Warning:
* Novice trader with very low trading knowledge and experience!
Hello respected FF members,
I am trying to stand a 1H Candle-stick Strategy on GBP/JPY. Why GBP/JPY? I heard about this idea a few days ago, and observed the chart, its clear that most of the time, GBP/JPY follows the direction of first 5-10 minutes (of the start of a new candle) and moves at least 10-20 pips if the higher time frame is in favor and no news release impact in effect.
The main idea is observe the 1H Candlestick for first 5-10 minutes, see which way its going, if the direction matches Trend Momentum and Higher Time Frames, then execute the trade (with the help of a smaller Time Frame) .
Thats the basic. I have thought a few other things like
> No trading 30 Mins before/after News release.
> Minimum profit target 10 pips + 8 pips (spread) = 18 pips.
> Break Even after 10 pips and trail stop.
> 4/5 trades a day.
> Stop loss: Higher high or Lower low of the observation period (first 5-10 minutes).
> Watch for Pinbars and take them if available.
I need Help about:
* Comment on the overall idea (Please don't hesitate to call it foolish if you think so) All opinions are highly appreciated. And constructive opinions are the ones I need most.
* I want to include a SMA/EMA (which one is better), please suggest a suitable value. The idea is to buy above it and sell below it. Or it will be better to use MA crossover?
* Suggest if you think any other indies should be added like MACD/RSI? With proper value please.
* Anything that will increase the chance of avoid losing (avoid losing is the priority here, not winning)
My main goal is to scalp this very fast moving currency pair with minimum risk by ensuring the maximum probability. Just hit and run and bang! 10 pips in pocket ... lol
The attached image shows what I got so far. This is the NiceGuy template with THV Coral, Stoch and Trend Momentum on it. I have added other Time Frames. The Trend Momentum indi sucks a lot but combined with stoch and Higher TF is reliable at some percentages. I just want more reliable trend confirmation and go with it, I believe 18 pips is not a lot to ask on 1H TF specially with a pair like GBP/JPY.
I have traded this yesterday late NY session, 3 traded in 3 Hour and successfully hit my TP. I was probably lucky, this method (if it has any possibility in it) needs a lot more work to make it a consistent "Not-Loser" (which is beyond my ability) so I really need your help with it.
Thank you all for your time
Have a nice day.
* Novice trader with very low trading knowledge and experience!
Hello respected FF members,
I am trying to stand a 1H Candle-stick Strategy on GBP/JPY. Why GBP/JPY? I heard about this idea a few days ago, and observed the chart, its clear that most of the time, GBP/JPY follows the direction of first 5-10 minutes (of the start of a new candle) and moves at least 10-20 pips if the higher time frame is in favor and no news release impact in effect.
The main idea is observe the 1H Candlestick for first 5-10 minutes, see which way its going, if the direction matches Trend Momentum and Higher Time Frames, then execute the trade (with the help of a smaller Time Frame) .
Thats the basic. I have thought a few other things like
> No trading 30 Mins before/after News release.
> Minimum profit target 10 pips + 8 pips (spread) = 18 pips.
> Break Even after 10 pips and trail stop.
> 4/5 trades a day.
> Stop loss: Higher high or Lower low of the observation period (first 5-10 minutes).
> Watch for Pinbars and take them if available.
I need Help about:
* Comment on the overall idea (Please don't hesitate to call it foolish if you think so) All opinions are highly appreciated. And constructive opinions are the ones I need most.
* I want to include a SMA/EMA (which one is better), please suggest a suitable value. The idea is to buy above it and sell below it. Or it will be better to use MA crossover?
* Suggest if you think any other indies should be added like MACD/RSI? With proper value please.
* Anything that will increase the chance of avoid losing (avoid losing is the priority here, not winning)
My main goal is to scalp this very fast moving currency pair with minimum risk by ensuring the maximum probability. Just hit and run and bang! 10 pips in pocket ... lol
The attached image shows what I got so far. This is the NiceGuy template with THV Coral, Stoch and Trend Momentum on it. I have added other Time Frames. The Trend Momentum indi sucks a lot but combined with stoch and Higher TF is reliable at some percentages. I just want more reliable trend confirmation and go with it, I believe 18 pips is not a lot to ask on 1H TF specially with a pair like GBP/JPY.
I have traded this yesterday late NY session, 3 traded in 3 Hour and successfully hit my TP. I was probably lucky, this method (if it has any possibility in it) needs a lot more work to make it a consistent "Not-Loser" (which is beyond my ability) so I really need your help with it.
Thank you all for your time
Have a nice day.
" The fool who never traded Demo "