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Easy profitable scalp

  • #1
  • First Post: Oct 12, 2018 5:33am Oct 12, 2018 5:33am
This is one of the best systems I have looked at with a visual backtest.
It is not mine. I found it on the internet for free. It's an old Karl Dittman system. It's the first system of his I've seen that actually works.
Dittman claims a 95% win rate. It looks like that might be true.

Rules:

When the new day begins:

Put a pending Buy Stop at yesterday's High + 3 pips + spread.
SL=10 Pips. TP=5 Pips.

Put a pending Sell Stop at yesterday's Low - 3 pips.
SL=10 Pips. TP=5 Pips.

* Most brokers raise the spreads about 20 pips when the day rolls over. Don't place your pending orders then. Wait until the spread returns to normal.

Look it over.
  • #2
  • Oct 12, 2018 6:25am Oct 12, 2018 6:25am
Karl Dittman - roflmao
  • #3
  • Oct 12, 2018 6:28am Oct 12, 2018 6:28am
Quoting handy148
Karl Dittman - roflmao
My sentiments, exactly.
It looks like this one may be an example of a blind hog finding an acorn.
  • #4
  • Oct 12, 2018 8:02am Oct 12, 2018 8:02am
Do I pay Karl, or you??? 8• >
  • #5
  • Oct 12, 2018 9:53am Oct 12, 2018 9:53am
Same you do to any tf. Above 5mn. On trend direction. .
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -389
  • #6
  • Oct 12, 2018 10:11am Oct 12, 2018 10:11am
Quoting mohsinali
Same you do to any tf. Above 5mn. On trend direction. .
I don't understand. Time frame doesn't matter with this. Trend doesn't matter.

I set it up for EURUSD, GBPUSD and USDJPY last night. Won two and USDJPY has never hit the H or L.
  • #7
  • Oct 12, 2018 10:14am Oct 12, 2018 10:14am
A simple and efficient system the way I like them. My experience is that the easier the better, an excellent strategy to use in a robot. Thanks for sharing :-)
  • #8
  • Oct 12, 2018 10:41am Oct 12, 2018 10:41am
Quoting trademanfx
A simple and efficient system the way I like them. My experience is that the easier the better, an excellent strategy to use in a robot. Thanks for sharing :-)
If you're thinking about trying it, I wouldn't place any pending orders this afternoon. I don't know what Sunday opening gaps or wide spreads would do to it.
I'd like to have a good EA for it. It's easy to set up but I would have to be home every afternoon to do it.
Also, only use the popular pairs with low spreads- EURUSD, USDJPY, GBPUSD and maybe AUDUSD. You'll get plenty of action. Those Highs or Lows get broken almost everyday.
Good luck with it. I think you'll make some money.
  • #9
  • Oct 12, 2018 10:50am Oct 12, 2018 10:50am
Quoting billbss
{quote} If you're thinking about trying it, I wouldn't place any pending orders this afternoon. I don't know what Sunday opening gaps or wide spreads would do to it. I'd like to have a good EA for it. It's easy to set up but I would have to be home every afternoon to do it. Also, only use the popular pairs with low spreads- EURUSD, USDJPY, GBPUSD and maybe AUDUSD. You'll get plenty of action. Those Highs or Lows get broken almost everyday. Good luck with it. I think you'll make some money.
Thanks for your feedback and tips. Did some "visual backtesting" and it looks promissing, I'll test it on tight spread pairs next week :-)
  • #10
  • Oct 12, 2018 3:01pm Oct 12, 2018 3:01pm
I checked 32 days on EU & GU, and, to be kind, it sucks balls from Aug 27 'til present.
  • #11
  • Oct 12, 2018 3:30pm Oct 12, 2018 3:30pm
Created EA; seems to perform very poorly across all majors.

Screen shots below seem indicative of all majors; this one is EURUSD:

Rules:
Get high/low of previous day, set order +3/-3 pips +/- spread (Admiral markets, spread calculated at time of order to get around middle of the night spreads), $10000 account using 0.01 lots static with SL of 10 pips, TP of 5. Ran since 01.01.2018 using real ticks.
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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Will code in MT5 for free.. EAs only, can't be f*cked with Indicators
  • #12
  • Oct 12, 2018 3:37pm Oct 12, 2018 3:37pm
Quoting diamonddbw
I checked 32 days on EU & GU, and, to be kind, it sucks balls from Aug 27 'til present.
I'm going over those days now- Doing EU. As of 9/24 it's 13 wins and 4 losses.
  • #13
  • Edited 3:55pm Oct 12, 2018 3:45pm | Edited 3:55pm
Quoting billbss
{quote} I'm going over those days now- Doing EU. As of 9/24 it's 13 wins and 4 losses.
Ran the dates through the EA... For those exact dates, I have 10 wins 7 losses. Carrying on until today I have..:

Attached Image (click to enlarge)
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I do however full appreciate that it could be a bug (only took about 5 mins to edit an existing EA to make this). If you can give me a 10 day stretch where you think you have a lot of winners, I'll compare it from the EA

It will also depend where you split your day... Mine is at 00:00 GMT +2/+3, as per MT5 server time.
Will code in MT5 for free.. EAs only, can't be f*cked with Indicators
  • #14
  • Oct 12, 2018 4:16pm Oct 12, 2018 4:16pm
Quoting Penguinthief
{quote} Ran the dates through the EA... For those exact dates, I have 10 wins 7 losses. Carrying on until today I have..: {image} {image} I do however full appreciate that it could be a bug (only took about 5 mins to edit an existing EA to make this). If you can give me a 10 day stretch where you think you have a lot of winners, I'll compare it from the EA It will also depend where you split your day... Mine is at 00:00 GMT +2/+3, as per MT5 server time.
My day changes at 21:00 GMT. That's 5 PM EDT. That might make a difference. Several of the breakouts occur within the first three hours.
Also you add the spread (2 pips for EU for me) to the High breakout only. You don't subtract it for the Low breakout. That will make a difference.
I just finished a visual backtest for 8/27 through 10/12. I got 22 W and 7 L. Admittedly it's easy to make mistakes doing it visually.
  • #15
  • Oct 13, 2018 7:44am Oct 13, 2018 7:44am
Quoting billbss
{quote} My day changes at 21:00 GMT. That's 5 PM EDT. That might make a difference. Several of the breakouts occur within the first three hours. Also you add the spread (2 pips for EU for me) to the High breakout only. You don't subtract it for the Low breakout. That will make a difference. I just finished a visual backtest for 8/27 through 10/12. I got 22 W and 7 L. Admittedly it's easy to make mistakes doing it visually.
+++++++++++++++++++++++++++

I also used NY close (2100 gmt). I got 20 W & 8 L. 3 days with no trade, and one day too close to call. I tested on M15 with occasional check on M5.

The most recent 3-4 weeks had an excellent record, but once we got into summer time, there were multiple days running with losses. Also did not initiate any trades before Tokyo Open. The record on EU could be slightly better by taking no new trades after 1400 gmt, or 1000 NY.

GU I used 10 TP & 10 SL. It was 15 & 15. Of the 15 losses, most would have been losses even with a 5 pip TP.

I also looked at 2100 gmt open line, and did not draw any conclusion there. Next I'll check Weekly open.

RIP Karl...
  • #16
  • Edited 4:05pm Oct 13, 2018 3:29pm | Edited 4:05pm
Quoting diamonddbw
{quote} +++++++++++++++++++++++++++ I also used NY close (2100 gmt). I got 20 W & 8 L. 3 days with no trade, and one day too close to call. I tested on M15 with occasional check on M5. The most recent 3-4 weeks had an excellent record, but once we got into summer time, there were multiple days running with losses. Also did not initiate any trades before Tokyo Open. The record on EU could be slightly better by taking no new trades after 1400 gmt, or 1000 NY. GU I used 10 TP & 10 SL. It was 15 & 15. Of the 15 losses, most would have been losses even...
Why does it matter what timeframes you tested on? You're going off daily highs/lows, and then trading an instantaneous pass of these limits, which will both be reflected in any time frame...
Will code in MT5 for free.. EAs only, can't be f*cked with Indicators
  • #17
  • Oct 13, 2018 3:56pm Oct 13, 2018 3:56pm
Quoting Penguinthief
{quote} Why does it matter what timeframes you tested on? You're going off daily highs/lows, and then trading an instantaneous pass of these limits, which will both be reflected in any time frame...
++++++++++++++++++++++

Inside one M15 bar, a lot can happen. For instance, in the first five minutes, price can get you into a trade, whilst the last 10 minutes may retrace 7-10 pips, and then, retrace back toward entry, to give this PA a "wholesome" look, while stopping you out.

Scrutiny during the testing stage cost no money, only time.
  • #18
  • Oct 13, 2018 4:13pm Oct 13, 2018 4:13pm
The only way to back test this is tick by tick.. Even going down to M5 won't give you any results close to reliable. There could be multiple ticks per second, meaning an M5 candle I could have easily 1000+ ticks.

If you're judging the legitimacy of this strategy using conventional candles, you're wasting your time.

I can't find any profitable time to start the day from on this strategy (ran a backtest for 2018 for each hour), only by adjusting my SL/TP marks as well but we're definitely forcing the strategy to fit by that point.
Will code in MT5 for free.. EAs only, can't be f*cked with Indicators
  • #19
  • Oct 14, 2018 2:03pm Oct 14, 2018 2:03pm
Quoting Penguinthief
Created EA; seems to perform very poorly across all majors. Screen shots below seem indicative of all majors; this one is EURUSD: Rules: Get high/low of previous day, set order +3/-3 pips +/- spread (Admiral markets, spread calculated at time of order to get around middle of the night spreads), $10000 account using 0.01 lots static with SL of 10 pips, TP of 5. Ran since 01.01.2018 using real ticks. {image} {image}
Hi Penguinthief,
Could you share the EA?
Thank you.
  • #20
  • Oct 14, 2018 2:09pm Oct 14, 2018 2:09pm
Sorry, I only share work with those who positively contribute. Half of your posts on this forum are requesting other peoples work for your benefit.
Will code in MT5 for free.. EAs only, can't be f*cked with Indicators
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