10 Pips and 10 percent a day Trade Journal

Hello again Snipe

I’ve had some great initial success with your system
but can you let us know why you don’t trade Fridays?

Due to your personal circumstances?, or have you
found Fridays are more prone to market manipulation?

Regards

I just think Fridays have been bad historically Either lower liquidity or news. No other reason personal preference I guess

I have been busy the last few days combining all my research and looking over the trades and drawdowns also where I got lucky with the news going in my direction.

I have combined what i have learned and the best moving averages into an indicator called ‘Trend is your Friend’ ( it free attached)

Using TheBear multi trend indicator with a set file 20 lwma 60 lwma and 300 lwma (Set file attached)

My Conclusion is as follows:

First let me clarify, Scalping is based on minute-based movement combined with high frequency of trades resulting in small pips per trade adding up to profit.

Question Number 1:

Trend is very important, but how do we know the near-term next few minutes of the trend?

My Answer:

The higher timeframes are the key here right up to 4 hour chart, even when scalping the 1m chart you need to know the trend for all the timeframes. I have developed an Indicator called ‘Trend is your Friend’ it is free to download. It is based on the research done here with moving averages and combining them into a simple to understand indicator.

Question Number 2:

Take profit or let the trade run, when do I get out?

My Answer:

Get out even at 1 or 2 pips if you see the price is hitting S/R. Your not impressing anyone with your 100 pip trade. Do not tell yourself I’m looking for 10 pips on this trade, just get out when you feel price is retracing, Why not let it run for a bit you ask, remember you’re on the 1M Chart another opportunity will come very quickly so bank the pips. Get in Get out.

Question Number 3:

Closing bad trades, where is the final stop.

My Answer:

Draw trend lines based on the 5m Chart. When candle opens on the wrong side of it get out. This will allow your trade the chance to return into profit or less loss. Indicators are very bad at telling you when to get out of a trade, only trust the S/R trend lines, when they break you get out.

Question Number 4

Which pair do I trade?

My Answer:

The pair that is trending, using the ‘Trend if your Friend’ indicator it is easy to see look for large sections on the indicator to be painted one colour either magenta or blue this shows the pair is trending.

How I think I have found the solution

Using the ‘Trend if your Friend’ indicator I get a view of all the major Moving averages direction. I place this on all charts like GBPUSD, GBPAUD, EURUSD etc and then I see which one is trending that’s the one I want to trade today.

Using TheBear Multi Trend with the Set file for 1m scalping I have three lines on the chart nice and clean, when the lines are in order and the correct colour, it’s a trade.

I know I need to go into more detail which I will do, just need some time to write it up with examples so next week I will give you some examples like today’s trading.

Trend is your Friend indicator

Trend is your Friend.ex4 (28.9 KB)

Many thanks for your generous indicator.

Using this Indie, It took me 1 second to identify USDCAD as
being the strongest trending pair and sure enough a very nice
trade was available at NY Open.

Absolute gold dust!

Im glad your using it. :slight_smile:

Just checked for myself on USDCAD for the trade that you did.

Perfect trade setup nice one.

Hi All,

I have done a guide on how to the use the indicator and when to enter trades etc hope you find it easy to understand with screenshots.

We will cover some sections like:

  1. When NOT to trade
  2. How find a trending pair
  3. When to enter trades
  4. Setting a stop loss
  5. When to take profit
2 Likes

As you can see today the Trend is your friend indicator is clearly giving advanced notice that the GBP is a Buy.

Coupled with TheBear multi trend Indicator confirming direction and providing scalping entries

1 Like

Ok so the day looked like it was a downtrend in the European open and it did drop 20 pips before London open.

London tried to pull down but it reversed and i opened a trade when both lines there blue and then some quick scalping, made 11.7 pips GBPUSD 1 lot trades overall and loss trades max draw down was about 5 pips so nothing to panic over there.

Again I closed quickly due to the pivot point and other news that is coming out today also with the UK election tomorrow.

Using Price action along with TheBear multi-trend and Trend is your friend which is not on this chart but I dis use it. I have safe trades in the right direction.

I will keep posting results

UK Election Today.

The idea of this election is so the Conservative party (aka Tories) can increase the number of seats in the Houses of Parliament, so they can push their Brexit deal through.

Teresa May tried the same thing but she lost seats and caused a bigger problem for herself as such did not get the votes needed on her Brexit deal, she resigned.

Boris Johnson is trying the same thing as Teresa May another general election to get more seats to get control over the voting of the Brexit deal.

If he looses seats or does not get enough expect the GBP to drop hard.
If he gets the seats expect GBP to shoot up to new highs.

Anyone got any thoughts? share them here

Hi Snipe

I’ve been finding scalping very hard going this week,
total contrast to last week

Two questions, when you scalp one or two pips, does that actually
cover spread/commission?

if so, what broker are you with?

Secondly, What has been your % Daily profit this week?

I would guess a bit down but I’m sure no one was expecting
you to always be making 13% per day, especially as your
target was 10%

Actually 1% per day would be phenomenal if it was consistent

Hi this week has been similar roi I found it quite good the gbp pairs have the range during the London session this week there has been movement during the European session also.

The USA session has been slower range this week with the exception of yesterday when there was a good buy on GBP pairs. Today I did not trade due to the uk election.

Are you using the bounce of 60 LWMA and trend is your friend indicator and also a 300 LWMA on your charts?

Remember the 300 LWMA on the 1m chart is the 60 LWMA on the 5 m chart so you need to be trading in that direction and wait for price to bounce of 60 LWMA today was excellent for sells on GBP pairs but it’s all political price movement.

As you can see on this chart the 300 and 60 it’s trends down after hitting 60

yes exactly same template as you, but election hasn’t been
a problem, two brilliant scalps today

I think the secret lies in the psychology ie discipline,
nothing wrong with the system

but what broker would you recommend?

I use alpari but you can use any really they all have similar spreads and on the major pairs and they all increase the spreads during news.

I use ecn alpari account on mt4

trades at 1 or 2 pips cover the spread it’s non comission account so when the trade is open you in loss right away you have to cover the spread and then take the pips.

Tip :

If you open the other charts like gbpjpy GBPCAD gbpaud and gbpchf you will see if they are all trending in the same direction. It will give you more confidence in the trade. You will also see various bounce back zones as each currency will have its own.

Looked like a nice sell after London open but the UK News was due so I waited I got 10 pips on the bounce

The trend is your friend indicator was mostly pink and if you see the other Pairs like GBPAUD, GBPJPY, GBPCAD at this time they where also mostly pink so I did the sell trade on GBPUSD draw down was 5.5 pips including spread

Nice trade shame it ended the trend there, the trend now its sideways going into USA Session

Did a trade today after London open setup was perfect for GBPUSD for a sell I had a TP set to 15 pips it hit and continued down almost 80 pips but my Trade was over I think 15 pips is a great scalp.

Again using TheBear Multi trend and Trend is your Friend it showed the other GBP Pair all had the same setup

All Pink squares and Moving Averages in correct order and colour.

Perfect trade I made 15 pips as a scalper that is great, it moved 87 pips but did not give a bounce to renter

Juts two trades today on the GBPUSD very sideways during the London session I missed one trade but I made my pips for the day on target.

Good week using the system today I traded the news and made some pips