Day trade setup | Page 29 | Forex Factory

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Day trade setup

  • #561
  • Apr 8, 2023 11:45am Apr 8, 2023 11:45am
Quoting hasib
No matter what strategy they use. From live trading, you will always learn some that will help your trading. Best of luck https://youtu.be/2XvfEa0wbi4
Thank you sharing this Hasib. Nice long weekend to find time to watch it! Was really interesting. Esp as he is a scalper. The guy had a 35% win rate and one big R trade with a wild equity curve. Was quite a journey. Especially his moments of bad judgement with gold. It's interesting he passed the challenge with one big trade and such a low overall win rate. The way he scaled into his trade while keeping his risk constant was interesting.
I'm sure we can all relate to getting confused when trading. Doesn't happen as often any more to me personally but I remember well when it was the norm. It's also quite clear that his negative emotional state in both trading and life in general just compounded his losses. Learning to cultivate a positive emotional state and trading in that state independent of what life throws at you is the key. Trading really teaches you to develop this. Sufism (Rumi), Buddhism etc all preach the same thing and give you good techniques on how to emotionally reset after bad days. The good, the bad are just two sides of the same coin. Duality at play. The only key is to make the best decisions possible by minimising the bad and capitalising on the good. Luck is nothing more than opportunity meeting preparation whilst in a positive state of mind. It's almost impossible to make the best decision possible in a bad emotional state and this shows that. He doesn't show anything on analysing his losses but I think that's also important. Must be done, again, from an emotionally neutral state and pure curiosity into the decision making process. Overall really interesting. Cheers!


Quoting T4Trade
{quote} 3 hours clip,who will watch it?
Those who think it's worth watching.
  • #562
  • Apr 8, 2023 1:05pm Apr 8, 2023 1:05pm
A discretionary trader is a student of the price chart. They interpret their emotions and thought and risk management concept in the chart. Chart reading is addicting and a chart reader may have less win rate but yet they have their own confidence over their concept they can manage their emotions and trade win and lose through the chart interpretations. An indicator-based system may be given a high win rate but if a trader can not apply their thought they will always fill they miss something they will have a hard time implementing their trade and accepting loss. That is why I don't recommend using HA candle at all. I always feel if your system is close to a pure candle chart and trader imaginations come close to the market chart it generates positive emotions and positive return end results. If you are a long time student of the market you probably know most ema or sma-based systems don't have a positive edge if you put them into the Algo test, yet experience traders use those and generate profit. why!! It is luck! it is gambling ability!! I would say no. it is the chart reading and waiting for the right emotions or motions of the market.
Attached Image (click to enlarge)
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MA provides the market's current direction and strength.
  • #563
  • Apr 8, 2023 1:23pm Apr 8, 2023 1:23pm
ChatGpt gave me this strategy. I have to backtest it.
If you found it interesting you could apply the techniques. In 22 day months if we get 3 to 4 opportunity and if we lose 2 trade and win 1 or 2 trade with 1 to 3 rr it would be a great achievement.

Here is a profitable breakout trading strategy for GBP/USD on the one-hour time frame:

  1. Identify a range: Look for a consolidation period on the one-hour chart where the GBP/USD price is trading within a range or channel for at least 20-25 candles.
  2. Set entry orders: Once a range has been identified, place two entry orders outside the range: one to buy if the price breaks above the range's high and another to sell if the price breaks below the range's low.
  3. Set stop-loss orders: Place a stop-loss order for each trade at a distance equal to half the range's size from the entry point.
  4. Set take-profit orders: Set a take-profit order for each trade at a distance equal to the range's size from the entry point.
  5. Risk management: Ensure that your risk-to-reward ratio is at least 1:2 or better.
  6. Exit strategy: If the trade hits the take-profit order, exit the trade. If the trade hits the stop-loss order, exit the trade.
  7. Money management: Use proper money management techniques, such as risking no more than 1-2% of your account balance per trade.
  8. Avoid trading during major news releases or events that can cause significant market volatility.

Remember, no trading strategy can guarantee profits, and it's important to constantly monitor the market conditions and adjust your approach accordingly.

Attached Image (click to enlarge)
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MA provides the market's current direction and strength.
  • #564
  • Apr 8, 2023 2:06pm Apr 8, 2023 2:06pm
Inserted Video
MA provides the market's current direction and strength.
  • #565
  • Apr 9, 2023 1:58am Apr 9, 2023 1:58am
Quoting hasib
ChatGpt gave me this strategy. I have to backtest it. If you found it interesting you could apply the techniques. In 22 day months if we get 3 to 4 opportunity and if we lose 2 trade and win 1 or 2 trade with 1 to 3 rr it would be a great achievement. Here is a profitable breakout trading strategy for GBP/USD on the one-hour time frame: Identify a range: Look for a consolidation period on the one-hour chart where the GBP/USD price is trading within a range or channel for at least 20-25 candles. Set entry orders: Once a range has been identified,...
ah i see u are using chatGPT for finding trading strategies. do you think its useful and will it revolutuionize trading and make us trader unemployed?
trading is like dancing, don't think and just listen to the music!
  • #566
  • Apr 9, 2023 3:44am Apr 9, 2023 3:44am
Quoting hasib
https://youtu.be/nrWAG3w_26k
There are two books I would highly recommend on this topic. I have read them both multiple times.

https://www.amazon.co.uk/Mental-Game.../dp/1734030917
https://www.goodreads.com/en/book/show/17450948

Thanks for the video!
  • #567
  • Edited 4:07am Apr 9, 2023 3:48am | Edited 4:07am
Quoting birdland
{quote} ah i see u are using chatGPT for finding trading strategies. do you think its useful and will it revolutuionize trading and make us trader unemployed?
Hedge funds been using AI for years, specifically machine learning. I keep an eye on this space but haven't seen anything mind blowing just yet.

Right now the new tools are amazing as a sounding board. They don't focus so much on what's true but what's possible. Which is great for creative insight. Also a god send for amateur coders.
  • #568
  • Apr 9, 2023 5:48am Apr 9, 2023 5:48am
for me it was an mind changing video. 40 mins can worth 100s books about moneymanagement and psychology
Inserted Video
  • #569
  • Apr 9, 2023 12:48pm Apr 9, 2023 12:48pm
Quoting TheHusla
{quote} There are two books I would highly recommend on this topic. I have read them both multiple times. https://www.amazon.co.uk/Mental-Game.../dp/1734030917 https://www.goodreads.com/en/book/show/17450948 Thanks for the video!
These are worth studying
Attached File(s)
File Type: pdf Waiting_for_a_Retest_Will_Make_You_a_Better_Forex_Trader_2_3.pdf   238 KB | 536 downloads
File Type: pdf Bank trader strategy (1).pdf   2.2 MB | 383 downloads
File Type: pdf Market Maker Traps (1).pdf   1.0 MB | 361 downloads
File Type: pdf Market Maker Traps (2).pdf   789 KB | 342 downloads
File Type: pdf Market Maker Traps (4).pdf   2.4 MB | 347 downloads
File Type: pdf Market Maker Traps (3).pdf   705 KB | 351 downloads
File Type: pdf Advanced Price Action Analysis.pdf   1.6 MB | 451 downloads
File Type: pdf MACD Trend Following Strategy (2).pdf   1.6 MB | 362 downloads
File Type: pdf market-structure-and-entry-setup_compress (3).pdf   6.3 MB | 420 downloads
  • #570
  • Apr 9, 2023 12:56pm Apr 9, 2023 12:56pm
Quoting hasib
ChatGpt gave me this strategy. I have to backtest it. If you found it interesting you could apply the techniques. In 22 day months if we get 3 to 4 opportunity and if we lose 2 trade and win 1 or 2 trade with 1 to 3 rr it would be a great achievement. Here is a profitable breakout trading strategy for GBP/USD on the one-hour time frame: Identify a range: Look for a consolidation period on the one-hour chart where the GBP/USD price is trading within a range or channel for at least 20-25 candles. Set entry orders: Once a range has been identified,...
ChatGPT breakout strategy with DAy trade setups strategy entry confirmations.
25 Bar range break out with Day trade setups.
Attached Image (click to enlarge)
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MA provides the market's current direction and strength.
  • #571
  • Apr 9, 2023 1:00pm Apr 9, 2023 1:00pm
here is another example of 25 bar break out with Day trade setups
Attached Image (click to enlarge)
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MA provides the market's current direction and strength.
  • #572
  • Apr 9, 2023 3:40pm Apr 9, 2023 3:40pm
Quoting hasib
ChatGpt gave me this strategy. I have to backtest it. If you found it interesting you could apply the techniques. In 22 day months if we get 3 to 4 opportunity and if we lose 2 trade and win 1 or 2 trade with 1 to 3 rr it would be a great achievement. Here is a profitable breakout trading strategy for GBP/USD on the one-hour time frame: Identify a range: Look for a consolidation period on the one-hour chart where the GBP/USD price is trading within a range or channel for at least 20-25 candles. Set entry orders: Once a range has been identified,...
Attached Image (click to enlarge)
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Hello Mate:

ChatGpt caught my eye. There's an indicator that shows the ranges for N number of bars. 24 didn't really show much but when I switched to 8 ( 8 hours in a trading session ) things looked interesting. Tradiing the H4 high/low breaks in the London and NY sessions can generate a few .

From 8 to 16 bars ago, there wasn't much range expansion. Then on bar 7, the range was broken. Will have to watch this.

Thanks and Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #573
  • Apr 10, 2023 7:03am Apr 10, 2023 7:03am
Inserted Video
MA provides the market's current direction and strength.
  • #574
  • Apr 10, 2023 7:59am Apr 10, 2023 7:59am
More than 3 R is running
Attached Image (click to enlarge)
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MA provides the market's current direction and strength.
  • #575
  • Apr 10, 2023 8:29am Apr 10, 2023 8:29am
XAUUSD M1
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  • #576
  • Edited 11:12am Apr 10, 2023 9:41am | Edited 11:12am
Quoting hasib
https://youtu.be/rPQi9JqZ_SI
Thanks for sharing, Hasib.
I got a question on TST.
Do you have the TradingView version of this TST indicator?
  • #577
  • Apr 10, 2023 10:24am Apr 10, 2023 10:24am
Long NAS100, M5

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  • #578
  • Apr 10, 2023 10:25am Apr 10, 2023 10:25am
Dear
Quoting hasib
{quote} ChatGPT breakout strategy with DAy trade setups strategy entry confirmations. 25 Bar range break out with Day trade setups. {image}
Dear hasib
Will you be so kind to tell us
what MA you have in the pictures
Thank you very much
Dan
  • #579
  • Apr 10, 2023 10:29am Apr 10, 2023 10:29am
USDJPY M5
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  • #580
  • Apr 10, 2023 10:52am Apr 10, 2023 10:52am
[quote=dansmol;14390231]Kedves {quote} Kedves hasib. Lennél olyan kedves, és elmondanád nekünk, mi van a képeken! Köszönjük szépen Dan [/quote ]
6 EMA and super_smoothed _average _Trend -Tin 21 IMO. If not, Hasib will fix it.
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