Multiple time frame 24ema

EURAUD TRADE

GINGER STEPS

Trying to catch up on the market, after several attempts at tweaking my strategy and obtaining my own version of the "Holy Grail".
I'm looking at how I can trade with as little as 15 pips SL, it's achievable.
This is essentially front-testing with a live paltry account.
2 trades recorded could have been more just lacking confidence with the initial loss suffered on my first trade of the month and last few trades of last month.
It's gonna get better I know.

NEW DAY

I've got a whole new outlook to taking my trades fearlessly and that is my SL placement with this system.
Just place the SL at the last swing low for buy and last swing high for sell.

This should cure all the fear and second guessing.
My first trade didn't go too well but I followed the rules

FLIP FLOPPING

I have to make up my mind, I had tried to switch to M30 but I see it as having too few entry opportunities but now it seems M5 has several opportunities for entries and exits and lots of quick gains.

SITTING UNPRETTY

BAILED

Did not even remember it was US unemployment figures pushing Cable down.

EVOLUTION

This experiment has become a journey of discovery tweak after tweak after tweak.
Now it has stabilized into a swing strategy/intra day and a scalping strategy.

EVOLVING AND EVOLVING

Now I am inculcating H8 trend into the mix and MTF Stochastic, which allows me take counter trend signals.

CLARITY

Haven come this far I think I should narrow down to just two pairs for now and pursue consistent execution and process mastery before employing multiple pairs and screens.

HELLO AGAIN

So sorry journal I sure missed you.
It's just that a lot changed over the period of 1 month.
I don't trade the 24EMA any more, it's now 14LWMA but still with a multi time-frame approach.
Above all I learnt the secret to PROGRESS which is
'TAKING EVERY SINGLE VALID SIGNAL WHICH MY CHOSEN METHODOLOGY PROVIDES
WITHOUT HESITATION, OR SECOND GUESSING INCLUDING THE SIGNAL THAT COMES
AFTER A LOSING TRADE SIGNAL"

How hard can it be?

That is the path I have got to find, I have to come to the place where I flawlessly and boldly execute my strategy 100%

MY PLEDGE

I drew up a pledge last month and had a great run (8 winners in a row) when I followed it.
On the 1st Oct I deviated from the plan and was stopped out at BE then I went ballistic and gave up 1 months profits in 1 day.

As of yesterday I have dug myself out of that hole and added a little profit but I need to get fired up to the psychological level I was when I made that pledge, so I'm back to my journal.

MY PLEDGE

[justify]I WILL TAKE THE NEXT 20 TRADES WITHOUT RATIONALISING NO MATTER WHAT
[/justify]
[justify]IT DOES NOT MATTER IF THE LAST TRADE WAS A LOSS
[/justify]
[justify]IT DOES NOT MATTER IF THE LAST 2 TRADES WERE
LOSSES[/justify]
[justify]IT DOES NOT MATTER IF THE LAST 3 TRADES WERE
LOSSES[/justify]
[justify]I WILL TRADE ON THROUGH THE ROUGH PATCH/PATCHES
[/justify]
[justify]I WILL NOT SECOND GUESS ANY OF MY SIGNALS
[/justify]
[justify]ONCE I SEE MY SIGNAL, I WILL ACT WITHOUT HESITATING!
[/justify]
[justify]I WILL NOT BAIL OUT IN LOSS
[/justify]
[justify]I WILL ONLY BAIL OUT IN PROFIT IF AN OPPOSING SIGNAL APPEARS AND I WILL TAKE THAT ONE
[/justify]
[justify]I WILL COME OUT ON THE GREENER SIDE OF PROFIT
[/justify]
[justify]THIS I OWE MYSELF AND I WILL PAY
[/justify]

[justify]SO HELP ME GOD!
[/justify]

SCALPING ROCKS

Yeah it does when you have the balls to take calculated risks.
For now I'm basically scalping, shooting for gains of 8pips minimum which yeilds 5% returns, that gives 100% with 20 consecutive winners. My aim is to on any given day average at least 8pips +ve net.
That is a piece of cake.

RESULTS

GBPJPY -4 pips
EURAUD +13 pips
NET 9 pips

This does not add up to 5% because the Yen pairs value per pip is higher, a loss takes more from you and the Aussie pairs value per pip is lower so a win gives you less.

Had I entered the GBPJPY from M5 I'd have had a better result because I'd have had an earlier entry and would have exceeded 8 pips.
The market is going nowhere without me so I'd be back tomorrow.

GAME CHANGE

I had to make a turn around from 24EMA TO 14 LWMA because I came to a realisation that most of the oscillators have 14 as their default period settings and whenever I start my MT4 my GBPUSD H4 chart comes on with 14 period EMA and out of curiosity I tried to observe it and I found it really lined up well with PA and I decided that I could try and match it with my Stochastic default settings (retracing from reinventing the wheel) I saw that it lined up well even with the Linear Weighted variant and it has stuck with me since.
No fancy calculations, no 8 years back-test, just a real time observation of the 14 LWMA

For my short term and scalp set-ups I basically use the 14LWMA on M15 and M5 and 2 Stochastic
i. the mtf Stoch set to H1 time frame and 14,1,2 (to make it more responsive to PA)
ii. the period Stoch with 14,1,3 (to reduce false triggers)

For the loner term trades I use the H8 14LWMA and 14, 3,5 Stoch.

I want to limit myself to the M5 TF for now

MY SITUATION

My experience so far is that on the M5 TF you can get upwards of 4 entries with at least 2 being positive.
I have being in the habit of not taking any more trades once the outcome of my first trade is positive, sometimes I take another trade in another pair when my first trade is not going smoothly (as a sort of a hedge).
My not taking more positions is creating what Mark Douglas has termed "the profit gap".
Should I just coast along with meeting my daily targets or try and close this profit gap?

BIG PICTURE

On the H4 TF, I have the H8 14LWMA (28LWMA) giving trend Direction.

Occasionally a M5 trade may coincide with a trend change on the H4 TF and that is what I long to catch and latch on to, like today's AUDJPY

THE BIG QUESTION
During the ups and downs of my trades today when it seemed like I was gonna lose I had to ask myself, why did I take positions in two different pairs, what if they all hit SL?
Then another question came and said the real issue is "will you summon the courage to take the next signals after these ones fail?"
Progress is taking the next valid signal after apparent defeat. Hope to never forget that!

I netted 9% today already so I can stand on the sidelines and watch
GBPJPY +7 pips
GBPUSD +1 pip
GBPUSD +6 pips
Total 14 pips. yay scalping rocks absolutely

http://2.gravatar.com/avatar/5d522ac...=identicon&r=G
Thought of the Day…
by 50PipsFX
"Goals help focus you on areas in both your personal and professional life that are important and meaningful, rather than being guided by what other people want you to be, do, or accomplish."
- Catherine Pulsifer

Keep marching towards YOUR GOALS

ANOTHER 5%

I see the awesome potentials of this method, 8 pips gives you 5% 16 pips gives you 10%, and so on.
I had been waiting out 15, 30 pips trades with same level of leverage but after my October 1st burst, I'm yet to gain the confidence.
Taking every trade will increase exposure no doubt but it will also bring in more green pips.
Imagine what GBPJPYand GBPUSD have done after I exited, still going south and not even getting within 10 pips of my initial SL.
I took another shot this time at AUDJPY as I could not just watch all that pips lying on the table without making a grab for some.
I look forward to sweeter results next week.

MY GOAL

CONSISTENCY, pip upon pip

 

1. http://assets.forexfactory.net/nfs/c...tar32091_6.gif
2. Spudfyre

Don't worry about how long it will take you.....work towards consistency..always consistency. You have to learn how to make 10 pips a day, 20 pips a day...than add value to your pips when you know you can consistently earn 10 pips every day. If you can train yourself to do that than you control exactly how long it will take you.


Quoting fugly
Spudfyre how long did it take you to make seven figures starting out with just $2000/-