Jerome's Journal

Jerome32 · December 6, 2019, 10:10am

Good Friday!

No I’m not religiously confused, but monitoring
performance on Fridays

The gbpnzd scored highest on Forex Screener around 50%,
double that of gbpaud, and a bit better on Friend indicator

In the end performance more or less followed each other,
both retracing to 50% Fib before consolidating 90 minutes
from London Open

I was interested in making the comparison, although I don’t
think scalping M1 I should be opening multiple charts!

In this case you don’t make more profit anymore than simply
doubling the Lot size on just one of the trades

Looking at my account history now, it is hard to believe
the winning run, and to think its all been done on M1
is almost beyond belief.

I have always associated M1 with erratic choppiness
and almost never win on this TF

I’m not trading NY on Fridays, I think that really would be
pushing my luck

Lets see what next week brings

only two weeks before the holidays

and will I still be trading M1 in the new year?

I see no reason not. If you have the volatility and
trade LO it seems to work very well

Jerome32 · December 11, 2019, 11:04am

I’m finding very erratic behaviour at the moment

Scalping is great when the markets are behaving

Meanwhile my reversal system is still working in
the background

since October 17th no losers and $2,350 profit

Its very likely I will end up just sticking to that.
the idea of a no loser system does have an appeal

Jerome32 · December 11, 2019, 10:40pm

About Scalping

The Hidden Danger

Last week, scalping the M1 was child’s play

the very big drawback, as Snipe seems to be finding,
is that it isn’t 26 pip winner after 26 pip winner for all eternity!

the next week you may struggle to scalp a couple of pips
here and there

it can be done, as Snipe is demonstrating

but I’m finding, even with a no spread broker, i am barely
making more than the broker’s commission

its a tough game, seriously, there are times you know
the next bar will go in your favour

so you would probably be better off trading Binary options
for 1:0.75 risking more than you win

but then the next week, the 15 - 26 pip wins return, you
really don’t want to be trading Binary Options!

What I see about scalping is that Psychology is everything

just when you think you have an income for life, things
turn very ugly.

If you are quick to spot the markets turning, and get out,
you might do quite well.

I will continue to monitor Snipe’s progress. I will be truly
amazed if he can sustain anything like 10% profit a day,
although I hope he does

but that will only be achieved through strict discipline.

so far I have been completely derailed demo scalping, despite
the brilliant start.

Tip
If you go to Snipe’s website, there is a free system
’The Three Candles’

it warns about trading when candle is too long or too small

applies to all Scalping. you ignore that advice at your peril!

Jerome32 · December 11, 2019, 11:13pm

As is always the case,

while my attention was elsewhere ie on scalping

my main system has been racking up the winners

Here is a great sc demonstrating how it works

you see the first position lost -$400, so I went in next time
to recoup at 10 x position size to make over $600

thats how the system has been working for 20 years. it
usually wins first time, but when it doesn’t you always recoup
the loss

and in the end, thats the only system I like, one that never loses!

you can see why this is not a popular system … no stops and
increasing lot size ten times!

thats why I didn’t like it, but since October 17th I have made $2,350
with no losers, and many traders have had similar experiences for
last twenty years. it has a long pedigree

I think the original system came from a mormon missionary Rob
Booker. he is an out and out marketer and seems not a little
hair brained,

but his assumption that missed pivots and Divergence does seem
to be a winning combination

I show all my trades since October 17th, including CHF trades that
are disallowed ( and lost)

here is the 400 loss with the 600 win

and here is every trade. any losing pair was followed up by a winning pair

Jerome32 · December 12, 2019, 12:39pm

Quit While You’re ahead?

I scalped the GBPAUD for a very nice profit
on arguably the most dangerous day for
trading GBP in 100 years

You would think common sense would tell me to quit while I’m ahead

and not my usual trick of giving it all back

Scalping is far more addictive than trading
much higher time frames where you can walk away and almost forget about trading

Scalping just isn’t like that

Its very hard to walk away

If you do have, or are able to cultivate
the discipline to walk away, scalping can
definitely be very profitable

Jerome32 · December 12, 2019, 1:05pm

Analysis

One of my pending orders is USDJPY

On the Weekly we see price at top of channel
looking to move down

Now moving down to the Daily we see Divergence
and Missed Pivots, albeit with a rather weak trendline
to break

but only three things will happen
a. price will break trendline for a $37 profit
b. price will hit trendline but reverse up for a big
loss
c.price will reverse up without hitting trendline

so, if a. all well and good. mission accomplished

if b. we take the temporary loss on the chin
and go in again at the higher break of trendline
possibly following a new Bearish Divergence,
and increase lot size x 10 to recoup first loss
plus make a healthy profit into the bargain

c. we wait for the next Bearish opportunity which
will be even stronger

The beauty of this system is that it doesn’t matter
which of the three options transpires, we will win
in any of the possible scenarios.

1odi · December 12, 2019, 1:20pm

nice job so far!! i m also using divergence with an weighted macd on 1hr, sometimes complimentary but does work as a stand alone if u chose to enter along major support resistance areas etc, even just for the 4hr pulbacks or daily u can easily get 1 to 2 RR from what i ve seen so far. plus what i like most about divergence is that u get to sell at the top and buy at the borrom, ths sometimes catching monster moves with little DD. i do use stops and i ain t bothering bout missing pivots, but it does work. not all the time but most of the time. and yes, if u lose let s say first trade, and price makes for example a new high but ur macd keeps going down, u sell again and the chancer are u r gonna atleast make back what u ve lost before.

Jerome32 · December 12, 2019, 2:28pm

Anaysis GBPJPY

Much the same as USDJPY above
showing weekly and Daily

Jerome32 · December 12, 2019, 2:31pm

Journalized Analysis is so essential!

I so often look back at a trade and can’t see
why it was a set up

I hope this will be clear, even in a few weeks time

Jerome32 · December 12, 2019, 2:43pm

Analysis EURGBP

On the Weekly, price has dipped under Key Support
but may be trying to break through up again.

Much may depend on election result. If a negative
outcome for the government, target should be hit
tonight - if not it will take longer

On the Daily I would describe this chart as little
short of beautiful, especially as all those Missed Pivots
will all be hit - with or without an election and irrespective
of its result

The Horizonatl White Line near the bottom is weekly support

The two white lines further up are 38% and 50% Fib plotted
from the two extensions possible, the last two swing highs
so target is just below both of them in the belief that price
should at least make it that far