Definately the way forward, need TIME to master it and being around enough to see setups. I've added Envelope 6ema 0.03%, after a break out from range it gives me a nice join level and a exit on that breaking level, can't be around to catch every start so got to join at times. Rewiring brain things about the market is key here!! Shall try to trade Wednesday!!
TIRED, coming into last week so got to pretend to work if there is any work to pretend about ?? which is always sucky as I've had no trading profits this week, needs must , had zero trading time or ever watching time today, drove 160miles in a 1.1 C3 fart box, slight hill down to 4th oh make that 3rd, ohhhh lost too much speed 2nd, lorry on upward dual track hmmm no drop back before I get squished. C3 is going to make me a good trader, I want my SAAB back well not that SAAB but a SAAB, hence I must get trading, only need $1500 for a good model can make that in a week easy! Method, just perfect, settling in, trades soon, this is how to do it, chop and trend finally figured out. Just need every bugger to leave me alone!!! bastards!!
Still not quite pulling the trigger, close mind, worrying too much about losing. Added a 50Ema to the mix good hit reversal rate. Lose small, profit big, thats what the setup is good at so get on it.
Your method seems to involve using a slow ema to gauge price direction, and a faster ema from which to derive two envelopes, with long entry when price crosses up through the high of the inner envelope and a long target at the high of outer envelope, and exit if price crosses below low of inner envelope. Vice versa for short entry. Thats what you seem to be basically doing but with some variations. You also choose the parameters of that method, which are the periods of the two moving averages and also the two bandwidths of the envelopes - a total of four parameters. For day trading the period over which you are trading would be another issue, but maybe you don't consider that to be the case. You seem to be selecting the parameters of your method by trial and error with manual trading of past data. From what you say you have had some success in trading but what makes you think that the process just described will lead to further success? I'd expect that adjusting the parameters of your method by backtesting based on manual trading over a very small data set is the cause your frequent tweaking of the method. I'd also expect that if the parameters of your method were selected by backtesting over some old data and walking it forward over new data, with some adaption of the parameters, and perform that process over several years of data then you would almost certainly see that the method you are using would not be successful in the long run. If you are successful trading then it suggests to me that you are not following your method precisely and are instead using the moving averages and envelopes as a guide - your own personal head up display - relative to which price is moving. In which case why do you bother continually tweaking your method?
Well, it's confusing but I'll try to clear it up. 50ema is just a over all market sentiment, just a confidence booster, don't worry too much about that. 20 Envelope, that cauges short term direction, if it's going up then look for entrys to join the up, if it falls out of the bottom then look to take thy loss and switch directions when an affordable risk is offered. BB 20 2.3% removes the need to vary the 20 Envelopes width for chop, only useable with a sideways 20sma and / or 50ema supporting direction. envelope 6ema 0.03% that's a break out and join after or while travelling from BB to BB scalper entry. It's looking very promising, need some live trades, but no interest in making any big changes to method, don't expect it to hold up for years without some tweaking. Just old enough and wise enough to make an average method profitable vaguely, but searching for an above average method which is hugely profitable. No Live Trades on this method yet, too busy, too much crap going on, backtesting well, live paper trades looking good, confidence to take live trades not there yet ( A Paper trade, is a trade I saw but didn't take, so I score for confidence ) Trying to retrain the brain to not reject good trade setups, on the basis they could fail and they look kinda weak/scarey or mid move. Full time, wasn't quite ready ended up working March so look to try again start April, if it goes well I'll avoid work and look to take out $2K end of May wage, if not I'll have to take on work and try again May!! Gives me a week to progress to Live trading status via this method!! LIFE!! just gets in the way!!
Method was/is great, but to complicated, making decisions under pressure = no trades. Simplified, to a really basic method....... Envelope 30ema 0.02% Envelope 10ema 0.04% and a 10ema. Can Scalp all day, playing 10ema's range with 30ema's direction, also using the 30ema as a reversal / scalp area. Much Much simpler, other method kicking ass, but all entries seemed like failures at the time, so just ended up watching. Back Live tomorrow maybe tonight via AUS200
Method is simple and great, moving to ema solved a lot of issues, keeping it simple and ignoring wide range definately better. Bad side, nerve, focus, too scared to take a loss or screw it up, stressed, tired, fed up, pissed off, so not trading. Gym, swim, get end of month out of the way, start next week with some passion.
Current method, should be easy via MT4 to automate the SL, leave a EA running on PC, place a trade, PC MT4 sees the trade, sets a SL, keeps my losses small,which is most of the battle, then it's just a matter of letting my profits go a bit. Removes, work and stress, still manual entry and manual profit take or kill early if going badly.
Operation, cheer self up, hey atleast I've got a nice car even if everything else is shite!!! If all goes well, got a cheap low mileage Toyota Celica 1.8VVti in silver to pick up later C3 going to the Mrs after I do some work on it. Method is fine, but every trade looks like it'll fail for a small sub 10pt loss, where as the wins are running about 80% and a 20pt+ profit, need to get head out of ass basically. Get my Auto SL protection in play for Monday, then can't blow account or be silly, should help the situation slightly. I'm struggling to belive it's this simple and I didn't spot early, mainly just taking trades ( 1 day ) in the 30ema's range 0.03% and it's direction, Exiting on the range breaking against, holding if it holds, with the 10ema range for faster conditions.
Car was a joke Exhaust straight through, BANG BANG POP POP wake up the entire town, loads of water out of exhaust then over heated but radiator cold, water pump gone, over sized rims so the ride was aweful, but got another 1 to look at tomorrow, hopefully standard!!