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Trading is as simple as ABCD

  • #1,941
  • Oct 17, 2014 5:43am Oct 17, 2014 5:43am
Quoting handy148
You need a particular mentality for scalping - take what the market gives you. That might sometimes be 2, 3, 5 and sometimes you'll get a runner. Never worry if you left anything on the table.
yep i do agree with what you're saying there but we have to remember we are trading with a strong trending 5 min chart so we can expect some bigger than average moves on our 1 min charts. I think the secret is to look ahead for something to stop you and as price approaches it try to gauge whether its going through or not?? Soon as you see a hint of reversal close it. Just trying to take as much as the market will give you.

Also if we get in early just after the 5 min reverses then maybe we should hold that first trade until 5 min LWMA reverses??. Have a look at my first entry today on GBPAUD on break and retest of 5 min lwma. Could of got 40 to 50 pips on ma colour changes...

Attached Image (click to enlarge)
Click to Enlarge Name: hold first entry after 5 min reverses.png Size: 84 KB


I've got some more ideas on exits to work on so will share my thoughts as I go, this is very early days in the development of this strategy...
Feel the Fear and do it anyway!!!
  • #1,942
  • Oct 17, 2014 5:59am Oct 17, 2014 5:59am
Do you know whats moved me up a gear????

Trading these Key levels, I only take entries at key levels now and in particular break and retest entries. These are the key levels I'm looking for;

 

  1. Any 25 level
  2. Recent support and resistance
  3. The 5 min 35lwma (175 on 1 min chart)
  4. Yesterdays high,low and close prices.

Thats it for key levels just look at this setup below right off of that 175 lwma, they're gold dust, especially break and retests Martins favourite entry. Mind you nothings gauranteed as thats what I lost my first trade today on, but immediately made up for it with a break and retest the other way.

Attached Image (click to enlarge)
Click to Enlarge Name: 35 lwma touches are gold dust.png Size: 75 KB


So this is how simple this system is:

A) Trade strongest trending 5 min pairs only

B) Wait for a break and retest of key levels

C) Enter on CCI momentum swings placing pending order above first candle back with the trend stop below key level.

D) Close out when price starts to falter

Doesn't get any simpler does it????
Feel the Fear and do it anyway!!!
  • #1,943
  • Oct 17, 2014 7:00am Oct 17, 2014 7:00am
You have killed it the last two days. Open a small (as small as your broker will allow) live account and let the games begin!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #1,944
  • Oct 17, 2014 7:05am Oct 17, 2014 7:05am
New York open so don't get involved yet wait for them to sort themselves out probably best to wait for after the news releases at 13.30hrs my time then give it 20 mins or so and see whoose come to the top of the TTindy. Chekout the chart for break and retests of key levels.

I only traded 2 pairs this morning GBPAUD initially then dear old GBPJPY, learning to wait for the LO to pass then see whoose come out on top and jump on board. Its all about following the money as it comes to the table so best to give the guys time to get themselves a coffee and then settle down for their days trading....

Must go now , will probably do one of my special longwinded posts over the weekend updating where I am currently with my strategy...

happy trading
Feel the Fear and do it anyway!!!
  • #1,945
  • Oct 17, 2014 7:11am Oct 17, 2014 7:11am
Quoting capstone
You have killed it the last two days. Open a small (as small as your broker will allow) live account and let the games begin!

Hi man

how you doing?? Yea I know its crazy but doesn't seem hard to do at the mo, its all about trading strong trenders for me. I'm following the top 5 min trenders and entering on the 1 min timeframe, seems to be working ok so far....

Since going for your orphans my performance has shot up!!!! Mind you some are almost teenagers now as trading with the trend is leading to some quite plump little fellas thats for sure

Maybe the wheels will come off who knows but as long as I keep my discipline and accept my losers when they come I'll be ok I'm sure..

As for real money yep I was thinking about depositing £100 and see how it goes, did you know if you double your account every day then you'd have a million in 14 days????

You ever fancy a chat on skype give me a call...
Feel the Fear and do it anyway!!!
  • #1,946
  • Oct 17, 2014 7:20am Oct 17, 2014 7:20am
Quoting robuk
{quote} I knew I should have stayed in because H!, H4 positive , I just wanted to get an orphan pot trade {image}

Be careful of misleading yourself with higher timeframe expectations, remeber those higher timeframes have been created by our 1 minute so the 1 minute can start rewriting those higher timeframes whenever it wants to. It leads the other timeframes, never forget that , it leads!!!!

So my advice???

Don't look any further than the 5 min charts absolute tops!!! Then only the 5 mins that are moving strongly. You see we're only after 5,10,20, 50 pip runs and the higher timeframes have little or no effect on them trust me. I've looked into currncy strength meters , daily trenders etc etc to get a heads up on where the 1 mins going to go and it deosn't help in the slightest.

You see it can only go up or down so all you can take from higher timeframes is levels to trade the 1 minute from which is why I have yesterday high,low and close on my chart.

Just trade the 1 min trend in the direction of the 5 min trend. Thats it, don't complicate it any more than that....
Feel the Fear and do it anyway!!!
  • #1,947
  • Oct 17, 2014 7:25am Oct 17, 2014 7:25am
Clive - what's your skype address please?

Mike
  • #1,948
  • Oct 17, 2014 7:36am Oct 17, 2014 7:36am
Quoting clivepackham
{quote} Be careful of misleading yourself with higher timeframe expectations, remeber those higher timeframes have been created by our 1 minute so the 1 minute can start rewriting those higher timeframes whenever it wants to. It leads the other timeframes, never forget that , it leads!!!!
I do agree with that, but I also know there is a lot of power in reading the candlesticks of the higher timeframe. If I see a pinbar has formed on a down trend on a H1 chart, I will be very hesitant to go short. Likewise, a M15 evening star or harami at the top of an uptrend will give me pause for further longs.
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
  • #1,949
  • Oct 17, 2014 7:48am Oct 17, 2014 7:48am
Quoting capstone
{quote} I do agree with that, but I also know there is a lot of power in reading the candlesticks of the higher timeframe. If I see a pinbar has formed on a down trend on a H1 chart, I will be very hesitant to go short. Likewise, a M15 evening star or harami at the top of an uptrend will give me pause for further longs.
Yep thats true but what do you think our little old 1 mins done within that 1 hour pin bar??? Do you think it will be trending up or down??? Thats my point, I don't need an hourly pinbar to tell me not to sell something because my 1 min will be rushing up the page and like I've said to you before NEVER EVER trade against the 1 min trend...

Thats all I'm saying just trade the 1 min trend and goto BE within a couple of pips of entering and jobs done all risk off the table it can go where it likes...
Feel the Fear and do it anyway!!!
  • #1,950
  • Oct 17, 2014 8:01am Oct 17, 2014 8:01am
Knew I should of gone to work just lost 15 pips there my 10 pip stop got slipped, or rather I didn't close it quick enough on GBPCAD tried to sell it in line with the initial spike down continuing but if I'd of thought about it not that good a news release for CAD so all it did was give GBP buyers a nice little discount to buy the daily trend.

Should of faded it instead, oh well win some lose some...
Feel the Fear and do it anyway!!!
  • #1,951
  • Oct 17, 2014 8:15am Oct 17, 2014 8:15am
Hmmm thought thats what they were up to so waited for the retrace and caught the first HL CCI turn lets hope they drive it up for the rest of the day...If you don't catch the first spike fade then try again thats the beauty of 1 min charts you always get another entry ....
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcadm1.png Size: 76 KB
Feel the Fear and do it anyway!!!
  • #1,952
  • Oct 17, 2014 8:20am Oct 17, 2014 8:20am
5 minute boys are trying to keep this down but I've got a feeling its going up so could be a break and retest of the lwma for a quick add on with a bit of luck. Course it could just as easily go down but I think the daily boys have got other ideas for it...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcadm1.png Size: 76 KB
Feel the Fear and do it anyway!!!
  • #1,953
  • Oct 17, 2014 8:35am Oct 17, 2014 8:35am
GBPAUD looking good for a long off of 1.83500 level if it comes down, look for CCI to turn and wait for a green candle then pending order above it by 2 pips goto BE asap

Look at what happened last time it came down??? can we expect it to happen again???
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM1.png Size: 70 KB
Feel the Fear and do it anyway!!!
  • #1,954
  • Oct 17, 2014 8:46am Oct 17, 2014 8:46am
or the 175 lwma is worth a try...
Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDM1.png Size: 72 KB
Feel the Fear and do it anyway!!!
  • #1,955
  • Oct 17, 2014 8:49am Oct 17, 2014 8:49am
nope not having it this afternoon and nor did my GBPCAD trade, see I thought that was going up so held it and got nothing in the end after being 20 pips up too. Hmm see thats what looking at higher timeframes does for me just confuses me and I let good trades go by. Back to my little orphans again, come to daddy
Feel the Fear and do it anyway!!!
  • #1,956
  • Oct 17, 2014 8:52am Oct 17, 2014 8:52am
This is more like it. These are the charts to trade, absolutely no doubt where this is going is there?? Up or Down?? Nice top of TTindy trades just missed break and retest of 1.2775 so wait for next pullback and jump on..
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM1.png Size: 61 KB
Feel the Fear and do it anyway!!!
  • #1,957
  • Oct 17, 2014 8:53am Oct 17, 2014 8:53am
or this???
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdm1.png Size: 57 KB
Feel the Fear and do it anyway!!!
  • #1,958
  • Oct 17, 2014 8:56am Oct 17, 2014 8:56am
Now we're back where we belong...
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdm1.png Size: 56 KB
Feel the Fear and do it anyway!!!
  • #1,959
  • Oct 17, 2014 9:03am Oct 17, 2014 9:03am
Hmmm nothing again Its funny I've gone back to that stupid hold mentality again, crazy!! 3 good trades and nothing to show for it and just one loser all afternoon. Hmmm where are you Capstone need a sharp punch in the face to put me right again, you and your bloody long term timeframes!!!!
Feel the Fear and do it anyway!!!
  • #1,960
  • Oct 17, 2014 9:45am Oct 17, 2014 9:45am
Quoting clivepackham
Hmmm nothing again Its funny I've gone back to that stupid hold mentality again, crazy!! 3 good trades and nothing to show for it and just one loser all afternoon. Hmmm where are you Capstone need a sharp punch in the face to put me right again, you and your bloody long term timeframes!!!!
3 things: 1.) Your buy on GBPCAD was against the rules you wrote just this morning! Why take it? your 35LWMA was still red even. 2.) Just because I like to reference higher TF, does not mean you should! If I see a confirmed pattern of significance on a higher TF, at a high or low point, I might hang on a bit harder. I will not hang on for the hope of a runner, but might not be as quick to cut and run either. You are obviously doing fine without it. Keep that going. 3.) HUG Your Orphans!! Even the skinny ones ! Do not discriminate against them! You set your SL at BE quickly, why not trailstop every 5 or 10 pips? That way you are not going back to BE, If you are 20 pips up, take at least 10 with you. If I am 7 up, I will set a stop at 3.5 to 5 pips. I love skinny pots as much as fat ones!
Lord, Liar, Lunatic. Those are only 3 options to Christ's diety claim.
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