High Probability Insight: Day-Trade Daily Momentum on M1/M5TF | Page 42 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Daily Trading Strategy [ADR + RSI = High Probability] 904 replies

High probability trade setups for day trades and swing trades 4 replies

What is a 'high probability' trade? 7 replies

High Probability Trade Setups 212 replies

what can keep a working strategy to always have a high probability to win each trade? 9 replies

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

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

  • #821
  • Aug 23, 2016 11:30am Aug 23, 2016 11:30am
Quoting Masterrmind
Long GN {image} Any sign of resistance at the next level up and it may be cut short. Trade given plenty of room to breathe currently a stop of 65 pips and a TP to match. Lets see! Masterrmind...........

GN is moving nicely right now....
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #822
  • Aug 23, 2016 11:40am Aug 23, 2016 11:40am
EUR is Weak / CAD is Strong = Short BIAS

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-08-23 11.35.49.png Size: 111 KB



Current Market Sentiment ( Strength Meter )
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-08-23 11.35.30.png Size: 108 KB



Note: I will consider this as a Short-Term Play because of the Harmonics, but I won't mind to get in/get out
at times....I closed a short trade this morning, and will look to find another entry.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #823
  • Aug 23, 2016 9:21pm Aug 23, 2016 9:21pm
Quoting OctaveJay509
{quote} GN is moving nicely right now....
Yes 65 pips in the bag to anyone who followed that trade.

DD blew out to about 30 odd pips but I rarely trade this giant with a stop less than 50-60 pips since it has some nasty almost random swings.

Onto the next trade setup.

Masterrmind............
Master your Mind then Master your Trades
  • #824
  • Aug 24, 2016 1:44am Aug 24, 2016 1:44am
Quoting Masterrmind
{quote} Yes 65 pips in the bag to anyone who followed that trade. DD blew out to about 30 odd pips but I rarely trade this giant with a stop less than 50-60 pips since it has some nasty almost random swings. Onto the next trade setup. Masterrmind............


Well done on that trade!

I will be okay at any given moment to give GN a 60pips Stop. I have learned my lessons on this pair
on 3 occasions while i was using a 30pips Stop...

Price wasn't even close to that zone (Stop Area), I did get stopped out....

Yesterday, I traded NU instead with a 17pip stop, and walked away with a measly 34pips. HAHA!!!
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #825
  • Aug 24, 2016 2:05am Aug 24, 2016 2:05am
Quoting OctaveJay509
{quote} Well done on that trade! I will be okay at any given moment to give GN a 60pips Stop. I have learned my lessons on this pair on 3 occasions while i was using a 30pips Stop... Price wasn't even close to that zone (Stop Area), I did get stopped out.... Yesterday, I traded NU instead with a 17pip stop, and walked away with a measly 34pips. HAHA!!!
Whats on your radar for London Open?

ps. maybe not a lot since its about 3am over your side of the world ..... sleep time ....

Masterrmind..........
Master your Mind then Master your Trades
  • #826
  • Aug 24, 2016 2:19am Aug 24, 2016 2:19am
Quoting Masterrmind
{quote} Whats on your radar for London Open? ps. maybe not a lot since its about 3am over your side of the world ..... sleep time .... Masterrmind..........

There's a Bearish Setup on GU that I have been watching since yesterday, I am not sure yet if today
is the right time to pull the trigger...

I will give it a few hours to establish a proper Trend to the downside, and maybe find an entry point at the U.S Session.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-08-24 02.14.01.png Size: 109 KB


Current Market Sentiment is on Point, but I am just not convinced yet because the proper Stop Loss Area should be
between 45 and 80 pips. It doesn't fit my ideal Stop on my Trading Plan.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-08-24 02.15.17.png Size: 110 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #827
  • Aug 24, 2016 2:51am Aug 24, 2016 2:51am
Quoting OctaveJay509
{quote} There's a Bearish Setup on GU that I have been watching since yesterday, I am not sure yet if today is the right time to pull the trigger... I will give it a few hours to establish a proper Trend to the downside, and maybe find an entry point at the U.S Session. {image} Current Market Sentiment is on Point, but I am just not convinced yet because the proper Stop Loss Area should be between 45 and 80 pips. It doesn't fit my ideal Stop on my Trading Plan. {image}
Exactly!

Allow a trend to show itself!

Masterrmind..........
Master your Mind then Master your Trades
  • #828
  • Aug 25, 2016 1:20pm Aug 25, 2016 1:20pm
Good stuff Jay! Keep up the great work!
If you are good at something, never do it for free--Joker
  • #829
  • Aug 26, 2016 2:15pm Aug 26, 2016 2:15pm
Quoting jmn5611
Good stuff Jay! Keep up the great work!
Thanks Jim!

Will do, for sure mate!
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #830
  • Aug 26, 2016 2:23pm Aug 26, 2016 2:23pm
Yellen Says Rate-Hike Case ‘Has Strengthened in Recent Months’

Federal Reserve Chair Janet Yellen said the case to raise interest rates is getting stronger as
the U.S. economy approaches the central bank’s goals.

“In light of the continued solid performance of the labor market and our outlook for economic
activity and inflation, I believe the case for an increase in the federal funds rate has strengthened
in recent months,” she said in a speech Friday to central bankers and economists in Jackson Hole, Wyoming.

Yellen also said the economy is “nearing” the Fed’s goals of full employment and stable prices. The Fed chair
didn’t discuss the specific timing of a rate move in her first public comments since June.

“September is certainly on the table, a possibility, and being considered,” said Laura Rosner, senior U.S. economist
at BNP Paribas in New York. “She strongly is keeping that in place. I think she’s putting the emphasis on the data
and how the labor market performs, and that’s really what we should be watching.”

The Federal Open Market Committee raised its target for the Federal Funds Rate to a range of 0.25 percent in
December, after keeping the benchmark near zero for seven years.

The FOMC's next meeting is on Sept. 20-21.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #831
  • Aug 29, 2016 12:58am Aug 29, 2016 12:58am
Current Market Condition/Sentiment ( Observation Only)

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-08-29 00.52.56.png Size: 101 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #832
  • Aug 29, 2016 1:14am Aug 29, 2016 1:14am
This is a Weekly Setup

Based on the Current Market Condition, I notice that CAD is Weak and CHF is Strong, therefore this might be
a great opportunity to go SHORT by using the Bearish Shark Pattern as an excuse for Entries.

2 Things need to happen:

1- I expect the Current Market Condition to maintain itself throughout the Week or the first two days of trading

2- I would like to see a Bearish Signal on M30TF ( Bearish Arrow Signal matches with Deep Bar ind Signal)


Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-08-29 01.13.08.png Size: 103 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #833
  • Aug 30, 2016 12:17pm Aug 30, 2016 12:17pm
Whats up. I see you haven't given up. Ive been digging around different currency strength indicators and having little luck. My equity curve goes sideways for the most part. currently its diving down into my capital. What about you find anything worth mentioning that you've learned?

regards,
Jon
  • #834
  • Aug 30, 2016 2:19pm Aug 30, 2016 2:19pm
Quoting thjw
Whats up. I see you haven't given up. Ive been digging around different currency strength indicators and having little luck. My equity curve goes sideways for the most part. currently its diving down into my capital. What about you find anything worth mentioning that you've learned? regards, Jon

Hi Jon,

It's been awhile my friend...Glad you stopped by...Anyway, this is a long-term project, and I will never
give up since I figured it out.....

I layed out the Blueprint a long time ago, and it's just a matter of a personal decision for each person
to see through and take it away what they need from that system to make it work based on their
own personalities.

The system works really great around High-Impact Risk Events, and now I am simply using the Higher
Time Frame to improve on my impatience...

Nobody has any control on how long the Daily Sentiment is going to last, your job as a trader is to find
great setups on Higher Time Frame, and wait for the Daily sentiment to match with the Overall Market
Trend.

From that point on, you can go to a Lower TF and open as many positions as you want. Building Confidence
is the secret Sauce....Higher TF will definitely help with that......

Later
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #835
  • Aug 30, 2016 5:51pm Aug 30, 2016 5:51pm
Sounds cool my friend.

The only problem I have with trading Strongest/Weakest on the forex meter is it seems to me by the time you climb on board the move has usually already been made. To me I'm looking at the exact opposite. Trade strength as potential weakness and vice versa. I'll review your posts and try to find a way to trade strength long with a tight stop loss.


https://charts.mql5.com/12/331/eurus...-division1.png
  • #836
  • Aug 31, 2016 2:01am Aug 31, 2016 2:01am
Quoting thjw
Sounds cool my friend. The only problem I have with trading Strongest/Weakest on the forex meter is it seems to me by the time you climb on board the move has usually already been made. To me I'm looking at the exact opposite. Trade strength as potential weakness and vice versa. I'll review your posts and try to find a way to trade strength long with a tight stop loss. https://charts.mql5.com/12/331/eurus...-division1.png
I completely agree with you on that, but there are many ways to fix that problem...I remembered when
I first started using that strength meter into my routine, I was always having a hard time to take advantage of it...

It's a bit late for me right now, and it would take me forever to explain all the other ways, but I will try to do a recap
every other day this coming month and lay out bit by bit on how to take advantage of that strength meter once again.

A quick Example:

Today is Wednesday, Aug. 31st 2016. Time is: 1:30amCST

First thing you do before placing any trades is to go the Economic Calendar, and check out all the upcoming News Events

Attached Image (click to enlarge)
Click to Enlarge Name: CADNewsEvents.png Size: 31 KB


Based on the Red News, we do have some interesting News on USD, CAD, AUD, and China (CNY).

Once, you figure out what's happening throughout the day, you pick 1 specific time to trade the market, and you have to be
in front of your computer 30mns before the actual news release or report...
I mean, give yourself some time to make a quick top down Analysis on Higher TF and all the way to M5TF...

Now, if you are only interested on trading USD News, just pick all the pairs that are related to it and then make a case for
your decisions whether you are going Long or Short, and make sure you come to a conclusion where the Daily Sentiment matches
with the overall Market Trend, and after the News Release, the system will give you the Trigger Signal.

1. Daily Sentiment (Bullish) = Overall Market Trend (Bullish) = BuySignal ( 5 or 10mns later) is the Greenlight

2. Daily Sentiment(Bullish) = Overall Market Trend(Bullish) = SellSignal (5 or 10mns later) ----Completely Ignore that Signal

I hope you see the Bigger Picture....

What I want you to take away from the overall concept is something like this:
H4TF is Bearish, and I think that I am going to find a Bearish Signal on M30TF or M5TF so that I can risk less than 50pips.

To be honest with you, you are going to lose a few trades until it makes perfect sense to you...Give it a shot on Demo, and
let's kill the market Jon. Haha
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #837
  • Aug 31, 2016 2:25am Aug 31, 2016 2:25am
CAD/CHF Update:

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-08-31 02.19.24.png Size: 114 KB


I have been watching this pair since Sunday Night, and the market has been going sideways for the past 2 days...

Today(Wednesday) is going to be the Decision Time...

At 7:30amCST, we are going to have Canadian GDP News

At 9:30amCST, we are going to have US Crude Oil Inventories Report which is going to affect the Canadian Dollar....

I really don't care what the numbers are, I just want CAD to weaken throughout the day, and CHF strengthening a little bit.

I might not get what I want, but the market is going to provide a clear direction for the rest of the week after them news and
maybe a continuation for the next 2 weeks. Now, risking 30pips (SL) without a clear confirmation is ideal, and I can get back in
3 or 4 times later.


=========
Sidenote:

Canadas economy contracted by 0.6% in May, posting the worst GDP reading since March 2009. The sharp
decline was a result of wildfires in Alberta and a slowdown in manufacturing in other areas of the country.
Production fell by 2.4%, and Utilities dropped 1.8%.

Oil prices declined last week after an unexpected inventory build. Crude inventories rose 2.5 million barrels last week
while expected a 500,000 contraction barrels. The inventory buildup is unusual for this time of year where the
demand for motor fuels peaks. This awkward situation changes earlier predictions for the rebalancing of supply-demand
in the third quarter.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #838
  • Aug 31, 2016 9:50am Aug 31, 2016 9:50am
Current Market Condition/Sentiment (Observation Only )

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-08-31 09.40.14.png Size: 112 KB



After the Releases:

Attached Image (click to enlarge)
Click to Enlarge Name: AfterMath_News.png Size: 11 KB


I am a bit surprised by the numbers, and since I can't control the sentiment, I will stick with
my plan and move my SL a bit Lower.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2016-08-31 09.49.42.png Size: 120 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #839
  • Sep 1, 2016 9:09am Sep 1, 2016 9:09am
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy-m15-oanda-division1.png Size: 102 KB
  • #840
  • Sep 1, 2016 11:09am Sep 1, 2016 11:09am
Quoting thjw
{image}
Well done!!
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
2 traders viewing now