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Simple Scalping

Quoting jmtini
Hi Guys Well have been using the strategy since yesterday and have got a $10 account up to $30 so pretty happy I must say! 30 pips this morning on GBPAUD, GBPCAD, but missed GBPJPY which turned out to be the best pair early this morning - only because JPY was weak but changed to strong when Franfurt opened! Anyway nothing one can do about that. At least GBP is remaining pretty weak but I have a feeling that is going to change It's definitely better to trade this system on the 5 min chart IMHO. The 1 min is great if one just wants just a few pips...
i might be wrong, but has your approach soemthing to do with jenx method?
i see no BB and only MA. it looks more like CHOROS thread...
I know that you and I know nothing.
  • Post #762
  • Quote
  • Edited at 5:33am May 11, 2018 5:16am | Edited at 5:33am
Quoting birdland
{quote} i might be wrong, but has your approach soemthing to do with jenx method? i see no BB and only MA. it looks more like CHOROS thread...

Your're right. I've deleted the post

I usually waste my time posting anything constructive on these threads anyway!
Never say die
Quoting jmtini
{quote} Your're right. I've deleted the post I usually waste my time posting anything constructive on these threads anyway!
you dont need to be offended. its just the wrong thread.
I know that you and I know nothing.
Quoting birdland
{quote} you dont need to be offended. its just the wrong thread.
Don't worry I'm not offended!

But it's true that I rarely get any feedback or constructive comments from anyone so I'm afraid I do find it a bit of a waste of time posting regarding technical trading strategies.

Anyway, I have used certain elements of Jenx's strategy and combined it with my own ema based strategy. Frankly I don't find Bollinger bands that helpful especially when the price starts trending so that's why I deleted the indi.

Happy trading
Never say die
Quoting jmtini
{quote} Don't worry I'm not offended! But it's true that I rarely get any feedback or constructive comments from anyone so I'm afraid I do find it a bit of a waste of time posting regarding technical trading strategies. Anyway, I have used certain elements of Jenx's strategy and combined it with my own ema based strategy. Frankly I don't find Bollinger bands that helpful especially when the price starts trending so that's why I deleted the indi. Happy trading
I don't understand this. Please elaborate.
Quoting samuel2133
{quote} I don't understand this. Please elaborate.

Hi Samuel

I'm online so with pleasure. The strategy (how I read it anyway) is that when price hit's the higher or lower band it's time to close/reverse the trade. Yes this does happen often but usually this happens when there is little or no momentum. Once a pair starts trending in earnest, price will not bounce back and if one opens a new trade one gets stopped out or an existing trade is closed prematurely. I prefer ema's because I use my ema combinations to help access momentum. Really momentum is all important because if the trend is weak one is often hit with dramatic cutbacks which knocks people out especially if you're scalping. I'm sure we've all experienced that!

Other elements of this strategy though are very useful.

Hope this answers your question
Never say die
jmtini, what are the parameters of your red and yellow EMA lines? (Sorry to all for being off-topic).
A snails pace wins the race :-)
Quoting jmtini
{quote} Hi Samuel I'm online so with pleasure. The strategy (how I read it anyway) is that when price hit's the higher or lower band it's time to close/reverse the trade. Yes this does happen often but usually this happens when there is little or no momentum. Once a pair starts trending in earnest, price will not bounce back and if one opens a new trade one gets stopped out or an existing trade is closed prematurely. I prefer ema's because I use my ema combinations to help access momentum. Really momentum is all important because if the trend is...
Makes sense. Often the momentum starts (MAs not flat), and it comes back to flat to consolidation. The trick is to find the closest entries to BB+MA bounce. Watching back left, make sure the momentum is fresh.
Before you do any trade, you should be aware of where your support resistance are then decide whether it's worth to do the trade.
Today I have done Few Real Trades. My target was only 2 pips from a entry because of Asian Session... { Thanks a lot Jenx for this simple but great System }

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Today got many trades. But i do not take those. Just watched.

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Before GBP news 3 pip target.. and moved 9pip


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I got another 2 trades...

First

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second

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good system in ranges,
when market takes off can rack up losses quick.
always found 1min scalping too challenging.
Fat Freddie London Trader
Quoting fatfreddy
good system in ranges, when market takes off can rack up losses quick. always found 1min scalping too challenging.
the holy grail is to detect trending vs ranging market condition.

often when it is detected; it is too late
well done maxpaneplp, at most time the best discipline is to sit and watch... always be very sure before taking a trade...

BTW, do focus only on a few pairs you are familiar with.

Happy piping
Quoting IamFED
well done maxpaneplp, at most time the best discipline is to sit and watch... always be very sure before taking a trade... BTW, do focus only on a few pairs you are familiar with. Happy piping
Thanks, IamFED for your motivation and I will take your wise advice to focus on a few pairs.
Bb+emas are the best way to determine ranging vs trending markets.
If bollinger band top and bottom are facing right and they are horizontal than the price will bounce from top bb to low bb. For example wait for price to touch or go above top bb, if it closes inside top bb with a decent size wick, open a sell order with the open of next candle, sl few pips above high of signal candle wick. Tp few pips to mid bb.
If price hits sl, observe the bb. See if the top bb and bottom bb are facing the same or different directions.
For example if top bb is facing up and bottom bb is facing down than it could be the start of an uptrend. This is the earl entry into trend your looking for.

Additionaly you can use 50 ema to filter trend vs range. Other than the bb direction, if 50 ema is out of bb and is horizontal its a sign of ranging market start( this is also a sign that the price is doing a pullback on a higher tf) so if 50 ema goes out above top bb than the price is doing a pullback on a higher tf during a down trend. This means it might range a bit on this tf.
Also if 50 ema is horizintal and going through price and close to mid bb the price will range heavily.
If the 50 ema is pointing up(about 45degree) and its below mid bb than it is strong uptrend. You can buy pullbacks that get rejected from 5 or 10 linear weighted moving average applied to high.
There are other things. This is all from bbma system, i take no credit.
Try to back test what i said here.
Not looked on here for a while.
Hope everyone's still trading happily.
Last few months the markets have been trending strongly so I've found that adding bbs of 15 (for entries)has given more opportunities with the 25s as TP levels.
Where price is now, it has been before, and will be again.
I made a 2nd and more in depth check and like to refer to my 1st posting here. I read all the last answers here and some of the assumptions made were wrong. You should test before you write. Doing 10 trades is not testing, do at least 300.
Anyway, some news:

1. If your spread is bigger than 0.7 pips don't trade this strategy.
2. Move your S/L to break even after a candle crossed and closed the middle band.
3. Do not trade when the price is running straight through the MA.
4. Do not trade after powercandles. Dojis are no signal.
5. After a candles touches/crosses the Bollinger Band (signal candle), open the trade after the close of the first candle that moves in the direction you want the trade to go (entry candle). This 2nd candle makes the entries better. Signal candles has to have the right color. For the upper band white, lower band black. Entry candles has to have the right color. For the upper band black, lower band white.
6. Do not trade if the bands are narrower than 5 pips.
7. If the entry candle touches the middle bollinger band do not trade. Because bollinger shows you the average upcoming movement, the entry candle should not take half the way to our T/P goal.
8. You can ride a trend with this strategy too. But you need more trading rules. After identifying a trend use the middle band as an entry and the opposite outer band as exit.
9. You will get far better results if you turn some price action knowledge in. The results I post at the bottom here are without PA!
10. Getting a RRR of 1:2 is not possible with this strategy, so do not try to catch the big moves.

Results:
Profit factor: 1.75 (2.01 with S/L break even and add. rules)
Hit rate: 61,68% (73%, this sounds a little too good to be true in the long run, but I re-tested this 4 times with around 650 trades.)
S/L fixed: 5 pips
Pips per trade won: 5.4 (3.5, this is because of the break even S/L)

I would like to test some more things and with other pairs. But all test were handmade and it takes too much time for me doing this.
At least I can say, that I am very sure that this strategy works.
Quoting Jenx
{quote} Nice to see. To be honest, it takes so much subjectivity and as you say, discretion, that I doubt an effective ea could be created on it.( I doubt any ea has ever been profitable in the long run in any case). One "tweak" I had thought of incorporating was using the M5 to refine the bands as s/r. But I don't expect too much from my trading.I can fund my lifestyle and that's all that really matters to me. I've been doing this too long to chase the Ferrari. Thanks for your input and look forward to more. Cheers
I've made a few slight adjustments to your system, namely I've added the 5min and 15min bollinger bands to the 1min chart (i.e. on the 1min chart using bollinger settings 125 and 375 respectively), in order to easily see confluence without flipping in between charts. Little bit messy sometimes but easier to watch multiple instruments at the same time and spot strong setups. I'm also trying out (still on the 1 min chart) using just 1 smoothed MA with a 120 setting (on the close) and adding a 600 smoothed MA, i.e. so you can easily see when the 1min and 5min trendlines are in agreement. Because I've found it so far to be more risky trading on a 1min retrace setup in line with your system, if the 5min trend is saying the opposite (e.g. the MAs are below price and pointing up on the 1min, but the MAs are above price and pointing down on the 5min). Just out of curiosity I was wondering if anyone else has already tried doing something similar or thinks this is a daft idea (I'm new to this)?
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