Daytrading/scalping with high leverage - my proven strategy

AJ only needs to close this hourly bar above the resistance and most likely the head will break. Higher it goes and the bears will cry, cry again crying foul against the Market Makers poppooo. Learn to read the charts and not the indicators so that you will stop crying

And most likely other JPY pairs might follow it. We'll see what happens.

Hi Guys & Gals

Trust everyone doing well. Here is my demo results for yesterday (167 pips) & today (135 pips)

Have a good and refreshing week end all

Shalom

George

Hi George, first of all congratulations, you have achieved very nice results.
Just a question, what trading system are you using ?? it´s a variation of babon system ?
tks

nice results im just wondering whats your sl and TP?

Awesome results George!!!!

Just been looking through your trades and its not clear what your entry or exit criteria are???? Looks to me like you take several entries on positive price action eg price moves up quickly you buy or goes down quickly you sell. Take a quick profit on first entry then try to hold out for a bit more with other entries. Emergency stop appears to be around 8 pips, is that manually just watching???

How do you decide which pairs to trade as it seems quite varied?? Whats your selection criteria for a pair to trade???

Many thanks its inspirational to see such good results scalping 1 min charts.

Edit: forgot to ask how do you decide lot size as I notice theres quite a variance across your trades??

Sorry Guys I went to bed after posting the results this morning. Clive got the gist of my strategies and it's a combination of many things - remember I trade with 4 screens. I can't explain everything I do but will say I learnt from my failures and a lot of other systems, including the ones I paid for. So I began to make amends and applied what I learnt, do things in unconventional ways and never stopped learning:

1. I do not scalp the M1 TF;
2. It's a combination of the TMS; Genesis Matrix; SonicR Dragon & trading strong against weak currencies using the LCSM (Pilotui My Strength);
3. I look @ the H4 TF and wait for both the TDI and Stochastic to get to extreme level and start to cross;
4. I use an EMA on H4 TF and wait for close above/below the line to agree with the oscillators. Emmanuel7788 suggested using 10 EMA in the TDI & Stochastic Strategy thread;
5. I then look at my M15 or M30 TF which has MA Channels and here you can use anything you want - 20 MA Channel of high and low over 200 MA Channel of high and low too or the SonicR 34 MA Dragon over 89 MA trend line. The 20 MA Channel must be above the 200 MA Channel for long & below for short, and then wait for PA to breakout of the 20 MA Channel;
6. I then drop to both the M1 & M5 TF to start looking for entry ONLY on pairs that meet the above conditions. If I missed a pair that meets the conditions, the LCSM will draw my attention to that pair when I begin to see the lines moving above & below the central line. Again the M1 & M5 setups are different from the M15 & M30 and the H4 setups. The M1 uses the Ichi Cloud with the MA Channel. I don't use TMA but use the principles taught by my good buddy Mike - I want the Cloud to be above the 200 MA Channel, and want the 20 MA Channel to be above the Cloud. I have the Genesis Matrix on the chart too - I use M5 TF on the M1, and use M15 TF on the M5, and this way even though I am entering on the lower TF, I am trading in the direction of the HTF;
7. I watch PA around the DOL; yDOL, yH & yL and break of the Asian first 4 hours range (DOL - daily open line; yDOL - yesterday's DOL; yH - yesterday's high & yL - yesterday's low);
8. I do a parallel & inverse analysis of the 8 major currency groups to identify the strong and weak groups, and this helps me to narrow down the pairs I want to trade. For a group to be strong or weak, I want it to be stronger or weak than at least 2 - 3 other pairs in the group. USD group comprise EURUSD; GBPUSD; USDCHF; USDJPY; USDCAD; AUDUSD & NZDUSD. This is an exercise I do every day and if you watch my previous postings, you will recall when I was trying to predict where price will go for the day. I try not to trade a strong against another strong currency, or weak against weak, as that gives me no edge;
9. When I identify the first 3 strong against their 3 weak counterparst, I match them and check if they agree with the H4 conditions, which will be 80% or more of the time. The advantage of trading strong against weak currency is that price will rarely move against you barring unexpected price movement;
10. No TP like Mike suggested and SL is 15 pips but I use an emergence SL and if price moves against me, then I do not have the edge that comes with trading a strong against a weak currency again, so I close the trade. I try to use everything possible to my advantage and to help manage my trades, including EAs;
11. One of the major lessons I have learnt while trying to make 50 - 100 pips and want to allow profits to run; then price moves back and take away my profit. So I decided to start taking little pips here and there based on strong H4 setup combined with trading strong vs weak currencies, and the pips will start to add up;
12. I started this research in February and that was what led me to this thread in March but sometime was still missing, and I continue to read and learn. When Mike mentioned the TMS (Trading Make Simple) in the introduction of the Babon TMA System, it just remained in one part of my brain. Then all of a sudden in the last 4 weeks I started seeing different variations of the system - X-man Super Simple System, TDI & Stochastic Strategy; Trading Made Simple for Day Charts, etc and decided to INVEST TIME to read them, and this was how I discovered the advantage of trading from the H4 TF and using the M1 or M5 TF for my entry to avoid entering too early on the HTF, and using larger SL. This is why I said I don't scalp even though entry is on the LTF;
13. I learnt a lot from Mike McDonald of Forex Early Warning on the advantages of preparing a daily plan, using Parallel & Inverse and MTF Analysis, and this is what I have done, and can't explain it more than the summary I gave above, and everyone has to find their path too. He doesn't scalp and don't use indicators except for 2 MAs, so I have taken advantage of a MTF analysis with parallel and inverse analysis, and combined it with scalping principles to produce a good trading system and I use indicators. One thing I have discovered is that you can't learn everything from one source - take something here and there, and built a system suitable to you.

So I trust I have answered your questions - Braun, Forexbuster & Clive. Yes I use a variation of Babon & other trading systems. Mental SL is 15 pips but use an emergency SL of 30 pips but will close before it gets there. And Clive, your questions led to the long stories of how I decide what pair(s) to trade and the selection criteria, etc.

How can I combine all that I have said above - I invested in multi monitors/screens so I can see several things at the same time, I do my analysis and trade plans before London starts (see example here and results here), have the TFs opened on different screens, and one screen is dedicated to just the LCSM (M1, M5 & M15) which I have posted here before, and use EAs to help manage the entry and trades. I am still work in progress and a good friend is presently helping me code an EA that should probably make my life easier. I have not arrived and will never trade as one that has arrived but still testing this system.

I trust you learnt something, and wish everybody what you wish yourself.

Nice week end to all

Shalom

George

EDITED
To include links to LCSM, screenshots and examples of trade plans

George - I checked the paperclip and couldn't find the LCSM posted. There are many CSM's out there.

You should just search for LCSM in this thread, and you will find every reference to it. Check out post 5074 on page 254 for the indicator. I will edit my post above to reference this link, and the screenshot I referred to as well.

Take care, and God bless

Hi George!
Do you use a currency strength indicator? Lately I've searched for an indicator to help me noticing the strenght of currency. But I can't find one who is good!
Can you recommend one?

Yes I do

919gilead can you tell your settings for stochastic?

Thank you George!
What do you say about this indicator? http://megatrendfx.com/additional-fo...eter-indicator
http://megatrendfx.com/forex-probability-meter-fx-mt4

I use 11-3-3

You know I bought this indicator about 2 or 3 years ago but did not seem to make head or tail of it but with more experience on my side now, I will revisit it when I finish my testing and tweaking this system to my satisfaction, and will try to remember to revert to you in another month or 2, and we can compare notes.

Thank you 919gilead. One more thing


You mean 10 EMA Close/Open or HL/2 or HL/3?

and ichimoku settings are 9,26,52 or 9,40,52?

10 EMA of close but I think any will do because if you read that thread you will see that the system seem to work on the H1 TF but they have suffered some setbacks recently, having to take 6 or more loosing trades as PA continues its trend even after the Stochastic crossed the TDI and TDI also crossed the 68/32 level. A 10MA - 15MA as additional filter would have prevented them from entering the trade, and this is why even after the oscillators @ extreme level and turning and close above/below the MA, I prefer to drop to the LTF for entry if the setup is also right on the LTF. Of course nothing is guaranteed, we're just trying to put more odds in our favour and reduce the grieve that comes with watching paint dry when you are in the right trade but PA is moving against you. You just have to do a bit of back-testing and see the one that works best for you.


And I just saw that you edited your initial posting to include Ichimoku setting - I use the standard setting as suggested by Mike and use only the cloud.

Hi George

many thanks for your detailed explanation I will work my way through it slowly I am sure I will have many more questions soon.

Many thanks again for sharing.

You're welcome Clive , and yes we will all get there if we keep working at it slowly but surely.

Shalom

This statement is of 2 days of my Live Account, thanks everybody on this thread, I took the riskier trades and do not recommend anybody to take the same, pls trade with solid money management or know your risk.

I agree with you Pundit, and good trading