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The Scalper Setup

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  • Post# 21
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  • Nov 8, 2006 8:19pm
  • andersenws
    Joined Apr 2006 | 440 Posts | Status: Member
I honestly don't understand what this is about. I understand the 3 bar setup, but I don't get why it generates a signal on the first bar?

andersenws
"Youth is the trustee of prosperity." - Benjamin Disraeli
  • Post# 22
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  • Nov 8, 2006 10:01pm
  • jest1081
    Joined Sep 2006 | 2,291 Posts | Status: Chasing Skirts
Hi andersenws,

I can understand your confusion too coz it took me a few times of re-reading to understand the cause of it. The signal is actually just an indication that the first bar is either the top or bottom of a move. So when the signal is generated on the first bar, you take th trade on the close of the third bar or the open of the fourth bar provided that there is no gaps.

So in essence this thing generates alot of repetetive signals. In order to negate this (multiple buy/sell signals), when a buy signal occurs, the next signal that shall come should be a sell to indicate the end of a move.

Jest
Just Friggin Trade
  • Post# 23
  • Quote
  • Nov 8, 2006 10:13pm
  • jest1081
    Joined Sep 2006 | 2,291 Posts | Status: Chasing Skirts
USDJPY had a classic box play setup, sadly i took the wrong side of the setup.

I entered a sell trade on a downward box breakout, followed by scalper price confirmation at 117.72. Stopped out at 117.85 2hrs later.

Trade -13pips
Filled 117.72
Stopped out 117.85
Attached Image
Just Friggin Trade
  • Post# 24
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  • Dec 3, 2006 9:16pm
  • bigjim1958
    Joined Jul 2006 | 356 Posts | Status: Member
How is your testing of the scalper buys and sells coming? I also read John's book and like the idea of using price action only,
  • Post# 25
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  • Dec 3, 2006 9:42pm
  • AhmedFouad
    Joined Sep 2006 | 182 Posts | Status: Forex Student
Question,

how to define stoploss, take profit? and this pattern should work with any timeframe?
Forex is not easy! :thumbsup:
  • Post# 26
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  • Dec 3, 2006 9:42pm
  • feb2865
    Joined Jun 2006 | 1,435 Posts | Status: Member
My sincere apologies if I am bursting a bubble here.

The method is a weapon of choice if you trade e-mini's especially the mini dow.

As for forex, scalper buy/sell will make you money sometimes but will whip your account most often than not..

This method is based on pit traders behavior and well, like every other strategy works most of the time on indices.

Forex as opposed to e-mini's shifts differently and it's not influenced by pit trading
Peace
  • Post# 27
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  • Dec 3, 2006 11:58pm
  • Warmagus
    Joined Sep 2006 | 313 Posts | Status: Member
Lets say you're trading this system on the 5 min chart. How many points would you try for? Where would you set your stop?
How you act is more important than how you feel.
  • Post# 28
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  • Last Post: Dec 4, 2006 7:20am
  • thatchman
    Joined Oct 2006 | 56 Posts | Status: PipWielder
This is basically a Chaos Fractal and works well in trending markets but in ranging markets, like most other indicators, fails dismally. Used in conjunction with a trend strength indicator can be powerful pip-puller - see "gator" and "alligator" indicators. Not a criticism, merely an obervation.
Understanding is a three-edged sword
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