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

  • #221
  • Sep 27, 2015 7:49pm Sep 27, 2015 7:49pm
EUR/JPY, M5TF Update:

My Last week Short Trade on EJ just closed a few minutes ago....I am Okay with a quick +32pips.
I wanted to get 70, but it will go beyond my actual Targets (25-50pips)

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 132 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #222
  • Sep 27, 2015 8:06pm Sep 27, 2015 8:06pm
Hello Traders,

I am thinking about posting my DAILY WATCHLIST after the UK News (2:00amCST), because Monday is going to be a
very quiet day in terms of News Event...

We will see what the Market wants to do this week....I like to use Monday's Data as a way to forecast a decent
week of trading...

By the way, we have Non-Farm Payroll this Friday, and I bet some traders are going to be on their toes and
might not want to trade at all this week....

Since we are looking for 25-50pips per trade, it won't be too hard to get them pips here and there.

Here's Monday Economic Calendar:

Attached Image (click to enlarge)
Click to Enlarge Name: MondaySept28th.png Size: 17 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #223
  • Sep 28, 2015 12:24am Sep 28, 2015 12:24am
Hai Jay,

The London market is now just open. I am confusing that everytime you mention of "scan the market" is after market just open or after news release?

Thank you. Have a nice day
  • #224
  • Sep 28, 2015 12:40am Sep 28, 2015 12:40am
Quoting Uniubi
Hai Jay, The London market is now just open. I am confusing that everytime you mention of "scan the market" is after market just open or after news release? Thank you. Have a nice day
Hi Uniubi,

There's nothing to be confused about. As a trader, you have to have a specific time in the Market where you would want to trade....The idea of "scanning the Market" is where a trader takes a screenshot of all the Currency Strengths/Weaknesses and select his/her watchlist from there...

I live in the U.S, and it's hard for me to be on time to trade the London Open, but I always like to scan the Market after LO to get great Setup... If you trade the Asian Session or the New York Session, you can do that as well...

The goal is:
We are not obligated to trade the same pairs, but we all have to follow the SAME RULES.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #225
  • Sep 28, 2015 12:45am Sep 28, 2015 12:45am
Strength Scale Update:

Monday, September 28th, 2015

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 134 KB


1. AUD
2. GBP
3. NZD

6. USD
7. EUR
8. CHF
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #226
  • Sep 28, 2015 12:52am Sep 28, 2015 12:52am
My Potential Daily Watchlist :

1. AUD/CHF, M5TF - Market Sentiment: Bullish - I will be looking to place a Long Trade Only
2. EUR/AUD, M5TF - Market Sentiment: Bearish - I will be looking to place a Short Trade Only
3. AUD/USD, M5TF - Market Sentiment: Bullish - I will be looking to place a Long Trade Only

4. GBP/CHF, M5TF - Market Sentiment: Bullish - I will be looking to place a Long Trade Only
5. EUR/GBP, M5TF - Market Sentiment: Bearish - I will be looking to place a Short Trade Only
6. GBP/USD, M5TF - Market Sentiment: Bullish - I will be looking to place a Long Trade Only

7. NZD/CHF, M5TF - Market Sentiment: Bullish - I will be looking to place a Long Trade Only
8. EUR/NZD, M5TF - Market Sentiment: Bearish - I will be looking to place a Short Trade Only
9. NZD/USD, M5TF - Market Sentiment: Bullish - I will be looking to place a Long Trade Only


Trade Logic

#1 Identify the Current Market Trend or Market Sentiment
#2 Wait for the Exact Signal that matches the Trend
#3 Execute the Trade

Goals:

We are trying to make close to 25-50pips Profit per Trade, and look to risk between 15-25pips
(Stop-Losses are manageable when you trail them )
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #227
  • Sep 28, 2015 1:19am Sep 28, 2015 1:19am
Note:

A few minutes ago AUD and NZD were very Strong, and now I see both of them going to the Weak Side...

Since, I already selected my watchlist, I will monitor my pairs until I can find a clear signal on the Direction
that I wanted to go.

If any of you guys scan the Market a few minutes after me, you can follow your rules and trade based on what
your watchlist says....

The first day of the week can be a bit confusing, because everybody is looking for a Clear Direction, and I think
this is the perfect time to let the Market decides for us, and hopefully we can trade at ease throughout the week.

I hope that some of you truly understand the process behind selecting your watchlist for the day....

OctaveJay
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #228
  • Sep 28, 2015 1:39am Sep 28, 2015 1:39am
Quoting OctaveJay509
{quote} Hi Uniubi, There's nothing to be confused about. As a trader, you have to have a specific time in the Market where you would want to trade....The idea of "scanning the Market" is where a trader takes a screenshot of all the Currency Strengths/Weaknesses and select his/her watchlist from there... I live in the U.S, and it's hard for me to be on time to trade the London Open, but I always like to scan the Market after LO to get great Setup... If you trade the Asian Session or the New York Session, you can do that as well... The goal is: We...

Hai Jay, Noted with thanks for your recommendation. Actually i don't have any specific time in the market where i will wake up from bed try to trade if any news appear on that given time. Anyway, i don't understand what did you mean by " to get great setup". How to analysis for that?
  • #229
  • Sep 28, 2015 2:10am Sep 28, 2015 2:10am
Quoting Uniubi
{quote} Hai Jay, Noted with thanks for your recommendation. Actually i don't have any specific time in the market where i will wake up from bed try to trade if any news appear on that given time. Anyway, i don't understand what did you mean by " to get great setup". How to analysis for that?
Hi Uniubi,

You are welcome, and I am very glad that you are asking questions, and it tells me that you are willing to learn and understand the Market better. The moment you have an idea of where the Market is most likely to go, this is where you need to start doing your Analysis because the Majority of traders will be looking at the same Direction to trade the Market....

95% of traders tend to look for their favorite pairs to trade, but the 5% of traders look for trade Setups.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #230
  • Sep 28, 2015 2:14am Sep 28, 2015 2:14am
Hi Guys,

On page 1 there is an indicator "buy_sellpoints", would it be possible to put an alert on this indicator?

Will then show you guys a simple way I use to get rid of "fake" entries.

Have two other indicators I use that I would like to put an alert on too, will show you guys how I use it too.

Many thanks!
kevinfxtrader blogspot com; 50 PIPS Per Day
  • #231
  • Sep 28, 2015 2:36am Sep 28, 2015 2:36am
Quoting OctaveJay509
{quote} Hi Uniubi, You are welcome, and I am very glad that you are asking questions, and it tells me that you are willing to learn and understand the Market better. The moment you have an idea of where the Market is most likely to go, this is where you need to start doing your Analysis because the Majority of traders will be looking at the same Direction to trade the Market.... 95% of traders tend to look for their favorite pairs to trade, but the 5% of traders look for trade Setups.

Hai Jay,

I guess i get some hints from you now. Is it like as you have mentioned previously, trade [(AUD pairs during Asian session); (GBP during London session); (EUR pairs during New York Session)].

So means if i prefer Asian session, then better for me choose one or two pairs from AUD then start to do market analysis to keep track the movement everyday then find its trend market?

Correct me if i am wrong please. I am really glad u are willing to open mind to teach where Forex in my country is illegal so i don't have anyone can ask around. Thank you again.
  • #232
  • Sep 28, 2015 2:53am Sep 28, 2015 2:53am
Quoting Uniubi
{quote} Hai Jay, I guess i get some hints from you now. Is it like as you have mentioned previously, trade [(AUD pairs during Asian session); (GBP during London session); (EUR pairs during New York Session)]. So means if i prefer Asian session, then better for me choose one or two pairs from AUD then start to do market analysis to keep track the movement everyday then find its trend market? Correct me if i am wrong please. I am really glad u are willing to open mind to teach where Forex in my country is illegal so i don't have anyone can ask around....

Yes, you are absolutely Correct Uniubi...This system is designed to trade around News Event.... Whenever we have AUD news, them pairs are going to move nicely, and you will have a clear Direction, and same thing works for GBP during London Session.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #233
  • Edited 3:15am Sep 28, 2015 2:57am | Edited 3:15am
Hai Jay, noted with thanks. I will try it out

One more question please in the picture of white circle. I don't understand what is the different between the Small (Buy Sell point) and Big (Knoxvillie Divergence) uptrend arrow. How to see and differentiate them? Thanks.
Attached Image (click to enlarge)
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  • #234
  • Sep 28, 2015 3:08am Sep 28, 2015 3:08am
Quoting Uniubi
Hai Jay, noted with thanks. I will try it out
You are welcome!

Trading this Market is a Daily grind, and as long as you are willing to learn and implement new ideas, you will do very well mate in a long run. As of right now, you should be focused on the PROCESS....
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #235
  • Sep 28, 2015 3:22am Sep 28, 2015 3:22am
There's a lot of indecision in the Market right now, and I think that I am going to hold my Long Trades on AUD/USD and GBP/USD.

It's going to be interesting to see how they turn out... The rest of the day will be dominated by USD News.

Keep your eyes open on them news guys!

Later

OctaveJay
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #236
  • Sep 28, 2015 3:28am Sep 28, 2015 3:28am
Quoting Uniubi
Hai Jay, noted with thanks. I will try it out One more question please in the picture of white circle. I don't understand what is the different between the Small (Buy Sell point) and Big (Knoxvillie Divergence) uptrend arrow. How to see and differentiate them? Thanks. {image}
You need to use my template, because your settings are different....
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #237
  • Edited 4:35am Sep 28, 2015 3:38am | Edited 4:35am
Quoting OctaveJay509
{quote} You need to use my template, because your settings are different....

Hai Jay, I don't understand. I am using all your indicators. I am following you all the way but only change the color of the arrow.
  • #238
  • Sep 28, 2015 10:38am Sep 28, 2015 10:38am
Quoting Uniubi
{quote} Hai Jay, I don't understand. I am using all your indicators. I am following you all the way but only change the color of the arrow.
If you are using all my indicators, I think that you are actually using all the Default settings...I do have different settings on all my Indicators....

Deep Bar Indicator Settings:
Attached Image (click to enlarge)
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Buy-Sellpoints Settings:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 138 KB


Knoxville Divergence Settings:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot3.png Size: 161 KB


BBand Stops Level Settings:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot4.png Size: 152 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #239
  • Sep 28, 2015 10:56am Sep 28, 2015 10:56am
I wanted to go LONG on AUD/USD because that was my initial Bias, but the Momentum changed on me, and I had to
pay for it. Now, I decided to go Short on AUD/USD....

I don't know for how long the Bearishness is going to stay, but I am simply targeting a few pips now. I would say about 47Pip Target.

Let's see how it turns out:

Attached Image (click to enlarge)
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Note: 0.69847 needs to be broken in order to confirm More Bearish Momentum.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #240
  • Sep 28, 2015 10:29pm Sep 28, 2015 10:29pm
Cool Jay, now i can see more easily on those lines. i will have clear look and try understand later. Thanks mate!
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