Not working in ways, so adapting. 5Envelope is gone, 5sma is questionable importance. Envelope 12 0.03% added, 50% there. Theory being, a break of the 0.03% in a Trend move, has low odds on continuing the trend, therefore don't take that trade, obviously a pause near that area, can be taken, which then might fail, so you go out the 0.06% range, 2nd position near, SL outside of. Need to define maybe a 0.09% where outside my SL to sit, a NO CHANCE of chop at this stage, we are falling like a rock placement.
Day like today, this is working great, although no new trades missed the few entries, but UK and US closed for the day, so it's Slow!!! On a faster more normal day ???????? 27th, chop no issues, turn up nice entries with, back to chop, pass flying colours! 26th PASS Flying colours! 25th PASS Rough times mind! Basically, GIVEN up on Timing market moves, just play the range with a big enough SL to allow for some error!! Might get rich of the performance I was seeing there quick enough after all
Why not just stay at building account slowly like forever, but add more size? I have learned to just accept the slow and boring.
Thats the plan, slow and steady builds confidence which creates stupid, trying to time market moves even m1 not enough detail, cant think that fast. Just basically just take every range trade, accept its a guess but its enough of an edge to grind a profit out and keep scalping profits out. Running out of work, time, money so what ever it takes at this stage Need to start takimg a wage to boost my weak earning, think $500 area end of next month, not so bad, prefer $1000 mind, month after maybe. I can live on 2000usd, 2500usd for an okay life style.
I slept in today but saw what I missed. Today shows often of small bars but if they are consistent and trending, why not? During regular hours of trading in all markets that I day trade, 95% of time I am risking 50% more than possible targets. Especially when there is lighter volume, it does not take much for trades to happen over 3-4 price levels, so wider stops allow me to not have as many losses as price often returns. It is funny as how often this happens. Anyone who thinks of trying what I post, back test the crap out of it so you have answers to all questions before they arise. Make a detailed trading plan. Happy Holiday to all.
Changed Margin from 400:1 or 200:1 to 50:1, trying to increase that back to 100:1. Increases my profits x's 2 and my losses ofcourse, but no point focusing on losses. Move upto $6 or $7 per pt in an instant for 2 positions!
Dumping the 5sma, never going to try to time a move off such a method realistically. 12 was a tad quick, played with the numbers 16sma looks optimal for this, so 16sma + 0.03% and 0.06% Envelopes and the 50sma. It can take a week to change the margin, the Online chat guy couldn't do it Gives me a week to get some practice in, boost the account a tad, get back to $4 per pt, then hopefully be back at $10 per pip, which makes a 5pt move worthwhile in a week or 2 Target $50 per pt!
Back Test, random 7th April, just quick like. Lets cound Fails, ie Flat 16 out of range SL hit needlessly or with trend SL hit needlessly. 9:05 trend change loser, plenty of warning 9:35 trend change loser Huge down move, no losers few entry points nice. 15:48 might of spike hit SL there LOL Awesome. I think this method is how I turned my $600 into 10K over a year, then blew a big hole in the account, lost thy plot totally, threw it out and turned back to losing ( I blew 3K being stubborn in 45mins was nearly sick as projectile, screwed me over big styllleeeee ), market also went super nuts, too many break outs kept cost me and my SL Risk management SUCKED ass back then!! 6weeks to 10K Simples
Its working great, too damn fast for me, feels like SL nearer 30 required, if i feel i vant trade it on a 12sl then best to stay out. 16s looking perfect still, 50 also working well. LOCKED! 2 years ago I abandoned this method or very close to this, lets see if i can repeat performance, i was adding 1k per week towards the end, but 200:1 margin but less spare time. Inthink i was using when i first came here, will go back and check.
Damn i was on fire for the first 10pages, need those days back, then market got faster it just wore me down into making stupid high risk trades. I was trading off a 26sma based range, 0.1% and 0.2%, Went 42 then back to 26, currently 16 and tighter range. They where literally all counter trend trades to, literally couldnt pull the trend trades back then, not perfect but much better these days. Im going to blame 200:1 margin or more maybe to, let me average down too much no SLs accident waiting to happen big time. Lets see if i can get back to those days, with similar method.