Hi there everyone, im relatively new to forex trading and have bee nlearning for about 2 months on and off. I must say I’ve learned alot during this time and tried several systems for short periods of time. I have come up with this system based on several others i have come across and woudl like some opinions on it. i dont really have hard rules to follow jsut guidelines that help me enter trades. here it is
basically i use a 1 min chart and looke every so often at the 5 min for general trend and backround info. maybe ill glance at the higher tfs for the same reason. also i trade the US open from around 8 - 12.
parabolic sar - 0.02, 0.2
parabolic sar 0.01, 0.1
sma - 8
sma 21
sma 60
sma 144
macd w/ the same parabolic sars
full stochastic
now i use oanda so i cant really use fib lines unless i open parallels wiht my mt4 platform.
originally i would enter trades when the 0.01 and 0.02 PSARS on both the chart nad macd agreed wit hthe stoch not in the extremes and it seemed to work quite well.
i was then browsing the internet and came along another scalping system that uses an 8 period sma for triggers. so i started using that line like so
- when a candle passes the 8 sma you wait for it to close above and then enter on the next candle.
or
- you enter a trade once the candle passes the line in a clear uptrend or downtrend.
i also also incorporate candle patterns to some extent, i.e. pin bars etc but i know they arent as reliable on small time frames. i just use common sense ( trend is slowing and candles are getting shorter with tails etc). to be honest ive only been using this system this week and todays trading i lost around 2 percent of my account with 2 wins and 3 losses. yesterday i gained over 5 % with 8 wins and 6 stupid losses i shouldnt have let happen due to my greediness. as you can see im going for a smaller amount of pips.
for those of you using oanda i and using 10,000 unit orders on a $500 demo account. and looking for a 5 pip profit and let it run in a clear trend.
please give me your insight on what you thins of this system and any changes etc that coudl be made. liek i said this system was pieced together from various thinkgs i have learned. not sure if the various smas are a good thing or not. liek everyone here Id love to make a nice buck in this business and would enjoy hearing what you all have to say. and by all means try it out yourself!
Stefan