M1_M5 Scalping System | Forex Factory

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Attachments: M1_M5 Scalping System
Exit Attachments

M1_M5 Scalping System

  • #1
  • First Post: Edited Jun 20, 2021 3:22pm Oct 26, 2009 10:46am | Edited Jun 20, 2021 3:22pm
Re starting a journal for personal use.
I read and watch to learn.
  • #2
  • Edited 11:31am Oct 26, 2009 11:29am | Edited 11:31am
Here's the screenshot of the first trade and basically what I'll be looking for to enter and exit trades. I was not able to trade other signals preparing to post and take screenshots but I wanted to establish the parameters I will be using for the system first.

Again this thread is only for documentation purposes and more to force me to stay on with the demo consistently although I will only do this as my own time allows me so there will also be no set time when I will be trading this demo. I do hope however that the system will be good enough to trade anytime through all sessions.

The attachment shows the entry and exit for the first trade. It also shows how if I am patient enough to maybe wait for the M5 to signal an exit, the trade could have snagged a few more pips. This is what I intend to find out and discover from this journal. To define the best setups for entries and exits.
Attached Image (click to enlarge)
Click to Enlarge Name: M1_M5 Trade1.jpg Size: 614 KB
I read and watch to learn.
  • #3
  • Edited 7:54am Oct 28, 2009 7:53am | Edited 7:54am
The attached chart shows the 6th trade on this demo. Even though the account has gone up since the first trade, this is not the way I want this system to be traded and so I had to tinker some more with some of the settings.

When I started this demo, I thought I would just use the entry signals on M1and just stay with the trade until M5 gives the opposite signal. The problem is when the retracements gets too deep.

I will try to spot these same entries (see attachment) but make adjustments according to what I see on M5. I think with a bit of adjustments I may be able to trade all M1 signals and filter the signals with the highest probabilities with the subwindow indicators.

When I started working on this system, I had initially hoped to trade a system using just the M1 chart. I find this for now ( I still feel I can accomplish this if I give it more thought) to be too difficult with all that I have going outside of trading. I already exited Trade #6 and actually missed the re-entry signal. Too much time spent trying to document this
properly lol.

I will try to catch the next signals and see if this works the way I think it will.

G
Attached Image (click to enlarge)
Click to Enlarge Name: Trade #6.jpg Size: 627 KB
I read and watch to learn.
  • #4
  • Oct 28, 2009 9:02am Oct 28, 2009 9:02am
Quoting Greenspanke
The attached chart shows the 6th trade on this demo. Even though the account has gone up since the first trade, this is not the way I want this system to be traded and so I had to tinker some more with some of the settings.

When I started this demo, I thought I would just use the entry signals on M1and just stay with the trade until M5 gives the opposite signal. The problem is when the retracements gets too deep.

I will try to spot these same entries (see attachment) but make adjustments according to what I see on M5. I think with a bit of adjustments...
Dont mean to intrude but I couldnt help but notice the balance at the bottom being quite "high". When demo trading you really want to have the setup somewhat mirror your expectations for live. This is so that the transitional gap is as narrow as possible. Trading an account with what looks to be 5 mil is just to big, unless you plan to open an account of that size....
  • #5
  • Oct 28, 2009 10:10am Oct 28, 2009 10:10am
Quoting Razor_trader
Dont mean to intrude but I couldnt help but notice the balance at the bottom being quite "high". When demo trading you really want to have the setup somewhat mirror your expectations for live. This is so that the transitional gap is as narrow as possible. Trading an account with what looks to be 5 mil is just to big, unless you plan to open an account of that size....

Your point is well taken and I understand what you are saying but the reason for this is because the system I am trying to develop is for someone who asked for a demo this size. And in case you are curious, yes he does have these funds waiting to be traded if I can nail this system and that is the only reason I am still striving to develop a system that fits his criteria.
Currently, I am still trying to nail the exact entry and exit but I do believe that within the current setup it is only a matter of time. Perhaps this week will be it and by next week my intention is to re-start with a set of rules to strictly follow and see how it works.

The current trades are not really reflective of how this system will end up being traded as I am just not able to track each trade and make my notes at the same time . Its a shame that I cannot place counter trades as it will make it easier for me to track each trade or each signal and document what happens to each one. As such I just pick what I think is relevant and will then put the pieces together hopefully by the end of this week.

Thanks for your time.

G
I read and watch to learn.
  • #6
  • Oct 28, 2009 6:22pm Oct 28, 2009 6:22pm
Quoting Greenspanke
Your point is well taken and I understand what you are saying but the reason for this is because the system I am trying to develop is for someone who asked for a demo this size. And in case you are curious, yes he does have these funds waiting to be traded if I can nail this system and that is the only reason I am still striving to develop a system that fits his criteria.
Currently, I am still trying to nail the exact entry and exit but I do believe that within the current setup it is only a matter of time. Perhaps this week will be it and by next...
  • #7
  • Nov 16, 2009 2:24pm Nov 16, 2009 2:24pm
It's taken a while but worth it. I've now restarted a new demo account which I will be trading using the set rules I came up with for this system.
I will also try to post screenshots with a brief explanation of the entries and exits.

Obviously, it will be difficult to explain each and every trade as it will be too much work for my liking ( lol ) so I will just be posting what I can or the ones I think is helpful or relevant for further development of the system or hopefully finalizing it and so I can move on to something else

I actually tried to start a demo using a different platform but had trouble with opening and closing trades so I decided to start again an IBFX Demo.

Cheers,
G
I read and watch to learn.
  • #8
  • Nov 17, 2009 10:11am Nov 17, 2009 10:11am
Attached is a chart of the first trade. The result is a +11.
Attached Image (click to enlarge)
Click to Enlarge Name: Trade One.jpg Size: 664 KB
I read and watch to learn.
  • #9
  • Nov 17, 2009 10:22am Nov 17, 2009 10:22am
Trade #2 netted a +14. The first screnshot is the buy entry and the exit is when price hit the extreme higher band. If you also look at the M5 TF price also hit my first target level ( light blue MA) and on M 15 it has reached my strong resistance level (RED MA), hence the reason for exit.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Trade 2.jpg Size: 646 KB
Click to Enlarge Name: Trade2 Exit.jpg Size: 650 KB
I read and watch to learn.
  • #10
  • Nov 17, 2009 10:30am Nov 17, 2009 10:30am
This trade was taken later than should have (was busy with family duties) but still looked good looking at the higher TF's looked clear that its a strong DT. I also indicated the possible targets and even commented on the higher TF's which I should also take a screenshot and post.
Attached Image (click to enlarge)
Click to Enlarge Name: Trade 3.jpg Size: 687 KB
I read and watch to learn.
  • #11
  • Nov 17, 2009 10:41am Nov 17, 2009 10:41am
Here I decided to go for Target 2. The trade was in danger of closing for a loss and would have opened an opposite position had it broken through that TF Trend Identifier ( Orange MA). I decided to wait for a break rather than close as that TFTI is rather strong since it also coincides with resistance levels on M5 and M15. The TFTI level would also coincide with the Midd;e Band on M5 and also the blue and yellow MA's on M15.
Attached Image (click to enlarge)
Click to Enlarge Name: Trade 3 in danger.jpg Size: 690 KB
I read and watch to learn.
  • #12
  • Nov 17, 2009 10:46am Nov 17, 2009 10:46am
Trade 3 was exited with a +25. The exit was just 1 pip shy of the identified target (see M15 screenshot on previous post).
Attached Image (click to enlarge)
Click to Enlarge Name: Trade 3 Exited.jpg Size: 693 KB
I read and watch to learn.
  • #13
  • Nov 17, 2009 10:55am Nov 17, 2009 10:55am
Here is how the higher TF's I noted on earlier post why the DT was really looking good. Even though I was confident of the continued DT and tyhe target being hit, I had to exit based on the chart and the way the system will always give another sell signal anyway. I decided to stop here for now
to be able to post all these stuff and also take a break I probably would not had this been a live account lol.

I should be back before 1 pm ( in 2 hours time ) as the system usually gives me great signals around that time.
Attached Image (click to enlarge)
Click to Enlarge Name: T3- Higher Tf's.jpg Size: 726 KB
I read and watch to learn.
  • #14
  • Nov 17, 2009 1:02pm Nov 17, 2009 1:02pm
Sadly, didn't get back in time and missed a pretty good and clear buy signal. I will take a screenshot and post it later. Just want to see if can get one last tradeable signal before calling it a day.
I read and watch to learn.
  • #15
  • Nov 17, 2009 3:24pm Nov 17, 2009 3:24pm
The missed entry I was referring to and actually had 2 signals in that up move. In this case where all 3 TF's agree and fresh signals on both M1 and M5.
Attached Image (click to enlarge)
Click to Enlarge Name: Missed Entry.jpg Size: 627 KB
I read and watch to learn.
  • #16
  • Last Post: Nov 18, 2009 10:55am Nov 18, 2009 10:55am
Been feeling a bit rundown. Flu season up here.
I guess I should try this system during slow periods
as well so I'll try and see if i can pick up a few trades
today. Should still work the same way but will just be
slower for trades to develop and come to fruition.
I read and watch to learn.
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