nanningbob wrote:
My trading days is stress free. I wake up at 6 am, jpy sessions starts at 8am so I can set up my daily trades. At 10am my kids go out to recess and I can close any profit trades 2-3 hours in. School closes at 3：30 but I have a 15M break at 2 so I can set up my euro trades. I get home from school between 5-6 or halfway through the euro session and take my profits and set up my USD session trades. I go out or spend the evening with my wife and go to bed around 11 or Euro close and close my profit trades. I go to bed and wake upbetween sessions and close my profit trades and set up for my next day. 4H are perfect for those who work. So plug your daily for those it fits. I will trade the 4H and pick up those 20-50 pip profits that you wont see on a daily chart in tight markets and still catch the trends you see on the daily.
Bob, 10.4 framework is a really nice piece to help traders do exactly what you said in your above paragraph. I am a pure price action scalper where I sit in front of my monitors and base on visual patterns on the 1 minute timeframe I will by or sell. I do this many times a day and it is very demanding. I love this action but with a new addition to the family and other responsibilities I needed to find a way of trading but not be in front of the screen constantly. Trading daily bars is not a main bread winner for me so I decide the 4 hour and 1 hour TF should allow me the freedom to be with the family but still provide a source of revenue at the end of the month.
10.4/5 fills it perfectly. I am glad to see your above example in your lifestyle because that is what I was looking for. As a visual trader I don't ever use indicators especially on tick charts so I was worried if I could adjust and be profitable on longer timeframes. For me 10.4/5 makes sense as I am not placing trades on indicators values but on the probability aspect of a trade being successful.
Now there is several areas I am looking at to improve on 10.4/5. One is of course increasing probability of a profitable trade. Again your example of closing out in the morning session and reapplying trades for the afternoon session seems to work vs leaving them open. I am looking into ways of increasing lot's added into winning positions especially when a currency breaks a predefined level or cross another currency in the currencyslopestrength indicator...Again this goes back to my probability % of a successful trade...
Question: I am wondering if you have used "currencyslopestrength"indicator to limit your trades to the strongest and weakest currencies or crosses of two currencies or even the breakout of a currency from a predefined level and have a higher probability of a successful trade % then just using all currencies pairs that are on your broker platform?
Another piece I need to get used to and to work out is Risk/Reward... Scalping I am averaging at least 1/6 ratio so I can't apply my ratio's to 10.4/5 framework. As a matter of fact it changes from currency pair and even price levels so it would be great to have a risk model that could tie into the framework. Every currency has it's own volatility so that will be interesting to add as well.
When I trade it is based more on risk management then the strategy model. This helps protect equity as markets are constantly changing and strategies are always trying to keep up. 10.4/5 for me is a framework that gives traders a way to increase their probability for successful trades while allowing them to add their own components like risk management etc...
I am just thinking out loud here in several directions drinking my morning coffee...
