I read the first couple of posts in this thread and must admit I found them rather interesting. I havent gone through the entire thread as it is rather lengthy but can anyone say if any of those individuals on the forum offering to code EAās for free have been approached to do one for this strategy? There is a fellow here who like to tell people every chance he gets that he has been coding for decades.
Stopped out at 15 pips profit.
We have a couple of free indicators that our members have made, but no eaās. The best way to utilize an EA for the strategy, I think, would be to only run it for the London and New York sessions.
In my opinion, an EA would add a significant amount of risk to the strategy. Mostly because this is active trading.
The benefit of active Trading is that you train your brain to think like the market. Invaluable.
For any forum members that wonder about how long to stay in a trade, or whether they should enter even though the signal has already passed.
I have a suggestion.
Start with the one minute chart using all the same settings as your 5-minute charts. Enter your trades at the signal. Itās a one minute chart so a stop loss being the same distance away in millimeters as your 5-minute chart is much less risk. If the trade is running in a profitable direction, move to the 5-minute chart and see if a signal has been received there. If it has, there is reason to believe the trend will continue. If you really wanted to, of course, you could keep increasing the time frame. But I canāt imagine going beyond the 15 minute chart unless youāve let this trade run all day and the stop loss is already set to provide you with many pips of guaranteed profit.
My pending Eur/JPY buy order triggered and tp hit at 50 pips.
Looks like a bunch of pairs just hit for a 50 pips
My EURUSD trade has come around. +30 pips. Moved my SL up.
Another couple of wins overnight on Usd/Jpy and Eur/Jpy buys for net 20 pips.
@AmericanTrader just wanted to say thank you for mentioning the King of Forex. I watched a few of his videos to get a feel for his style and tried it out for today starting around 1 hour after a new market day. I placed 13 trades and closed 7 of them for 2-4 pips, 2 for 5 pips, 1 is still running with a trailing stop of 16 pips guaranteeing 5 pips at the moment, and 3 more still positive by about 5 pips (no stops yet).
It is my first time seriously scalping the 1M and it is so refreshing to know that trades take about 30 minutes and then I no longer have to think about them at night or over the weekend!
If you ever start another thread I will be sure to follow
@BigPipper
Iām very glad you are using it and enjoying it. I like it for the same reasons. I plan on using it for Friday trading since I want to be done trading before noon.
Great system.
Placed SL at break even on Eur/Jy buy.
Closed Eur/Jpy buy for 26 pips profit.
Playing in āsafeā mode again today. If I donāt place another trade (besides a pending sell order on Eur/Gbp) Its a wining day.
Right! Its fun to use and It is just so simple once you understand it. (I think I understand it? Kind of just guessing based on what he is doing on screen)
I did try the method you guys talk about here and even made my own indicators but didnāt get much success.
Currently sitting at 2 more closed for 6 pips, 2 more closed for 15 pips, and another running at 25 pips with a 16 pip trailing. The other trailing is sitting at 40 pips with a 16 pip trailing.
I basically left the 2 open from the 1M time frame and reanalyze on 5 min/1 hour to target the 50 ema on those.
I think I finally understand the power of 1 min scalping. I was trading 1 hour charts for a long time and wanted to be more passive so switched and failed at swing trading 4 hour and dailies. I guess I just needed to think about it differently. Less pips doesnāt mean less profit and anxiety from waiting for signals over days just led to rushed trades.
Going to have to get used to not having a stop though since I donāt want to stop out from the spreads
Another picture just for that one dude who said no one posts trades and only talks about them after the fact.
About to hit the TP at the 1 hour 50 ema. Just going to close it manually and go to sleep!
Happy Trading
Excellent!
I so agree. Waiting for hours only to lose money on half your trades is no fun. You can have a much better win rate and make as much, or more, using 1M and 5M with King.
If anyone wants to flip their account, its probably the way to do it.
Curious to know what part of the strategy didnāt work for you.
Okay. I confess. I did have a pending by order on euro/usd. It hit a couple minutes ago for a quick 10 pips
I am also closing my euro/gpb sell for 20 pips.
Hereās another tip for beginner traders. Price often goes up in a buy situation from a few minutes before the top of the hour right up to the hour. The reason is that so many traders trade on one hour charts. So they had buy orders and they did not want to close those orders until their hourly candle closes. After it does, many buyers will close their trades and that will cause price to reverse a little bit.