Can you please share any independent performance page (fxblue, myfxbook, etc.) showing your full statistics?
Hi there,
This was yesterdays transaction history, you will see I actually made one extra trade when I got home from work, I made £36 on this one as I was moving the SL and TP to try and catch as many pips as possible, unfortunately it hit the SL once I had moved it, could have gotten many more pips!
Haven’t signed up to fable or myfxbook, should I? What is it they do?
Yeah it’ll be a matter of trial and error but the less you chop and change the better. That way, you can stick to a set of rules and trade them. It sounds like you’ve already set some so that’s good.
I like the idea of letting the trade run but If you’re scalping then chances are the trade will retrace up so you have to be ready to take a lot of breakeven trades. Sometimes it can be frustrating. On the other hand, you could just aim for one good setup a day and go for your 1% and done for the day. I’ll leave that to you to decide as it all depends on your mindset and what you can take. But you should stick to whatever you decide for atleast a week and then analyse everyday or week whether doing the other option would be more profitable.
With regards to the 1hr trend I just used the same emas and made sure they were crossed over and trending down. That way you can look through all the one hour charts quickly and know which ones are set up and which ones aren’t. Best of luck next week.
Watching this with interest. One thing already mentioned is to stick to your rules and give the strategy enough time to get a good sample size before tweaking it. Good luck…
Monday morning I will do exactly this, set hard rules and stick to them. If I use the 1hrs chart and the same EMAs then I could still go into trades when it is ranging, this is my biggest question at the moment.
I think I wont be letting the trades run but will be moving SL to BE at 0.5 ATR.
Right, start of a new week.
I will be using the same as the initial system but using ATR as my TP & SL.
My H1 time frame analysis will be as simple as where is price in relation to the same EMA’s. If it is flat or the EMA’s are practically touching, I will staay away from the trade.
Lets see how it goes!
First trade for today entered, USD/JPY, as there was a sharp crossover of the EMA’s,H1 is not as strong as it could be but still in a downtrend.
Hopefully start on a good note.
Ended up getting stopped out of this one once I had moved SL to +6 pips, made £10.80 on it. I think there I got into the trade slightly too late which would have meant it hit my TP.
Anyway, not a bad start.
I was in a meeting all morning so I’m sure I missed some good set ups but oh well. came back from the meeting and saw a GBP/EUR opportunity, went on and after moving the SL at .5 ATR got stopped out again for +6pips and £5.40.
Still not aweful but slightly annoying!
Hello All,
Since my £5.40 win, I have made 3 trades, first one was in USD/CHF which unfortunately whipsawed and lost me 48 pips and £100.80. First big looser 
However, I have been in 2 trades since then, in GBP/EUR and GBP/USD, both of which were perfect set ups, and both of which made 96 pips and 120 pips respectively, both gained £96.
Currently I have entered one more trade (GBP/USD) which is winning £39, currently I am getting ready to move my SL to BE to take my risk out of the trade.
The GBP/USD trade in my last post ended up gaining 120 pips before hitting my TP. After this there was one more trade for the day, USD/CHF, this also hit my TP for 53 pips. £202.80 profit after these two trades.
Good days trading in my eyes.
First trade of the day complete, in at 8:15 on GBP/EUR, I made 52pips on this trade and £104.
Could anyone give some advice on testing the longevity of this system, at the moment it seems to be working but I want to test it thoroughly.
Mate it looks like it’s going well!
But what atr are you using, how was gbpusd 120 pips?
So at the end of the day, you can analyse the trades and test other things. Eg if you left SL what wouldve happened. If you let TP run what wouldve happened. This way you’ll have stats behind why you’ve made these decisions. I would just forward test it like you’re doing for atleast 30 trades and see how profitable you are. Good job.
So far so good! Keep it up, but be careful, overconfidence can lead to sloppy entries. No matter how tempting, stick to your plan, and don’t worry about missing opportunities because of meetings, there will always be opportunities.
I’m using standard ATR(14). I am looking at the trades I am making and the thing which I am not quite as strict on at the moment is moving my TP to BE when price hits 1/2 ATR.
I need to do this more religiously becasue I have seen a ouple o times it would have saved me from a loss.
At the moment I am continuing on the same plan with the same system, as you have said, trying to be as strict to the system as possible. Current stats are £734.12 profit over three days trading. I am happy with it so far but lets see if this is just luck of the system.
Hey Sam, all looking positive at this point, looking at back test’s on this idea looks really good. Could you (if you get time of course) post some pics of what you looking at when/before you pull the trigger
Have you got a MyFxBook tracking yourself trading this?
Sure, I will try and do this later, I think the main thing to look for is signs that it will continue the way of the trend, so if it is flattening out then it is not a great idea as it could be a reversal.
Great, thank you. I thought as much looking at how close the EMA’s are together do not produce a great signal compared to a “nice gap” between the two.
