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Scalping with quick SL measurement to calculate lot size?

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  • First Post: May 29, 2018 11:52pm May 29, 2018 11:52pm
Hey traders,

Does anyone have an idea how to quickly determine the SL and the according lot size when scalping the 1M chart without missing the move? When a setup appears, I must measure the SL and then I enter it into my trade management tool that automatically calculates the lot size for me according to the % risk of my account balance.

However, things often go quick and while I measure the SL, price tends to be 1-3 pips in profit already which is a lot for scalping - I am basically late to the party sometimes.

I also thought about trading with fixed lot size but sometimes my SL is 3 pips, sometimes 6, etc. so that could truly make a big difference in risk. Perhaps there is a script or anything else that could put the SL above/below the entry candle?

Thanking you in advance.
how do you enter the market? one klick trading or pending order?

maybe this tools will help
Attached File
File Type: ex4 3ClickPositionCalc_Indicator.ex4   256 KB | 252 downloads
Attached File
File Type: ex4 VORDER.ex4   22 KB | 230 downloads
(.)(.) think first ...
Quoting maximumguita
how do you enter the market? one klick trading or pending order? maybe this tools will help {file}{file}
I personally use a trade management EA which basically acts as a one-click trading tool, but this tool calculates the lot size once SL in pips and risk in % has been added.

Thank you kindly, I will check out the tools soon.
I don't know which trade manager you use, but I use 2 and they both have the % risk calculation that you mention, but also have the pre-trade setup lines for SL, TP that you can leave on the chart and move the SL (which calculates the lot size) before you click trade. - very fast.
Quoting profitkeeper
I don't know which trade manager you use, but I use 2 and they both have the % risk calculation that you mention, but also have the pre-trade setup lines for SL, TP that you can leave on the chart and move the SL (which calculates the lot size) before you click trade. - very fast.
This could potentially help. Do you mind sharing that one?

I use FatV3 (I suppose that's the name). But I am not really looking for a trade managament tool but rather a way to enter a trade fast once the 1M candle closes and basically putting the SL above/below the entry candle. Maybe I explained it wrongly.
They were both bought from "Market" - neither were expensive.
Names are:
Virtual Trade Pad (Has won awards and is very good) It can also set a grid and close trades at total profit etc.
Lot Calculator Tool (Is also an EA and can be used in strategy tester) It can also set multiple profit targets.
Quoting profitkeeper
They were both bought from "Market" - neither were expensive. Names are: Virtual Trade Pad (Has won awards and is very good) Lot Calculator Tool (Is also an EA and can be used in strategy tester)
Thank you.

Now the final question is: which tools or ways could I use to enter the market, putting the SL above/ below the entry candle (with 0.5 pip padding) as soon as the 1M candle closes without missing the move while it enters the trade according to my SL in pips and percentage risk?

This sounds to me as if I have to use a script or something similar but I truly couldn't find any solution so far. If anyone knows something that could help, I would be grateful to hear potential solutions.
I'm not exactly sure what you mean. An example would help. Are you talking about some kind of trailing stop?
Quoting profitkeeper
I'm not exactly sure what you mean. An example would help.
Hmm I struggle explaining it visually with a screenshot, but maybe this explanation helps:

I am on the 1M, waiting for a setup. I see the setup happening, fully forming but I just need to wait for the 1M candle (signal candle) to close in order to enter the trade (to avoid fake signals). That signal candle that finished the pattern/setup moves up and down during that 1M and once it closes, I can determine how big my SL will be (for a buy, I put the SL below the signal candle with roughly 0.5 to 1 pip SL extra as padding). Then I use the middle mouse button (scroll wheel) and press it and a crosshair-like cursors appears. Then I press and hold left click, placing it on the close of the signal candle and drag it down below the signal candle where the crosshair-like cursor acts as a tool to measure. Once I measured my SL in pips, I go to my trade manager tool, enter the SL in pips and press buy (all other settings, such as percentage risk per trade is already entered).

During that time, it tends to happen that the price already went 1-3 pips roughly in profit and I have to abandon that trade as every pip matters. Thus, I am looking for a tool that could enter the trade once I finish measuring or something similar that could speed up things.

I hope this makes sense.
I think I understand.
You are definitely taking unnecessary steps. Both of the trade managers I mentioned will do this by just moving the pre buy setup lines which have the number of pips, position size already marked on them, and change as you move the SL line. I can put up a screen shot if you like.
Quoting profitkeeper
I think I understand. You are definitely taking unnecessary steps. Both of the trade managers I mentioned will do this by just moving the pre buy setup lines which have the number of pips, position size already marked on them, and change as you move the SL line. I can put up a screen shot if you like.
That would be lovely if you have time to send a screenshot since it is still tough for me to imagine how this looks like.
This is from Virtual Trade Pad. The 4.16 on the sell stop line is the position size which changes as you move the SL line.
Attached Image (click to enlarge)
Click to Enlarge Name: Trade 1a_005.png Size: 104 KB
Quoting profitkeeper
This is from Virtual Trade Pad. {image}
Okay it seems that you work with limit/stop orders, which is not possible for me. I also cannot spot anything on the pad that could help me with my issue. Or did I overlook something here?

Again, I need to wait for the 1M candle to close, then I can measure the SL. In this one minute, price could move up and down few pips. Apologies if I am being difficult, maybe I am not good at explaining.
Actually most of my trades are market orders. There is another screen on the pad - "Position" where you can place a market order which will use the parameters you just set with the lines.
Other than making a video, thats the best I can do.
Quoting profitkeeper
Actually most of my trades are market orders. There is another screen on the pad - "Position" where you can place a market order which will use the parameters you just set with the lines. Other than making a video, thats the best I can do.

Thanks profitkeeper, I shall check out the pad. Maybe it is something I am looking for. Thank you for your generous time.
Ray
I had this same problem but I now use the 3 position click indicator that was posted here and it does the job.

Apart from that there isn't much else you can do.
Quoting shrips
Ray I had this same problem but I now use the 3 position click indicator that was posted here and it does the job. Apart from that there isn't much else you can do.
I've checked it out and it does save some time indeed, but not quiet there yet. Maybe it comes with practice. Thanks shrips :-)
Quoting RaysJourney
{quote} I've checked it out and it does save some time indeed, but not quiet there yet. Maybe it comes with practice. Thanks shrips :-)
thatīs why i asked you how you enter the market. I have anotherone but i have to surch (donīt know the name anymore).
(.)(.) think first ...
Quoting skyway
You are looking for EA to automatically calculate your sl based on the last x candles (option tf plus buffer ) then incorporate this calculated sl to determine your lot size. I wrote an EA specially to do this(option by pips or candles) without all those usual multiple pull lines, did not find anything on the web that suit this all-in requirement.
That would sound about the one I am looking for. Do you perhaps mind sharing it?
Quoting maximumguita
{quote} thatīs why i asked you how you enter the market. I have anotherone but i have to surch (donīt know the name anymore).
Yes, apologies. I thought my initial post was enough information. If you find it, please let me know.
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