That’s a nice trade! Congrats!
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So I took the day off work and stayed home. I had some real nice trades and it was my best day of the month, by far.
I had one trade go strong against me, which used to bother me. But once I see a strong trend either way, I close my trade going against it and open a larger one with the trend to recover and almost always profit. That’s something much harder to do when having to be on the road most of the day, but I have done it many times.
My long on USD/HUF has been doing very well. I skimmed 30 pips profit off it today and another 15 yesterday. Last week I took 10 off it. It looks like there is still a possibility of a thousand pips before it hits the big resistance some time in the next 3-6 months.
My SL is at 700 pips. After pullback, I plan to take profit half way back up to most recent resistance and reenter long.
Counter trend scalping strategy modification using CAP Channel:
I’m always looking for ways to avoid getting into a KOF trade that I expect to be in for a short while and end up being in for 2 days. So instead of looking for 1 candle that takes price far away from 9 ema, look for price to break the CAP channel on the M1. Then start making entries until in profit.
I cashed out another 23 pips profit this morning on USD/HUF. Its pulled back since then…which is perfect!
We’ll look for more pips next week.
Hello there,
Is there any way you can descripe your strat in rules? beceause from what i was reading in the beginning of this topic and at the end is a big difference :). What i am trying now is to wait until the white ema crosses the 2 green ones, then i enter but dont really know when to take profit or where to place stop loss.
Thanks in advance!
Hi dowdow.
Thanks for posting and for your question.
Sorry its confusing following the thread. We have discussed a few different trading strategies along the way and I have suggested enhancements to the Channel strategy as well.
For Tradingview, the only suggestion is closing at the 6ema.
For MT4, I suggest using the Cap Channel and 200ema with directions on the charts below:
Close at 200ema or opposite Cap Channel edge line or Cap midpoint line.
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I think this strategy is going to be good for daily profits.
Start countertrend entries after price breaks Cap Channel. Pretty consistent wins. Hopefully the Cap helps to avoid problem situations.
Never heard of this pair.
Hi Samewise.
Well, its down big today, but I’m in for the long term (weeks or months). But my Eur/Usd was a VERY nice win today.
Are you still in your GBP trades?
Thanks for your answer!
So, if i am in a long position and the candle close under the 6ema then i take profit? what about SL, do i put it on the lower green ema?
btw, do you have a bot running for this?
Thanks in advance!
Yes. Take profit at the 6ema on Tradingview.
For SL - that is whatever fits your preferred style. If you are in a long position because the signal was the fast ema crossing above the lower slow (green) ema, consider putting the SL just below the lower slow (green) ema. You will get stopped out sometimes, but for very small loss. If you do get stopped out, but the next candle goes back toward the profit area, consider re-entry with a very tight SL as the pullback has already happened.
No bot.
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I am, but been scaling out for smaller loses. GBP has just been too strong. And my GBPJPY trade has been underwater for soooooo long.
I’m ready to be done with it really.
I still have this super power of choosing major reversal instead of small pullbacks. And I’m always on the wrong end of those!
Sorry about that. We’ve all been there. I’ve learned to live with it finally. I just keep checking to make sure there’s still a reasonable possibility that sometime over the next several weeks it should go in my direction. Until then, I rack up other wins so that my account balance keeps going up while those iffy trades are still out there.
Now, it’s not uncommon that I’m down most days a few hundred on every open trade. But since I have not closed them, I still haven’t lost anything. If I had to close one, I would usually only lose a few hundred dollars. I can make that up in a day or if I don’t have much time to trade, certainly in the next few days.
Then over the next few weeks, suddenly some of those iffy trades start coming into profit and it’s like an unexpected bonus.
I’ve often had 10 or more trades open based on the daily and weekly charts and there’s always two or three that seem like they are either going to drag on into eternity or just never move at all. Then one day I wake up and see one of them is up 20 pips.
Yea that makes sense. I think I need to add to my account. More funds. More margin. More room to let trades run when I’m wrong.
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on wich tf do you trade, beceause i am using 5m chart, but i see you are using higher timeframes aswell?
@dowdow
For scalping, I like the M5. Some like the M1.
But I spend a lot of time on D1 and W1 also.
Any time frame works.
3 scalping wins for the day. 8 pips. High lot sizes. As usual, I can’t stay home today and continue scalping, so I’ll have to be content with that and seeing my Usd/Huf W1 chart move over 50 pips in the right direction today.
D1 charts: Placed pending orders for shorts on Eur/Chf and Eur/Nzd. Pending longs on Aud/Jpy and Nzd/Jpy. Short TPs averaging 40 pips each.
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Hey guys, new to the website and new to this topic. I see many happy traders with this system but among over 3 thousands posts it’s hard to find which settings work with what. Also keep replying to same questions I bet is frustrating to some. If someone could explain in the most comprehensive way the strategy I can try to build an indicator for it and publish it on TradingView (giving credit of course).
Also with all due respect to this website, would`t the regulars of this thread want maybe to create a Telegram channel where they could be online and post more actively, a general page where entries are shared, one where it just explains the system and possible changes to it ? (just food for thought)
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