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Daytrading/scalping with high leverage - my proven strategy

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  • #8,001
  • Edited 10:18am Jun 11, 2015 10:00am | Edited 10:18am
Trade 23

USDJPY Counter Trend

Attached Image (click to enlarge)
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We have had a huge rise without a good pullback
We are at the H4 centre line
TMA M1 has crossed M5
TMA M1 as well as its centre line have crossed M15

I waited longer this time and took profit at the M1 TMA

+17

EDIT: perhaps I should have stayed longer as the cloud pattern was forming.
  • #8,002
  • Jun 11, 2015 10:05am Jun 11, 2015 10:05am
Trade 24

AUDUSD cloud pattern

and also setup 28

EURJPY cloud pattern

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I traded the AUDUSD not the EURJPY

Both looked good, bounced off the cloud and the TMA.

+14

EURJPY did +30, but I missed that one, as it happened at the same time as my trade.

Maybe I should have gone half-half
  • #8,003
  • Jun 11, 2015 10:07am Jun 11, 2015 10:07am
Trade 24 aftermath

I got out of trade 24 at the TP, and also because there was upcoming news.

Here's what happened:

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But that's ok. I followed the rules and stayed away for the news.
Could have easily spiked against me. Who knows.
If I knew, I would be a billionaire already
  • #8,004
  • Jun 11, 2015 10:16am Jun 11, 2015 10:16am
Trades 25, 26 and 27

Three counter trend trades on the GBPUSD

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I took these because:

- We are at 1.55000 round number resistance
- Price is stalling at this level
- TMA M1 has crossed both M5 and M15

Took +7 each. I usually take +12, but because we were not at H1 TMA or the centre line, I decided to take a smaller TP...
I think I kind of got lucky by taking smaller TP, because I re-entered again and again.
If my TP was +12, it would have been a single trade with +12.


I must say, although I'm having success with the counter trend trades, I'm not very comfortable taking them...
I think my eyes catch these quicker than they catch the classic Babon... need a way to sort this out...
I feel that Babon is far less risky than these.
  • #8,005
  • Jun 11, 2015 11:41am Jun 11, 2015 11:41am
Quoting kenlionheart
Trade 24 AUDUSD cloud pattern and also setup 28 EURJPY cloud pattern {image} I traded the AUDUSD not the EURJPY Both looked good, bounced off the cloud and the TMA. +14 EURJPY did +30, but I missed that one, as it happened at the same time as my trade. Maybe I should have gone half-half
Hello Ken,
Congratulations on your trades I see you understand Babon better and better every day
Are these trades are your real trades ? Or you try it on demo right now ?

Regards, Michael
Aggressive, High Risk, High Gain, High Accuracy
  • #8,006
  • Jun 11, 2015 1:58pm Jun 11, 2015 1:58pm
AUDUSD trade -> +17.8 pips

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD trade.png Size: 47 KB


AUD strenght and USD weakness on the evening, and here we are
Price bounced from H4 centerline
I wanted to wait for the TMA M15, but it was a bigger move and babon slope changed to red, so i closed. I think it may still go higher, but 17.8 pips is not bad

Regards, Michael
Aggressive, High Risk, High Gain, High Accuracy
  • #8,007
  • Jun 11, 2015 6:43pm Jun 11, 2015 6:43pm
Trade 28

EURJPY cloud pattern

Attached Image (click to enlarge)
Click to Enlarge Name: trades 28.jpg Size: 364 KB


Lost on this trade...

At first, I thought the big picture confirms my bullish bias because of 3 pin bars, and price actions showed higher highs. I thought price will go to the centre line.

Also, the entry was at the highs... not the breakout... and not a pullback.. which exposes us to risk...

-15 on the SL. Yes I should have exited when price went into the cloud but I thought price will go up.

Later, I saw that actually, H1 is not bullish (TDI, Haiken Ashi) - it's just sideways ranging market.

Should have only entered if big picture shows a "clear trend".

Next time: exit QUICKLY if price reverses, and we can always re-enter if the conditions improve. By holding on to a losing trade, we only make sure to get the full -15.
  • #8,008
  • Jun 11, 2015 6:45pm Jun 11, 2015 6:45pm
Quoting pretorian1
{quote} Hello Ken, Congratulations on your trades I see you understand Babon better and better every day Are these trades are your real trades ? Or you try it on demo right now ? Regards, Michael
Yes these are all real trades on a live account.

The "set ups" are not trades though, just set ups which I didn't take.

Nice AUDUSD trade - with NO draw down!
  • #8,009
  • Jun 11, 2015 6:52pm Jun 11, 2015 6:52pm
By the way, what is that green candle indicator and how do you use it?

Thanks
  • #8,010
  • Jun 12, 2015 3:30am Jun 12, 2015 3:30am
Quoting kenlionheart
Trade 28 EURJPY cloud pattern {image} Lost on this trade... At first, I thought the big picture confirms my bullish bias because of 3 pin bars, and price actions showed higher highs. I thought price will go to the centre line. Also, the entry was at the highs... not the breakout... and not a pullback.. which exposes us to risk... -15 on the SL. Yes I should have exited when price went into the cloud but I thought price will go up. Later, I saw that actually, H1 is not bullish (TDI, Haiken Ashi) - it's just sideways ranging market. Should have only...
Hi dear Ken!
Great to see you are moving ahead!
So almost 30 trades are behind, so what is your main resume about them and the Babon as well?
One of them you should importantly underline for your trading style if you want to make it more effective imho,never let the price to touch your stop,it is emergency one ,remember it!!The maximum loose you should affort for yourself in many cases it is 7-8 pips no more.
Don't hesistate if the price goes against u ,leave it ,exit the trade immediately when u feel that you start hoping that the price will change its mind and will go to your favor.You will always be able to enter one more time and more when the situation will improve,and in this case you not only will cover your loses,but will close the week in maximum profit the market will allow.

Keep your good job up! I am really really glad for your achievements!!

Take care & have a nice weekend!

Rgs.,
David.
Success is nothing more than a few simple disciplines, practiced every day.
  • #8,011
  • Jun 12, 2015 6:09am Jun 12, 2015 6:09am
Quoting kenlionheart
{quote} Yes these are all real trades on a live account. The "set ups" are not trades though, just set ups which I didn't take. Nice AUDUSD trade - with NO draw down!
Hello Ken,
Congratulations then! And wish you more green pips!

I must say here my 2 cents about "no drawdown" trades. We all probly agree with that they are best trades we can take. BUT they are also sign on big momentum For me no-drowdawn trade almost always means that i will close it on TMA M5 or TMA M15
And also opposite -> If my trade goes into drawdown, i focus on closing it at the TMA M1, and I'm always ready to close it with small profit or small loss even before it touch TMA M1. It is because for me drawdown means that the momentum is not very good now and we should pay special attention on this trade. Of corse situation can always improve, but we have no crystal ball and we don't now the future, so we cannot rely on it !!!
It is about most of drawdown trades.
And by drawdown i do not mean 1-2 pips of corse, but higher amount.

Just my experience with these kind of trades

Quoting kenlionheart
By the way, what is that green candle indicator and how do you use it? Thanks
It is indicators that shows daily candle

Quoting Machinator
{quote}One of them you should importantly underline for your trading style if you want to make it more effective imho,never let the price to touch your stop,it is emergency one ,remember it!!The maximum loose you should affort for yourself in many cases it is 7-8 pips no more. Don't hesistate if the price goes against u ,leave it ,exit the trade immediately when u feel that you start hoping that the price will change its mind and will go to your favor.You will always be able to enter one more time and more when the situation will improve,and in...
I 100% agree with David here, emergency stop loss should be ONLY for incidental trades (example news, fast move in one M1 candle). Most of them you should close before it happenes

Regards, Michael
Aggressive, High Risk, High Gain, High Accuracy
  • #8,012
  • Jun 12, 2015 6:14am Jun 12, 2015 6:14am
I am really happy to see this wonderful thread active again.

Hopefully i could paste my live account chart soon.
Motivation is what gets you started. Habit is what keeps you going
  • #8,013
  • Jun 12, 2015 7:25am Jun 12, 2015 7:25am
Quoting efestus
I am really happy to see this wonderful thread active again. Hopefully i could paste my live account chart soon.
Keep it alive with us!

Regards, Michael
Aggressive, High Risk, High Gain, High Accuracy
  • #8,014
  • Jun 12, 2015 7:56am Jun 12, 2015 7:56am
David, Michael, Ken and forum friends --

I feel I have gained a reasonable amount of knowledge on Babon . . . enough to enter some trades.

I am curious how many pair you gentlemen watch simultaneously? Ken certainly trades over a number of pairs in his trading day (maybe about 6?)

I am finding, I am sorry to say, that keeping track of more than two or three at one time is currently beyond me on the M1. Lot's of dancing candles for sure.

I think I am finding frustration -- surely my fault -- in that I am missing good, qualified trades (I marvel at all of Ken's entries. WELL DONE) as my eye continuously moves around. I am finding M1 to be more different than the M5/15 I am accustomed to.

So . . . would you, at my introductory stage, cut things back to watching two pairs, at least for awhile? Secondly, without a dashboard, how many can one realistically monitor at one time once your proficiency level grows?

Thank you so much.

All good regards, Dave
  • #8,015
  • Jun 12, 2015 8:42am Jun 12, 2015 8:42am
Quoting Forest-Sea
David, Michael, Ken and forum friends -- I feel I have gained a reasonable amount of knowledge on Babon . . . enough to enter some trades. I am curious how many pair you gentlemen watch simultaneously? Ken certainly trades over a number of pairs in his trading day (maybe about 6?) I am finding, I am sorry to say, that keeping track of more than two or three at one time is currently beyond me on the M1. Lot's of dancing candles for sure. I think I am finding frustration -- surely my fault -- in that I am missing good, qualified trades (I marvel at...
Hi Dave!One more David ,thats good!!
Personally me at the same time watching 2 pairs maximum without changing charts in terminal(for this purposis I use 42 inch monitor,comfortable enough,it is kind imulation to have 4 monitors in front of eyes,I am satisfied) -they are-Eur/Jpy and Aud/Usd for London session ,and I change AUDUSD to USDCAD when I trade NY. And I am not used to have more than one open position at time.
As about proficiency level grows, tell the truth it is third month long I am looking for the second 42'' monitor,but I want it to be exactly the same model which I have now to watch 4 pairs at time. But,believe me, it is not so important ,because of even two pairs are more than enough,otherwise I have already got it.
All you need it is permanent ''couple of pips'' every day,and u can make them even trading one pair,from which I recomend u to start,after you can add the second one, then the third and etc if you need and if you are able to manage these pairs,which is really really difficult...

Rgs.,
Success is nothing more than a few simple disciplines, practiced every day.
  • #8,016
  • Jun 12, 2015 9:06am Jun 12, 2015 9:06am
One more week behind,not at all the worst one.
Three trades for today ,all shorts on AUDUSD.
Leave analize of entries and exits of these trades to them who are interested in.
Enjoy yourself!!

P.S And thanks to all paricipants old and new,wishing u all colorful weekend.

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Success is nothing more than a few simple disciplines, practiced every day.
  • #8,017
  • Edited 9:11am Jun 12, 2015 9:09am | Edited 9:11am
Quoting Machinator
{quote} Hi Dave!One more David ,thats good!! Personally me at the same time watching 2 pairs maximum without changing charts.

All you need it is permanent ''couple of pips'' every day,and u can make them even trading one pair,from which I recomend u to start,after you can add the second one, then the third and etc if you need and if you are able to manage these pairs,which is really really difficult... Rgs.,

David, thank you so much for this perspective. I do think that Favorite traded mainly on just EJ. Obviously, one will do it. I do like the diversity of adding the second pair, though. AU on the Pacific/Asian and London sessions makes perfect sense. I am interested in your substitution of the UCd for the AU during the NY session. Do you find the Cad more dependable and/or less manipulated? Just curious. I did play around with the UCd today before I read your note.

Have a wonderful weekend.

Dave
  • #8,018
  • Jun 12, 2015 9:23am Jun 12, 2015 9:23am
Quoting Forest-Sea
{quote} David, thank you so much for this perspective. I do think that Favorite traded mainly on just EJ. Obviously, one will do it. I do like the diversity of adding the second pair, though. AU on the Pacific/Asian and London sessions makes perfect sense. I am interested in your substitution of the UCd for the AU during the NY session. Do you find the Cad more dependable and/or less manipulated? Just curious. I did play around with the UCd today before I read your note. Have a wonderful weekend. Dave
u r always welcome!
Yes I like Cad very much and it gives good signals trading Babon.During NY volatility on it increased,and it is all you need,like a sailor who only needs wind in its sails.. Just lying) and a little bit of luck..))

Take care!)
Success is nothing more than a few simple disciplines, practiced every day.
  • #8,019
  • Jun 12, 2015 10:07am Jun 12, 2015 10:07am
GBPUSD trade, +33,1 pips

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD trade.png Size: 47 KB


Bounce from TMA H4 centerline
Could have waited to a TMA H1 to close a trade, but didn't expect move like this
No DD trade

Happy Weekend to all!

Regards, Michael
Aggressive, High Risk, High Gain, High Accuracy
  • #8,020
  • Jun 13, 2015 8:14am Jun 13, 2015 8:14am
Quoting Machinator
{quote} Hi dear Ken! Great to see you are moving ahead! So almost 30 trades are behind, so what is your main resume about them and the Babon as well? One of them you should importantly underline for your trading style if you want to make it more effective imho,never let the price to touch your stop,it is emergency one ,remember it!!The maximum loose you should affort for yourself in many cases it is 7-8 pips no more. Don't hesistate if the price goes against u ,leave it ,exit the trade immediately when u feel that you start hoping that the price...
Hi David,
Yes indeed I planned on reviewing my trades on the weekend (if I get the time), and I knew that this issue would be one of the most important things for me: I need to be trigger happy with exits when the price goes against me.
So yes I agree with you 200% on the SL.

As for Babon system, even though I'm just starting with it, and learning it, I'm having success. One of the major reasons for this is that I think I'm trying to be very selective with my entries, and only enter when I'm confident all the rules are met. But still I have had a few bad entries.
And I do need to work on my exits.
As for the system itself, I think we can all agree that it's fantastic
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