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

  • #1,221
  • Jan 19, 2017 11:36am Jan 19, 2017 11:36am
USD/CAD, H4TF

Way too High for me to get in again, but I will wait for the next wave.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2017-01-19 11.35.48.png Size: 111 KB
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #1,222
  • Jan 19, 2017 11:56am Jan 19, 2017 11:56am
Quoting OctaveJay509
{quote} No problem mate. csDash.ex4;2147319 This is the template that I use because it reflects my pre-selected watchlist. You can either use it or have your own watchlist by turning off some of the pairs on the original list. !!!CsDash-HonestkNave_2017.tpl;2147322 Massive Credit goes to Aar for referring this great indicator to us, and Honestknave is a Genius..... {file} {file}
Thanks so much!
  • #1,223
  • Jan 20, 2017 1:57am Jan 20, 2017 1:57am
Hello Octave.
I would like to thank you for your initiative to open this thread. I was trying to read all the post but it takes time. I have a feeling that your system is generating green pips. My question is have you done any statistic study about the performance of your system ?
Regards
Mo
  • #1,224
  • Jan 20, 2017 2:57am Jan 20, 2017 2:57am
Quoting kofix11
{quote} Thanks so much!
You are welcome mate.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #1,225
  • Jan 20, 2017 3:19am Jan 20, 2017 3:19am
Quoting mfawaz
Hello Octave. I would like to thank you for your initiative to open this thread. I was trying to read all the post but it takes time. I have a feeling that your system is generating green pips. My question is have you done any statistic study about the performance of your system ? Regards Mo

Hello Mo,

No problem at all, and I should thank you as well for showing some interest and stopping by. Making pips with
this system is the easiest part, but the hardest part is having the ability to build a Trading Plan around that system
and follow it to the T.

I suggested that Traders should focus on trading only 4 pairs a day, and look to make at least 25-50pips per trade.
With that simple approach in mind, you can easily make between 10%-20% per week.

I have done a few studies in the past, and I think that the average winrate is between 65-85%, but I didn't want to
rely on that number too much because this system is based primarily on Fundamental News Trading....

I would appreciate it if you give yourself the last few days of this month to test it out and if it doesn't work out, feel
free to provide some feedback and suggestion....

I am here to help, guide and serve new traders in this business...I don't charge, I only expect 2 hours of your time each
day.

Jay
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #1,226
  • Jan 20, 2017 3:26am Jan 20, 2017 3:26am
Current Market Condition/Sentiment ( Observation ONLY )

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2017-01-20 03.22.17.png Size: 108 KB


Note: Friday Trading is Optional for me, but I will observe the market a little bit and see what
the UK Retail Sales has in store for me...

More News Events coming up during the U.S Session, and keep your eyes Open on USD Pairs.

Good Luck in the market today!


P.S If I don't post anything after 12:00pm, I will see you all next week for some more profits....
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #1,227
  • Jan 21, 2017 1:28am Jan 21, 2017 1:28am
Hello Octave,

I was very busy this week, couldnt trade much. day before yesterday i took a EurJpy long which was gained 1:1. Yesterday i took 2 trades Eurusd long stopped out & NzdJpy short gained 1:1. Ultimately break even. So far 2 weeks with this strategy, 1st week was awesome 2nd week in disaster but still the account is in 26% profit. I believe mistakes are mine. I took some big targeted trades, which i shouldn't have taken. They came to break even but i didnt close still i continued them in profit & loss. Finally i lost most of my gains from last week. I will try to be more strict to rules this week.

Happy weekend everyone.

Cheers.
How big can you think!
  • #1,228
  • Jan 21, 2017 2:10pm Jan 21, 2017 2:10pm
Quoting OctaveJay509
{quote} You are welcome mate! It's not like i ignore them, i chose not to trade them during the London Session on a M5TF; currencies like AUD/CAD, AUD/CHF, NZD/CAD, CAD/JPY and so on are not very consistent at give me a proper 1:1 risk:reward ratio on a Lower TF, but I sometimes find Short-Term Trade setups on them where I would have to hold for up to 3 days. There's no reason to hold a pair for 3 days just to get 25-30pip out of it when you can get that same amount 3-4 times in one day on different pairs. So, I made a decision to have a pre-selected...
How do you make your risk:reward calculation?
  • #1,229
  • Jan 21, 2017 10:41pm Jan 21, 2017 10:41pm
Quoting Aar
Hello Octave, I was very busy this week, couldnt trade much. day before yesterday i took a EurJpy long which was gained 1:1. Yesterday i took 2 trades Eurusd long stopped out & NzdJpy short gained 1:1. Ultimately break even. So far 2 weeks with this strategy, 1st week was awesome 2nd week in disaster but still the account is in 26% profit. I believe mistakes are mine. I took some big targeted trades, which i shouldn't have taken. They came to break even but i didnt close still i continued them in profit & loss. Finally i lost most of my gains from...
Knowing what went wrong gives you more incentives to reduce the amount of mistakes you make
each week as a trader. It shows that you have the ability to acknowledge your decisions and grow from
there...

This is the kind of traders that I want to help and the kind of traders that I want to learn from. I do
make mistakes every single day, and I am okay with that because I can turn that mistake in my favor.

Last Tuesday was very clear to me. I wanted to trade the UK Prime Minister Speech, but the timing wasn't
right. Nobody knew what time exactly the speech was, and I found out 3 minutes before bed time...

Right now, I have a choice to either trade before Bed or After... Btw, there's nothing wrong reaching for
larger Targets. You simply need to switch your thought process or your approach...

Like I said before when you Day-Trade the market, you use the Low TF Market Bias, and when you Swing-Trade
the market, you use the High TF Market Bias on that Dashboard.

Next week is going to be a brand new week. I expect some profits for all of us. I just can't wait!!!
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #1,230
  • Jan 21, 2017 10:54pm Jan 21, 2017 10:54pm
Quoting Bluebird889
{quote} How do you make your risk:reward calculation?

The short version is I studied each Currency Pair for a period of time and measured each pullback on
a trending Market, and took away the average drop from M5TF to H1TF and then compare it with the Daily
Range.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #1,231
  • Jan 23, 2017 12:21am Jan 23, 2017 12:21am
Weekly Economic Calendar Update ( Jan 23rd - Jan 27th, 2017)


Inserted Video





Source : Jarratt Davis
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #1,232
  • Jan 23, 2017 12:47am Jan 23, 2017 12:47am
Trend Direction and Strength ( CsDash )

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2017-01-23 00.44.59.png Size: 68 KB



I had a small short trade on both UCAD and UJ; and then a quick buy on GU and EU.


Note: I will not be trading during the London Open, but I will look for opportunities at the end of the Trading
Day.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #1,233
  • Jan 23, 2017 1:20am Jan 23, 2017 1:20am
Quoting OctaveJay509
{quote} Knowing what went wrong gives you more incentives to reduce the amount of mistakes you make each week as a trader. It shows that you have the ability to acknowledge your decisions and grow from there... This is the kind of traders that I want to help and the kind of traders that I want to learn from. I do make mistakes every single day, and I am okay with that because I can turn that mistake in my favor. Last Tuesday was very clear to me. I wanted to trade the UK Prime Minister Speech, but the timing wasn't right. Nobody knew what time exactly...
Hi Octave,

Thanks for the kind words. I would love to learn a lot from you. I will be watching that video you just posted. Waiting for your daily watchlist.

There is a CAD medium impact news in 6 hours. Will see the CAD sentiment after that.

Cheers.
How big can you think!
  • #1,234
  • Jan 23, 2017 7:59am Jan 23, 2017 7:59am
Cad news came out. She was strong currency before the news, now she's the weakest one on the list.
Attached Image (click to enlarge)
Click to Enlarge Name: Cad news todays.png Size: 66 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Csdash todays.png Size: 60 KB
How big can you think!
  • #1,235
  • Jan 23, 2017 2:17pm Jan 23, 2017 2:17pm
Hello Octave,

I was trying some swing trades today. I was stopped out in the following pairs:
EurAud long (planning to enter again from a suitable point), NzdJpy short, GbpJpy short, UsdJpy short, CadChf short.
Caused me a drastic loss almost blew up my account.
Reason for failing : Didnt analyze properly & lack of patience, i just jumped in, mainly SL was not placed properly, all the trades are moving in my favor now. Will look for suitable entry point again.

These are the current trades in progress. Have to watch them carefully. I am using Heiken Ashi Candlestic for analyzing (sorry for using it on your thread as you always suggested to use bar chart). I am a big fan of Ichimoku Kinko Hyo, always tried to implemented in all strategies i tried. I used it for analyzing too but removed them before uploading the screenshot, because it will clutter & confuse other readers. SL was placed below kijun sen line of 4 hour chart. But the failing trades SL was placed below the Kijun sen line of 1 hour chart. I am still to the basic of your strategy, choose pairs from strength meter & look for suitable entry point.

AudJpy short
Attached Image (click to enlarge)
Click to Enlarge Name: AudJpy 23rd.png Size: 45 KB

CadJpy short
Attached Image (click to enlarge)
Click to Enlarge Name: CadJpy 23rd.png Size: 40 KB

EurCad long
Attached Image (click to enlarge)
Click to Enlarge Name: EurCad 23rd.png Size: 41 KB

GbpCad long
Attached Image (click to enlarge)
Click to Enlarge Name: GbpCad 23rd.png Size: 48 KB

GbpUsd long
Attached Image (click to enlarge)
Click to Enlarge Name: GbpUsd 23rd.png Size: 43 KB


Current trade updates
Attached Image (click to enlarge)
Click to Enlarge Name: Current trade update 23rd.png Size: 16 KB


Placed a UsdJpy pending order on chart, if she breaks that level
Attached Image (click to enlarge)
Click to Enlarge Name: UsdJpY pending order.png Size: 50 KB


Cheers.
How big can you think!
  • #1,236
  • Jan 23, 2017 9:09pm Jan 23, 2017 9:09pm
Quoting Aar
Caused me a drastic loss almost blew up my account.

Over leveraging.

I was Stopped out on GbpJpy NzdJpy shorts also.

Happens...
Attached Image
  • #1,237
  • Jan 24, 2017 12:20am Jan 24, 2017 12:20am
Quoting myke3295
{quote} Over leveraging. I was Stopped out on GbpJpy NzdJpy shorts also. Happens... {image}
Right mate. A sudden spike came in, SL was hit.

When SL hit
Attached Image (click to enlarge)
Click to Enlarge Name: keep calm.jpg Size: 43 KB
How big can you think!
  • #1,238
  • Jan 24, 2017 12:24am Jan 24, 2017 12:24am
Trade updates:

All those trades on post#1235 still in progress, currently at 150 pips in total. Gbp high impact & Eur, Usd medium impact news are there. Will keep an eye.

UsdJpy pending order still not triggered, consolidating now.
Placed a pending order on GbpAud.
Attached Image (click to enlarge)
Click to Enlarge Name: GbpAud po 24th.png Size: 48 KB


Cheers.
How big can you think!
  • #1,239
  • Jan 24, 2017 12:55am Jan 24, 2017 12:55am
Quoting Aar
Trade updates: All those trades on post#1235 still in progress, currently at 150 pips in total. Gbp high impact & Eur, Usd medium impact news are there. Will keep an eye. UsdJpy pending order still not triggered, consolidating now. Placed a pending order on GbpAud. GbpAud po 24th.png;2152813 Cheers. {image}

Hello Aar,

Thanks for taking over for me while I was out. I did read some of your replies through my phone, but I
couldn't reply back... Heiken Ashi is fine, I am just not too familiar with Ichimoku Cloud....

I got a few news updates on my phone and I think that President Trump is messing around with
the Market. You need to be very careful on how you trade certain pairs...

I hope that you recover quickly from your losses mate.

By the way, when you find a setup on H4TF, always trade it on M30TF or M15TF so that your risks stay
between 25-30pip...

My Logic is if I want to get into a trade and I have to risk more than 30pip, I would use a pending order
instead. Anyway, the trading week is till young, I am very certain that you are going to find more Ops soon.
Have an INVESTOR Mindset, but Trade like an ENTREPRENEUR
  • #1,240
  • Jan 24, 2017 1:12am Jan 24, 2017 1:12am
Hello Octave,

Thanks mate for the suggestions. You told in your previous posts if analyzing in H4 chart trade from M30 chart. Good idea. I will try that.

Ok i will keep an eye on the news.

I am trying pending orders now, so far 3 placed, waiting for them to trigger.

This one is the new one
EurAUd placed pending order
Attached Image (click to enlarge)
Click to Enlarge Name: EurAud po 24th.png Size: 49 KB


Waiting for your daily watchlist analysis.

Thanks.
How big can you think!
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