Trading is as simple as ABCD

Hi jack

Right on the money my friend, see my post above which I think answers your question... I know what to do but unfortunately get carried away sometimes and hit trades far too early without waiting for my signals. Work in progress on my discipline but I'm getting there..

Keep an eye on me Jack and you too Capstone, if I break my rules let me have both barrels!!!!

All the best Clive..

Nothing moving any sense all trend strengths around 10 so nothing to trade will wait for an AB move to shoot something to the top and have a look then...

MA's all flatlining but a Little bit of GBP strength creeping in maybe we'll get a rush on GBP today????

no need to guess thou just wait patiently to see who comes to the top and strong...

GBPNZD is top of TTindy but its heading towards a big level at 2.0525 so expect a reversal here, or is it time to go through???

Who knows so wait to see what happens if it hits it and then turns and gives me a LH or double top then I#ll go for it down if it breaks it and retests I'll buy it...

I'll leave GBPNZD to make its mind up and these 4 look better...

Pullback to 1.6100 would be cool or a breakout below last low???

Breakout it is then, but will it work????

Not a great believer in breakouts but we'll see...

Nope lost my 10 pips there...

I was trying something a little different here where price is too close to the last drive down to enter on a pullback then just leave a pending buy stop below last low in case it drives down quickly or wait for the pullback to a key level.

That was the plan and as you can see would of worked fine on last 2 breakouts but not this one, why??? Well the other 2 were key level breakouts fristly yesterdays close, the green line, and the 2nd the 1.6100 level. The 3rd and failed breakout was in fresh air with no key level. maybe that the answer with breakouts rather than just the last low only lows at key levels if not then wait for the pullback to key levels...

Basically either entry method is fine with the strong trend but only at key levels....

One thing I could of course change on my breakout entry is to only risk 5 pips because if its going to breakout its going to go straight down so 5 pips is enuogh for breakout entries.

Now the other side of the stop discussion is that as I'm always trading strong trenders then even bad entries can come good. Remember my little saying "The strongest trend is your bestest friend"

Look at my last trade on GBPUSD top trender so maybe I should allow myself my full 20 pip stop and placed it behind the next available Key Level, in this case the 1.6100 level?? But instead Idecided to stop myself out at my mandatory 10 pips but I had allowed my 5% across 20 pips so could of left my stop up behind that next key level the BRN at 1.6100.

All would of worked out fine now too as we can see from chart below...



Hmmm food for thought as always...

Reversal setup on GBPUSD so give this a quick go but gonna leave it and shoot to work early today , will watch on Mobile but these mid mornings reversals work nicely sometimes will look to close before NYO...

How did this go? Let touch base as agreed. I will be on around 8.30 am your time before going to bed possibly 30 - 60 minutes from that time.

Shalom

How are you bro?

I am fine as I trust you are too

Shalom my brother

Still waiting for you, and already left you a message. Have about 30 minutes more before mother nature starts to demand its due

Hey Clive. I do enjoy having our two threads going. We do seem to be on similar paths. You seem to be hitting more pips, though. I am happy for you. You will reach your goal, I am certain. Here is a link to George's post in the daytrading thread. It highlights the power of the "single" in baseball and orphan pot in poker. I am sure he is talking to you more about it. Keep up the good work!

http://www.forexfactory.com/showthre...58#post7794558

Hi George

Got up about 7 pips then stopped out at BE as usual had to go to work early so left it to do whatever it was going to do.

However going to work early has some benefits as got back early in time to trade out the final session of the week. As it was end of week I thought I'd give your idea a go of just scalp and bank constantly with small risk in strong trending pairs only.

As I was scalping only I changed my Tindy settings to using 35lwmas on both 1 min and 5 min then whenevr something came up top on 1 min and in the 5 min top 4 too I just scalped it.

Had a fair bit of success lost a couple early on but once I got use to the idea of banking quickly soon as price faltered it went well . also went to BE very quickly. Used 1% per pip for risk and 10 pip max stop. Might change this to 20 not sure yet. Also considering just putting stop below signal candle for a handful of pips. Still work in progress but do like the idea of small losers...

Here's the results of 4 hours scalping the TTindy top pair.



Made just over $2,000 on demo of course which was about 25% of account so a very promising start to my scalping career.

All I did was just wait for something to come to top of 1 min TTindy then wait for a pullback and first candle back with the trend put pending order above that candle, went to BE around 1 pip then banked soon as price faltered.

Really enjoyed it, felt like I'd found my calling to be honest...

Heres a chart with some examples entries shown with red pullbacks, top of 5 and 1 min TTindy, 35 lwma above 175lwma(5 min 35lwma) turns green and price above it..

Entry is easy to identify off of the 8 CCI but no need to wait for a full pullback to the +/-100 levels just watchout for the momentum to swing and thats your signal candle then place pending stop 1 or 2 pips above it and if its hit you're in if not wait for next momentum swing and repeat.

Watch out for signs of trend weakening eg failed drives ,price drops below the 35lwma or the pair drops off of top of TTindy etc etc

I found the TTindy top kept changing so keep an eye on it and only trade the top pair. Did keep an eye on the spread to be honest and avoided the big spreads but to be honest if its top its top, go for it.



Anyway very positive results for my first attempt and to be honest had a couple of losers early on, once I got into it a bit more it really worked well as you can see from the account.

Going to run with this next week see how it pans out...

Quite excited about this new scalping idea as its actually in line with my infamous quote "It can only go up or down" and also "If its not obvious which way its going look at another chart". Bottom line here if its going down sell every peak !! If its going up buy every dip!! Not exactly rocket science is it??

I'm happy to just try scalping every momentum run next week but how about if we were to bank half let other half run until 35 lwma changes colour??? Hmmm, theres something to think about for sure.

I showed you the last top trenders chart the GBPAUD above, but these 3 other top 4 trenders didn't look too bad either...

Could you sell this????



Or how about this???



Or what about buying this???



Roll on next week I say....

Spreads are a big thing when scalping and some pairs almost impossible to trade because of it. One idea for your new system would be to trade only the best down trending pairs. Markets go down faster than they go up.

Yep I've always thought that even though I've heard all the arguments that its a equal market place so shouldn't make any difference, but I reckon you're right its just human behaviour I guess that somethings going down and gravity helps it whereas going up gravity stops it. basic mind programming from walking the planet for a million years I guess.

As for spread yep thats a major issue on these lower timeframes and in particular the 1 minute charts as the candles are so small and the moves are related to them. Thats another reason its so important to trade these strong trenders as your winners are just bigger fullstop and of course our losers should be under our control to limit them to whatever we want. Afterall we set the stops don't we???

On the subject of spread it goes without saying to use a tight spread broker, I'm using Captal Trust Markets and they seem very good, with a lot of my pairs trading below 1 pip and even GBPNZD doesn't often go above 5 durring peak times, just need to adjust stops and risk accordingly or just decide to ignore them totally when they come to the top of the TTindy. Just choose which pairs with a spread you accept and only trade them when they come to the top. Best setting on TTindy is with ATR set to true that way the smaller spread pairs come to the top more often

On the subject of stops I'm wandering how to play it with my scalping hat on??? Theres 2 arguments when trading strong trenders like this.

 

1. Because you're with the trend then have a bigger stop say 20 pips so I can get behind a 25 level or the last drive etc as even bad entries will come good with the trend.Problem is one loser wipes out 2 or 3 winners so you have to have a high hit rate.
2. The other argument is keep stops tight behind the signal candle because if you're wrong you want out asap. This way we keep the losses very small in comparison to our winners. Which of course should lead to our winners being bigger than our losers. The key to being a successful trader.

Tricky one that so will have to keep a close eye on how it pans out and try it both ways, I'm sort of thinking I like the 20 pip stop which gets me behind a quality key level as hopefully I won't have too many losers but will keep an open mind on it and forward test....

How your 5 min trading going ?? I'm finding it very very interesting times with my trading at the moment but looking very positive and feeling very good about it all..hopefully soon going to go live with some real money just need to iron out a few more creases and I'll be there...

Great job Clive and we need to keep it up, and see what happens next week.

Shalom , and God bless

George