The Scalpers Dream

I've had a couple offers but with the parameters I want(see post 40 in this thread) the cost is too much at the moment but if it keeps working for a couple more weeks without much draw-down I'll definitely get one made. I could probably have it made without so many features but if I'm doing it I'm doing it right.


BTW I just did a quick back-test on Cable and since 10/5 the record would be 35w/5L and the losses have nothing in common as far as time and price but the one interesting thing I noticed there hasn't been any consecutive losses(same for euro) which makes a good argument for a martingale progression after a loss. HMMM, not that I'm going to do it now but it would work.

Just hit another one at 1.4000 another +15

You're going to need a bigger boat

Me, too!

4 wins
0 losses

Thanks, Jaws!

Count me in

3 wins
0 losses

Thanks Jaws

im joining ur guys just to help testing the system, have placed 16 orders with 15TP and 30SL

This might be the steady money maker, we'll see I'm up to 16W/3L

I don't like boats much, but that jet of yours would be nice,I'd run it on Bio-fuel of coarse unlike the phony Al Gore.

Hello,

I’ve been following this thread for a few days, good info, thanks. I had my first EU +15 hit this morning too. I think I’ll also take a look at this strat with GU.

Thanks!

GU was a loser today

just missed the TP by 4 pips before hitting SL

This is my first post on this forum and I just want to say to Jaws, thanks for sharing this method with us.

I have a small $445 live account with Oanda that I'm going to begin trading this in. I've been looking for a simple method like this that will allow for me to set the orders and check back from time to time.

I trade strictly the E/U currency pair so I will be posting my results from my trades as well. From the statistics that Jaws shared with us (G/U was 33W/6L and his live trading with E/U was 16W/3L) boh pairs are winning at a 84% win rate (if my math is correct). That is my book is more than enough reason to give this method a shot. Like Jaws said, this may be the steady money maker.

I'm unclear on just one detail and I hope that Jaws or anybody else can clear it up for me. When exactly do you pick the current price for the pair you are trading? For instance, right now the closest big number to price is 1.4000.

So I'm placing my pending orders right now and I placed my longs at 1.4085, 1.4185 and 1.4285 with all orders with a 15 pip target and 35 pip stop loss.

My pending sell orders are at 1.3915, 1.3815 and 1.3715 with all orders having a 15 pip target and 35 pip stop loss.

Are my orders correct? I understand that once price reaches the 50 level, we look to place new orders if any orders were filled but I'm not sure when we take our initial price reading. I hope my question makes sense and I look forward to working within this thread with everybody. Hopefully my first post on this thread will be the only thread I have to deal with if the winning continues the way it has been.

I've attached a screenshot of my pending limit orders on my live Oanda platform. I used the hourly chart for the screenshot so all of my orders can be seen.

Can Jaws or anybody else please take a look at my screenshot and let me know if my orders are in the correct place. I placed them when price was a few pips below 1.4000

My limit orders are listed below.

Buy Limit Orders:
1.4085 / Stop Loss at 1.4050 / Take Profit at 1.4100
1.4185 / Stop Loss at 1.4150 / Take Profit at 1.4200
1.4285 / Stop Loss at 1.4250 / Take Profit at 1.4300

Sell Limit Orders:
1.3915 / Stop Loss at 1.3950 / Take Profit at 1.3900
1.3815 / Stop Loss at 1.3850 / Take Profit at 1.3800
1.3715 / Stop Loss at 1.3750 / Take Profit at 1.3700

If someone can let me know if I placed my orders correctly, I would greatly appreciate it.

Your orders are correct, at this point the 1.4000 is in play and when the price goes to 1.3950 or 1.4050 you would place the 1.4000 order. BTW, if you're using your full margin check the margin calculator because the higher the price the higher the margin and the trade screen only shows you the margin at the current price.

The lazy man's way to riches? 70% winning trades for breakeven or U lose a lil juice.

good luck

Thanks Jaws810 for starting this thread, been lurking since last week.

I always pay attention to round numbers in my swing trading as new waves in price movement often initiate at these psychological levels so this approach immediately caught my interest. A simple visual back test looked promising so I jumped on board at this weeks opening and am also up two good trades. Currently waiting to see if price settles into the xx60 to xx40 zone before setting new pending orders. I am just going to work with the active round number levels at this point.

Price is nicely into the xx60 to xx40 zone and orders are set.

Another loss, oh well it happens, it's been a rough day, time to reset my trades.

Hi Jaws810,
Care to elaborate? Was it a case of setting the trades a bit to early before price had a chance of settling into the xx60 to xx40 zone and then getting stopped on the retrace? (yellow boxes on chart) Orders set at first box, trade triggered at second box and stop triggered at third box for a loss??