Interesting. Reading through your posts, I got the sense that you’ve been trading for a while and things finally ‘clicked.’ Was it the strategy, or were you personally becoming more skilled? When I wasn’t getting the same results, I assumed that the reason was my personal skill level was lacking. But early on in the thread others were also having ‘aha’ moments by using the strategy. So maybe it was the strategy. That’s what keeps me scratching my head.
On a side note: Is your PSAR signal the Octopus Nest strategy? How are you able to execute that on a mobile device? Are you using a higher time frame? Thanks.
@SurprisedMoose
I am using 1M time frame. I enter either on PSAR change or the crossover. This is not the Octopus. It is working great with trends and it also can be a gold mine in ranging markets.
The octopus should be used on 5M (opinion) and technically with standard PSAR settings and the 100 ema filter. The octopus involves a specific RR too, which is why the 5M or longer time frame.
Btw- Yes to my fairly recent success. It’s only been in the last year I’ve been more consistently profitable and the last 6 months when I became a daily winner averaging around 70 pips a day (while missing out on hundreds of easy pips every week that the signals provided).
I have spend several hours reading and analysing all those posts and I have to thank you @AmericanTrader for sharing your journey. It’s impresive how you evolved in the last 3 months in your profits.
At first I had doubts about this strategy because of the spread on my broker that affects so much those scalping technics but with your last simple PSAR strategy aiming for around 100 pips, the spread doesn’t scare me anymore!
Can you tell me what broker are you using? I am on XBT Spain; is not bad and allows me to hedge positions (I have been training in Nick Shawn SR+hedging strategy) but it’s difficult to scalp in 1M aiming for 10 pips when you open a trade with -1$…
Ok, so it’s similar to XTB… When I watch King of Forex videos it looks like he has no spread at all (I know you can have that with some brokers paying a fee) and I have always thought that this was the only profitable way to scalp small movements in low timeframes.
Another “problem” I have with my broker is that I cannot set the PSAR to 0.0009/0.015 like you, I can only go to 0.01 or above. Not a real problem because I can use TV to spot the entries and exits but still…
Thank you again, tomorrow I will start the demo with your 25+150+PSAR to see if it works for me.
I plan on using the PSAR Crossover and King as my primary strategies for now.
(I’ve been practicing my King trading on Sunday evenings)
Forex Factory has a forum for King of Forex ( M1 Countertrend Scalping Strategy), but they are trying to enhance it with other indicators. I don’t think they are necessary, myself. The indicators are nice, though.
I chose the 25 and 150 for a few reasons. The automatic filter of using the 150 for one. The 25, instead of a 14 or 9 because I want the trades to be open for between several minutes and a couple of hours. A shorter period ema would tell me to close out too soon. Finally, I don’t want more signals. The only way I can manage active trades on more than 1 pair is to spread out the signals to avoid distractions. While I am sitting in front of my computer, I should be able to have at least 2 charts open and visible on a side-by-side display.
These ema settings also coordinate with my PSAR settings so that the SL works best.
@SurprisedMoose
Right now, for my exit, I am looking at either the distance between the 25 and 150 becoming smaller or the psar. If I do choose the distance method, I know I may have to re-enter if the 25 comes down and then bounces off the 150.
80 more pips were available in the last hour between Eur/Jpy, Usd/Jpy, Gpb/Jpy on the crossover.
I only took advantage of 1 of them for the 23 pips. The Eur/Jpy will likely continue the trend until next resistance (another 30 pips. It has done that the last 3 days in a row.
