I have done in the past but don’t recommend it. I find it unreliable and hard to process. You need to take the time to analysis each trade from entry to exit before thinking about your next trade. And why rush it ? There’s another opportunity just around the corner
I usually take time out and document my trades after each one closes. This way I can analysis the trade after it’s finished and pick up on things I didn’t see while the trade was open
Hope this helps
you’re right, however i just pulled these numbers out of my @$$, i dont believe you can tell the market how much you’re gonna make, the market tells you! Just look for good setups, pull the trigger and see what happens, you make what you make. Myself I would be more than happy with 100% returns over time.
Good for you Obama
Keep monitoring my progress and see for yourself
You can call this a Currency Trading Paradigm Shift
Good luck dude.
I was where you are 5 years ago.
Had a sweet IT job for a fortune 500 company.
I hit my head, stopped working for the company and took up day-trading.
I had similar projections to yours but very quickly found out that the goals were far too lofty.
I wish you all the best of luck man.
RBCOE
PS - Obama is a long-legged mac-daddy.
Thanks man. Did you have a similar system ?
Feel free to monitor my progress
Hi doggie01
I see you’re using AvaFX’s demo too
Questions:
[B]This evenings trade:[/B]
This trade was an experiment. At first I analysed the market and saw it was moving sideways. I had no real interest in trading due to lack of price movement but my girlfriend was showing interest, so I showed her my trading setup. I saw a possible small gain and we waited for the entry. Here’s how it went down:
I knew that if we were to gain anything it would be very small due to a lack of price movement
[B]Total Trades:[/B] 4 won - 0 lost
[B]Total Gain:[/B] 480 pips
[B]Total Loss:[/B] 0 pips
Doggie01,
A few questions.
Thank you and pls continue your post.
Regards
AvaFX’s GPY/JPY spread is 8 pips
btw, is the quick reply button not working?
hello…i dont know what else to say…i am total loser in this forex thing even in scralping and all that…could please revive me pls…pls give me a method to trade forex… i have been trading forex and when i get 1 win, i make 2 losses i keep funding and lossing… please help me!!! i dont want to commit suecide pls email me at <[email protected]>.
Doggie01,
if you’re using AvaFX’s demo, you should know their MACD is with OsMA, how do you see the histogram? Or it that histogram?
Speaking of support and resistance, on what time frame do you plot them?
Could you please update your system here or at the first post to include your latest addition and methods? Thanks!
Hi team
Stochastic: Observation Period - 5
(slow) Average Period - 3
MACD: Period for shorter EMA - 12
Period for longer EMA - 26
Period for Signal - 9
The MACD should cross over close to the EMA’s on the Candlestick Chart, and the Histogram (bars on MACD) should be moving from positive to negative (or in reverse)
Everything needs to line up before a trade should be taken
Yes I use the MACD with the OsMA. I use the term ‘histogram’ when I refer to the positive and negative movements of the bars within that indicator. Probably not the correct terminology and I apologise for any confusion
I don’t plot Support and Resistance lines but I do look for the range areas on the 1 minute, 5 minute and 30 minute charts so I have some idea on price movement
[B][U]Here’s a run down of my system:[/U][/B]
[B]Setup[/B]
[B]Rules[/B]
Automatic Stop: What ever you’re comfortable with (I keep it tight)
Entry: Study recent price movement on 30, 5 and 1 minute charts (in order)
When the EMA’s cross look at position on Stochastic
You want it heading up or down and not in over-bought/sold territory
Check RSI if the position is at 50 or above/below in same direction
Confirm cross of MACD and change of direction of the bars
Please note: You can find all of this in a similar format in the Cowabunga System
Exit: From your study of recent price movement you should have some idea of what to expect. The big thing to look out for is price movement. If it slows down your indicators should form a reversal. If you’ve made a gain and it slows down [U]get out[/U] and be happy with your take. Or wait for the EMA’s to cross back over, OR if the RSI reverses back to the 50 mark
This is the system so far. I do incorperate all other knowledge I have when taking a trade, but that’s more common sense than anything else
I hope that answers all questions
Hope that helps
hey doggie could you post a picture of your chart set up and maybe post some of yourprevious days trades\
thanks
Sorry I’m not sure how
[B]Today’s Trade:[/B]
I tested my system against my rules to see what would happen
Here’s how it went down:
I was on my lunch hour and the market was not attractive to trade. Not much price movement at all. I didn’t want to trade but I wanted to see what would happen if I went in without playing by the rules
There was a little fluctuation in price so I waited for the indicators to line up, I jumped in and watched. I only broke even before the reversal started to happen (I was expecting as much). It suddenly spiked up 5 pips and I should’ve closed my position then but my indicators hadn’t fully reversed just yet. I waited for a full reversal of my indicators before thinking about closing the position (when the EMA’s crossing or RSI crossing the 50 mark) but this was too late, the bearish trend had set in and I was done. I set a stop/loss of 20 pips, a target profit of 10 pips and went back to work. I checked on the result soon after and it closed at the stop/loss
I lost 20 pips
Lesson to be learnt. No price movement means no trade. I guess this is a classic example of forcing a trade. Also I’m looking at the time periods. My trade was around 1800 New York time, 2300 London time and 0800 Tokyo time. This is when my lunch break is. When there is no price movements I will stay well away
[B]Total Trades:[/B] 4 won - 1 lost
[B]Total Gain:[/B] 480 pips
[B]Total Loss:[/B] 20 pips
[B]Total Pips:[/B] 460 pips
doggie01,
thanks for the system, I’ll try to test too and see if I can learn from it
Hey doggie!
Great system.
I have been using + designing almost this same system and have been taking a bunch of screen shots with it as well.
The difference is that I wasn’t using RSI in my exit strategy (good idea!) and had been experimenting with different EMAs and time frames.
Was working with the 5 + 10 EMA, 15 + 30 EMA, 20 + 40 EMA, 25 + 50 EMA, and some weird ones like 4 + 8, and 8 + 16.
So far I like the 20 + 40 EMA and the 5 + 10 EMA the best for this type of strategy.
I have been tinkering with a little extra on the stoch to help determine a good entry and the strength of the entry.
I have been working with this for months now trying to make sure things work well. Been working on advanced exit + reentry rules too as well as general patterns that you come across with watching price movement around the EMAs.
I have taken many screen shots for different aspects of the strategy but plan on redoing it some with some new adjustments + better photo editing software.
This system is gold… I hope to have a document w/ a bunch of screen shots written.
The profits from this are eye opening, its been nice to have something so easy + repeatable.
Good job! 
Hey Kinetical
Good to see someone else with the same system !!
I’d love to share ideas and success stories with you. I’m very interested to see your system write-up and screenshots for visuals. Please email me at d.o.dub at hotmail dot com or continue to post here on my thread. I’ll send you a private message too and hopefully we can get the ball rolling !!
Thanks for stopping by
[B]Analysis[/B]
(prior)
I’m looking at the markets right now (on my lunch hour). This is the same time I took the experimental trade yesterday. The one that confirmed this time period is not good to trade in
[U]Nothing[/U] looks interesting at all. Everything looks flat and moving sideways, with the exception of the GBP/CHF. There is movement with this pair, quite average but the most movement out of all my options
I will continue to watch and see what happens
I zoom out to the 5 Minute Chart and it looks promising. The 15 Minute Charts looks not too bad either. I remain sceptical because of the time of day
(post)
I saw a possible reversal and waited for the entry. It was looking good and just about there and then my girlfriend called me GRRR !! Not that I’m angry she called because that was nice, but I missed the entry. I came back from my phone call and the entry had already passed. I could’ve made a nice gain on the bearish trend that just formed. The trend moved 40 pips downwards
Oh well. There’s another opportunity around the corner so I’m not too worried. I only have another 15 minutes left of my lunch hour so I’m not going to enter a new trade
Interesting how the GBP/CHF pair was the only pair worth looking at !!