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Attachments: The Scalper Setup
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The Scalper Setup

  • Post #1
  • Quote
  • First Post: Nov 7, 2006 12:10pm Nov 7, 2006 12:10pm
Hi all,

I have not tried or personally tested this system, but i believe this setup has been successfully used bya very prominent trader. I must say this system by itself is not my own creation but i have found it to be very intresting and helpful when coupled with an oscillator for confirmation.

Please look at the image attached to get a better picture....
Attached Image
Quoting jest1081
Hi all,

I have not tried or personally tested this system, but i believe this setup has been successfully used bya very prominent trader. I must say this system by itself is not my own creation but i have found it to be very intresting and helpful when coupled with an oscillator for confirmation.

Please look at the image attached to get a better picture....
where is the picture?
Egyptian and proud of it!
sooooo..


wher's the image???
Quoting jest1081
Please look at the image attached to get a better picture....
An image isn't attached.
So you're scalping on the four hour chart?
Sorry lads, the image was initially too big, i had to lower the pixels...

Anyway this is setup could be used on any timeframes...John does not use any indicators with it. I think if we add an RSI or a stoch as confirmation signal. Pivots as price targets could proly be another viable option. But alas i prefer minimal add ons coz i think by itself, this setup could generate you quite some pips just by using price action.
Quoting twinchell
So you're scalping on the four hour chart?
Gosh...the creator called it Scalper indicator...it can be traded on any timeframes as the creator suggest but he recc...5min, 1hr, day and week bars.

I persoanlly have not tried and tested this system on FX, but my futres trade does get by fairly well with it, not all are winners but its profitable on my dailies.

I put up a 4hr chart coz thats the default i use in FX and i cant be bothered to chg to a lower timeframe...

For more info you can visit this thread : http://www.forexfactory.com/forexfor...ead.php?t=9829
Quoting jest1081
Sorry lads, the image was initially too big, i had to lower the pixels...

Anyway this is setup could be used on any timeframes...John does not use any indicators with it. I think if we add an RSI or a stoch as confirmation signal. Pivots as price targets could proly be another viable option. But alas i prefer minimal add ons coz i think by itself, this setup could generate you quite some pips just by using price action.
Who's John?
Quoting hidethereal
Who's John?
John F. Carter - Author of Mastering the trade. A must read for all aspiring day traders.

A big bulk of his tactics and setups have already been posted in the Articles section of FF: http://www.forexfactory.com/forexfor...ead.php?t=9829

He trades a few setups :

1. BB Squeeze
2. Scalper Indicator
3. Pivots
4. Bricks etc etc
Quoting jest1081
Gosh...the creator called it Scalper indicator...it can be traded on any timeframes as the creator suggest but he recc...5min, 1hr, day and week bars.
Thanks. Gosh.
Quoting twinchell
Thanks. Gosh.
haha, I couldn't stop laughing when I read that. It made me think of Napolean Dynamite. Gosh.
  • Post #12
  • Quote
  • Edited 10:43pm Nov 7, 2006 9:24pm | Edited 10:43pm
I was thinking of programming an indicator with this just arrows up or down but i don't know where to start.

For an EA on the 15min, i think a stop loss of 20pips and profit target of 15pips minus spread trailing stop of 10 pips aft 1st target should be ok.
I need some clarity.

-It traces 3 Bars

-If 2nd and 3rd bar CLOSE is higher than the 1st Bar, it will generate a blue dot (buy signal) on the 1st Bar.
or
-If 2nd and 3rd bar CLOSE is higher than the 1st Bar CLOSE, it will generate a blue dot (buy signal) on the 1st Bar.



1st Bar or 1st Bar CLOSE?

Jim
Indicators show the past. Price Action "Indicates" the future.
  • Post #14
  • Quote
  • Edited 10:46pm Nov 7, 2006 10:31pm | Edited 10:46pm
Hi Jim,

First and foremost, i'd like to thank you for replying.

Its 1st bar close.
This setup does not look at highs or lows. Just the close.

As in to say. If the CLOSE of 2nd and 3rd bar is higher than the CLOSE of the 1st bar, it will generate blue dot on the 1st bar. Vise Versa.

The setup is actually made to identify tops and bottoms of a move, yes it does has whipsaws (thats why i recc an osc with it) but it works most of the time. Your entry is usally 2 bars after the identified top which is the CLOSE of the 3rd Bar or open of the 4th bar (provided there no gaps)

I'll try to make some trades later during US mkt hr and post my trades using this setup on the 15min bars and see how it fares in FX environment.

regards,
Jest
  • Post #15
  • Quote
  • Edited 11:08pm Nov 7, 2006 10:38pm | Edited 11:08pm
Has anyone ever seen the site [Link removed - Rule 2] ? Looks kinda promising
Hello mate.
Just wanted to thank you for posting that link to John Carter's article.

I found it very very informative, with lots of valuable info in there. Well worth a look, especially by new traders!

Cheers
Dear Pax,

No problem! Its my pleasure. I would even recc his book. It has been the best most informative i've ever read.
  • Post #18
  • Quote
  • Edited 3:02pm Nov 8, 2006 2:05pm | Edited 3:02pm
First day testing the setup...it went ok i guess.

A little add on note :
With this 3 bars setup, its not surprisng that you will get multiple buy signal many times. To negate this effect, once a buy signal is announced, you could ignore other incoming buy signals until you receive a sell signal and the same process take place.
--------------------------------------------------------------------
EURUSD USDJPY and GBPUSD are really moving nowhere today. Playing around pivot levels i found the best oppurtunity in Cable. A long doji formed at abt 1130pm with RSI tracing higher low this is definitely a bullish setup, i waited till the scalper signal confirms price action before entering.

Trade : +23pips
Filled at 9038
sold off half position at Daily pivot pt 9049
sold off all position at fibo pt 9061

Currently USDJPY finally broke out of a box and im ready to do a box play with it.
Attached Image
Quoting jest1081
First day testing the setup...it went ok i guess.

A little add on note :
With this 3 bars setup, its not surprisng that you will get multiple buy signal many times. To negate this effect, once a buy signal is announced, you could ignore other incoming buy signals until you receive a sell signal and the same process take place.
--------------------------------------------------------------------
EURUSD USDJPY and GBPUSD are really moving nowhere today. Playing around pivot levels i found the best oppurtunity in Cable. A long doji formed at abt 1130pm with RSI tracing higher low this is definitely a bullish setup, i waited till the scalper signal confirms price action before entering.

Trade : +23pips
Filled at 9038
sold off half position at Daily pivot pt 9049
sold off all position at fibo pt 9061

Currently USDJPY finally broke out of a box and im ready to do a box play with it.
THX for this, can you explain me howto setup MT4 indicator for scalp?

Thanx for Answer...
Hi,

I'm afraid i do not have any indicators for it. I use the setup by pattern recognition. Not sure if anyone is wiilling to actually program the scalp setup. But i will keep posting trades using the scalp setup.
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