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Daytrading/scalping with high leverage - my proven strategy

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  • #1,761
  • Apr 9, 2013 11:16pm Apr 9, 2013 11:16pm
Followed by a long trade on green vertical line and SL got hit. By the way had a great day yesterday trading this system.
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Trading can't be taught but it can be learned
  • #1,762
  • Apr 9, 2013 11:17pm Apr 9, 2013 11:17pm
Quoting kb24
Favorite, would it be possible for you kindly tell us the name of the site? Just curious. Thank you!
No, sorry! That's a secret!

It is a private forum, so that's the whole point - nobody knows anything about the forum (even the address or the name) except the members!

And I mentioned this forum not by mistake, but on purpose: so you, guys, would know that I have my own home. So when I get sick and tired of trolls and idiots here I can leave just like this - I have a place of my own.
Gentlemen always play by the rules. If they can't, they change the rules.
  • #1,763
  • Apr 9, 2013 11:29pm Apr 9, 2013 11:29pm
As I was posting, missed this short trade which was a winner.
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Trading can't be taught but it can be learned
  • #1,764
  • Apr 9, 2013 11:31pm Apr 9, 2013 11:31pm
Quoting Pipsninja
Hi Favorite, H then a L followed by a LH and LL. Babon, cloud OK and distance to TMA 5 bigger than 10 pips at the time went short at red vertical line and got stopped out. Your comments are appreciated. {image}
Hmm...from my point of view...it is a trade a litle risky (direction of TMA5, general direction, the DO at 6pip)
BUT...if you set SL at 129.73 where you have LH,you have a tp 10p green
Look like a girl, act like a lady, think like a man and work like a dog.
  • #1,765
  • Apr 9, 2013 11:38pm Apr 9, 2013 11:38pm
Thanks for your comment Simonik. My stop might be too tight and your suggestion to put it at the original H is a great idea.
Trading can't be taught but it can be learned
  • #1,766
  • Apr 9, 2013 11:45pm Apr 9, 2013 11:45pm
Quoting Pipsninja
Hi Favorite, H then a L followed by a LH and LL. Babon, cloud OK and distance to TMA 5 bigger than 10 pips at the time went short at red vertical line and got stopped out. Your comments are appreciated.
Pipsninja, this particular trade was against the rules - TMA M5 is pointing up, why did you decide to sell? Post 930 says:

Quote
The TMA M5 channel has to have the right angle: it can go up or it can be horizontal (or at least almost horizontal), but for the long signal we don't want to see TMA M5 channel going down.

And yesterday I explained about the dodji. Dodji means a change of the trend.

But it is not the point!

The point is - you have to start looking at the big picture! Post 930 says:
Quote


Babon-B allows us to get H1's "big picture" and it also contains several different TMAs that make our exits much easier and much more profitable.


At any given moment we have to know which of the three options we have right now:

1). We're gonna wait for a long Babon Slope's signal

or

2). We're gonna wait for a short Babon Slope's signal

or

3). We don't want to take any signals at all

When I made my trade it looked like the trend up. But after that became obvious that H1 is ranging. That's the big picture - it's ranging! So both Igor and I decided that we'll be out of the market for a while. You entered both trades when EURJPY's ranging - and you got two losses.

And please explain what is your SL?
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Gentlemen always play by the rules. If they can't, they change the rules.
  • #1,767
  • Edited Apr 10, 2013 12:12am Apr 9, 2013 11:50pm | Edited Apr 10, 2013 12:12am
My SL is when price goes over the cloud in the opposite direction with good momentum. Between 12 to 15 pips in general. I try to take signals as near the cloud if it follows the rules so my SL would be small. You are right, I did lose sight of the big picture and I need to do better job at filtering my trades. Thank you Favorite for your detailed response.
Trading can't be taught but it can be learned
  • #1,768
  • Apr 10, 2013 12:07am Apr 10, 2013 12:07am
[quote]Hi Igor!
Your method is very interesting.
You said it is possible to use it in 5mm tf.
In this case could you tell us what are the time frame of the tmas?
I suppose it is 5mm for the first tma but for the second is it 15mm or
30mm?
Thank you in advance.[/QUOTE
No. it is TMA only for M5 another, it is necessary to clean or change time for M60
  • #1,769
  • Apr 10, 2013 12:23am Apr 10, 2013 12:23am
EJ +9 ,re-entries
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  • #1,770
  • Apr 10, 2013 12:31am Apr 10, 2013 12:31am
EURJPY +43 pips.

I entered because at this moment on H1 was forming a nice blue bar, the M1 Price Action was not just right, but perfect, and plus a very nice "TMA beyond the Ichimoku cloud" pattern. Exited after the red line.
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Gentlemen always play by the rules. If they can't, they change the rules.
  • #1,771
  • Apr 10, 2013 12:33am Apr 10, 2013 12:33am
Quoting jackey
EJ +9 ,re-entries
Nice!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #1,772
  • Apr 10, 2013 12:35am Apr 10, 2013 12:35am
Quoting igor65
No. it is TMA only for M5 another, it is necessary to clean or change time for M60
Igor, I'm sorry to say it, but people are freaking lazy!

Could you please create another template, just for M5-trading?
Gentlemen always play by the rules. If they can't, they change the rules.
  • #1,773
  • Apr 10, 2013 12:36am Apr 10, 2013 12:36am
Well done Fav, i was waiting for it, just went to grab a cup of tea, but i dont care as i have plenty of faith in what you have taught, once again great trade
  • #1,774
  • Apr 10, 2013 12:40am Apr 10, 2013 12:40am
Quoting Favorite
M1 Price Action was not just right, but perfect
What I meant by "not just right, but perfect" I showed with the black line.
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Gentlemen always play by the rules. If they can't, they change the rules.
  • #1,775
  • Apr 10, 2013 12:43am Apr 10, 2013 12:43am
Quoting monaghan
Well done Fav, i was waiting for it, just went to grab a cup of tea, but i dont care as i have plenty of faith in what you have taught, once again great trade
Thank you, monaghan!

And you're absolutely right - there always will be other trades!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #1,776
  • Apr 10, 2013 12:43am Apr 10, 2013 12:43am
Quote
Igor, I'm sorry to say it, but people are freaking lazy!

Could you please create another template, just for M5-trading?

to it to remake laziness, to send me! Here and we work! Joke!
  • #1,777
  • Apr 10, 2013 12:48am Apr 10, 2013 12:48am
Quoting igor65
to it to remake laziness, to send me! Here and we work! Joke!
No, Igor, I'm afraid even you can't fix those lazy bastards!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #1,778
  • Apr 10, 2013 12:57am Apr 10, 2013 12:57am
Quoting Pipsninja
My SL is when price goes over the cloud in the opposite direction with good momentum. Between 12 to 15 pips in general. I try to take signals as near the cloud if it follows the rules so my SL would be small. I did lose sight of the big picture. Thank you Favorite for your detailed response.
Pipsninja, I'm glad that you understood my answer correctly, that I was not trying to blame you but trying to help. And since you have such a healthy approach, let's go a little bit further, that would be very good not only for you, but for the other participants too.

First of all, I really would like everybody who trades "Babon" follow the rules, and one of my rules after all the changes - SL 15 pips. Not between 12 and 15, not based on the local highs/lows, but 15 pips. I don't want to sound angry but I spent dozens of hours on this particular subject trying to find the best SL, and now I want you to follow my rule. As far as I understand even in those two trades that I would never take one could be profitable with the right SL (my 15 pips SL).

Second, post 930 explains that if you see that the price went against you you'd better exit with a small profit or a small loss.

Quoting Pipsninja
Followed by a long trade on green vertical line and SL got hit. By the way had a great day yesterday trading this system.
Third, it is not right when you take a short trade, lose it and in ten minutes take a long trade. Remember what post 930 says? It's either out of the market or we have two options: taking only long signals OR taking only short signals. NOT both, just one of the options! The big picture couldn't change in those 10 minutes so drastically, so it looked like a "revenge" trade, and we know that it is the worst trade a trader can take.

Forth, you're absolutely correct about yesterday. With "Babon" we have two goals:
1). When it is trending, our goal is to make a very good amount of pips, but not to be too greedy!
2). When it is ranging, our goal is NOT to lose, play it safe!

So we have to see the difference between trending and ranging.
Gentlemen always play by the rules. If they can't, they change the rules.
  • #1,779
  • Apr 10, 2013 1:06am Apr 10, 2013 1:06am
Quoting Favorite
Pipsninja, I'm glad that you understood my answer correctly, that I was not trying to blame you but trying to help. And since you have such a healthy approach, let's go a little bit further, that would be very good not only for you, but for the other participants too. First of all, I really would like everybody who trades "Babon" follow the rules, and one of my rules after all the changes - SL 15 pips. Not between 12 and 15, not based on the local highs/lows, but 15 pips. I don't want to sound angry but I spent dozens of hours on this particular...
Maybe Pipsninja is a true gentleman as per your signature!
We are all One. Be present. Be the Observer
  • #1,780
  • Edited 5:11am Apr 10, 2013 1:14am | Edited 5:11am
Quoting Pipsninja
Followed by a long trade on green vertical line and SL got hit. By the way had a great day yesterday trading this system. {image}
Hello, Pipsninja!

In addition to what Fav has already answered to you about this trade, I could just add that it was about five minutes before Frankfurt open. At market opens price can go in any direction - no matter what it did before. I don't mean that we shouldn't take trades before market opens, but it's a risk we need to recognize.
Let's go with the flow
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