Nick, for your questions regarding which markets I choose to trade, the base strategy is for eur/usd. If you choose other pairs, it’s technically off strategy but many of us are having success with other pairs. I have narrowed it down to the standard higher volume pairs, though.
1 minute charts, the only pairs that I really use consistently are euro/jpy and usd/jpy. If you decide to ever go with higher time frames, that does open the door to using all pairs. But the consequences of the higher time frame is having to use the bigger stop loss.
For people just starting with the system I strongly, strongly, strongly recommend sticking with the 5m.
Another thing I’m finding the octopus strategy good for is if you want to, but struggle to find the courage to let a trend run. If you’re like me and still freak out on the pullbacks, but really want that nice 30 pip trend, that’s where the octopus comes in to play. It gives a very solid entry strategy where the AT strat just may not meet the criteria to make another signal. I’ve been experimenting this way:
Wait for entry signal (14 cross lower 32 ema). Enter long. Set appropriate stop, Let it ride until that large down candle makes me lose my ■■■■. Exit. Bring up the PSAR and wait for that entry criteria to appear. Enter, rinse and repeat.
Hoping to very soon not have to use the PSAR re-entry at all, outside of getting stopped out, but for now, it’s working, and usually the re-entry makes me realize its just a short dip more than a reversal.
Great stuff, thanks for your feedback, both interesting and helpful.
In certain ways your strategy is similar to the one I have been using for a number of years on a 3 minute US500 chart. It uses 2x parabolic and a volatility stop but is based around price structure. Like yourself I am always trying to squeeze more out of it.
Back to your strategy. When price has crossed the channel it signals a change in momentum, do you then take the signal and ride it to exhaustion, or do you have a preset target? Do you have the possibility of trading add-ons? If you are trading add-ons what would the signal be?
Sorry for the questions again but i find your input (and that of the other members) to be very thought provoking and helpful. Would it be okay for me to share a couple of ideas on your thread?
Thanks again for your time and help, enjoy your weekend.
I do not have a preset tp. But one of the things we considered was when the 6ema reverses. I still eyeball my exit it because I can make 20 - 100 pips a day by getting in on several signals.
Its also because I still go to work most days. I’m not able to monitor long trends. I see most of them after the fact and hate that I missed out on them. I miss a minimum of 200 pips a week.
I know we have forum members who add to trades. I rarely do it anymore. I don’t need to. There are plenty of signals.
I want wins. I want to leave for work with a great attitude from making easy money in the morning.
@SurprisedMoose
I am trading on all time frames. If there’s no significant trend forming, I go to the one minute. If I am at home in the morning I spend a lot of time on the 5 minute.
@SurprisedMoose
I have different settings depending on the pairs because of the difference in volatility. But to tell you the truth, I am relying more on simply the I Compass indicator.
I have settled in on using the I Compass at between 12 and 18 for the 5-minute charts and more like 14 to 20 on the 1 minute.
Hey one quick ask, you enter right when yellow cross one of greens or wait for candle close ? Per example i enter now on last sell signal when candle close
If you want, you can move your stop loss to break even. The only closing suggestion we have for the strategy is when the six reverses. But there will be plenty of times when just taking the 10 pips and closing is good enough.
