Trading strategy #5053 :>)

The psychology is the deciding factor. Every time. Can't stress enough how significant the psychology is.
The strategy is there but the discipline also has to be there. The mind is a tricky fellow. Not always the best of friends.
I got up late. Wanted to be up by London open but... forget to put the alarm to on.
The signal was there at London open but I was an hour late. A strong downtrend in progress.
Stupid mind looks and says, "Oh it's a strong trend. It's okay to enter now."
Yes, it would be if the strategy was to stay in for a while with a wide stop.
But that isn't the strategy which is to catch a breakout for 5 pips with a tight stop.
I may have to smack my mind around a bit so it becomes a good trading partner.
So I entered short.... mind saying, "It's only 5 pips. It'll go."
It is the mind. it is not the strategy.
This is the battle. Not just for me but I think for everyone who is trying to be successful at this.
So, yes it is strong downtrend, but now it has gone into consolidation.
So I exited with a 5 pip loss.
I have all day to find proper signals and 2 winning trades will erase the loss for a net gain.
The consciousness has to be right.

Okay here's a legitimate signal.
Drifting lower with an hour to go before NY open.
Okay it was good.
I really didn't want to still be in the position when NY opened. But it was okay.
So we're at break even for the day.
One more trade and it will be 5 pips for the day.
If this is a consistent winner it doesn't need to bring in a lot of pips.
Money management can make it very profitable.
So take a break. No significant data.
In 30 mins. bunch of stuff from Canada. Will check back to see if there any effect on EURUSD.
USDCAD might move.

There's the USDCAD... data (steroids)
It's Friday. Nothing to really drive the markets. So that's probably it for today.
I'll check every now and then... Like when NYSE opens in 40 mins.
And just before London closes...
So one loss... lack of discipline the culprit.. the mind..
And two wins. So net gain for the day.

Made 31 pips this week using this approach!

Wawhooooooooo!
Happy to hear. Don't let it go to your head. Stay disciplined.

These are the results for one day backtesting in a training expert adviser which simulates market activity on any given day(days) in the past.
Here is the training expert adviser.
Discipline discipline discipline.
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This is looking very very good. The set up very predictable.
This will catch a breakout on the 5 min for 5 pips with a 10 pip stop only getting hit rarely.
Two or three signals per day.
I don't need a lot of pips to make a good profit. I just need reliable consistent positive performance.
This looks like it can do that. Keeping me out of consolidations.
The set up always looks the same and performs the same.
Liking this a lot.
Money management can adjust the profit.

Have your strategy..
Have your goals..
Be prepared to be patient.
Discipline... Discipline...Discipline...

Looking for quick 5 pips..
They maybe be more easily found on the 15 minute chart.
It looks like the trade can be taken long when cci goes above 100 and the yellow adx line is tending above 20.
And vice versa short cco goes below 100 and yellow adx (trend strength) is falling.

And

When cci drops below 100 and the yellow adx line is falling.
And vice versa short. cci goes above -100 and yellow adx (trend strength) is falling

Playing around in the trading simulator ea... (file for download is on the first page)
This is what the trades look like these were the nice results.

How to get this thing to perform.... Yikes. I like it a lot. Easy for me to see. But how to tune it? Not even sure which time frame. Looking at 4 hour.
With 60 stop and 60 tp.
On the 5 min there were three good trades. But I got in late for the first one and it was stopped out.
So immature... Even after so many years trying to trade.
Because of getting i n late and as a result stopped out, I got "angry at the market" Why can;t I control this stupidity?
So I just entered more or less happenstance. But was lucky. Two good trades.
But this not the way to trade successfully. In the end this makes big losses. Worse if the first few times the trades a winners. then it becomes a habit.
I'm going to get this under control.
I think the four hour will be a little calmer.
I need to consider the candle action in relationship to the bollinger bands. This is a really good indication of direction of the trade at least short term.
When the candle closes outside after a run and then the next candle closes inside the direction will change and usually correct at least to the 20 and then either continue in the changed direction to reach the opposite band or resume the original trend.
I didn't pay attention to the bands here and got in short too early.

Okay this seems to be a significant factor...
Candles and the bollinger bands.
Another good trade (long) considering adx and the bb bands. not the cci cross but is oversold.

Even if there were a signal on cci I probably wouldn't take it, bands are narrowing and price is hovering on the 20.
Considering the candles in relation to bb bands is going to make the difference for this strategy, I think. I hope.

Just looking at the bands and the candles here...
Should be good for 5 pips short...
Time of day, no data or news..

Didn't stay in the whole time. Sometimes the price will bounce off the 20. Caught a little something..
it had a lot more to go... better safe than sorry..

Looks like a variable strategy.
Sometimes based on the bb bands and candles, if it doesn't go completely against the other indicators.
And sometime the other indicators take precedence if it is strong move.

Will be seeing how this works on the 4 hour with 60 tp and 60 sl
and the 1 hr.