Thank you. I’m self-employed so I decided to take some time this morning to stay on the forums. Can’t do it too often but it was very nice trading with the group.
Thank you johnny. I welcome the insight of all you great traders!
1.07340 looks to be the next high. I’m done trading for the day but we’ll see where price is in relation to that high tomorrow AM.
On Cable I had one lose today where I jumped the gun. But made up for it on 2 other trades and came out 20pips ahead for the day. Soo all and all,I’m happy.
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Last note.
For anyone wondering. This strategy works for ALL timeframes.
I scalp because I get immediate income and never have to worry about big losses. But that is specific to my level of patience (near zero). There may be times after I add $30 or $40 thousand to my account that I use the daily when we get a signal. If we get a signal on the daily, it means a WELL established trend.
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Excellent.
Hearing others are making money after we’ve all been through the long months or years of losing while learning to trade is almost as good as winning myself.
Btw: I got in late on the London Open and missed 20+ pips. You would think getting up at 3am my time would be early enough, but I notice the last 2 big runs started around 2:45am my time.
I use to work nights so I was staying up after I “Retired” and was always losing on the London opening,Then I just started getting up around 7AM and it seemed to work out better for me. No real reason why, because one of the big things you hear is that the London Open is always profitable,except for me.
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Looking forward to testing this London and NY tomorrow. Thanks for the strat and live updates.
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I hear you.
My self-inflicted pain on having to wait for retirement is that I am still harboring some leftover fear of using large lot sizes. I am missing out on hundreds every day until I decide to really get serious and use full lots.
There’s no excuse for not averaging at least $400/day.
So my plan has been to go use the system with the smaller entries until I have at least 3 months with nothing but winning days, even if there are some small losses in there. Once I’ve reached that goal, I can’t think of a reason I shouldn’t be eliminating some of my work clients and spending mornings making that $400 a day for another 3 months and then making it $500/day. That would be the $100,000/yr with almost no expenses.
Shhhhh…don’t tell my wife. It’s supposed to be a surprise.
Oh, and then we can go to using the daily charts and not even have to do anything but check on our trades once or twice a day.
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Since tomorrow is the last trading day of the year I do have some concern that it may be a non-normal price range. We will have to have some very good signals tomorrow or we may need to take the day off.
To confirm, buy signal is white 6 ema crossing above both upper and lower green 32 ema, and/or yellow 14 ema crossing above just green lower 32? Sell would be 14 ema crossing below upper 32 ema?
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Have you been taking one vs. the other? Both? Or whichever signals first?
Correct. We hope someone here can provide a good rule for exits though. The white fast ema closing on the wrong side of price is good but will incur some losses.
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Thanks for the reply. Seems like a modest tp and fairly tight stop work really well in backtesting.
Do you have a specific level you use for stop losses?
So far, both There have been times when we get a 14 ema signal and I enter. Then add to position when 6 ema crosses second green. The angle of the 14 ema dictates where I place my SL. If it’s near verticle, I quickly move it to break even. Re-entering the trade is better than taking a loss. liquidity grabs are always trying to ruin our day. Don’t give them an inch.
Understood. Really appreciate the responses and detailed info, thanks again.
I often put the initial SL just a few pips below the lower green on longs and opposite on shorts. But I will be looking at a technique another member suggested and look for the bottom of a previous candle, maybe 2 back. If those 2 candles are long, I 'm just going with a few pips over or under the greens.
Clear as mud?
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This is probably as good as you will get! You can tinker with it until it drives you mad and you start to get over complicated. Losses are just a part of trading.
By the way I can thoroughly recommend the new book by Tom Hougaard, which is a contemporary masterpiece, right up there with Trading in the Zone.
Best Loser Wins - Tom Hougaard
Just a quick thought - I use the 8EMA, a very strong dynamic S/R 
I’ll give that a chance.
I also decided today that it could be helpful to have 2 charts open. The 5M and maybe the 1H, side by side.
I closed all the other charts with other pairs I used to use all the time.