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Cutting the cord with M1 scalps

  • #221
  • Oct 8, 2014 7:10pm Oct 8, 2014 7:10pm
Quoting clivepackham
Hi capstone Just had a quick look at your trades and if you don't mind me saying there's one thing to me that's causing you grief, giving you losers and small winners. You're basically trading against the 1 minute trend. Your first trade you buy in a classic downtrend. The 2nd you sell in a very strong uptrend. Your 3rd you buy in a downtrend, I see it worked ok but I would still recommend when you see a level you like like yesterdays low in your 3rd trade. Wait for price to react and go into an uptrend with HHHL's then buy on first pullback. Just...
I agree. Glad you jumped in here and pointed it out Clive. I saw it and started a post, but I stopped because I didn't have it in me to rain on Cap's parade, so to speak. I see it as not only going countertrend, but it's a desire to pick the tops and/or bottoms. It's never been stated that it's something that is wanted, but if you go back and look through all the trades that have been posted here, it's a common habit. Instead of getting in on whatever the trend is, there is is continual need to try to go counter it. Attempting to pick the turns is a very expensive pastime!
  • #222
  • Oct 9, 2014 12:37am Oct 9, 2014 12:37am
When I read this post I knew I had to share it. Mostly for the last couple lines.

"....and you have to simply do what others can’t, won’t, or don’t know how to do … as in putting in farmer’s hours if you’re in the U.S.

The ONLY three things keeping the small minority of successful traders who have figured this business from earning consistent income remain motivation, focus, and simply showing up when most others won’t."

There really isn't much else to the post, but I'll include the link nonetheless. http://donmillereducation.com/journa...gets-the-worm/
  • #223
  • Edited 4:07am Oct 9, 2014 3:42am | Edited 4:07am
I was a big reader of Paulus and his "using the 123 effectively" thread. He always said he did not know if a trend would continue, which was why he used 123 reversals instead.The trades from yesterday were not about picking tops and bottoms, they were about seeing price action. I have had limited time on charts to find a trade so I got to where I wanted to find it wherever I can get it. I even labeled them as CT trades. I guess I am still in that mentality. I knew exactly what I was doing when doing it. I also understand the risk. I have stated several times I need to break into the continuation pattern, and I do. How about this, I vow to not take another CT trade on the M1 for a month, at least. You two as my witnesses and holding me accountable to it.


Now about the farmer, I have been getting up at 4:00 the last three days! Small victories!


Finally, my wife does not understand why I am still doing this. She does not have the vision and that is tough. I have to work on casting the vision in my head so she can see it. That is what a good leader does. This is a tough one for me though. I value her support and it is not there. She is not discouraging it, but is not supporting it either. I figure I need a $10K account to start being able to make anything close to bring in extra cash money. I am only 10% there. I have to figure a way to get there. I think God is working me out with Clive and Mongo, and the $10K will come in trickles. If she would get a job, outside of the school, that actually pays something, we could put the money away easily.....(sigh).....in God's time I suppose. See, I am not a very good car salesman. I am average. That makes it tough to raise 4 children and save money for anything, let alone a trading account. I have to cast that vision for her....
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #224
  • Oct 9, 2014 4:06am Oct 9, 2014 4:06am
Quoting capstone
I was a big reader of Paulus and his "using the 123 effectively" thread. He always said he did not if a trend would continue, which was why he used 123 reversals instead.The trades form yesterday were not about picking tops and bottoms, it was about seeing price action. I have had limited time on charts to find a trade so I got to where I wanted to find it wherever I can get it. I even labeled them as CT trades. I guess I am still in that mentality. I knew exactly what I was doing when doing it. I also understand the risk. I have stated several...
Hi Capstone

Keep it going my friend and you're get there, I'm not there myself yet but feel ever closer evryday and I'm traveling the same path as you side by side and we can definitely make this work for sure...

As for wifes we are in exactly the same boat there too my friend, love her as I do she just doesn't get the vision of where this is leading to once I crack it for good... Money whenever I want it, a bottomless pit of money....When I crack the mystery of Forex we won't ever have to worry about money ever again.

The problem is they don't share our faith. Faith is about believing in something without proof or evidence that it exists. I'm afraid wives want solid evidence its going to work and want to see the money coming in sooner than later, then they will believe. To be fair to them faith doesn't feed the kids or pay the rent but thats what they need.

Just keep the faith my friend and you will definately get there I gaurantee it and so will I.

Good luck.
Feel the Fear and do it anyway!!!
  • #225
  • Oct 9, 2014 4:12am Oct 9, 2014 4:12am
Thanks for the encouragement Clive.

I am not even looking for piles of money. I just want enough to live. I am in this for the time and freedom and what that would mean to my family.

I do not think we ever master Forex, I think we learn how to adapt to it and live alongside it, taking from it like parasites. Sounds weird I suppose. A barnacle has to feed off the shark! I do not mind being a barnacle!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #226
  • Oct 9, 2014 4:36am Oct 9, 2014 4:36am
I really want to buy this as a CT. I will not do it however. Reason is that it is bouncing off a support level that goes back to yesterday and formed a pinbar on the M5 making the bounce. I will wait. If it will rise, I will take the pullback. Promise.
Attached Image (click to enlarge)
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Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #227
  • Oct 9, 2014 5:47am Oct 9, 2014 5:47am
I waited patiently, took the first CCI signal after a HH, then got out due to divergence showing up on the Stoch. I do find that the best continuation signals come when the Stoch and the CCi agree. So, I took 1.3 pips. If my goal is 1% for every 5 pips, at full strength, I only need 3.7 more pips. Seems reasonable.
Attached Image (click to enlarge)
Click to Enlarge Name: audusdm1.png Size: 63 KB
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #228
  • Oct 9, 2014 8:40am Oct 9, 2014 8:40am
Been reading your story, I also was a car salesman-wanna be full-time trader. Actually I have just transitioned into another sales career, finally out of car biz! I too trade 1 min-30 sec charts, scalping off big round numbers with the trend using bands and candle readings. I too trade for about an hour a day before work, usually only taking one set up every week or so. I have given up on making trading a full-time job, thinking it more realistic to use it as part-time supplemental income. I will keep following your thread!
  • #229
  • Edited 1:27pm Oct 9, 2014 1:11pm | Edited 1:27pm
Thanks for following along Salestrainer. Great to meet a refugee from the car sales biz!

Here are two lunch time trades. The first was a purchase based on continuation, I thought. The CCI had gone to -100 at the 70 SMA ( same as Clive's 100 LWMA). I went for it once it appeared to break the 34 SMA. Oops. Took the loss when I saw the selling pressure below the midquarter. Went to the sell. Had my loss back then it came back to BE. I jumped out. As I type this, I see it would have been an 8 pip winner to previous support ( on the left of the chart). ALSO, the sell was based on the M5 chart. The M5 would have kept me out of the first trade if I had looked at it.
Attached Image (click to enlarge)
Click to Enlarge Name: audusdm1.png Size: 63 KB
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #230
  • Oct 9, 2014 2:26pm Oct 9, 2014 2:26pm
Quoting capstone
I really want to buy this as a CT. I will not do it however. Reason is that it is bouncing off a support level that goes back to yesterday and formed a pinbar on the M5 making the bounce. I will wait. If it will rise, I will take the pullback. Promise. {image}
I hope you don't mind, I played around a bit with your chart, in hope to give you some ideas. please excuse my crude picture, I am not too talented about editing/drawing.
but I sincerely hope you get the idea, also I believe that all those trades could be worst case about BE, however mostly offering you 5-10 pips profit.
please note that all the 3 buys and 3 sells based on CCI divergence also confirmed by the Stoch crossover!
Attached Image (click to enlarge)
Click to Enlarge Name: capstone cci divergence M1 sample.png Size: 210 KB
there is always, always another trade!!
  • #231
  • Oct 9, 2014 8:46pm Oct 9, 2014 8:46pm
Quoting profitfarmer
{quote} I hope you don't mind, I played around a bit with your chart, in hope to give you some ideas. please excuse my crude picture, I am not too talented about editing/drawing. but I sincerely hope you get the idea, also I believe that all those trades could be worst case about BE, however mostly offering you 5-10 pips profit. please note that all the 3 buys and 3 sells based on CCI divergence also confirmed by the Stoch crossover! {image}
I do not mind at all. That is helpful, so welcome! Your TE looks very good. Congrats!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #232
  • Edited Oct 10, 2014 2:23am Oct 9, 2014 11:35pm | Edited Oct 10, 2014 2:23am
thank you.
I have a very nice run going, only 1 day finished in red since the beginning of Sept.

I am also scalping myself, although combine M1 with M5 to make my decisions...or rather the other way, M5 to pick the trade, M1 to time/choose the entry point.
Wish you look, and hope you can turn this alternative divergence way into some green pips. While drawing it, almost thought to write up a scalping system around, lol, it is nice to have 2 indicators, and confirming each. I only use 1 indicator myself, so, feels different.
there is always, always another trade!!
  • #233
  • Oct 10, 2014 5:13am Oct 10, 2014 5:13am
Quoting profitfarmer
thank you. I have a very nice run going, only 1 day finished in red since the beginning of Sept. I am also scalping myself, although combine M1 with M5 to make my decisions...or rather the other way, M5 to pick the trade, M1 to time/choose the entry point. Wish you look, and hope you can turn this alternative divergence way into some green pips. While drawing it, almost thought to write up a scalping system around, lol, it is nice to have 2 indicators, and confirming each. I only use 1 indicator myself, so, feels different.
Are you trading patterns and divergence on the M5? Would love to see your charts.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #234
  • Oct 10, 2014 5:30am Oct 10, 2014 5:30am
Sort of trading reversals, and while I used to toy around divergences in the past, I am not currently using them. But just couldn't help to notice your chart, and the cci on it...and that chart wasn't the only.
Maybe coming weekend, I will have a closer look on your other work too, see that we can share some useful ideas.
I am currently trading very basic chart with a single rsi. might or might not draw up some support or resistance, but very rarely look at charts above H1 timeframe for doing this...I am mostly for quick scalps on reversals, M5 pointing me out, and looking for certain pattern on M1 to confirmation of the entry.
Somewhere in the journal section I have a few charts on my thread, with some basic explanations on them, if you really interested, can look it up. (I don't think many ever looked, thus I don't post there much in the past days)
there is always, always another trade!!
  • #235
  • Oct 10, 2014 6:03am Oct 10, 2014 6:03am
@profitfarmer - I see your thread now. I will look it over.

Like I told Mongo and Clive, I really need to focus on learning continuations, especially with the change in volume these past weeks in FX. I have not seen this type of action in a long time, providing long runners, and continuations are the call of the day for me. CT on reversals is where my head is at. I will stick to my word to stay with continuations on the M1 for 1 month. It is not easy for me though. When my mentality is to look for the CT, I miss the continuation, like on AUDJPY this morning. It has dropped a long ways by the time I saw it. The room down was done based on average ADR, so I was waiting for it to reverse and I missed an easy 5 pips (1%) on the continuation.

I will get it. My goal is to train myself to be flexible enough to see and trade both ways. Maybe that is to much to ask.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #236
  • Oct 10, 2014 7:26am Oct 10, 2014 7:26am
Ok, here is another chart of yours from a few days back...
My drawing improved little since last night, but I hope you will see what I try to show you.
I think I need to get a copy of your indicators for some back tests, if the charts keep looking this good
Attached Image (click to enlarge)
Click to Enlarge Name: capstone cci divergence M1 sample 2.png Size: 220 KB
there is always, always another trade!!
  • #237
  • Oct 10, 2014 11:04am Oct 10, 2014 11:04am
Quoting profitfarmer
Ok, here is another chart of yours from a few days back... My drawing improved little since last night, but I hope you will see what I try to show you. I think I need to get a copy of your indicators for some back tests, if the charts keep looking this good {image}
I will have to look over your thread. The trades you marked I do not think I would take. They all seem pretty tight, except for the last ones that are sells at a high point. The thing about Divergence is that it stands out like a sore thumb in backtesting and is VERY difficult to read and count on in live trading. I will look for it at bottoms and tops where there is obvious support on a higher TF and a candle or pattern that gives it more weight, but that is it really.

I am starting to look for it in relation to continuation trades. Here was a lunch trade that gave me 4.7 pips (exit based on trend line and quarter line. Again, that is just shy of 1% at full strength. I am happy with this trade because it is a continuation based on clive and a pullback trade based on Mongo. I believe Mongo would have had a limit order at the mid quarter. I was trying to figure out how to do that with metatrader and was a bit stumped. I did not take the trade that early because of the past recent PA and I wanted to see it open over the 34 SMA. I know that MAs do not determine what price will do, but I have been watching the 34 since I started trading and it does give strong clues to me.

Have a great weekend everybody! Stay healthy!
Attached Image (click to enlarge)
Click to Enlarge Name: audusdm1.png Size: 71 KB
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #238
  • Oct 10, 2014 11:48am Oct 10, 2014 11:48am
Being tight, is retrospect!!
After all, one of your statement was something about being happy with 5 pips. Actually that sounds right to me scalping the M1.
The entry point aren't the fact of the divergence, but check the candle patterns at each entry, all based on the same, formation turning. I think if you look at my thread I put you up there a simple chart, the same candle formation you will find here on your charts at entries, even though the chart itself look different.
For example your above trade according would be from about 2 candles and 4 pips before taken, at when not only the divergence should be clear, but once again, pls note that the stochastic cross also does confirm the same time the entry.
Trade what you comfortable with, the same time don't forget you trade for profit. Which right now still seem to lag.
there is always, always another trade!!
  • #239
  • Oct 10, 2014 1:55pm Oct 10, 2014 1:55pm
profitfarmer, I hope I did not offend you with that comment. I did not mean to if I did.

I will look over your thread for sure. I have picked up tons of nuggets from different sources and I am positive you will be no different. You are welcome to make any notes on the charts I post. I would be interested if you continued your journal as well. I know you said you weren't doing anything with it, but I will subscribe if you continue it. You are obviously picking all types of pips!

Have a great weekend!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #240
  • Oct 10, 2014 2:53pm Oct 10, 2014 2:53pm
no, it is certainly your trading, and only can suggest things, you are the one who ultimately have to make it yours to execute it.
also, as a non native English speaker, I cant always express myself the way I wish in this language.

happy weekend!
there is always, always another trade!!
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