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Daytrading/scalping with high leverage - my proven strategy

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  • #8,641
  • Apr 10, 2017 7:33am Apr 10, 2017 7:33am
Quoting dominick1982
{quote} Yes, it was around that time. Thanks for the explanation, I am still learning how to read charts, this really helps. As you said, should have entered about 30 minutes earlier, when it broke through the 62% level. Instead, I entered after it came back down from 100% and bounced of the 62. Had the trend continued up, I should have entered again when it broke 100, right? As that level acted as resistance in the previous high?
sorry late reply it's holy week here in the Philippines

If the pattern completes at 1:1 or 62% completion watch if you get an ichimoku cross going the other way. If the push have strength going more than the 1:1 move of the pattern completion the goons who moved it really means business and there's a good change it will pull back a little then keep going higher. But, during news time this does not apply as sometimes it pushes really hard then reverse really hard. But as for me, I am able to determine if the goons will keep it going or reverse it the other way during news time. Well, I can't show all my secret right hah hah.

Good luck
  • #8,642
  • Apr 10, 2017 7:34am Apr 10, 2017 7:34am
OH? There's a Babon EA now? https://www.forexfactory.com/showthread.php?t=654432
  • #8,643
  • Apr 10, 2017 7:46am Apr 10, 2017 7:46am
Low volume during US session Probably lots of fade o rama today The yellow line on my volume chart is the daily average volume and we are below the daily average.
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  • #8,644
  • Apr 24, 2017 5:59am Apr 24, 2017 5:59am
EJ re-testing the broken upper trend line. If it holds here may go up more. This is what some others called a runaway gap (contrary to gap fill). Let's see what happens.

I have a long entry earlier but hit my trailing stop for a small profit. ugghhh....

So far, it's bouncing from 162 still a good sign for the bulls.
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  • #8,645
  • Apr 24, 2017 9:14am Apr 24, 2017 9:14am
Let's see what direction EURUSD decides to take...

Still reading the thread, I am at page 275 now :-) I switched from Favorite's strategy to Igor's / Condor666's now. Trade in the direction of the H1 and TMA5 trend, if price breaks through the cloud and both Kijun and Tenkan lines. So far 100% hit rate with 5 trades, trading at work
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  • #8,646
  • Apr 24, 2017 11:34am Apr 24, 2017 11:34am
Quoting dominick1982
Let's see what direction EURUSD decides to take... Still reading the thread, I am at page 275 now :-) I switched from Favorite's strategy to Igor's / Condor666's now. Trade in the direction of the H1 and TMA5 trend, if price breaks through the cloud and both Kijun and Tenkan lines. So far 100% hit rate with 5 trades, trading at work {image}
wow all the way from page one huh. good for you. I'm done trading after 8am PST. But now price action might be threatening the 262% fib area of EJ before deciding again where it wants to go. Well, I'll see what it does tomorrow. I'm done for the day.
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  • #8,647
  • Apr 24, 2017 8:41pm Apr 24, 2017 8:41pm
Quoting maflip
OH? There's a Babon EA now? https://www.forexfactory.com/showthread.php?t=654432
Hi guys,

What are your thoughts on this one ??
  • #8,648
  • Apr 27, 2017 7:39am Apr 27, 2017 7:39am
OMG guys I was trying to exit at 200% fib but it exited me at 15+ pips more extra. Wow positive slippage. This is a lucky day hah hah hah.

Anybody else got lucky in this up move? hah hah

But dammit it's still going up. lol

This is not news trade ECB has been out and unemployment has been out. just got really lucky.
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  • #8,649
  • Apr 27, 2017 7:51am Apr 27, 2017 7:51am
Quoting maflip
OMG guys I was trying to exit at 200% fib but it exited me at 15+ pips more extra. Wow positive slippage. This is a lucky day hah hah hah. Anybody else got lucky in this up move? hah hah But dammit it's still going up. lol This is not news trade ECB has been out and unemployment has been out. just got really lucky. {image}
so I see it was freakin Draghi talking that made this move. This is why I always have a stop loss lol.
  • #8,650
  • Apr 27, 2017 7:53am Apr 27, 2017 7:53am
Quoting maflip
OMG guys I was trying to exit at 200% fib but it exited me at 15+ pips more extra. Wow positive slippage. This is a lucky day hah hah hah. Anybody else got lucky in this up move? hah hah But dammit it's still going up. lol This is not news trade ECB has been out and unemployment has been out. just got really lucky. {image}
You need a little bit of luck in forex sometimes..!

What are your entry criteria, I notice you mainly use Fibonacci on your charts. You don't use Ichimoku or babon at all?
  • #8,651
  • Apr 27, 2017 7:55am Apr 27, 2017 7:55am
Quoting dominick1982
{quote} You need a little bit of luck in forex sometimes..! What are your entry criteria, I notice you mainly use Fibonacci on your charts. You don't use Ichimoku or babon at all?
I use fibs to measure the swings it's easier than dragging the crosshairs around. When you see the swings you can also measure target profit. Also, as I mentioned on earlier post I also use it to verify if an impulse move have got good juice to continue or not. I do use Ichimoku but after a major news release I watch price action. I set aside Ichimoku, indicators etc. Usually I look for fakeouts after a major news is release.
  • #8,652
  • Apr 27, 2017 8:00am Apr 27, 2017 8:00am
Quiet before ECB then Big volume then no follow through most likely is a fake out.
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  • #8,653
  • Apr 27, 2017 8:03am Apr 27, 2017 8:03am
Possible head and shoulders? But I think Draghi is not yet done yapping.
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  • #8,654
  • Apr 27, 2017 8:08am Apr 27, 2017 8:08am
Quoting maflip
Possible head and shoulders? But I think Draghi is not yet done yapping. {image}
Yeap she's going down. Hope you guys are short.
  • #8,655
  • May 1, 2017 12:10pm May 1, 2017 12:10pm
Who is into Elliot Wave? I counted wave 5 completed on GU and a bounce up a fractal which in a couple of days/weeks could target the 162% fib on my chart. If wrong however, stop is 800 pips hah hah. If right could generate 600 - 800 pips or more in profit. This chart is from a weekly ok.

Just a guestimate.

You can say Maflip Elliot wave sucks yada yada yada. It's ok lol

I posted just cause chart looks interesting.
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  • #8,656
  • May 9, 2017 7:14am May 9, 2017 7:14am
Quoting SolidusDex
{quote} Hi guys, What are your thoughts on this one ??
After having spent a month running it on demo, I think it is a decent start but very incomplete. The exit algo seems to be either TP or SL and nothing else. So trades are not cut short on signal break downs even if it goes TMA M1 above/below the cloud the opposite way. it would not recommend trading it with real money as a hands free EA at this stage of development. Just my .02

i have taken it off demo and will wait and see if any improvements are made. If there are I will test again. But as of this moment it is not worth it.
  • #8,657
  • May 14, 2017 8:11am May 14, 2017 8:11am
Hey guys,
This thread is way too long for one person to read - even in several sittings. I don't object to doing the hard work but in order to know whether it meets my trading criteria and personality could those of you who've been using this for a reasonable length of time provide some stats:

 

  1. % Wins
  2. Average pip gain
  3. Average pip loss
  4. number of trades per day/week/total
  5. average trade length
  6. pairs traded
  7. Best session to trade
  8. etc.


I've been trading for over a decade but am now at a stage where I want to reduce screen time as I realize over the years I've become a bit of a chart junkie at the cost of watching my kids grow up.
My preference is for a system with over 80% win rate with clearly defined, objective rules. 10-20 pips per trade, and up to 3-4 hours screen time per day.

Thanks.

The Market can Remain Irrational Longer than You can Remain Liquid
  • #8,658
  • Edited 7:22am May 18, 2017 7:10am | Edited 7:22am
Quoting Calculated Risk
Hey guys, This thread is way too long for one person to read - even in several sittings. I don't object to doing the hard work but in order to know whether it meets my trading criteria and personality could those of you who've been using this for a reasonable length of time provide some stats: % Wins Average pip gain Average pip loss number of trades per day/week/total average trade length pairs traded Best session to trade etc. I've been trading for over a decade but am now at a stage where I want to reduce screen time as I realize over the years...
FWIW.....i understand your reasoning for the questions, but given the subjective nature of both the entry and the exit and interpretation of the BIG Picture, i think you need to see if the style fits you personally. I can say that the system works. I trade EJ, GJ, EU, GU, UCAD, AJ.

ASIA: 1 hr before TOKYO open - trade window of 2 hrs . usually one nice move to start the day. pay attention to days where previous day ended at an extreme.

EUROPE: 1 or 2 hr before London open to 11 am London time. this hits the Asian close and the European first two hours.

USA: 9 am EST to 12 EST.

Basically trade first two and last two of any market session.

There are more than enough trades during any session to make bank.

*****Note: i have been trading for 15 years now. This is all I trade. I also re-read the thread at least 2 times a year, and pick up new nuggets each time still. It is well worth your time. In order to save time, read all posts by Fav only if you are trading his method.
  • #8,659
  • May 18, 2017 8:19pm May 18, 2017 8:19pm
I agree with Panamamike. dna's concept is working well for me. Fav's method is the best combo for DNA MM.

Anyway, I am a new trader(3 months of experience). But Fav strategy is so easy to follow even for a newbie like me. I just managed to finish 50% of this thread and start trading on my demo account 2 days ago. 7 trades, 6 winners 1 loser, 30% gain for my account in 2 days.

The best thing is I only trade 2-3 hours max(London session) which is good for my living style. I am so happy to discover this working MM and strategy. This definitely helps me a lot in my journey to be a professional trader.

Thanks Fav and DNA
  • #8,660
  • May 18, 2017 11:09pm May 18, 2017 11:09pm
Yup good volatility so far this week. Even Dax has been giving away money like an ATM machine right now. What you need to learn now is when not to trade.

BTW 100 pip drop on GU hah hah for me it may look like a dump then pump. If that 100 pip drop does not have a follow through may go up even more.
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