5 min EU scalping with Outside Bars

Important: I do not trade outside bars, i trade engulfing patters. Sorry for the mistake in the thread name

Hey,

First of all i`m not a "real" trader yet.
The reason why i`m posting here my trades is to get more consistence and confidence in my trades and stick to one trading style. I´m now trading about 2 years and the biggest problem that i had in this time, is that i jumped from system to system when i get into a drawdown even when i`m profitable on the sum of my trades.

So i hope this little diary helps me to stay profitable on the long run and perhaps i also can help some other with my experience.

Feel free to post your criticism or tips i won`t take it personaly, i believe in learning through mistakes.

So now to the interesting part ;-) and some charts for you :-P

I´m trading on the 5 min timeframe and learned the basics of my strategy from NiceGuy so all thanks goes to him and his great topic

http://www.forexfactory.com/showthread.php?t=279970

Strategy:

1. Wait for a nice move in the trend direction and a retracement on the EMA`s
- i define the trend with the help of the EMA 13, the EMA 21 and the THV4 Coral.

2. Then you need a engulfing pattern to confirm the signal.
3. Open the trade on the close of the engulfing pattern.

SL = 5 Pips + Spread
TP = 13 - 15 Pips
When i reached +6 pips i put my SL to BE

Trading Session:

09:00 - 11:00 and 14:00 - 18:00 (GMT +2)

I´m at university and work half time so i don`t get every signal but i try to catch the london open every morning.

Money Management:

I risk 2% of my account balance per trade.


If you have any questions please post them or PM me

So here are my 2 trades for today was a good day, both trades with +15 pips

Trades for today
+15
+0
-6

I missed a nice trade @ NY session, because i had to go to work

I only took one trade today, because i didn`t had much time and got stopped out at breakeven

From what I can see you are including the upper and lower wick of the OB candle and not including the wicks on the IB, is that right?

Good morning Alpiberi,

yes your right, sorry i totally forget to write it down in my first post.
For me it is important that the body of the first candle is smaller than the next candle.

But be carfull when the wicks get a huge range. Then i don`t take the trade

Good Morning Lodge,

I am having a go at this on demo right now.

Looking at your charts you seem to have a symbol above/below OB's, are you using an indicator?

i use this indicator because of the alert so i don`t have to watch the chart all the time

unfortunaly no trades for me today

Beautiful first trade on the EU closed with +20 pips

another great trade for today

Got stopped out -6 pips

seconde trade for today closed at +14 pips

some nice trade oppertunities, but i had no time today

two trades for today
- closed the first with +12 pips
- the second stopped out at breakeven

last trade for today another +12pips
nice day

No trades for me Today

first trade today, fast +12 pips