My daily goal is 25 pips Monday - Thur. My goal on Friday and Sunday is 10 pips.
Total pips this week = +758. I have exceeded my weekly goal limit and I am finished trading this system for the week.
Wednesdays trades were of low lots since I traded while on vacation.
I have three other scalping methods that I am currently evaluating. So far, tests look very promising on all. I will be trading a new system on Sunday. If you have the system that I have been trading the previous few weeks, please direct your questions to the programmer of the system.
Last, If you have any questions about this system, please send me a PM
I close this thread after each new posting. Thread is alive and well.
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"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
I am introducing a new trading system to my journal this week. I had an earlier version of this same system which was collecting dust in a file on my computer. I pulled it out a month ago and liked what I saw. I then located a new version of this system and demo tested it with very impressive results.
The reasons why I am going with this new system is that it is easier to understand when to enter and exit a trade. It has an audible and email alert. I enter the market on average of once a day which gives me more freedom on my already busy schedule. Instead of my coninuously watching my monitors, I can now be anywhere and receive a phone text message telling me of impending trade opportunities.
The chart has three lines in the upper chart that are sometimes blue and sometimes red, along with red and blue dots above and below the lines respectively, and alternately red and blue histogram bars in the lower two separate windows. These lines are the Sniper Trigger lines. Blue is “buy” and red is “sell”. The red and blue bars below the chart help to confirm entry.
We ONLY enter a trade short when ALL THREE upper chart trigger lines on the 1hr GBP/USD chart change color from blue to red and the histograms below the chart are red. Vice-versa for long trades. Exit when your profit target is hit or your trailing stop is hit, or when the indicator lines
change color.
While signals are generated 24/5, the system has been found to be most effective on the 1hr GBP/USD. It is in your best interests to only trade a currency during the markets within which it has most relevance, so the GBP/USD should only really be traded during the London and New
York sessions and NOT during the Asian session. The same goes for the EUR/USD, USD/CHF and the EUR/GBP. Use your common sense to work out during which two markets it is best to trade your favorite currency.
NEVER trade without a stop. When a trade is moving in your favour move the stop loss as the red and blue “Sniper Stop” dots move.
Advanced Strategy: If your money management and equity allow, this is another way of maximizing profits. Say for example you normally trade 1 lot. Break that lot down in to 5 sub lots of 0.2. Set up the Stop Loss and Take Profit for each 0.2 sub lot with the following values:
Sniper Stop 25 Pips
Sniper Stop 50 Pips
Sniper Stop 75 Pips
Sniper Stop 100 Pips
Sniper Stop No Take Profit – rides the trend out
Be very careful around important news release times, no indicator or system can withstand the kind of volatility that these announcements periodically produce. If you are in profit on a trade close to a major news release at least move your stop to b/e and be aware that many brokers will not honor stops under extreme conditions. Otherwise consider cutting your losses, you will live to fight another day. In this regard go to http://www.forexfactory.com/php and check out the day’s economic data before you even consider entering a trade. You can set the page to display your local time.
This system I am trading is not mine to share and I can only direct you where to locate it on the web.
Please don't ask me questions in reference to the previous system. I was bombarded with questions and I ended up refering them to the programmer.
The thread will be closed after each entry to prevent others from posting. Please PM me if you have questions on this system.
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"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
Day one of the new system produced 33 pips. Good results
I am looking at different time frames as a test.
This thread will be closed after each entry.
The programmer is currently upgrading the program and will let me know when it is finished. I have noticed that when the alert goes off, the trade may actually be an imminent one instead of an immediate one. Hopefully this will be addressed in the new version.
I am already in my second trade of the day.
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"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
I decided to return to this forum thanks to the mega emails and pm's I received asking me to come back.
During my absence, I introduced the 7am-9am Big Dog USD Breakout Strategy to dznmrd that you will find in the Trading System section. This system is receiving extremely good reviews and results.
But the really good news is that during my vacation, a friend of mine asked me to test a NEW manually forex trading system. I tested the new system on demo for a week on 15 currency pairs and found that I made 25% return on it. The following week, I traded the system using live trading account and made 32%. The next two weeks I averaged around 25% both weeks. The system was also tested by a few others that also produced results similar to mine. I will be starting a new journal for this system shortly. Along with the 7am-9am (est) Big Dog USD Breakout Strategy, trading the forex will be more profitable for many traders.
I will attach a link for the new journal shortly.
"To Be A Successful Forex Trader, You Need A Successful Forex Mentor."
I'm looking for the same answer. I have this indicator and I'm sure he had some twist to how he used it rather than just the way it is recommended to use it.
If you read the whole thread you will get a better idea of how he used the probability meter. He did not enter at 75%. He would enter around 55%. Remember also that this guy has 10 years experience in forex trading. I'm sure he would avoid some trades if his prior knowledge led him to believe the trades would not be profitable.
The indicator was designed to compliment your personal trading system. This is how the creator said it should be used and I believe this is how all traders that use it successfully do it.
I decided to return to this forum thanks to the mega emails and pm's I received asking me to come back. During my absence, I introduced the 7am-9am Big Dog USD Breakout Strategy to dznmrd that you will find in the Trading System section. This system is receiving extremely good reviews and results. But the really good news is that during my vacation, a friend of mine asked me to test a NEW manually forex trading system. I tested the new system on demo for a week on 15 currency pairs and found that I made 25% return on it. The following week,...
