Daytrading/scalping with high leverage - my proven strategy
|
|
Another one on EUR/JPY. This time it's "TMA M1 beyond TMA M5/M15" +20Pips {image}
I had the opportunity to exit @ break even @ A but still though the engulfing candle would work and I left the trade. It moved 60 pips against me, and I started 
and thank God my prayers were answered. I stayed in the trade after looking @
I was going to sell @ B but I thought better of it - you never know what this market can do and if the pullback continues I will have a bigger loss on my hands and will have to close the trades.
Lesson learnt to always follow the rules of each system as it is possible to combine both. The TMA M1 beyond M5 works perfectly well, and the H4 Engulfing Candle pattern also work, if I had waited for the new H4 candle breaking the prior candle. I did close the trade for about 13 pips profit, and has since moved another 60 pips since my exit showing that both systems work, and it is always better to trade with the trend (until it changes).
Thank you Favorite for the excellent and profitable system you developed; and I have to agree with you "Gentlemen always play by the rules. If they can't, they change the rules."
Shalom
{quote} Yeah, I like your insights on higher time frame as I do too- always monitor the higher timeframes for my scalping entry trigger.I agree to that especially when it is a high frequency scalping session. A string of wins, without any emotional control could lead to euphoria. And this little devil sometimes took over our clicking fingers and break the simple rules. Psychology. Psychology.
in the process. This is what those itchy fingers, impatience and indiscipline cause us.
+25 Pips x 2 Stacked EUR/JPY Sell orders. Just sharing my analysis on the higher timeframes. 1 hour pin bar and bearish trend bias. Scaling in, I saw a fresh SUPPLY level (Blue rectangle area *NOT Demand) on the 5 Minutes chart 135.170. To top it off, 1 Min chart was testing the big round number 135.000 resistance level for the second time. Although 1.30pm was US unemployment claim for E/U. There was nothing for E/J. So I waited for the best entry on Babon! and found one. Although my analysis may seemed subjective, It worked out well for a short...
Would probably have made 10 - 12 pips but I'm glad I stayed out learning patience and discipline 
Here you go. TMATrue does not repaint. {file} {file}
. Twice now I am tried this and it has failed and I left the trade on and traveled without any SL hoping that the LTF trend will hold and give more pips but I just got to my destination and discovered it failed again.
but will revert to my old strategy and see whether it is real and will give me back my profit before end of the month. and good trading to all
Decided to bite the bullet here, so I can concentrate on other things as I`ve saved about 50% of the loss - thank God. Wow, price continues to go down; another 9 pips since my exit but that`s okay as I`m grateful for what I saved. I guess the LT chart is right after all but one just needs to either have the capital to trade it or trade smaller lots. I will scalp with high leverage instead and keep taking small pips. Shalom
You were actually doing a lot better than me at first as for me I am only up 17% this month yet you were hitting it at 150% already. 
