Already did.... .....is there some part of it that you don't understand? I can sell you the system, including coin, for a one-off, never-to-be-repeated, only-if-you-sign-up-now, special-deal-for-ET-users of wait for it, an amazing give-away price of just $999.99! But hurry, this offer is only available while stocks last, in fact I'm down to my last shipment it's been so popular! Trade like the pros, the same system as used by investment banks and sub-prime mortgage lenders, get yours TODAY!
As you already did The Commodity Futures Trading Commission publishes the Commitment of Traders report (COT) every Friday, and it measures the net long and short positions taken by traders in the futures market what do you know about that and how does it affect forex and how to use it in trading?
Right this is my strategy; you may not like it and it may be very simple and been done a million times blah blah blah, but it works for ME and i'm just trying to share what i do and hopefully learn something from others. I really appreciate the advice that has been given so far, so thank you. I work on 5 min CANDLESTICK periods because i am in and out quickly. I LIKE to trade that way. I only trade when there is a definate trend. If the trend is down I wait untill a period closes up on the last two. Then if the next 5 min period is down I enter at the low of the last period. If the market hits the high of the last period i dont bother and it has proven to work consistently. I am in and out quickly, but yes of course i sit there staring at my screen watching the market drop further and i could be making more money but that is a deviation from my strategy which is working. Its just what I do. I've made 372 points with NO losses since i take just 2or3 points per trade not including the spread. Yeah the broker's making good too, but thats not important to me. I only care about what i'm making and making it consistently. I am prepared to let the market lose up to 10, but my point is that i dont have to because i'm not going for big gains. Sometimes it goes the wrong way but quickly recovers because the market is being pulled down (or up). In order to cancel out the spread I am looking at how often the market hits my entry point and then pulls back: then enter 2 or 3 points before my target entry. I'm building up that data untill i am sure it works, but so far it looks promising. If its a well used way of trading then i apologise for wasting your time.............. I'M JUST SHARING MY THOUGHTS! Thought of the day: "We've heard that a million monkeys at a million keyboards could produce the complete works of Shakespeare; now, thanks to the Internet, we know that is not true." lol
Trader evolves. There's nothing wrong with the strategy if it's working for you but there will come a point when you don't considered it fun doing short trades anymore; too much screen times, not enough pips, not counting the fact that some broker will not give you the hard earned money scalping... There were times last year when a lot of traders earned more than 100 points a day trading the JPY pairs, the market just kept going and going. Those were some of the best trading days I'd ever seen but if you look too closed to the groud, you might miss it, so think about that. sg20
The strategy itself I won't comment on because when it comes to trading I'm a pragmatist, if it consistently makes money then it can't be 'wrong', but..... As you're at the stage where you can recognize a trend and only trade when there is a definite one why not just trade with it instead of taking a few measly (in comparison to risk) crumbs? Risk:reward will be better and overall profits will be better, that would seem to make more sense, no? It will take patience but it would be worth it. Maybe at the beginning you could lock in your 2 pips profit so you're no worse off and then just let the thing run, even with a trailing stop you're going to do better.