10 Pips and 10 percent a day Trade Journal

[Snipe2020]

Some people asking about the indicator and how I use it, so here you go:

link to The Bear Multi Trend Coloured Indicator

The default settings are for the 1m Chart.

When the two lines are blue you need to be ready for a buy trade wait for the price to bounce off the Aqua line (the 60 LWMA) and then open buy on candle close,

For Take profit look at the price action usually you can see when candles are getting smaller and the wicks are longer get out even if it just 1 or 2 pips just get out remember this is the 1M Chart another setup will come soon.

Max SL should be based on the 60 line turning red when the line turns yellow you should look at closing all trades and reducing losses. At Red line its get out no matter what.

The opposite is true for a sell trade.

Please note this is Price action based trading so no other indicators are being used I find this indicator very helpful and easy to understand and easy to customize you cant go wrong its a brilliant moving average indicator can handle 4 lines and different time frames excellent job.

The only other things I would add to the chart are pivot points which there are many free indicators and a SR indicator

I use this one its free , [Important Support Resistance Price Zones Indicator - FX Trading Revolution | Your Free Independent Forex Source]

[Jerome32]

@Snipe2020

The Bear Multi Trend Coloured Indicator

Hello Snipe, Well done on the thread, it is quite
an inspiration.

However, Zuber only published this indicator yesterday
on mql5.com and you were obviously using it before that

Are you Zuber?

I’m sure the indicator is worth $30 but I think BP can be
a bit sensitive to marketing on their forum

Nevertheless, you are certainly providing a lot of valuable
content and resources which are free.

How long does the Bear indicator Demo last? Is it restricted
in any way?

[Snipe2020]

I know the guy who made it not sure how long the demo lasts

One thing i will say is that you need to beware of pivot points and strong 1 hour 4 hour S/R

$30 is a high price i think, but i think any indicator is worth it if you use it property and as intended

[Snipe2020]

Poor day in terms of pips only got about 13 pips got a sell at London Open and then missed one sell that did 14 pips

Did another sell based on the 60 1M crossing the 60 5M down should have let it run but I closed at 2.8 pips

Another sell after USA open that gave 7 pips but bounced back I closed at 2 pips

So overall pips but following TheBear Trendline signal would have given more should stick to the system tomorrow

[Snipe2020]

[Snipe2020]

I have made a more detailed example of the 1m scalping system using TheBear Multi Trend.

First Image shows the total trading session from European Open right through London and few hours into USA Session.

Then each trade is show in more detail in the other images.

[Jerome32]

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

[Snipe2020]

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

[Snipe2020]

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)

[Jerome32]

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!

[Snipe2020]

Im glad your using it.

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

Perfect trade setup nice one.

[Snipe2020]

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

Trend_is_your_Friend-How_to_Guide.pdf

[Snipe2020]

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

[Snipe2020]

[Snipe2020]

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

[Snipe2020]

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

[Jerome32]

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

[Snipe2020]

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

[Jerome32]

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

[Jerome32]

but what broker would you recommend?