Hello everyone,
Firstly, A Happy New Year to everyone and may the pip goddess smile on you this year.
I have decided to take portion of my fx account and apportion it to scalping/very short term trading. I prefer to allocate different amts to different strategies, rather than put it all in one strategy/system.
After all the reading, I find the concept of scalping/short term trading very appealing, and wanted to see if it fits in with my personality.
I have been trying different things in a demo account. I found the idea of Guppy Moving averages, and using linuxtroll's rainbow MA template quite appealing. I have speant a few weeks just experimenting and observing how price moves etc, rather than trying to go for profit straight up.
My initial strategy was to go trade gbp/usd, eur/usd, usd/chf, eur/jpy, usd/jpy. Mainly because of relative low spreads on these. I traded off 5 min chart, in the direction of the 15 min chart (tried the 1 min chart, but just could not keep up with the whipsaw). TP was anywhere between 3 to 5 pips + spread, sl was b/w 8-10 pips, and I was only going for trades that I felt met the criteria 100%.Unit was Account balance x10 As soon as my daily target was met, I switched off the computer.
My observations were as follows:
- Target hit quite often.
- Price usually kept going further in my direction after the tp was hit
- SL was also hit quite often, but that was usually on the trades where I "read" the chart as showing a reversal, with the short term MA crossing the long term MA.
I am sure there are people on this forum who are very good at this type of trading. I have met some in internet forums, but there trading is totally discretionary, so hard to learn, discuss etc.
I would love to discuss in public or private with anyone who is willing to help me develop this/better system or strategy. eg. is there a particular time of the day that is better for this to work, is there any particular pair this can work better with etc.
One of my modifications to this was going to be was to move my sl to be as soon as the pair has moved to my mental tp, and then follow it with a manual trailing sl (as oanda does not have trailing sl feature) as the pair keeps moving in my direction. I might have lots of be, but the ones that do keep going, should make up for the be trades, and I might end up with my per mth average aim.
All suggestions and criticism welcome.
Regards,
K.
Firstly, A Happy New Year to everyone and may the pip goddess smile on you this year.
I have decided to take portion of my fx account and apportion it to scalping/very short term trading. I prefer to allocate different amts to different strategies, rather than put it all in one strategy/system.
After all the reading, I find the concept of scalping/short term trading very appealing, and wanted to see if it fits in with my personality.
I have been trying different things in a demo account. I found the idea of Guppy Moving averages, and using linuxtroll's rainbow MA template quite appealing. I have speant a few weeks just experimenting and observing how price moves etc, rather than trying to go for profit straight up.
My initial strategy was to go trade gbp/usd, eur/usd, usd/chf, eur/jpy, usd/jpy. Mainly because of relative low spreads on these. I traded off 5 min chart, in the direction of the 15 min chart (tried the 1 min chart, but just could not keep up with the whipsaw). TP was anywhere between 3 to 5 pips + spread, sl was b/w 8-10 pips, and I was only going for trades that I felt met the criteria 100%.Unit was Account balance x10 As soon as my daily target was met, I switched off the computer.
My observations were as follows:
- Target hit quite often.
- Price usually kept going further in my direction after the tp was hit
- SL was also hit quite often, but that was usually on the trades where I "read" the chart as showing a reversal, with the short term MA crossing the long term MA.
I am sure there are people on this forum who are very good at this type of trading. I have met some in internet forums, but there trading is totally discretionary, so hard to learn, discuss etc.
I would love to discuss in public or private with anyone who is willing to help me develop this/better system or strategy. eg. is there a particular time of the day that is better for this to work, is there any particular pair this can work better with etc.
One of my modifications to this was going to be was to move my sl to be as soon as the pair has moved to my mental tp, and then follow it with a manual trailing sl (as oanda does not have trailing sl feature) as the pair keeps moving in my direction. I might have lots of be, but the ones that do keep going, should make up for the be trades, and I might end up with my per mth average aim.
All suggestions and criticism welcome.
Regards,
K.