kharvell's new experiment =|

Hi everyone, not sure who will end up reading this, if anyone, but I have more time on my hands now to do some short-term trading, as I have mostly been a long-term trader. I want to test an approach for my own personal benefit, but perhaps your input could help me out as well.

I am not reinventing the wheel here. Today was my first day of trying my strategy, and it turned out well. Just want a place to document my progress. This means I am not trying to teach anyone how to trade!

My Rules:

 

1. EUR/USD only
2. Only trade from 00:30-14:00 CST
3. 5-minute chart
4. $100 account (See post #32)
5. 5 EMA's (8,12,24,48,120)
6. BE PATIENT, wait for a trend and wait for the right time to enter it (near MA's).
7. Check 1-hour chart for flat markets. If price is consolidating in a 100 pip or less range, then wait for movement to resume trading.
8. take profit 100 pips, 10 pip trailing stop
9. risk max units rounded down to nearest 1,000. For instance, my max units is 1400, so order 1000 because it is rounded down to nearest 1000.
10. Don't trade 1 minute after I wake up (have focused mind)

Probably each day going to post results, good, bad and ugly. I expect to lose a lot but just a little each time, and win pretty big. Only concrete result I have to back this up are a nice 60 pip trade and 20ish pip trade I had today. Blah blah, let's just show the trades I took today and the results they produced.

Good luck to me, and anyone else trading forex

Trailing stop hit for +21 here (Blue up arrow means I buy here, orange or red circle means I stop)

Hi, Nice to see your project, good starting =half success!
Can you use myfxbook to show us your trading?

2 bad trades, one netted me +1 pip, second lost me 5 pips. Last good trade nets +59. The difference is the slope of the lines and their orientation.

3 losses for about -16 pips. Market is too weak and unvolatile to be trading now. I know this yet I still trade. Somebody chastise me.

Results for today, on my $98.30 account.

I trade very similar to you but use the 5min charts and different mas. I have found I like this so much more than trading on the higher time frames. Best of luck with this approach

Hi endroute,

Thanks for the comment. Would you mind elaborating on what you do differently? Just curious.

Thanks for stopping by,

Kevin

Price hardly retraced. Too eager. Must cross into MA's. -6 pips

On the attached chart the entries are to the left of the red vertical line. I use the 5/10/21/60/120 emas and the 105sma. I primarily rely on the 5/10/21 and 60 emas to trade off of, typically I will only take shorts below the 60 and longs above, though if price is bouncing off of a round number I may take it there too. I will also take trades off of the 744 ema (which is the 1 hour 62 ema).

I only trade in the direction of the trend of the moment and prefer stronger trends (i.e. when the mas are all above or below price). I especially prefer pullbacks into the 5/10 emas in strong trend, very low risk and high reward. I try to let the trades go for as long as possible, though sometimes you have to get in and get out. Most of my stops are not over 12 pips and are usually just on the other side of the ma or above or below a wick. I try to stay away from picking tops and bottoms. I would say the hardest thing about this approach is the discipline of waiting.

Awesome, man. Great post - Admittedly, short-term trading isn't my most familiar area, usually more of a swing trader. We'll see how this experiment of mine goes. Would definitely appreciate any other input that comes to mind, as you seem like you know what you're doing.

Thanks and take care,

Kevin

Hey Kevin,

Good luck with the new thread...I will from time to time stop by. !!

You know me...daily/weekly chart trader so I will not waste your energies on the thread.

Just wanted to say good luck!!

golferfx

good to see you back. will stalk your results.

I have seen a number of your posts and threads and you are definitely a much better swing trader than I ever could be, I tried to take and get it to work on the higher tfs and just could not so I took everything I learned (ppa, pa, sr, etc etc) on the higher timeframes and started using it on the 5/15 timeframes and just found something I am very comfortable doing.

Hey guys,

Thanks for stopping by, and for the nice comments. endroute, really glad you stopped by, man; you've got me thinking. I believe I will probably add a 5-minute chart MA's agreement filter to sift out some of the bad trades in non-trending markets (my biggest flaw so far is trading when there is not push in the market).

Mistakenly took a couple more trades last night for losses. Didn't take too many trades today, only a couple of mediocre trades this morning, that resulted in losses. Have been pretty busy today, but hopefully can trade more tomorrow morning. Pic below of account action. Down to $101.62, can definitely do better.

Only trade from 00:00 CST to 14:00 CST

Hi, Kevin, it's good to see you back at FF, and I wish you well. I'm still concentrating on longer-term charts, but hope all goes well for you.

Hi yen,

Good to see you, friend Hope you are well, too, man!


Trades from 00:00 to now have been mediocre, but revealing.

I'm noticing that on 5-minute chart, the closer the price is to MA's the better for my position (not first 3 positions compared with last winner).

1st trade- ugly -5
2nd trade- bad luck -3
3rd trade- bad luck -1
4th trade- good luck +7

Ehh, I am still learning guys and gals. Yes, after 5 years of trading, I am still learning

Why did I take this trade? Lack of discipline

Kevin,

Think of the mas as a trendline and take trades right off of those at the candle close, I would stay away from bigger candles. So for your last trade the signal would have been a short because price ran up and then got beat down below the mas.