Were you using the teoman ma cross 5m scalp method on a m1 chart for 96 pips in 50 min. of trading?
[Edit 6-8-09] I added this edit message because I know more now than I did at the time of the post. After creating an EA and backtesting the idea below, I was able to see that the 3 Sema, MA Cross may happen way too early in huge breakouts. I have yet to find a good stoploss solution so trade the method below with extreme caution. The results that I had in the previous post are real but you can still get caught in a huge breakout.
Yes and no. The method I use is a little different but basically the same.
1.) Wait for the 3 Sema followed by a MA cross to enter.
2.) Once you are in, if the price moves against you say 3 pips reenter another order. If the price moves against you again, reenter again. I know this "seems" to be violating the rule of not adding to a losing position but the price will eventually break. This is the same principal as DTB, but you cant keep reentering on DTB forever or you will eventually get burned. On DTB M15 a huge breakout will drain you, but on M1 it is not nearly as significant. When it does break you will notice that your breakeven point DOESNT EVEN HAVE TO REACH THE PRICE OF THE ORIGINAL ORDER.
3.) Exit when the 3 Sema forms against your position. Dont wait for the new MA Cross.
4.) SL is 50 pips but I really dont use it. Yes I know this is crazy but reentering too
many times before it breaks and the price not moving back enough to cover all of my entries
is essentially my stop loss. This wont happen very often, and even when it does we are
talking about M1 candles, not M15 candles like DTB. The Sema 3 MA cross entry will get you
close to the break point a majority of the time. I actually like it when it moves against me
because then I get a chance to reenter. Then I make more money when it breaks. This is what
happened with the UJ trade in the .doc file I posted.
5.) TP is 50 pips but again I dont use it nor do I expect it to get hit.
6.) Only use this method on EU or a symbol(s) with a very low spread.
7.) Early morning US cental time is a good time for this, but it works just about any time.
8.) Dont blink.(Keep a bottle of Visene handy)
9.) Dont even think about getting up to pee. LOL.
10.) This moves very fast, you will need to pay very close attention. I take orders going
both directions. I take the up and the down moves on 3 symbols. Its like riding a wild
Try this on a Demo account with just one symbol first. It takes practice but it is wildly fun.
This kind of trading matches my personality, I am not waiting and waiting and waiting. I am
totally focused and engaged like a video game.
Also, to do this you NEED TO USE MT4 SCRIPTS!!! There is no way you can type in orders doing this.
You need a short and a long limit order script so that you can drag and drop your limit orders in.
Another hint is to go ahead and enter say 3 limit orders above or below your first entry with a 3 pip spacing
and then delete the ones not touched at the conclusion of the move when you close all of your market
Another hint, I dont wait for the H1 or D1 or any other candles to be moving in my direction. You
can play with this and see if it helps, but you have to make some quick decisions. My goal is to scalp
some pips going up and going down again and again. I am not trying to catch any long moves here.
I hope this helps. If anyone has any ideas to improve this method please post. This method isnt perfect
nor am I. Good Luck.