Day Trading & Forex Forum

ajs5274

I use this system on the FTSE and Dow Jones.

I have been trading with these indicators: Ma's, DI and RSI's for a couple of weeks. I can only trade dinnertime 1 hour at work and maybe 1 hour after. (Family commitments ). I trade £5 a tick and have had some losses but I am in profit. I tend to make an average 5 to 10 ticks per trade on the FTSE. (On a correct trade) and 8 to 14 ticks on the Dow per trade. Occasionally you make more.

When the orange line crosses the black line down and we have below -15 on the DI, I go short.
If the orange line crosses the black line going up and +15 on the DI, I go long.
I tend to exit my trades when the RSI (1) is 100 to close out my long trade and 0 to close out my short trade.
I check the RSI (14) to make sure I do not go long when above 70 and I do not go short if below 30.
To confirm this trade, I use the black (ema8) to cross the (ema12) line up for long and down for short.

The (ema20) was something I was looking at for exiting trades.

One of my faults seems to be exiting my trades to soon...if anyone has ideas of how I can improve this it would be appreciated.

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ceydababy

Looks good.....another scalping system shared !!

Exits are the trickiest. I am running two positions now. One I take at + 10, as soon as that's hit I put the stop to flat on the last position...Take that out when the system reverses.

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Stops are IN ! Emotions are OUT !

shadowninja

Why not set a target point stop? What's the range it could run to?

Having a look at the last couple of days (excluding today), it could work on cable with 5 minute charts.

__________________


The markets can stay solvent longer than you can stay irrational.


Check out my blog if you're new to trading or skip the advice and obtain fame and riches beyond your wildest dreams the easy way but you might end up a bit like this.

SpreadBunny

I know what you mean. I was thinking about this. How about going all the way then as soon as it dips you come out. If you see the attached chart, whether you come out at point A or B, you will get more or less the same profit. Or as Shadowninja says find out the recent base range and use it for your limit order.

If you don't mind my asking, I am interested to know what percentage you are consistently winning with this strategy?

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Splitlink

Good luck with this, Spreadbunny. I think that the theory of the system is fine but am doubtful of the speed that you will be able to execute it on a consistent basis.

Let us know how you go.

Good trading

Split

shadowninja

That's why I like limit orders. It executes the close as soon as it hits the value. You just worry about moving the stops up. It's a bit like climbing; the belayer constantly takes in the slack rope to ensure safety so you can focus on climbing. I guess in this case, when you're moving the stops up, you are actually the belayer, not the climber.

__________________


The markets can stay solvent longer than you can stay irrational.


Check out my blog if you're new to trading or skip the advice and obtain fame and riches beyond your wildest dreams the easy way but you might end up a bit like this.

Splitlink

Yes, limit orders are the way to go.

Split

SpreadBunny

But you still have to watch that trade in case if it doesn't get triggered