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Daytrading/scalping with high leverage - my proven strategy

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  • #541
  • Mar 19, 2013 9:34am Mar 19, 2013 9:34am
Quoting xlitang
what do you want to do with this indi?
Need alerts that will

  1. alert a trader when a pair begins to move above 0.15% on the D1 timeframe,
  2. after a pair stalls and pulls back, and starts to move again, a new alert will be generated based on this new movement on the H1 or H4 timeframe when it moves 0.15% from the new low (since the initial alert was generated on the D1 timeframe for the daily movement) and
  3. another alert when the 1st alert in (1) above is exceeded on the D1 timeframe - that is, when a new high is made for the day.
  4. a new alert if the pair begins to move in the opposite direction by 0.15% from the opening price.



Now to what can be done with this indicator and how I use it. The indicator highlights:

  1. The currency pair(s) that is moving the "most," which traders should focus on
  2. The direction of the trend for the session - up or down
  3. By what percentage the pair has moved for the day (on the timeframe highlighted)


I am an intra day correlation or should I say, strength/weakness currency trader and trade with the intermediate trend. I wait for the pair of interest to move a minimum of 0.15% on the day before considering that pair if supported by the currency strength meter. This indicator helps to identify the currency pair that is moving the most, especially when you have more than one currency showing strength or weakness. I don't have any loyalty to any pair and therefore trade any pair showing strength.

Thanks, and God bless

George

Low Risk Low Stress High Reward High Probability Trades
  • #542
  • Mar 19, 2013 9:39am Mar 19, 2013 9:39am
Quoting 919gilead
Need alerts that will[list=1][*]alert a trader when a pair begins to move above 0.15% on the D1 timeframe,[*]after a pair stalls and pulls back, and starts to move again, a new alert will be generated based on this new movement on the H1 or H4 timeframe when it moves 0.15% from the new low (since the initial alert was generated on the D1 timeframe for the daily movement) and[*]another alert when the 1st alert in (1) above is exceeded on the D1 timeframe - that is, when a new high is made for the day.[*]a new alert if the pair begins to...
I will give a try tonight after work. I am at US central time zone.
Follow me to the Promised Land
  • #543
  • Mar 19, 2013 9:40am Mar 19, 2013 9:40am
Quoting xlitang
I will give a try tonight after work. I am at US central time zone.
Thanks, and no hurry, just take your time
Low Risk Low Stress High Reward High Probability Trades
  • #544
  • Mar 19, 2013 10:10am Mar 19, 2013 10:10am
Hey! Again. Little contribution here.

I have deleted my previous post here. And I have recode my EA of analysis because there are some bug. Now you can use this after it has been verified by myself..

Please go to my thread to download the EA. This is regarding 2. Analysis of Trend Potential under my thread.
http://www.forexfactory.com/showthre...07#post6041307

Please vote under my thread, so i could know better and do better.
Thanks.
  • #545
  • Mar 19, 2013 10:12am Mar 19, 2013 10:12am
Quoting Favorite
~bull.bear~, THANK YOU!
Sorry for giving you the bug EA. Now i have fixed it. Please check again.
Thanks.
  • #546
  • Edited 10:50am Mar 19, 2013 10:34am | Edited 10:50am
Here is the project I have been working on for the last one year, to take currency strength meter to new heights. Need to turn it into an MT4 indicator (done) and create a dashboard (new project), as it is a monster on the computer memory. You can download the original spreadsheet here.

I did post this RCS SS Signal Indicator, as I call it, on this thread on January 19, 2012 and was politely requested to remove it by my instructor, as I turned his ideas/teachings into an indicator, and out of respect for him, I did. I have however improved on the spreadsheet, and think it can be coded into an MT4 indicator. Xlitang, we can work together on this project too and I can share the details and flowchart. And by the way, I have a great filter idea that voids or stop bad signals. You can download the PDF to see how it works.

Good trading guys - this is war guys, and if we must conquer this market, currency strength recognition is the way to go, IMHO.

Cheers, and God bless you all


George


NB
Attachment is a screenshot from March 7th, around 1 am PST (9 am GMT)
Attached Image (click to enlarge)
Click to Enlarge Name: RCS SS Signal as at 104 AM PST 3072013.gif Size: 184 KB
Low Risk Low Stress High Reward High Probability Trades
  • #547
  • Mar 19, 2013 10:43am Mar 19, 2013 10:43am
And this is the current status of the currency strength, and signals but as I said, the spreadsheet is a monster and I have to close it. Check your charts with the signals

Best trades from the signals - EURJPY & CADJPY
Attached Image (click to enlarge)
Click to Enlarge Name: RCS SS Signal as at 839 AM PST 3192013.gif Size: 170 KB
Low Risk Low Stress High Reward High Probability Trades
  • #548
  • Mar 19, 2013 11:08am Mar 19, 2013 11:08am
Quick short in the Euro, and stop now moved to BE
Attached Image (click to enlarge)
Click to Enlarge Name: eu trade1 - 3192013.gif Size: 97 KB
Low Risk Low Stress High Reward High Probability Trades
  • #549
  • Mar 19, 2013 11:20am Mar 19, 2013 11:20am
Quoting 919gilead
Quick short in the Euro, and stop now moved to BE
Stop hit but re-entered and now at BE
Attached Image (click to enlarge)
Click to Enlarge Name: eu trade2 - 3192013.gif Size: 93 KB
Low Risk Low Stress High Reward High Probability Trades
  • #550
  • Mar 19, 2013 11:30am Mar 19, 2013 11:30am
Quoting 919gilead
Stop hit but re-entered and now at BE
Press on , George!
How about 1.2670 this week? Not impossible, I guess...
mind over matter
  • #551
  • Edited 11:56am Mar 19, 2013 11:31am | Edited 11:56am
Quoting 919gilead
Stop hit but re-entered and now at BE
Closed for about 20 pips.

Friends you can see that I don't use 100 pip SL. I use between 7 - 20 pips (+5 where necessary) and with the advantage of the CSM, my stop is moved to BE within 2 - 3 candles. Every trader has to find his/her course, and what works.
Low Risk Low Stress High Reward High Probability Trades
  • #552
  • Mar 19, 2013 11:33am Mar 19, 2013 11:33am
Quoting kosmo
Press on , George!
How about 1.2670 this week? Not impossible, I guess...
Thank you my friend I don't know or care what the market may or may not do, I just trade what I see and what the CSM is telling me. So if it's going down, we are riding with it
Low Risk Low Stress High Reward High Probability Trades
  • #553
  • Mar 19, 2013 11:34am Mar 19, 2013 11:34am
Quoting jonnypants
I thinking you should keep out at 13:38 Captain!?
Reason: blue Euro line above the zero line......
No, it was a good entry, lower lows, lower highs, under Ichimoku Cloud, with the right H1 "big picture".


Quoting jonnypants
I've thought of a new strategy that means you're always in the market Buy when the babon line turns white and sell when it turns red?
It doesn't work this way on the small timeframes, and bigger timeframes need much bigger SL.
Gentlemen always play by the rules. If they can't, they change the rules.
  • #554
  • Mar 19, 2013 11:36am Mar 19, 2013 11:36am
Quoting ~bull.bear~
Sorry for giving you the bug EA. Now i have fixed it. Please check again.
Thanks.
Thank you, bull.bear!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #555
  • Mar 19, 2013 11:41am Mar 19, 2013 11:41am
Quoting Favorite
No, it was a good entry, lower lows, lower highs, under Ichimoku Cloud, with the right H1 "big picture".




It doesn't work this way on the small timeframes, and bigger timeframes need much bigger SL.

What is the setup of ichimoku?
  • #556
  • Mar 19, 2013 11:45am Mar 19, 2013 11:45am
Tempting to take another short but a trader should know when to call it a day. So long friends, and see you nice folks tomorrow God willing.

Shalom


George
Low Risk Low Stress High Reward High Probability Trades
  • #557
  • Mar 19, 2013 11:52am Mar 19, 2013 11:52am
Quoting Afarensis
What is the setup of ichimoku?
Standard settings: 9, 26, 52

But I show only the cloud, so in the colors:

Tenkan-sen - none
Kijun-sen - none
Chinkou Span - none
Up Kumo - white
Down Kumo - white
Gentlemen always play by the rules. If they can't, they change the rules.
  • #558
  • Mar 19, 2013 12:08pm Mar 19, 2013 12:08pm
Hi, George,

i cannot find a spreadsheet in your link, is that "Currency Stength (28).xls" that you are talking about? I only found that spreadsheet in that thread.

Quoting 919gilead
Here is the project I have been working on for the last one year, to take currency strength meter to new heights. Need to turn it into an MT4 indicator (done) and create a dashboard (new project), as it is a monster on the computer memory. You can download the original spreadsheet here.
  • #559
  • Mar 19, 2013 12:08pm Mar 19, 2013 12:08pm
Quoting Favorite
Standard settings: 9, 26, 52

But I show only the cloud, so in the colors:

Tenkan-sen - none
Kijun-sen - none
Chinkou Span - none
Up Kumo - white
Down Kumo - white
Thanks.

What is your opinion about this?

is the same the trix?
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_04 Mar. 19 11.55.gif Size: 24 KB
  • #560
  • Mar 19, 2013 12:13pm Mar 19, 2013 12:13pm
Wanted to share this posting I made somewhere else:

Quote:
One major lesson I have learnt from using the currency strength meter to manage my trades is that when a trade is entered on the basis of its reading/signal and there is no momentum to the trade, close it within 15 - 30 minutes unless there is room to bring the trade to break even. Why?!! Because we have lost the edge that brought us into the trade in the first place. And this was why I closed the Aussie long almost at break even, and I was right as CPI report was below expectation and traders reacted negatively but I was long gone before then.
Unquote


I'm off now after deciding not to take another Euro short and missed 20+ pips as my emotion was trying to make me feel guilty and get the better part of me - so I replied my emotion, it could have gone the other way too and I already made a good amount of pips stress free, so why worry or over trade!!!

We live to fight another day as the market is always there

And I leave you with this: An object in motion tends to stay in motion - Sir Isaac Newton. So keep watch

Good day
Low Risk Low Stress High Reward High Probability Trades
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