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Attachments: Gamblers 5 and 15 minute trading system
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Gamblers 5 and 15 minute trading system

  • Post #1
  • Quote
  • First Post: Edited 11:29am Mar 11, 2008 10:48am | Edited 11:29am
Here is the system rules that I have used for the past few weeks.

Buy when a candle close above the last down bar in a downtrend
Sell when a candle close below the last up bar in an uptrend
Take profit when you have earned a few pips or when you get a signal to make an order in the opposite direction.

I have tested the system on EUR/USD 15 minute charts and it worked well. If the market is moving much up and down I recommend that you use a 5 minute chart instead

Below are some of the recent trades you could have made if you used this system.


http://img357.imageshack.us/img357/9...vngivetiq7.jpg
If slaughterhouses had glass walls, everyone would be a vegetarian!
Hey,


Great simple method.


One thing, would that first white candle after the first red arrow be a valid buy signal.

Also when do you exit your trade if it is goign the wrong way..stop loss or....?


Thanks

Nip
Nothing is hard, some things just take more time and discipline.
Nice and simple. Good for scalping when you get sick of all the lines and indicators on the chart. will test it.
Quoting NipthePips
Hey,


Great simple method.


One thing, would that first white candle after the first red arrow be a valid buy signal.

Also when do you exit your trade if it is goign the wrong way..stop loss or....?


Thanks

Nip
Yes it would be a valid buy signal and you would have lost but you could earn it all back with the next sell signal. If the trade goes against me I will wait until I get a signal for making a position in the other direction.
If slaughterhouses had glass walls, everyone would be a vegetarian!
I like that your system is well-defined (the entries, at least). That makes it easily back-tested. Have you tried writing this as an EA for backtesting? If not, I will give it a go later this week when I have more time on my hands.
It would be nice with an EA for this system. I have not tried to write one as I'm not a coder, but it would be nice if you or someone else could make it

Quoting drummer486
I like that your system is well-defined (the entries, at least). That makes it easily back-tested. Have you tried writing this as an EA for backtesting? If not, I will give it a go later this week when I have more time on my hands.
If slaughterhouses had glass walls, everyone would be a vegetarian!
ok. I took a bit of a gamble on your system and it kept me busy winning 26 pips in both directions in about 1 hour trading EUR/JPY on 5 min. I targeted 5 pips per trade but settled for 1 or 2 if price moved against me. a losing trade would have been at least 11 pips but I guess that is what scalping is all about. I think the stop/profit needs addressing and probability maybe increased for a bigger target if only taking the longer term trend direction. all in all it was a very satisfying session using your entry criteria. Never thought I would be taking tips from someone calling himself gambler but i guess there is a little gambler in every trader - lol
BTC Return This Year: 20.2%
Quoting Gambler180
It would be nice with an EA for this system. I have not tried to write one as I'm not a coder, but it would be nice if you or someone else could make it
Seems like it would be relatively simple. Maybe we could refine the trade criteria, and then I'll give it a go if I have time. Some questions:

Do you set stops/targets, or do you simply reverse on opposite signals?

Also, do you have any quantitative way to define the trend? An example might be when the slope of a moving average of some period is greater than +x or less than -x (for uptrend and downtrend respectively).
No I don't use stops and targets. The way I define a trend is this. If the opening prize of the last bar in an uptrend is broken then the downtrend has started. When the opening prize of the last down bar in that trend is broken the uptrend has started, so there is always a trend.

Quoting drummer486
Seems like it would be relatively simple. Maybe we could refine the trade criteria, and then I'll give it a go if I have time. Some questions:

Do you set stops/targets, or do you simply reverse on opposite signals?

Also, do you have any quantitative way to define the trend? An example might be when the slope of a moving average of some period is greater than +x or less than -x (for uptrend and downtrend respectively).
If slaughterhouses had glass walls, everyone would be a vegetarian!
Hey Gambler180,

Your system looked clean and simple, so I went ahead, jumped in and made several trades on the GBP/JPY and the EUR/USD. I made 45 pips in a little over an hour.

I have also been backtesting the system on the 4H TF, and it appears that it is viable for that TF as well.

Thanks for sharing your system.
nice system...but look at the name...haha! you must have driven away so many traders...good system nevertheless...will try it.
I believe . . .
Gambler, nice system! In order to be a valid entry does the candle have to close completely above or below the previous candle or just the close?
It just have to close above or below the opening prize.

Buy signal = when the prize close above the opening prize of the last down bar that is not an inside bar. Opposite for sell signals. I ponly look at the candles from open to close. I don't care about the wicks.

Quoting criss73
Gambler, nice system! In order to be a valid entry does the candle have to close completely above or below the previous candle or just the close?
If slaughterhouses had glass walls, everyone would be a vegetarian!
How do you interpret a doji?
I like the idea of this system.
Would be great if we could finetune it a bit.
I ignore them.

Quoting Tjpld
How do you interpret a doji?
I like the idea of this system.
Would be great if we could finetune it a bit.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • Post #16
  • Quote
  • Edited 1:54pm Mar 13, 2008 1:43pm | Edited 1:54pm
I'd also be carefull if you have a candle that is much much bigger than the previous ones.
I have added Waddah Attar Explosion Indicator and it keeps me out of quite a lot of bad trades!

http://img232.imageshack.us/img232/6476/waddhaza3.jpg

I'd only take shorts with WAE being this strong.
If you add iTrend it gets even bigger.
Quoting Tjpld
I'd also be carefull if you have a candle that is much much bigger than the previous ones.
I have added Waddah Attar Explosion Indicator and it keeps me out of quite a lot of bad trades!

http://img232.imageshack.us/img232/6476/waddhaza3.jpg

I'd only take shorts with WAE being this strong.
Hi Tjpld,

could you please post the indicator, or is it included in mt4??( or just give me a hint where I can find the indicator)

and just a shor question: what is a doji??

thanks a lot for your help.
A doji is a candle where open and close is/is almost the same.

I'm still looking for indicators and time frames that work best.
Attached File(s)
File Type: ex4 Waddah_Attar_Explosion.ex4   7 KB | 2,069 downloads
File Type: mq4 i_Trend.mq4   3 KB | 1,645 downloads
Yeah your system wins
Rocks & Works!!!

Good simple job Gambler
How long have you been using this method Bro?????
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