A Noobs Journal - time to give this a shot

Its the perfect word.

The white box is Level 2 Trading. When the Bid number is 60 or better, buy. When the Ask number is 60 or better, sell. Stay in the trade until the number falls below, say 55.

Indo Trend provides entry arrows.

MTF PSAR shows PSAR for multiple time frames.

But my next project is more appealing to me for scalping: $1,000 in under 2 hours if using 1lot trades yesterday, even if not done very well. Eur/USD 5M chart.

Indicators to make the channel are {upper green is 32EMA set to :“High”. lower green is 32EMA set to “low”. Yellow/Blue is 14EMA set to “close”. Level 2 indicator (free from market). PSAR set to 0.06 / 0.07}.

Enter when either White 6EMA crosses both Green 32EMAs or enter buy when Blue/Yellow 14EMA crosses above lower Green 32EMA. Enter Sell when Blue/Yellow crosses below upper Green 32EMA.

The indicators do not provide the green arrows. I put them there manually to show what to look for for entries. Closing could be when white EMA returns to touch channel? That’s a suggestion I got from another BP member. Now that I think about it, maybe we close when Level 2 gets to 55?

Wow, lot going on there. I’m not familiar with PSAR. I’ll have to do some research on that.

Ah, there’s a lesson on it here. How to Use Parabolic SAR in Forex - BabyPips.com

You made that much or that’s the goal?

That’s how much everyone using 1 lot and was able to trade from 9 to 11 est time should have made. I missed the first signal and used 0.5 lots x 50 pips. While in my car! Plus, regarding our stop loss conversation, if you enter when the 14 EMA crosses from below to above the lower green 32 EMA you can set the stop loss just under that lower green EMA so it’s very very tight. Big bonus.

I did it again while I was in my car today. I had a 20 minute drive and I entered. 10 minutes later I made 10 pips.

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Update:

Change PSAR settings to 0.02 / 0.50. Enhances possible exit strategy

Hey there.
I just the whole discussion, very interesting. Can you please update on your account balance as of now?

Update: Here’s how it looked with Friday morning’s chart using PSAR at 0.0009 / 0.3. Excellent profits!

ah okay.

I’m working on this since you mentioned it. Just need to keep track of the rules!

Get on it, samewise.

61 pips today.

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My balance? Oh I only started with $30 from a signup bonus I got months ago from trading.com. I lost nearly half, then gained back 50% of my loss, and then lost some more. I’m not so mad about the losses. More mad about keeping trades open that didn’t hit my targets that eventually got stopped out.

I had some big positive trades, like 50 pips and 75 pips and over 100 pips that I didn’t close because I was stuck on hit TPs instead of maybe spending more time watching the trades during the day.

I got stuck in wanting to keep my R:R positive I guess rather than be flexible.

I’m sitting at a cool $17.87!

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That’s awesome!

This running from your scalping strategy, right? I’m gonna read over this weekend and start it up next week!

UPDATE: Reading it now, @AmericanTrader!

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It was great to see your name pop up on the forum over there. Happy New Year to you

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So I decided to look at my trades since the start of the year.

29 trades. 14 winners. 15 losers

Biggest reasons I’ve come up with that caused most losses:

  • not sticking to the trading plan, not following entry rules
  • Revenge trading, being impatient ( not sticking to the plan again)
  • Setting bad/no stop loss (at least trades earlier in the month, better now)

Must do better!

I think the 5 min timeframe might be too fast for me. I’m going to jump up to the 1hr and see if my performance changes any. I think with the 5 min, my SL needs to really be dialed in, and I’m just starting to get a good handle on how to set that.

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Losers were 38% more than winners, so that’s not good. There were a couple bigger losers compared to the biggest winners.

Just opened a short on USDJPY using the scalping strategy I’ve been trading for a couple of weeks.

Got the signal and I entered at 130.07. SL at 130.14, (I’m learning!), top of the candle before the signal candle. I’m still working that whole topic out, so we’ll see how this goes.

RR of 1 gets me down to 129.97.

I’ll keep you posted!

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Got stopped out. Price reversed and I got in a couple pips above my SL. Signal got repainted to no signal.

But USDJPY started moving, so I got in. A buyatches the higher timeframe trends, higher low and higher high.

So far +15 pips. Moved my SL, locked in 5 pips.

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Closed for +17 pips.

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@samewise
Great work!

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