Been very busy at work but have managed a few trades here and there but not very easy to trade at work never mind post as I go plus I'm monitoring my trades very tightly at the moment , get in , get to BE and get out....Practically given up on any ideas of running as its just far too frustrating when they go 10 to 20 pips up and come back to nowt so just can't be bothered with it...
Get in. Get to BE and GTFO asap is my philosophy at the moment. Most of my trades are not much longer than a couple of minutes nowadays.
I've also now realise that there are literally thousands of 5 pip runs in Forex everyday yet only a handful of 100 plus so its simple high probability trading to just grab a handful each time...I'm convinced thats what the banks are doing nowadays using high frequency trading algorythms banking a pip here and a pip there so nothing really gets a head of speed up nowadays...
I liken long term trading on Forex to an elephant trying to swim across the Piranha infested Amazon river. It gets eaten alive bite by bite before it gets to the other side...
Heres my rules if I'm in an out and out scalping mood and to be honest thats most days now..
I use the 120HMA , 8 CCI and if you want it clearer use Heiken Ashi candles they make exits easy too just hold until you get the opposite colour HA candle then trail stop above/below that counter coloured candle.
To buy.. 
LO with HA candles
NYO normal candles
And with HA candles..
I quite like the HA candles as it keeps it neat and clean plus makes exit very easy.
Its very simple but the secret is to wait for the CCI to go overbought/sold and not think about it too much just hit the trades get to BE and bank soon as you can, take the losses(10 pip max) as they come and keep em small.. Its fun and feels good when you keep banking the pips...
One other thing I'd like to share with you all is my target for each session is 20 pips and heres why...
I worked out if you trade at say 2% per 10 pips stop so risking 2% per trade, then you just need 20 pips profit each day(10 per session) and you'd be making 20% per week now if you compound that up and start with £250 you would have a million pounds by the end of the year (56 weeks to be exact) . In fact trade at 1% per pip and you'd double your account each week and have your Million within 14 weeks...
So come on can't we make 20 pips per day???? 10 pips profit per session???
Well I for one am willing to give it a go...Just gotta find that £250 to get me started, in fact only need £200 because DMMFX are giving away a £50 deposit bonus....
Get in. Get to BE and GTFO asap is my philosophy at the moment. Most of my trades are not much longer than a couple of minutes nowadays.
I've also now realise that there are literally thousands of 5 pip runs in Forex everyday yet only a handful of 100 plus so its simple high probability trading to just grab a handful each time...I'm convinced thats what the banks are doing nowadays using high frequency trading algorythms banking a pip here and a pip there so nothing really gets a head of speed up nowadays...
I liken long term trading on Forex to an elephant trying to swim across the Piranha infested Amazon river. It gets eaten alive bite by bite before it gets to the other side...
Heres my rules if I'm in an out and out scalping mood and to be honest thats most days now..
I use the 120HMA , 8 CCI and if you want it clearer use Heiken Ashi candles they make exits easy too just hold until you get the opposite colour HA candle then trail stop above/below that counter coloured candle.
To buy..
- Time of day between London open and New York close and beware of news releases plus lulls just before NYO.
- Price must be above the 120HMA which must be green
- 8 CCI goes over sold below -100 level, try to catch first 2 CCI signals after the 120HMA changes colour, as they are far more reliable than the later ones.
- Entry as per the normal. First shorter CCI candle back towards zero line is your signal candle as long as the candle is right colour for trend direction. Place pending order 2 pips above it or enter at market as it takes top out by 2 pips.
- Initial stop goes behind signal candle but never more than 10 pips less if possible as this either works or you get out for as little loss as possible.
- Goto BE soon as you can no messing about 3 or 4 pips, I usually give it one candle but soon as it goes 3 pips up just move to BE..
- Bank soon as it falters..or if using HA candles just hold until you get the opposite colour HA candle then trail stop above/below that counter coloured candle.
To sell is the opposite..
The key to this system is trading clearly one side or the other of the 120HMA only take CCI signals above the 120HMA or very close to it.
Heres some examples on GBPCAD today...not all winners but the vast majority are ..
LO with normal candles
LO with HA candles
NYO normal candles
And with HA candles..
I quite like the HA candles as it keeps it neat and clean plus makes exit very easy.
Its very simple but the secret is to wait for the CCI to go overbought/sold and not think about it too much just hit the trades get to BE and bank soon as you can, take the losses(10 pip max) as they come and keep em small.. Its fun and feels good when you keep banking the pips...
One other thing I'd like to share with you all is my target for each session is 20 pips and heres why...
I worked out if you trade at say 2% per 10 pips stop so risking 2% per trade, then you just need 20 pips profit each day(10 per session) and you'd be making 20% per week now if you compound that up and start with £250 you would have a million pounds by the end of the year (56 weeks to be exact) . In fact trade at 1% per pip and you'd double your account each week and have your Million within 14 weeks...
So come on can't we make 20 pips per day???? 10 pips profit per session???
Well I for one am willing to give it a go...Just gotta find that £250 to get me started, in fact only need £200 because DMMFX are giving away a £50 deposit bonus....
Feel the Fear and do it anyway!!!
) on eur/jpy moving from DO to DP:
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green pips {file}[/quote]