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Daytrading/scalping with high leverage - my proven strategy

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  • #6,581
  • Nov 12, 2013 1:05am Nov 12, 2013 1:05am
Quoting Flaviu1981
{quote} Hi George! Thank you for your efforts! Regards, Flaviu
It's my pleasure Flaviu .

The indicators are just like any other trend pointing indicator and my RSI Candle does the same thing, so I don't see any need for them. I was in a NZDUSD short and put the NITRO on again to confirm my initial test and it was telling me the same my RSI Candles were saying => they both reacted after price action had taken place, so I just removed it from taking unnecessary space on my chart . I believe it is the combination of MAs with one or two oscillators like Stochastic, MACD, Chaos Gator or which ever one a trader is familiar and comfortable with can be successfully used to anticipate price action.

I'm off to bed now and will be back before the end of the London/US session overlap as I've made some pips during the Asian session and deserve to rest now.

Shalom , and God bless

George
Low Risk Low Stress High Reward High Probability Trades
  • #6,582
  • Nov 12, 2013 3:34am Nov 12, 2013 3:34am
Whatever woke up - thank you . God is good and I thank You. Entered the trade about 20 minutes before the news release and almost closed it for 15 pips!!

Shalom and good night again
Attached Image (click to enlarge)
Click to Enlarge Name: GU Trade - 11122013a.gif Size: 48 KB
Low Risk Low Stress High Reward High Probability Trades
  • #6,583
  • Nov 15, 2013 11:26am Nov 15, 2013 11:26am
Quoting 919gilead
{quote} I trade currency strength and weakness and if the trade is not working within this set time, then I have no edge and therefore no reason to remain in the trade, as THERE WILL ALWAYS BE ANOTHER TRADE. Trade carefully guys, and God bless Shalom George {image} {image}

Hi gilead
please explain how exactly you trade currency strength. I tried with a dashboard but when it shows the most weak and strong currency most of the move was already over and I worried a pullback would come soon.
Scan all 28 Forex pairs with ONE chart... Currency Strength28 Indicators
  • #6,584
  • Edited 2:28pm Nov 15, 2013 2:05pm | Edited 2:28pm
Quoting Bernhard
{quote} Hi gilead please explain how exactly you trade currency strength. I tried with a dashboard but when it shows the most weak and strong currency most of the move was already over and I worried a pullback would come soon.
Hi Bernhard:

The currency strength meter (CSM) does not determine my trades, rather it is a tool I use to confirm my trade setups. I look for an H4 setup, and drop to the M1 TF for entry, but instead of changing TFs to check what the H4 is doing, I have a mini H4 chart on the M1 chart. See attached GU chart:

  1. I trade in the direction of the H4 TF
  2. I want to enter the trade when my MA Ribbon is above the Cloud in the direction of the H4 TF
  3. The other tools & indicators are my training wheels and confirmation tools
  4. When PA & the MA Ribbon goes below the Cloud, I know price is in retracement, and so will be the CSM. This is why the CSM is not the indicator that determines when you enter or exit trades. Therefore for additional clarity, I added a linear currency strength meter (LCSM) for visual aid
  5. I am ready to enter the trade when PA & MA Ribbon resumes the H4 trend, and to be sure I am trading a strong against a weak currency for added momentum that will move price, I want to see the CSM & LCSM reflecting GBP as strong and the USD as weak - pure and simple.

I do take counter trend trades but will wait for a TF higher than the M5 to confirm the ST trend, and this is what gives the reversal pinbar on the HTF. I am looking for low risk, low stress, high reward, high probability trades. Therefore I don't need to take every trade or trade every day; just need to be patient and disciplined waiting for the perfect setup. It took me a long time to get here, and I still drumming this into my head, as I still rush into trades not wanting to be left behind but I have made enough losses on those type of trades to understand it is not worth it. Take yesterday as an example, I had made over 30 pips and decided to take a CT trade in both GU & EU because SL was under 15 pips and covered by my profit for the day. I lost 23 pips in both trades and asked myself what I gained from trying to pick tops & bottoms, even when the SL is small - not worth it

I trust this answers your question and is clear enough.

Have a good week end, and God bless

Shalom

George

NB
The GU trade would have produced 40 pips with less than 15 pips risk, in 7 minutes. The result of waiting and learning to time our entry

Attached Image (click to enlarge)
Click to Enlarge Name: GU Trade Setup - 11152013a.gif Size: 73 KB
Low Risk Low Stress High Reward High Probability Trades
  • #6,585
  • Nov 15, 2013 2:45pm Nov 15, 2013 2:45pm
Quoting 919gilead
{quote} Hi Bernhard: The currency strength meter (CSM) does not determine my trades, rather it is a tool I use to confirm my trade setups. I look for an H4 setup, and drop to the M1 TF for entry, but instead of changing TFs to check what the H4 is doing, I have a mini H4 chart on the M1 chart. See attached GU chart: I trade in the direction of the H4 TF I want to enter the trade when my MA Ribbon is above the Cloud in the direction of the H4 TF The other tools & indicators are my training wheels and confirmation tools When PA & the MA Ribbon goes...
Happy you are still around helping others Hope your trading is doing well and hope you are doing well in life.

~Dustin
  • #6,586
  • Nov 15, 2013 4:16pm Nov 15, 2013 4:16pm
Quoting 919gilead
I thought I'll share something I read on one of the threads here on FF in case it benefits someone to stick to what's working for them - know that you can't win all and don't know in what sequence the profit/loss will come. Therefore have sound and stable trading rules, follow the rules and take all trades that agree with your rules, and at the end of the day, you should be standing on top of the market. Read the experiment below, and don't allow a rat to outsmart you Cheers, and all the best George The Experiment: "Look, for example, at this...

Thanks for putting this out there George.

If evidence were ever needed that we all need to stick to our game plan and not be tempted to deviate from our own rules, even when some juicy looking trade comes along, that we simply can't afford to miss? That is, until we find our account down 1 or 2% in next to no time.

This really made me think, and fortified my resolve not to jump on random trades, thinking that an opportunity like it may never come along again. Something very very similar always does you know!!
"Never interrupt your enemy when he is making a mistake" Napoleon Bonaparte
  • #6,587
  • Nov 15, 2013 7:06pm Nov 15, 2013 7:06pm
Quoting dvanderlinde
{quote} Happy you are still around helping others Hope your trading is doing well and hope you are doing well in life. ~Dustin
Hey Dustin,

Glad to see you around too, and let me know any time you're visiting BC again so we can arrange to meet. Yes I'm doing okay but could be better as I stay more disciplined and structured in my trading. Trust you are doing well too with your family, and your trading going well.

Take care, and enjoy your week end. God bless

George
Low Risk Low Stress High Reward High Probability Trades
  • #6,588
  • Nov 15, 2013 7:08pm Nov 15, 2013 7:08pm
Quoting MushyPeas
{quote} Thanks for putting this out there George. If evidence were ever needed that we all need to stick to our game plan and not be tempted to deviate from our own rules, even when some juicy looking trade comes along, that we simply can't afford to miss? That is, until we find our account down 1 or 2% in next to no time. This really made me think, and fortified my resolve not to jump on random trades, thinking that an opportunity like it may never come along again. Something very very similar always does you know!!
It's a pleasure MP and that's exactly what the article did for me and thought I should share in case it helps some else too.

Cheers
Low Risk Low Stress High Reward High Probability Trades
  • #6,589
  • Nov 15, 2013 7:21pm Nov 15, 2013 7:21pm
Quoting 919gilead
{quote} It's a pleasure MP and that's exactly what the article did for me and thought I should share in case it helps some else too. Cheers
Hi George

Thanks for sharing.
I have a question regarding the CSM indi.
Is the one you use freely available and if so can you share it please?
I'm using a similar one but it isn't customizable so I can't move it to a different corner on my screen.
I found this one on FF but it looks different to yours.
http://www.forexfactory.com/showthre...35#post6332435

cheers
Bill
Have a nice day
  • #6,590
  • Nov 15, 2013 7:36pm Nov 15, 2013 7:36pm
I was searching for something on FF and stumbled on this thread and decided to read through his Harmonics style of trading. Just clicked on one of the notifications I got today and found this interesting statement from Mr. Pips as it goes to confirm the way I trade using a completely different system and style.

Quoting Mr. Pip
All very good tries! Those are some of the tools we use. The two things that are critical to know is strength and weakness so that we can trade in the direction of strength and against weakness and the other very important thing is where trading decisions will be made. I want to identify where decisions are going to be made and make decisions that support trading in the direction of strength.
Attached Image (click to enlarge)
Click to Enlarge Name: Mr. Pip.gif Size: 14 KB
Low Risk Low Stress High Reward High Probability Trades
  • #6,591
  • Nov 15, 2013 7:41pm Nov 15, 2013 7:41pm
Quoting billv
{quote} Hi George Thanks for sharing. I have a question regarding the CSM indi. Is the one you use freely available and if so can you share it please? I'm using a similar one but it isn't customizable so I can't move it to a different corner on my screen. I found this one on FF but it looks different to yours. http://www.forexfactory.com/showthre...35#post6332435 cheers Bill
Hi Billy,

I posted the indicator sometimes in March 2013, and you can find it here
Low Risk Low Stress High Reward High Probability Trades
  • #6,592
  • Nov 15, 2013 11:35pm Nov 15, 2013 11:35pm
Quoting 919gilead
{quote} Hey Dustin, Glad to see you around too, and let me know any time you're visiting BC again so we can arrange to meet. Yes I'm doing okay but could be better as I stay more disciplined and structured in my trading. Trust you are doing well too with your family, and your trading going well. Take care, and enjoy your week end. God bless George
Hey George,

I'm actually currently living in Whistler BC for the next 6 months to work and snowboard! Maybe when I have a few days off we can meet up. My trading has improved immensely and I prefer trading the news only and certain news. When I have more time on my hands I will start trading this system again for fun and practice.

~Dustin
  • #6,593
  • Nov 16, 2013 2:48am Nov 16, 2013 2:48am
Quoting 919gilead
{quote} Hi Bernhard: The currency strength meter (CSM) does not determine my trades, rather it is a tool I use to confirm my trade setups. I look for an H4 setup, and drop to the M1 TF for entry, but instead of changing TFs to check what the H4 is doing, I have a mini H4 chart on the M1 chart.
thank you gilead for your explications. I tried LCSM but it gave me no hint in advance. It looks me same as the PA. When PA start to go up LCSM starts to move, when PA flattens LCSM flattens. Am I right or not?
Scan all 28 Forex pairs with ONE chart... Currency Strength28 Indicators
  • #6,594
  • Nov 16, 2013 5:36am Nov 16, 2013 5:36am
Quoting 919gilead
{quote} Hi Billy, I posted the indicator sometimes in March 2013, and you can find it here
Thanks George
I did look at the attachments but as it was called 1000pips I missed it.
I was looking for CSM
Have a nice day
  • #6,595
  • Nov 18, 2013 2:18am Nov 18, 2013 2:18am
Quoting dvanderlinde
{quote} Hey George, I'm actually currently living in Whistler BC for the next 6 months to work and snowboard! Maybe when I have a few days off we can meet up. My trading has improved immensely and I prefer trading the news only and certain news. When I have more time on my hands I will start trading this system again for fun and practice. ~Dustin
That would be great, and I'm glad to hear that your trading has improved immensely

Take care, and have a good week

Shalom and God bless

George
Low Risk Low Stress High Reward High Probability Trades
  • #6,596
  • Nov 18, 2013 2:19am Nov 18, 2013 2:19am
Quoting Bernhard
{quote} thank you gilead for your explications. I tried LCSM but it gave me no hint in advance. It looks me same as the PA. When PA start to go up LCSM starts to move, when PA flattens LCSM flattens. Am I right or not?
We would all be millionaires if there was an indicator that gives advance hint of PA's direction. Read my explanation again - I use the indicator to put the odds in my favour when I have a setup that aligns with my trading rules and the LCSM confirms the pair as weak/strong or strong/weak.
Low Risk Low Stress High Reward High Probability Trades
  • #6,597
  • Nov 18, 2013 2:19am Nov 18, 2013 2:19am
Quoting billv
{quote} Thanks George I did look at the attachments but as it was called 1000pips I missed it. I was looking for CSM
Low Risk Low Stress High Reward High Probability Trades
  • #6,598
  • Nov 18, 2013 11:16pm Nov 18, 2013 11:16pm
Have a little time on my hands tonight

Will be trading some

+19 pips on UJ was on 5m TF
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 48 KB
  • #6,599
  • Nov 19, 2013 12:00am Nov 19, 2013 12:00am
Quoting dvanderlinde
Have a little time on my hands tonight Will be trading some +19 pips on UJ was on 5m TF {image}
Good job Trade setup on the M1 TF too but missed the trade as I briefly went to the US and just returned. I'm off to bed now, and will be back around US open.

Shalom
Attached Image (click to enlarge)
Click to Enlarge Name: UJ Trade Setup - 11182013a.gif Size: 66 KB
Low Risk Low Stress High Reward High Probability Trades
  • #6,600
  • Nov 19, 2013 12:26am Nov 19, 2013 12:26am
Attached Image (click to enlarge)
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