I was just looking at that pair literally a second ago.
Gotcha. Yea my worry to. Really the drawdown more than anything and not holding overnight.
Man, I still feel like a total noob. Still make rookie mistakes. Emotional entries. I need to get away from that before I even think about a prop firm account.
Seems to me that you have everything it takes to do well. Especially the psychology part.
You know, I am really thankful for the first few times I had to leave trades open overnight and then over weekends. It really took away the fear and showed me I can trust my setups.
Some people (not everyone, I appreciate - and maybe not you!?) look at that exactly the other way round and discover that the constraints of a prop-firm account were exactly what they needed to give them the discipline of avoiding emotional entries and rookie mistakes.
try this code.
//@version=5
strategy(“Custom EMA and PSAR Strategy”, overlay=true)
// Input for EMAs
ema6 = ta.ema(close, 6)
ema32_high = ta.ema(high, 32)
ema32_low = ta.ema(low, 32)
ema14 = ta.ema(close, 14)
// PSAR settings with updated values
psar = ta.sar(0.02, 0.5, 0.2)
// Conditions for entries
white_crosses_greens_up = ta.crossover(ema6, ema32_high) and ta.crossover(ema6, ema32_low)
white_crosses_greens_down = ta.crossunder(ema6, ema32_high) and ta.crossunder(ema6, ema32_low)
blue_crosses_lower_green = ta.crossover(ema14, ema32_low)
blue_crosses_upper_green = ta.crossunder(ema14, ema32_high)
// Strategy entries
if (white_crosses_greens_up or blue_crosses_lower_green)
strategy.entry(“Buy”, strategy.long)
if (white_crosses_greens_down or blue_crosses_upper_green)
strategy.entry(“Sell”, strategy.short)
// Plotting the EMAs
plot(ema6, color=color.white, title=“EMA 6 (Close)”)
plot(ema32_high, color=color.green, title=“EMA 32 (High)”)
plot(ema32_low, color=color.green, title=“EMA 32 (Low)”)
plot(ema14, color=color.blue, title=“EMA 14 (Close)”)
// Plotting the PSAR
plot(psar, style=plot.style_circles, color=color.red, title=“PSAR”)
Thanks! I’m getting there. I guess thats part of my daily struggle anyway. I’m beating myself up more than the market!
I never really thought about it that way, that the structure and limitations might be a good thing. Thanks for giving me something to consider.
Are you a prop firm trader?
I’m not. I know a couple of people who got started that way (one gradually made enough to trade his own account, and left the prop-shop behind, the other is still there and progressing slowly).
They must have tried at least 10 different firms, between them, too. It wasn’t completely easy for either of them.
A lot of the forex ones actually seem to be closing down (or “being closed down”), at the moment.
That’s definitely a couple bucks spent getting into the challenges, right?
Yea, I’ve been watching this pair today too. Didn’t pull the trigger earlier and missed the move!
Maybe there will a little pullback overnight and another good opportunity to get in. I remember well when I used to just get in right here and the very first thing that happens is the pullback, and the frustration.
Now It doesn’t matter so much anymore since that’s what I expect and I don’t mind leaving trades open for multiple days or weeks.
There are always discounts (some up to 90%!), if you time it right.
But I think a better trick is to qualify on the smallest account-size and use its takings to pay for a bigger one.
Example: 5ers $5k account challenge, no time-limit, fee $39, qualify for it and use the $5k account to earn the $495 needed to pay for the $100k account challenge. There’s no downside, really: effectively, you have to be able to do it multiple times anyway, for it to be worth doing at all, so what’s the rush?
Sorry to intrude in your thread, @AmericanTrader . 
Yea, weeks is tough!
Oh that’s smart.
Hey, as far as I’m concerned its an open thread now and is here for the benefit of all traders who want to share ideas and thoughts.
So don’t ever worry about “intruding”.
Hi, what are now final settings for mt5, seen that has changing all the time and the best TF?
Asking for trading FTMO.
Hi Deamon!
I hope all is well with you and you win the FTMO challenge!
Sorry about the many changes. I change what I do all the time.
However, I can say no change to the settings is necessary. I find it helpful to add a channel indicator to assist with TP areas. But I can also tell you what I’ve been doing lately and am very happy with (which could be used for any timeframe).
This is my current chart setup.
Some of the indicators I got from:
They have Mt4 and Mt5 indicators.
Trading generally: Enter on green/red cross. Close when price goes near channel outer edges. I suggest closing trades in profit before high impact news releases.
My alternative setup is similar
Trading: Enter Long when green MAs cross over Red. Generally close near Cap Channel edges.
Today’s winners:
I went long on GBP/NZD this morning and took 12 pips. Re-entered long for a multiple day trade in hopes it hits at least 2.15 but TP is at 2.165 for now.
At just before 3am EST I entered another long on the pullback of GBP/USD and closed it for 30 pips. Re-entered after noon pullback. TP set for 1.295 for now.
JPY pairs still scare me on D1 timeframes. Staying away for now.
Practicing that M1 setup.
Its working well so far.
