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Simple Scalping

  • #481
  • Oct 13, 2017 9:26am Oct 13, 2017 9:26am
Quoting NoTimeToLose
I developed my own version based on Jenx strategy. Maybe for somebody it should be interesting. {image}
Pretty much the way to do it in my opinion. BB and MA as guide with PA dictating entry. Nice and clean, looks good.
  • #482
  • Oct 13, 2017 9:32am Oct 13, 2017 9:32am
Quoting NoTimeToLose
I developed my own version based on Jenx strategy. Maybe for somebody it should be interesting. {image}
Where price is now, it has been before, and will be again.
  • #483
  • Oct 16, 2017 7:12am Oct 16, 2017 7:12am
Looking for EU long, just waiting for better entry. Pretty good base between 1.1784 and 1.1796 but may not get there. So hard to be patient.
  • #484
  • Oct 16, 2017 7:20am Oct 16, 2017 7:20am
Pretty good setup for a UJ short there around 111.84 but I did not take it as PA and range kinda suck so skipped it.
  • #485
  • Oct 16, 2017 7:24am Oct 16, 2017 7:24am
Btw, something to consider. EU and UJ have some reverse correlation so they tend to line up for entries at the same time or very close anyway. I look for which looks better as a setup and enter only one. The greedy side of me says "take both, twice the profit" but then common sense takes over and says "If wrong, twice the loss" -protect the account. OK gotta concentrate, Later.
  • #486
  • Oct 17, 2017 4:23am Oct 17, 2017 4:23am
shorted EU at 1.17682 , out for 10 pips, good setup.

have been trying yesterday 5 trade one got stop out for 5 pips, 4 all out with green pips.

good luck, and stick to this as is minimal risk as not in mkt for long.

when mkt is quiet you can google the 25 mantra of day trading, good to read before you start trading everyday.

cheers

Bill
  • #487
  • Oct 17, 2017 9:35am Oct 17, 2017 9:35am
Splitting UJ long entry.

112.34 First
112.30 Second
Stop - 112.23

If only first gets filled I'll look for 10 and done
If both get filled, look for 10 on first, second becomes a free trade so letting it run. 113 could come into play so that would be target.

If I don't get filled then that sucks, and if my SL gets hit then that really sucks.
  • #488
  • Oct 17, 2017 10:16am Oct 17, 2017 10:16am
@tommy, great trade if filled should have your TP by now.

got in GJ for a fast 10 pips earlier,

keep the pips coming..

cheers

Bill
  • #489
  • Oct 17, 2017 10:25am Oct 17, 2017 10:25am
one more fast trade in GJ for +7, I am done for the day.

good luck to all.

trade safe
  • #490
  • Oct 17, 2017 9:03pm Oct 17, 2017 9:03pm
Anyone here knows how to develop this into an EA? Although I would not use the robot for live trading, I just want to backtest and see how this strategy performs in different time periods intraday or different timeframes from the past. I know Jenx and some of you have different opinions regarding the effectiveness of back testing but I would like to give a contrarian opinion towards this.

For instance, I want to know if trending markets in higher TF increases the probability of this strategy to work in 1 min charts. I also want to see how it behaves during consolidating markets. Moreover, which currency pairs to choose. The only way to do this efficiently is to code an EA robot and adjust some parameters for backtesting. I strongly believe that historical data increases my confidence in using this strategy as my main trading method. Would love to your responses.
  • #491
  • Oct 18, 2017 5:46am Oct 18, 2017 5:46am
Quoting unnamed21
I strongly believe that historical data increases my confidence in using this strategy as my main trading method. Would love to your responses.

Evidence from historical data increases anyone's confidence in using any strategy as their main trading method.

This is a great strategy, based on entirely sound underlying principles.

You can gain as much evidence from it as you want, with historical data, by manual backtesting. But since its overall edge (just like the overall edge of other successful strategies) stems from the subjective interpretation of price action parameters, you can't automate that.

If you automate the backtesting, it won't show overall profits, and you'd therefore mistakenly reject it and miss out on a profitable, successful strategy that has a genuine edge.

This is why automated backtesting has comparatively little value, and why people like Jenx who successfully trade strategies like this start their explanations by explaining clearly (as Jenx wisely did, right at the start) that it works well when combined with an understanding of the realities of interpreting price action parameters, to select the entries.

There are no short cuts that work steadily over the long term. The strategy explained in this thread is really a very successful bias-determination one, not a reliable entry-selection one: entry-methods are not the same thing as trading systems, and understanding that concept, and its practical consequences, reveals why you're seeking something unrealistic. Sorry if it sounds pompous or pedantic, but it isn't possible to make long-term profits - from this excellent strategy or from any other - without understanding this.
  • #492
  • Oct 18, 2017 7:01am Oct 18, 2017 7:01am
Quoting KarlKraus
{quote} Evidence from historical data increases anyone's confidence in using any strategy as their main trading method. This is a great strategy, based on entirely sound underlying principles. You can gain as much evidence from it as you want, with historical data, by manual backtesting. But since its overall edge (just like the overall edge of other successful strategies) stems from the subjective interpretation of price action parameters, you can't automate that. If you automate the backtesting, it won't show overall profits, and you'd therefore...
Well said.
Subjectivity is the essence of this method however I have spent the last few days trying to exactify a set of entry rules using pending orders based on our bias orientated signals and our method of identifying S/R.
Its just starting to come together and is looking very promising however I will need to do quite a bit more live, forward testing to validate and exactify the rules.
Where price is now, it has been before, and will be again.
  • #493
  • Oct 18, 2017 7:15am Oct 18, 2017 7:15am
Quoting KarlKraus
{quote} entry-methods are not the same thing as trading systems
i like that sentence
trading is like dancing, don't think and just listen to the music!
  • #494
  • Oct 18, 2017 7:16am Oct 18, 2017 7:16am
Quoting KarlKraus
Sorry if it sounds pompous or pedantic, but it isn't possible to make long-term profits - from this excellent strategy or from any other - without understanding this.

Exactly so (which few people understand, and that correlates well with the reality that very few of us in this and other forums are making a living).


Quoting Jenx
{quote} Well said. Subjectivity is the essence of this method however I have spent the last few days trying to exactify a set of entry rules using pending orders based on our bias orientated signals and our method of identifying S/R. Its just starting to come together and is looking very promising however I will need to do quite a bit more live, forward testing to validate and exactify the rules.

Pleased to hear it, and looking forward to hearing more from you, Jenx.
  • #495
  • Oct 18, 2017 9:12am Oct 18, 2017 9:12am
Short GU at 1.3163. Tight stop on this one because it is somewhat choppy.
  • #496
  • Oct 18, 2017 9:25am Oct 18, 2017 9:25am
Lost 5 on that one. Thought it had room for 9 on the move down but only gave up 7 and reversed. On to the next.
  • #497
  • Oct 18, 2017 11:33am Oct 18, 2017 11:33am
Really like UJ long from 112.78-84. I will be long in there.
  • #498
  • Oct 18, 2017 9:49pm Oct 18, 2017 9:49pm
Quoting tommyhawk
Really like UJ long from 112.78-84. I will be long in there.
post some screenshot instead of flooding thread with price levels we do not know about.
  • #499
  • Oct 20, 2017 1:29am Oct 20, 2017 1:29am
Long time nobody posted some chart so here is my one from this morning according my version of this strategy that I´ve already explained a few posts ago.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 44 KB
  • #500
  • Oct 20, 2017 3:37am Oct 20, 2017 3:37am
Thanks for posting. It's appreciated.
I'll go through the thread this weekend to understand better this strategy.
Bye
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