no EA. The only arrows on my charts are ones that I myself place on the charts.
Always a Student, Never a Master - Emulate What Works
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