My experimental daytrading system

This thread is dead, don't post

http://i45.tinypic.com/dnfris.jpg

I didn't take this trade because

a) Trend is down on M5 but not on M1
b) On M1, a candle opened and closed above the high 40SMA, but the 15SMA was still in the channel.

http://i47.tinypic.com/317i7bk.jpg

This is a good sell. Price opened and closed below the channel on both timeframes and is below the 15 SMA. The stop loss is at the tip of the high 40SMA on M1--if you hover the mouse at the tip it tells you the price. I didn't take the trade because the spread is too high for me. You can of course trade other pairs, but you would need to compensate for the higher spread by trading smaller lot sizes (in my opinion).

your strategy seems interesting. i will definitely try these with some variations and mm.

some questions:
1. how often do you trade per day?.
2.do you consider the time sessions involve or you just take the signal whatever time it is.?.

Hello lolpie, as I understand SMA 15 shouldn't be in the chanel for entry, am I right?

Hmmm, honestly?

Can you say hand on heart you've properly backtested this over a decent amount of time? Or that with the numbers you've chosen, the method has some bearing on buyers and sellers decisions to buy/sell? Or is it you think that you've discovered some feature of price that'll continue to display in the markets for a decent amount of time? And even if any of these were true, do you think you can overcome roughly a 12% handicap of trading costs (average profit say 25 pips / 3 pips spread = 12%)?

I know that's a lot of questions to answer but put it this way - would you rather trade this live for a few months to find out those solid foundations were at best illusory, or find out before you begin?

Come at me bro.

Yes, it has to be outside of the channel on both timeframes

I just woke up, so I'll try to post some charts as trades occur

Ehh, honestly, I don't know. I was hoping to demo this for a few months in order to figure out the kinks, and the reason I posted it here. I'm demo trading while reading the Pro Trader FX Course, so at the worst I come out of it new skills gained and no money lost

http://i47.tinypic.com/290x2sh.jpg

Okay I changed some of the rules, so the first post has been updated. I made like 1 trade last week because I was busy with job interviews and stuff, so I'll try to post more trades as they happen.

http://i46.tinypic.com/52ywyx.jpg

I missed a bunch of trade opportunities here. Now I'm waiting for price to fall back to the channel.

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EDIT: Okay, here's a trade on EURGBP, 15 minute TF.
http://i49.tinypic.com/15oz5o8.jpg