My opinion: It depends on where a trader is at on their journey to mastering trading. It certainly depends on the account size as well. I don’t want my SL to get hit, so I put it where it’s least likely to get hit.
No one has ever lost a trade unless a SL was hit or they lost confidence and couldn’t handle being down more than a predefined amount.
The one thing that never changes…the market goes up, then it goes down, then it goes up, then it goes down.
New record profit for 2024.
June trades: 36-4 90% win rate. The last loss was just a rookie mistake. Closing early at a loss while trying to keep the record. The trade went into big profit zone minutes after closing (Eur/Usd short).
Usd/Huf long trade from a few months ago finally went into profit at hit first resistance zone.
Closed in profit.
I’m looking at going long on Cad/Jpy Monday if the volume us buyer dominated. This will be the 3rd time I can enter after the pullback. Friday’s pullback was perfect.
Since this pair runs similar to EUR/Jpy and USD/Jpy and GBP/Jpy, I can look to double the profit by entering on one of those pairs as well. I’m already in Eur/Jpy.
There’s no big economic news Monday, other than Empire State, so may not get a lot of volume Monday. I’ll prepare to let it ride for the rest of the week if necessary. Friday’s candle on Eur/Jpy was indecisive.
Goals for the month already reached. So its playtime now
Buyer’s vs Seller’s volume for Tradingview users.
Hi, can you please write here, what are all indicators settings for MT5 app, for this strategy?
I know ema settings, but as i read envelopes are dieferent.
I need for M5 snd M15 TF.
Thank you
Hi Deamon,
I am using mt4. The setup is very powerful.
Several strategies can be used on this one chart and it can be used for any timeframe. Adjust settings as you see fit.
There is the EMA channel cross.
The MACD histogram (enter when red histogram crosses zero line).
The MACD EMA/Signal line cross
The Cap Channel countertrend (start Buy making entries when candles break the lower Cap line. start making Sell entries when candles break top Cap line).
I have not shown all the entry signals on this screenshot as they would clutter up the screen.
Each strategy has different criteria for closing trades, although you could decide to use the same close signals for all of them.
Using envelopes instead of Cap Channel.
The settings are different for every timeframe. On M5 it looks like use maybe 20 candles using Simple EMA with deviation of 1.5.
Tradingview indicators that provide a parallel price channel:
In the original post you say to enter a trade when the 6ema “crosses both” ema channels.
In your most recent chart picture you write to enter when the 6ema “crosses into” the ema channels.
When did you make the change to start entering on the ‘cross into’ instead of after it crossed both ema channel lines?
I identified several entry signals. The fast crossing both is one of them.
The best entries (my opinion) are the 6 crossing over the lower 20. The 6 crossing under the upper 20. The 6 bouncing off the outside of the 20 EMA channel.
Examples of the “Bounce”:
Chart with all EMA channel cross signals. Bounces are signals too.
Ideally, I filter out the poor signals by checking the D1 chart for trend direction.
In this case, the D1 chart shows an upward trend. So If I only take the Buy entry signals, I have a better win rate because I can just let the trade that goes against me run, it will still likely be a winner. It just might take a day or 2.
Alternately,
Use the Buyer’s vs Seller’s volume to help determine best entry direction. Very powerful. It just takes a while of watching it and making the correlation between a good volume number on the timeframe you are using.
On M5 - a buyer volume of 1 or more seems to be an uptrend and can be a good entry. On H1, the volume would need to be around 10 or higher. On D1, the volume would need to be higher. Weekly charts often have volumes over 200.
I suggest not entering a Sell trade if the Buyer’s volume is above zero on any timeframe unless you go into it willing to give it a lot of time to move into profit.
Don’t worry about the learning curve. You CAN learn it and you CAN be successful with it. There will be a lot of satisfaction along the way.
June: 40-4.
Win rate maintained at 90%
Did some digging. Think this is only coded for 4H.
You still trading with this?
Here’s another volume indicator for TV that might do the trick.
Please can you just give a run down on how to do the set up, it will up us that is just joining the trend.
I have gone through all but still need a get a concise information that will help me set it up.
Thanks.
Here you go Kasie
Scalping Channel Crossover
A fast EMA (I use 6 or 7)
A slow EMA channel with 1 set to 25 high and 1 set to 25 low.
A 200 EMA.
Cap Channel: Use base settings or change deviation to 2.2.
Most importantly: TicksSeparateVolume
TicksSeparateVolume.ex4 (14.6 KB)
I often use a smoothed Heiken Ashi set to 6-8 also.
Rules are: Enter when fast ema crosses over lower slow ema or crosses below upper slow ema (or if fast ema bounces away from above upper slow ema or bounces away from lower slow ema).
For filter: Do not enter if you get a signal but the candles are already close to one of the exit points.
Exit points: The 200 ema, The Cap Channel mid point line, or the Cap Channel outer line.
More playtime. Goals for the month met last week. These are my little wins as I drive between inspection sites for work.
