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High Probability Insight: Day-Trade Daily Momentum on M1/M5TF

  • #61
  • Sep 14, 2015 8:45am Sep 14, 2015 8:45am
Note: GBP/USD seems like a Good Buy, I decided to have a small Long position because Momentum
is shifting a Little Bit...
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 142 KB


Let's see how it turns out

P.S Market is really quiet Today, and If I don't see any movement around 12:00pm CST...I will stop trading
and call it a day!
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #62
  • Sep 14, 2015 9:08am Sep 14, 2015 9:08am
Mark Douglas, Author of "Trading in the Zone", passed away over the weekend. Rest in peace Mark....

Here's an Old interview:
Inserted Video




P.S If you have time to read a book, you might need to get his book on Amazon.com or a Great Library like Barnes&Noble
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #63
  • Sep 14, 2015 9:28am Sep 14, 2015 9:28am
GBP/USD Update:

I decided to get a (1:1) Risk: Reward ratio on this Trade.....

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 134 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #64
  • Sep 14, 2015 9:55am Sep 14, 2015 9:55am
That was a Great Interview!

If you guys don't have any setup to trade in the Market, you might need to watch that Interview Above...

I had no idea about that Old Interview, and I feel like this thread is a perfect match when you dive into this
Interview and understand how important it is to have a different Approach or a different perspective about
this Market....

Your Success depends on your Mindset! So, you owe it to yourself to develop the right Mindset for this kind of
Market....

I will be back after the Asian Session, and I will do trades follow-up on AUD and JPY pairs, because the news are going
to set the tone on those pairs for the rest of the week.

May them pips be with yall!

Jay
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #65
  • Sep 14, 2015 12:40pm Sep 14, 2015 12:40pm
Quoting OctaveJay509
Monday, September 14, 2015 - New York Session I just scanned the Market at 8:39am {image} Note: The Market is a bit quiet this morning, but I am hoping that we make some pips in the next 3 Hours or so.... Let's see what the Market wants to give us gangs!
Hi Octave,
Thank you for sharing your ideas and method in this thread, can you please give a quick explanation on what you mean by "Scanning the market", do you simply look at what's showing on that "ForexProfitSupreme Meter" indicator or some other template that you load on the chart to view? I'm just trying to get some clarity. Thanks.
  • #66
  • Sep 14, 2015 1:27pm Sep 14, 2015 1:27pm
Quoting FerruFx
{quote} San99's issue isn't related to broker ... but to missing suffix in the indicator hard coded symbols.
Thanks I ended up applying on demo account and it works fine there. Didn't notice about suffix issue and see that the options when the indi is loaded have a space for entering a "prefix". But guess I would need to open up in code editor to adjust with the . suffix.
Enter Signature
  • #67
  • Sep 14, 2015 10:24pm Sep 14, 2015 10:24pm
Ferru: You are so much help where ever you go. Once again, thank-you for your expertise. I went in and added my SUFFIX to the code. People it was easy and all in one place once you know what you are looking for. For details look at Ferru's post on page 2.

Octave: Could you go into more depth about the strength meter? Specifically, it seems like when you sit down to trade you analyze the market using the strength meter on the 30M time frame. Then it seems like you trade the 5M time frame. But how often do you check the Market Strength meter? Every 30M? Every 60M? Thank-you

LL
"IN CASH WE TRUST"
  • #68
  • Sep 14, 2015 10:39pm Sep 14, 2015 10:39pm
Quoting OctaveJay509
Monday, September 14, 2015 - New York Session I just scanned the Market at 8:39am {image} Note: The Market is a bit quiet this morning, but I am hoping that we make some pips in the next 3 Hours or so.... Let's see what the Market wants to give us gangs!
It is unrelated to the topic, but if you wanna get rid of noisy chart on your Currency Meter, you can just type "none" for all color fields on chart properties, then you will have a clean chart to drop whatever you want.
Making the chart color same as background is just a temporary relief

Or simply you can use my own template for this kind of Meters what I use

Good luck, Trend lines plus Divergances are king
Attached File(s)
File Type: tpl Blank.tpl   < 1 KB | 621 downloads
  • #69
  • Sep 14, 2015 11:07pm Sep 14, 2015 11:07pm
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting LazyLobster
Ferru: You are so much help where ever you go. Once again, thank-you for your expertise. I went in and added my SUFFIX to the code. People it was easy and all in one place once you know what you are looking for. For details look at Ferru's post on page 2.
You're welcome!
MT4/MT5 EAs/Indicators/Alerts coder
  • #70
  • Sep 14, 2015 11:28pm Sep 14, 2015 11:28pm
Quoting zxpips
{quote} Hi Octave, Thank you for sharing your ideas and method in this thread, can you please give a quick explanation on what you mean by "Scanning the market", do you simply look at what's showing on that "ForexProfitSupreme Meter" indicator or some other template that you load on the chart to view? I'm just trying to get some clarity. Thanks.
"Scanning the Market" is just a proper way to describe what the Indi is doing in the background, and
I just screenshot the end results to pick what Currency pairs that I am going to trade for that day.

There's really not much of an explanation mate....By the way, if you go to the first page, you will know that
My watchlist is based on the Strength scale, but not the Listed Currency Pairs....I am more interested about the
Volatility in the Market instead of being selective about my favorite pairs....

I hope that you have some clarity now.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #71
  • Sep 15, 2015 12:01am Sep 15, 2015 12:01am
Quoting LazyLobster
Octave: Could you go into more depth about the strength meter? Specifically, it seems like when you sit down to trade you analyze the market using the strength meter on the 30M time frame. Then it seems like you trade the 5M time frame. But how often do you check the Market Strength meter? Every 30M? Every 60M? Thank-you LL
Hi LL,

When it comes to trading the Forex Market the right way, we have to be able to differentiate the Overall Market Trend
and the Daily Market Sentiment, and more too often we get to a situation where the 4Hour TF or Daily TF is Bullish
while the M30TF is Bearish. This type of situation creates a lot of confusion amongst Traders like us, and because of that,
we ended up picking the Wrong Direction of the Market during a specific Session....

With that Strength Scale Indicator, we now have the ability to see and know exactly what are the Current Market Sentiments
for a particular Currency Pair.

Now, the moment I pick my watchlist or you pick yours, we don't have to keep checking the meter to look for the latest pairs to trade.
We simply need to know if the Market Sentiment or our Market BIAS stays the same. Meaning, If I want to go Long on AUD/USD I want
to make sure that AUD is stil Strong and USD is still Weak for the time being....

As a smart Trader, if you don't feel like staying in front of your computer and watching all the ticks, you can definitely go to a much Higher
Timeframe to Identify the Overall Market Trend, then if the Overall Market Trend on Higher TF matches with the Lower TF, you are Okay to
look for Bigger Profit Target.

Honestly, I use the M5TF to get a much better Entry with Low RISK....

I hope that I answered all your questions LL

Jay
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #72
  • Sep 15, 2015 12:03am Sep 15, 2015 12:03am
Quoting Subrina_FX
{quote} It is unrelated to the topic, but if you wanna get rid of noisy chart on your Currency Meter, you can just type "none" for all color fields on chart properties, then you will have a clean chart to drop whatever you want. Making the chart color same as background is just a temporary relief Or simply you can use my own template for this kind of Meters what I use Good luck, Trend lines plus Divergances are king {file}
Hey Subrina_FX,

Thanks for your Input!
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #73
  • Sep 15, 2015 12:16am Sep 15, 2015 12:16am
I was a bit late in the Market Today, but I decided to focus only on GBP/USD, I am trying to scalp the
Market on M1TF till U.K CPI News at 3:30am CST.

This is a High-Impact News gangs!

I would like to see some Volatility today since I missed out on AUD weaknesses and JPY Strength....

P.S If anyone lost money on them Pairs after the news, I would like to know....

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 130 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #74
  • Sep 15, 2015 12:25am Sep 15, 2015 12:25am
Despite Everything, I have to follow my Daily Routine and I Expect Everyone to do the Same...This is the only way, we all can be
consistent in the Market and be Profitable in the Long Run.

Tuesday, September 15th, 2015

Strength Scale Indicator Update at 2:22am

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 139 KB


1. GBP
2. CAD
3. JPY

4. USD
5. EUR

6. NZD
7. AUD
8. CHF
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #75
  • Sep 15, 2015 12:37am Sep 15, 2015 12:37am
My Potential Watchlist for Today :

1. GBP/CHF, M5TF - Market Sentiment: Bullish - I am looking to place Long Trade ONLY ( 1x8 )
2. GBP/AUD, M5TF - Market Sentiment: Bullish - I am looking to place Long Trade ONLY ( 1x7 )
3. GBP/NZD, M5TF - Market Sentiment: Bullish - I am looking to place Long Trade ONLY ( 1x6 )

4. CAD/CHF, M5TF - Market Sentiment: Bullish - I am looking to place Long Trade ONLY ( 2x8 )
5. AUD/CAD, M5TF - Market Sentiment: Bearish - I am looking to place Short Trade ONLY ( 2x7 )
6. NZD/CAD, M5TF - Market Sentiment: Bearish - I am looking to place Short Trade ONLY ( 2x6 )

7. CHF/JPY, M5TF - Market Sentiment: Bearish - I am looking to place Short Trade ONLY (3x8 )
8. AUD/JPY, M5TF - Market Sentiment: Bearish - I am looking to place Short Trade ONLY (3x7)
9. NZD/JPY, M5TF - Market Sentiment: Bearish - I am looking to place Short Trade ONLY (3x6)


Note: Market Sentiment can change at any given moment, it's always best to know your Market Bias before placing any
Trades....There's no reason to be a predictor or be proud of picking the right Direction. We are here to make money, but
our decisions are the most important things as long as we plan our trades accordingly.....
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #76
  • Sep 15, 2015 12:55am Sep 15, 2015 12:55am
I closed out my quick scalp on GBP/USD with a 1:2 Risk:Reward Ratio, but it seems like this pair is pushing a little higher and higher...

I am not worried about that, I just need to wait after the News Release to place more Trades, or find great Setups
on GBP/CHF, GBP/AUD or GBP/NZD.

We will see how it turns out.....

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 130 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #77
  • Sep 15, 2015 2:01am Sep 15, 2015 2:01am
U.K CPI News Release

- The Consumer Prices Index (CPI) was unchanged in the year to August 2015, that is, a 12-month rate of 0.0%,
down from 0.1% in the year to July 2015.

- A smaller rise in clothing prices on the month compared with a year ago was the main contributor to the slight
fall in the rate. There were also downward effects from changes in motor fuel prices and sea fares.

- Rising prices for soft drinks and for furniture and furnishings partially offset the fall.

- CPIH (not a National Statistic) grew by 0.3% in the year to August 2015, down from 0.4% in July 2015.


In my opinion, I think that the News is a bit Dovish (Bearish), but the fact that GBP showed Bullishness earlier today,
nobody knows what Direction they need to take. HAHAHAHA

Well, I could be wrong, but I decided to place a small Short Trade with a Trailing Stop....I just need a quick 35+pips, and call
it a Day....I am just tired of the Low Volatility in the Market.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 132 KB


Note: The Setups are not ready yet on GBP/CHF, GBP/AUD, and GBP/NZD... This is why I am still trading GBP/USD....I need Low
Spread when there's not much of a movement in the Market.....
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #78
  • Sep 15, 2015 3:13am Sep 15, 2015 3:13am
Hey Gangs!

I am about to take a break from the Market and will return around New York Session...I am still holding a Short
Position on GBP/USD....I felt like GBP momentum has changed to Neutral/Bearish.

And, because of that situation, it's not worth watching every single bar movement...I will let that trade works itself
out, and maybe get some profit on the way down...

Keep in mind, we are going to have some Key USD News around 7:30am CST, I am talking about Core Retail Sales,
Retail Sales, and Empire State Manufacturing Index..

Any Positive Numbers will cause GBP/USD to go Down near 1.53500ish...I do have My TP at that Level, but I am not so sure
about a quick move there, but we will see...

Have Fun Trading and I really appreciate all the Support gangs!

P.S I am working on a Business Growth Plan for Traders with Small Accounts to Execute...It's so easy that I
even hesitated to implement.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #79
  • Sep 15, 2015 8:41am Sep 15, 2015 8:41am
A quick Update:

I have decided to close my short Trade on GBP/USD a little early, because I saw that Bullish Divergence there...

As you can see the Market did hit my TP, and I failed to add any more positions at New York Open... I Overslept....

Anyway, it was a tremendous short Trade......


Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 128 KB


Good Job to all of you that took that Trade.

P.S Pip Profit was about +78pips
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #80
  • Sep 15, 2015 8:55am Sep 15, 2015 8:55am
Strength Scale Update during a late NY Session:

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 141 KB



1. USD
2. NZD
3. CAD


6.GBP
7. AUD
8. CHF
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
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