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Day trade setup

  • #681
  • Apr 20, 2023 9:17am Apr 20, 2023 9:17am
Quoting hasib
{image}
Happy Eid bro! Hope you enjoy the celebrations and finally an end to all the fasting for you!

Trades today went out at breakeven. I was holding for 3.5R on GU and EA and both ended at breakeven. I thought I saw a big range today but turned out to be similar to the rest of the week. Should have taken 1.5R in hindsight.
  • #682
  • Apr 20, 2023 9:36am Apr 20, 2023 9:36am
and i pray that religion is finally no longer a topic here on a forex forum...
trading is like dancing, don't think and just listen to the music!
  • #683
  • Apr 20, 2023 9:42am Apr 20, 2023 9:42am
Quoting birdland
and i pray that religion is finally no longer a topic here on a forex forum...
I think you are safe until next year :-)

I don't see any major issues with wishing someone during a major religious event, just as Xmas & Easter is widely celebrated here in the UK it's kind of the same with Eid for the Muslim world I think. Not that I'm an expert as it's the only muslim festival I've heard of. Nothing wrong with wishing someone well during a yearly religious event IMO. I can see why a more often re-occurrence might cause some disruption to a forum for forex but once a year is different IMO.
  • #684
  • Apr 20, 2023 10:06am Apr 20, 2023 10:06am
Quoting TheHusla
{quote} I think you are safe until next year :-) I don't see any major issues with wishing someone during a major religious event, just as Xmas & Easter is widely celebrated here in the UK it's kind of the same with Eid for the Muslim world I think. Not that I'm an expert as it's the only muslim festival I've heard of. Nothing wrong with wishing someone well during a yearly religious event IMO. I can see why a more often re-occurrence might cause some disruption to a forum for forex but once a year is different IMO.
yes, this is a comprehensible argument.
trading is like dancing, don't think and just listen to the music!
  • #685
  • Apr 20, 2023 12:30pm Apr 20, 2023 12:30pm
Inserted Video
MA provides the market's current direction and strength.
  • #686
  • Apr 20, 2023 11:13pm Apr 20, 2023 11:13pm
EA M1

Direction looks clear on all TFs to me and saw momentum coming out of Asia. These are the kinds of entries I try and get and the minute price pushes in my favour I put the position to breakeven. Once at breakeven, it's either B/E or TP. My principle aim is capital protection and therefore winrate excluding the breakevens. I get a lot of trades where it comes and takes me out and goes to TP but I can't filter these from the ones it come down to my SL as this strategy is pure scalping for me so have very tight stops. The odds of the trade not finishing at breakeven just seems to depend on the momentum of the move. This one survived.

15 pips TP for 1.5R.
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  • #687
  • Apr 20, 2023 11:30pm Apr 20, 2023 11:30pm
Quoting TheHusla
EA M1 Direction looks clear on all TFs to me and saw momentum coming out of Asia. These are the kinds of entries I try and get and the minute price pushes in my favour I put the position to breakeven. Once at breakeven, it's either B/E or TP. My principle aim is capital protection and therefore winrate excluding the breakevens. I get a lot of trades where it comes and takes me out and goes to TP but I can't filter these from the ones it come down to my SL as this strategy is pure scalping for me so have very tight stops. The odds of the trade not...
TP, 1.5R
  • #688
  • Apr 21, 2023 5:22am Apr 21, 2023 5:22am
Gold

Attached Image (click to enlarge)
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  • #689
  • Apr 21, 2023 6:56am Apr 21, 2023 6:56am
Quoting S_winner
Gold {image}
Look at gold now, you were unlucky. Gold was very very very tricky this week. Random moves until some random news then impossible to enter moves.
  • #690
  • Apr 21, 2023 6:59am Apr 21, 2023 6:59am
EA Part 2

This looked almost identical to last Friday. Direction looked clear and before news there was a big push on M5. Last Friday it messed around until around this time NY session then just went and I thought it was doing the same. I thought a move down at this stage looking at the daily was highly unlikely but it looks like it may hit my SL here.
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  • #691
  • Apr 21, 2023 7:18am Apr 21, 2023 7:18am
Quoting TheHusla
EA Part 2 This looked almost identical to last Friday. Direction looked clear and before news there was a big push on M5. Last Friday it messed around until around this time NY session then just went and I thought it was doing the same. I thought a move down at this stage looking at the daily was highly unlikely but it looks like it may hit my SL here. {image}
SL.

The SL on this was larger than I would have liked but it looked decent to me. Was unable to put the SL to breakeven on this trade.
  • #692
  • Apr 21, 2023 7:49am Apr 21, 2023 7:49am
Quoting TheHusla
{quote} SL. The SL on this was larger than I would have liked but it looked decent to me. Was unable to put the SL to breakeven on this trade.
Was unfortunate, direction was spot on but just one push too early.
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  • #693
  • Apr 21, 2023 8:16am Apr 21, 2023 8:16am
Quoting TheHusla
{quote} Look at gold now, you were unlucky. Gold was very very very tricky this week. Random moves until some random news then impossible to enter moves.
one works, one doesn't work, the next
  • #694
  • Apr 21, 2023 8:54am Apr 21, 2023 8:54am
Quoting TheHusla
{quote} Was unfortunate, direction was spot on but just one push too early. {image}
What is the thick blue indicator under the price in an uptrend and red above price in a downtrend?
Thanks.
  • #695
  • Apr 22, 2023 4:03am Apr 22, 2023 4:03am
Quoting hasib
3 Line Break Candle https://youtu.be/cDHg28Gbnoo {file}
thanks but too many rules.
  • #696
  • Edited 6:48am Apr 22, 2023 5:56am | Edited 6:48am
Quoting rcbarlow
{quote} What is the thick blue indicator under the price in an uptrend and red above price in a downtrend? Thanks.
https://www.forexfactory.com/thread/...7#post14392237

Lines are limits of supertrend indicator. If you are trading this as it should be traded, your SL should trail these lines. It's similar to a donchian channel but more advanced. You would need to have a look at the calculations to really understand how it works but all you really need to know is it's a volatility adjusted donchian channel.
  • #697
  • Apr 22, 2023 10:10pm Apr 22, 2023 10:10pm
Quoting T4Trade
{quote} thanks but too many rules.
That was a concept, not any rules.
if anyone wants they can apply some of the concept in their own trading
MA provides the market's current direction and strength.
  • #698
  • Apr 23, 2023 5:34am Apr 23, 2023 5:34am
Quoting rcbarlow
{quote} What is the thick blue indicator under the price in an uptrend and red above price in a downtrend? Thanks.
you can also use this indi, it is perfectly sufficient;-)
Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDH4.png Size: 25 KB
Attached File(s)
File Type: ex4 TheTurtleTradingChannel v2 BT.ex4   27 KB | 328 downloads
trading is like dancing, don't think and just listen to the music!
  • #699
  • Apr 23, 2023 8:03am Apr 23, 2023 8:03am
Quoting birdland
{quote} you can also use this indi, it is perfectly sufficient;-) {image} {file}
With the DAy trade setup, we could use Super Trend or ATR-based stop.
But I don't recommend using DC.

An indicator may seem like another, but when we test them seriously, we find different win rates and results.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 36 KB
Attached File(s)
File Type: ex4 ATR- Stops (mtf + alerts).ex4   64 KB | 248 downloads
File Type: mq4 ATR- Stops (mtf + alerts).mq4   44 KB | 276 downloads
MA provides the market's current direction and strength.
  • #700
  • Apr 23, 2023 8:05am Apr 23, 2023 8:05am
Quoting TheHusla
{quote} https://www.forexfactory.com/thread/...7#post14392237 Lines are limits of supertrend indicator. If you are trading this as it should be traded, your SL should trail these lines. It's similar to a donchian channel but more advanced. You would need to have a look at the calculations to really understand how it works but all you really need to know is it's a volatility adjusted donchian channel.
This is a good indicator to place a stop and understand multiple time frame trend directions in one chart.
MA provides the market's current direction and strength.
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