Black Dog Forex Trading Journal

[Vanhook2]

Originally Posted by pcguy007

Hi Vanhook, do you think this system can be used to scalp?

Scalp for how many pips? Why not?

I try for 40 -> 50 pips on each trade I take.
If I see it is moving real fast, I turn off my EA & let it run.

[pcguy007]

I was thinking of trying to scalp on M1 and M5 on EURUSD and maybe EURJPY

i figure if i can get 10 pips here and there i'm golden.

[Enivid]

Originally Posted by pcguy007

I was thinking of trying to scalp on M1 and M5 on EURUSD and maybe EURJPY

i figure if i can get 10 pips here and there i'm golden.

You'll be losing a big portion of your profit to the broker's spread. When you earn 10 pips a trade and have to pay 2 pips per trade it's 20%. When you earn 200 pips a trade with 2 pips spread you lose only 1% to spread.

[Vanhook2]

Originally Posted by pcguy007

I was thinking of trying to scalp on M1 and M5 on EURUSD and maybe EURJPY

i figure if i can get 10 pips here and there i'm golden.

Take a look at the chart.
Notice the horizontal lines.
They are set for 50 pips, that give me a good idea of what the price action is.
With a 10 pip TP, not only will your broker love you, but you will end up over trading. I make 2 maybe 3 trades a day. I prefer the G/U, E/J & the "Beast" G/J.

I have attached that indicator.
If your broker has a 5 decimal system, you will need to set the HGrid Pips to 500.

[Vanhook2]

The following was copied from another site.
These rules are not mine.
But they make sense.

IS IT A VALID TRADE OR NOT?

MTF3 or SES indicator signals potential trade
(Also trade retracements which go down/up through the 15 ema then retrace using the same criteria.)
Trade in direction of latest black dog?
Macd above 0 for buy - below 0 for sell
Close enough to ma’s ie no more than 20 pips or so away from 15 ema & 40 from 50’s channels.
15 ema clear of 50’s channel or very close
Enter 3 pips beyond high/low of signal candle to get a bit of market confirmation
Dont trade around the time of major news announcements

MANAGING TRADE

If it is a trade then;
30 pip ‘hard stop’
100 pip profit limit
Close trade as soon as price closes in the ma’s & re-enter if get SES in right direction (if price not too far from MA’s)
When goes to 20 pips profit 2/3 off then let the 1/3 run
Move stop loss up to entry point to guarantee at least 13 pips profit
Close when price closes in the MA’s or @ 18.00

[Vanhook2]

Just a chart of Mini Trend Finder 3.

[Gilead]

Originally Posted by Vanhook2

Here is a nice little trade with Black Dog on the GBP/JPY from a couple of days ago. +40, +100, +80. I had my trailing stop set just about right.

I hope this thread takes off, as I'm new the BD system & hope to learn from others that have traded with it successfully for a longer time.

Is any one using any of the Mini Trend Finders?

Hi Vanhook - How's the BD system doing for you?

[Enivid]

Any updates on your results with Black Dog Forex system?