Please note I did not make this system, there was a thread here on it years ago.
Hi everybody, Johnny2pips here glad to be taking part of the Babbypips community, hopefully we can be friends. This trading account is more of a savings then anything else. I’ll be depositing a little bit here and there till around $1,000 usd. At the moment the account stands at $61. Once a balance of $1,000 is achieved I’ll then stop depositing and start to only trade to build the account to $2,000. After that well we’ll just have to see what happens. In the meantime lets trade
:33:
Money Management
If anyone is going to make it long term scalping they will need 3 things.
A stoploss no greater then 1%
A system that works great with trending markets
The ability to plot highs, lows, and channels in the market
Indicators
Heiken Ashi Exit
Double CCI set to 170 & 34 - Note: Indicator attached below (DoubleCCI-With EMA) has a sound alert this is why I use it. To get rid of the EMA as we wont be needing it open up the indicator properties and set show EMA to false.
RSI 8
Spread (not really needed)
Auto Fibo - Draws fibs from the previous days high/low.
Rules Listed Below
Only trade in the direction of CCI 170 this is the “trend CCI”.
10 pip stoploss this maybe adjusted depending on TF 10 pips for 1M and 20 for 5M.
Personal Preferences
General goal +30 pips a day.
Stop trading after 3 consecutive losses.
Previous swing of 10 pips or more.
Enjoy yourself work should be fun!
Long Trade
CCI 170 Above zero line (up trend)
CCI 34 Above zero line (Short term trend agreeing with long term)
Heiken Ashi Exit is green
RSI Above level 55 (vary important in between 45 and 55 is a danger zone!)
Short Trade
CCI 170 Below zero line (down trend)
CCI 34 Below zero line (short term tend agreeing with long term)
Heiken Ashi Exit is red
RSI Below level 45
Found a great indicator posted by shroomhead Double CCI with 0 cross alert! Now there’s no need to have heiken ashi smoothed. Only reason I used it was for the alert. We’ll switch that out for Heiken Ashi Exit which is a slower and filters a lot of the noise. The chart setup has been changed to the following.
Heiken Ashi Exit (Much better then HA smoothed)
Spud Fibbo - auto draws fibs from yesterdays/today’s high/low
Double CCI allert - alerts when CCI 170 or 34 crosses 0.
RSI (8)
Glad to have the charts slimmed down a bit. Soon I’ll post the indicators and template to post #1. For now everyone have a wonderful holiday.
Here is my first trade of the week. As you may have noticed B Bands have been removed, in it’s place are 1H range/trend lines also notice the vertical lines defining the Asian session. I’m trying to learn ICT’s method that allows us to use the range of Asian session to confirm the buy/sell direction of the day. As you can see in the chart yesterday was mostly ranged. At the beginning of Tokyo that range was broken, almost immediately after price shot down. Thanks for checking in and have a great trading day.
8:20 Update:
Price went through the major support line after a little temper mental testing (lol) . Now we’re sitting a little above the -.382 daily fib for +14 pips.
Price is retracing from 0.83330. Might get stopped out for a small gain. Going back a few days that chart level was a major support and resistance level throughout last week. It also happens to be -.382 daily fib to so we’ll see what happens. Either way I’d call this a successful trade.
Opened a trade explorer account over at forex factory not sure if there is a share link maybe you can access it via my profile (same username). Will try to figure it out. Looking forward to trading tomorrow ended up missing a lot of good trades today but it was worth it to spend time with the family.
I normally don’t trade after 12pm EST. Testing this setup was to tempting :D. While browsing other scalping threads it was said the 200 level can indicate a reversal back into the main trend. In this case the main trend is down. We’ll see if price decides to return to the downside. If not no big deal that’s the price to testing theories.
After forever of sideways movement I set a TP for 1.5 pips and it was hit! This was such a bad example because price was already at the bottom of a range that had been tested 2 or 3 times before. Anyways glad it didn’t get stopped out. Sending money over to paypal for a deposit. Hopefully will be able to do that each month.
Hi everyone I want to take a moment to thank Danny from forexfactory trade explorer help. He had saw my previous comment about not being sure how to link to my explorer and explained it clearly. From now on there will be a link in my sig if you want to check and see how I’m doing.
It’s been slow going these last few trades haven’t gone to well with that said all were positive so nothing has gone majorly wrong. Thanks for checking my trading journal and don’t be afraid to ask questions and/or post advise general talk ect. Happy trading!
Made a huge mistake today placed a trade forgot it was there started playing words with friends and ended up in the negative for 27 pips. Note to self don’t play apps while in a trade.
placed a trade forgot it was there started playing words with friends and ended up in the negative for 27 pips. Note to self don’t play apps while in a trade.