Thanks For sharing
where do you place the stop loss?
Also, can it work without cap channel and taking profit only by 200 EMA?
Hi A1919.
Welcome to the forum!
Where you place the stop loss is up to you.
For newer traders, I suggest that on a buy entry you place the SL just below the lower 25ema or just outside the Cap Channel. Opposite for sell entries. You can even move the SL to break even or to lock in some profit when you can.
*If you choose to do the new Counter Trend - there is typically no stop loss. Although you certainly can add one if you like. There would be no specific place to put it other than protecting your own tolerance for any loss.
If you don’t have access to the Cap Channel, you can use another channel indicator. It won’t have the mid point line, but you can simulate the outer channel lines. As I posted above, on the Eur/Usd 5 minute chart, the Envelopes indicator set to Smoothed 40, with atr of 0.08 looks good.
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Adding pips to my scalping right now.
Still working with Eur/Jpy longs.
Turned out to be a nice trading day!
All trades closed except my long term ones.
Those are down a cumulative 605 pips right now. But the expected cumulative profit from them is 2100 pips. It may take a few weeks before 2 of them hit TPs. The big one may take the rest of the year.
3 more wins!
May is officially now my best month of the year so far.
17 trading days left, excluding Sundays.
Win #4 was a countertrend.
A trader can literally make 20 or 30 or more trades every day and win every one of them.
Some days, may have 1 or 2 losers but that’s part of the game.
The countertrend trade did go to the upper 25ema. I closed early, but the rules would have worked. Would have been another $50 in the bank had I stuck with it.
Countertrend example of what we hope will happen. The entries are placed and we wait for the target TP of the upper blue 25ema.
Where to place trades.
Closing when enough entries are in profit.
This example required 4 entries. 1 at the bottom of down (orange) candles at or below the Cap channel that provides a new low.
Adding small wins since I want to be careful to keep this as my best month this year so far.
I spend a lot of time making strategy examples and answering questions (which I am happy and delighted to do!) that takes time away from me being able to monitor trades and maximize profits.
But I can still add as much money as I want to my account every day. Its all up to me. Its all up to all of us how much we want to make.
By now, there should be traders using these systems to make $500 or $1,000 a day on average.
See any losses?
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Hello AmericanTrader, link to download cap channel for mt4?
The colored one
Your dedication to making this your best month yet is admirable. While helping others may take time away from monitoring trades, your influence can still have a profound impact. With your mindset and guidance, traders using your systems can aim for significant daily profits.
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I hope so. Merry.
I like to see and hear about us all having good days trading. Happiness comes from wins and it comes from the friendships built on us all having success.
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It’s always uplifting to witness everyone enjoying success in their trading endeavors. Indeed, there’s a unique joy in both personal wins and in celebrating the victories of our trading community.
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I see on your screen shots also the macd indicator can you explain how you use it
Thanks
The MACD is simply a secondary entry signal generator. The settings I use should be visible on my screenshots.
Most often, the signals will essentially match the EMA channel crossover signals.
I find myself jumping from time frame to time frame depending on how much I want to earn. If I am on the M5 I sometimes only earn $10 or something on a signal, so if I want to earn more I can go to the M15, H1.
The MACD signal line can show a trend beginning before the emas cross. So if I see the signal line giving me sufficient data on a longer time frame, I can feel more confident on the shorter time frame entry.
It just takes practice.
To tell you the truth, I still think my counter trend strategy is the best thing I’ve ever done.
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