very boring day, today....have anybody made any succesful trades so far?
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DislikedMidnight,
Hope you don't mind me asking, but where did you find the RSI alert indicator you're currently using? The best alert I have found to date is one that gives an alarm when there's either a lower RSI close above a customizable overbought level, or a higher RSI close below a certain oversold level (so when price is "hooking" back to the 50 level). As you know, that's just not good enough, since we're looking to get a warning when there's a realtime penetration of certain OB or OS levels (when using 85/15, I can imagine the alarm levels...Ignored
DislikedWow, last week must have been beginners luck for me. Between yesterday and today I took 14 trades, with only 6 winners. Combine that with a R:R of less than 1 and you can imagine my demo for this strategy is now in the red.
Lots of breakouts that cost me dearly. You really need the right market conditions for this strategy. This stuff works best when the market is ranging it seems.Ignored
DislikedHey,
I tried this strategy, but dont have much time now, so cannot test it for long time. I will put here some observations.
1. strategy is very good, price has to make retracement, 5 pips is reasonable TP, SL around 10. Dont like adding, it is dangerous and one loss can wipe huge part of account. Risk 1-2% per trade is key.
2. focus on trade, you need 3-5 trade daily for 5 pips to earn for living.
3. personally I try to trade less, 3-4 hour during London session.
4. I use Murrey Math 1 min chart, period 320, BB(20), EMA 200, RSI(8) and...Ignored
DislikedMidnight,
Hope you don't mind me asking, but where did you find the RSI alert indicator you're currently using? The best alert I have found to date is one that gives an alarm when there's either a lower RSI close above a customizable overbought level, or a higher RSI close below a certain oversold level (so when price is "hooking" back to the 50 level). As you know, that's just not good enough, since we're looking to get a warning when there's a realtime penetration of certain OB or OS levels (when using 85/15, I can imagine the alarm levels...Ignored
DislikedHello Hoss,
nice to see u here again do u use still yr strategy? Would u mind to put here some screenshots of yr trades? to see how master do his job. thanxIgnored
DislikedYes, I still use it. I also play a mind trick on myself that keeps me patient. I pretend that I only need to make one profitable trade per day, and my life depends on it. It's a little extreme but it works for me. It makes me follow all my rules, and makes me wait until a nice move in one direction has made its move before I consider getting in. I can post trades, but they won't look any different than the ones I posted earlier, however.Ignored
DislikedInteresting. Somewhere on the first pages of this thread you mentioned doing around 10-15 trades a day, and that you were aiming for 2-5% a day. Has that changed in the mean time? You're probably more picky nowadays?Ignored
DislikedHey there Hoss, I tryed your system for over a month now, It really works like a charm some days are better than other though, the only thing I changed is the RSI alarm levels to 85 15, and you were right you dont get a lot of signals during the day but the ones you get are really good 5 pip for sure, but usually i make anywhere from 30 pips to 70 pips a day, also i tryed the same method on 15M charts, and looking at them i found out that if you have 85 and 15 levels on RSI when you hit those you will definately have a very good long trend to trade...Ignored
Dislikedhi midnight i am using tradestation myself and i have problems finding
Murray Maths indicator...can you explain in few words how you use this wicked metod for scalping on your trade station...indicators,exits ,signals...thanks in advanceIgnored