My Strategy

Discussion in 'General Forex Discussion' started by nadeem1683, Sep 15, 2014.

  1. nadeem1683

    nadeem1683 Forum Newbie

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    Dear Friends,

    I hope you must be knowing this strategy well. If you see this chart, there was a false break and a huge reversal. What I do is that I use Daily Chart for my analysis strictly, but I enter via 5 minutes chart with huge volumes and my Stoploss is just 3-4 Pips on each trade.

    I use 600 and 1000 EMAs on 5 Minutes chart. On 5 minutes chart when the price falls below the EMAs and price action is formed on daily chart I look for entries on 5 minutes charts. This has been very successful. Everyone is is well aware that Price Action even work on the smallest time frame. Everything is in Money Management. Its very important to control the Nerves while trading.

    This strategy works for me very well. I did learn the price action long back, but its still human behavior that they don't follow what they study. I realized at one point of time where I was making huge mistakes and that was Money Management, so strictly use what is given in Price Action Protocol Money Management Model. Its simple math to understand and believe me if you follow it honestly no one stop you becoming a full time trader.

    By this strategy I dont lose more money, but obviously i get good ROI when its hit. I follow long trades which runs for several weeks or months it keeps me away from charts for a long time and does not hurt my emotions. Thank you for reading. Please leave your comments and suggestion. Happy Trading.
     

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  2. b.buzby

    b.buzby Forum Newbie

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    Hi Nadeem,

    Thanks for sharing your strategy, it would be nice to see the EMA's on the chart you've posted so we could see your entry.
    I agree with your fundamental strategy "the trend is your friend". I use similar a strategy.
    Good Luck.
    Please keep us posted on your progress
     
  3. nadeem1683

    nadeem1683 Forum Newbie

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    I use 600 & 1000 EMAS on 5 Minutes Chart and they produce good results. :mrgreen:
     
  4. seaton

    seaton Forum Newbie

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    Thanks for sharing your interesting strategy Nadeem

    Could you please repost your picture with ema so we can see how you enter maybe even mark up the chart with some arrows to better explain your strategy


    Regards,

    Stephen
     
  5. erebus

    erebus TFG Forum Legend

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    It's not rocket science!

    Pick a scalping pair; hey, EUR_USD

    Form a bias from Daily chart, I say down (trade what you see on your chart)

    Watch price action at Frankfurt & London open

    See any Price Action? What do you recognize from Forex Guy course?

    Take trade with set Stop Loss & Take Profit or let it run if it goes!

    Use good money management

    Have fun :D
     

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  6. nadeem1683

    nadeem1683 Forum Newbie

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    dear erebus,

    I know learning is not a rocket science. But implementing the rules is a 'real rocket science. It take years to learn to implement the rules with full honesty. Anyone can learn Price Action, is not big rocket science, but how many people follow. I have just explained what I do, may be it can be useful to someone else. I had learned price action long back. It took me lots of time to accept the Money Management. Although I learned Money Management at earlier stage but i never implemented. Hope you understand now What I mean.
     
  7. fahdforex

    fahdforex Forum Newbie

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    my strategy is breakout fading
    This strategy is in contrast to trading breakouts that seek to profit from price breaks at important levels. In other words, breakout fading identifies the false breakout signal and tends to be in sync with trading in the sideways market. This strategy is very appropriately applied to quiet markets, with price movements that are less volatile and relatively compliant with support and resistance limits.
    For entry order, Grace Cheng recommends traders to stick to small time frames like H1. Meanwhile, Stop Loss is well positioned 20-30 pips beyond the range of support resistance.
    i am use FXB Trading broker to learn all about forex. may be you wanna try like me ??
     
  8. TracyMorninge

    TracyMorninge Forum Newbie

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    TLDR version: If your goal is to increase your profits, you should not venture into a new and unfamiliar activity - day trading. Doing so could cost you a lot in the learning process. You may eventually be as profitable as your long term day trades, but the odds are heavily against you because of noise and chaos in short term markets.

    I suggest an alternative. Since you are consistently profitable for your long term trades, you should increase your position size for them. Instead of trading every currency pair, you should seek more risk in your expertise. It also pays to monitor your trades and it can get very confusing when you have too many. So yes, focus on the few pairs that you are confident with.

    I sense that you want to faster profits that day trading theoretically promises, but you should do your due discipline to know what are the odds and potential profit. Here is a graph showing the EURUSD daily return range. I basically took the difference between the close and open of each day and got this bell shape curve. Many pairs have this shape too.

    [​IMG]

    Day trading does have its merits too in your trading career. It's during massive moves such as those at the left and right tails that makes it far more profitable. Usually there is a fundamental reason to it and you can find that out with some research (like how you do your long term trades). For instance, you could sell the Euro a few days before the ECB publicly announced the latest round of quantitative easing. For the rest of of the time, its almost like flipping a coin for short term trades. Notice the symmetrical bell shape. Unless you have a strategy to capture the daily 0.5% and be profitable. (i.e. buy on the lowest and sell on the highest, vice versa, consistently). If you don't wish to commit to the journey of finding out how, you should stick to your consistently profitable method and be patient.

    All the best.
     

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