Mind and Machine Scalping system for risk-averse retirees | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Not my Body, Not my Mind...Only Machine Trading 0 replies

Scalping Machine Trading on ECN account 61 replies

1M & 5M Scalping System (Scalping Paradise) 21 replies

Trading is a mind game - by Forex Mind Games 2 replies

Scalping Thread Open mind 2 replies

Attachments: Mind and Machine Scalping system for risk-averse retirees
Exit Attachments

Mind and Machine Scalping system for risk-averse retirees

  • #41
  • Apr 1, 2022 5:31am Apr 1, 2022 5:31am
Quoting simnz
The Power of Observation (using eyeballs and the brain) to locate Consolidation Zones with High Low range of 50 or 60 pips and the trader becoming a machine operator to start the trades execution tool. Manual trading or posting Pending Orders is not required if you have a good machine or EA (for MT4). {image}
Exiting by Scaling out!
Attached Image (click to enlarge)
Click to Enlarge Name: Scale trader for exiting.png Size: 80 KB
Practice makes a person perfect
  • #42
  • Apr 1, 2022 6:35am Apr 1, 2022 6:35am
Quoting simnz
{quote} If the price is pulling back, it will go down by 50 pips distance and recovers in steps of 10 pips then at every recovery step, hits 8 pips profit. If it keeps recovering it will hit 50 pips high, then the profit will be 8 pips x 5 grids = 40 pips. If it does not recover and plunges to 50 pips low, then it will hit equity loss at 60 pips. This means the price is trending and we should quit because our trading plan is to benefit from sideways or consolidation. Not from breakouts or by predicting direction.
Hi Simnz, interesting thread here. I did attempt to do these type of stress-free strategies before but usually got into too much drawdown/equity loss once in a while. Hopefully I can make something out of your strategy. A few questions though,

1. Why do you TP 8 pips instead 10 (from your quote)?
2. What would equity loss be? Is that 60 pips no matter what or a percentage of drawdown (ie. if account goes below 10%)? Also, whats the maximum equity loss you recommend?
3. Do you have a currency pair/index do you recommend for this?
4. I've noticed with some currency pair/index such as DAX40, by the time I identify a range it would start trending already. So how many candles or time duration should I be looking at before trading?
5. How come you use buy/sell "Limit" instead of "Stops"? I've sort of tried both ones for grid / hedging strategy but found myself in big drawdowns when price goes away from me.
6. What timeframe are you looking at for entries and to identify range? 5min?

Thanks.
  • #43
  • Apr 1, 2022 8:02am Apr 1, 2022 8:02am
Quoting Strykes
{quote} Hi Simnz, interesting thread here. I did attempt to do these type of stress-free strategies before but usually got into too much drawdown/equity loss once in a while. Hopefully I can make something out of your strategy. A few questions though, 1. Why do you TP 8 pips instead 10 (from your quote)? 2. What would equity loss be? Is that 60 pips no matter what or a percentage of drawdown (ie. if account goes below 10%)? Also, whats the maximum equity loss you recommend? 3. Do you have a currency pair/index do you recommend for this? 4. I've...
Trading is like individual sport. I am not Guru . I shared my experience and full methodology I follow in detail. If you read it word by word and develop your own methods , you will succeed..

You can start with the spreadsheet as the screener for symbol, finding ideal size of any symbol , etc. I have provided a 100 pc practice structure . You can't drive a bicycle by reading a manual. Sorry you are on your own. Pick what suits you.
Practice makes a person perfect
  • #44
  • Apr 1, 2022 8:34am Apr 1, 2022 8:34am
Quoting simnz
{quote} The grid trading I and my mentees have tested is to work only for Sideways environment, totally avoiding Breakouts and trending moves. I just saw FF member tickshady saying in a FF post: There is a trick i learned from a trader that is pretty neat. Measure the lengths of the last 2-3 pullbacks and take the average. The next pullback will most likely be about the same distance. This works surprisingly well. Works best when the market is not hectic. Let us explore that trick . {image} {image}
Hi simnz,

I understand you do not know excel or programming as it is not your forte. I believe you did your best to write as technical as possible.
Just wondering about the statistics you use, had you considered getting more samples then use scatterplots (both time and price) instead?

FYI I am doing my write up here : https://www.forexfactory.com/thread/...4#post13954114
  • #45
  • Edited 9:06am Apr 1, 2022 8:51am | Edited 9:06am
Quoting Relativity
{quote} Hi simnz, I understand you do not know excel or programming as it is not your forte. I believe you did your best to write as technical as possible. Just wondering about the statistics you use, had you considered getting more samples then use scatterplots (both time and price) instead? FYI I am doing my write up here : https://www.forexfactory.com/thread/...4#post13954114
If you can use your Excel expertise to create user-friendly visuals like this, that would be very helpful.
Statistics for me are useful when I am able to find them for actionable use in trading.

Attached Image (click to enlarge)
Click to Enlarge Name: heatmap probability of achieving y pip target within an x bar window.png Size: 1.2 MB

Volatility for each symbol. No income can be generated on a daily basis for any symbol unless there is 2% movement in daily range of High Low. More the volatility, more the merrier because there will be more chances of finding exhausted or slowing down Sideways zones. We can not codify any rules as such for locating sideways zones. It is your experience that counts. Statistics will help boost your confidence when you realise sideways can generate on an average 80% of daily price moves distributed in 30 to 40 locations.
You have to classify range trading zones mainly in two :

(a) Sideways : The market makers use them without giving any notice. So no indicator can help you identify them.

(b) consolidation zones: Like economic calendar you can get a rough idea of the regularity of the consolidation moves happening as well as their timing with a sense of some certaintly. Like FOMC , Bank interest rate decision,s Job reports etc slows down hectic trading. If you can get some statistics on their frequencie and High Low range sizes, you can locate those zones and use the machine to execute trades.

Volatility differs from Momentum.
Trending is helped by momentum.
Volatility provides more opportunities for sideways and consolidation trading.
On a daily basis, the market makers have to earn income. So also a trader has to. Suits both.
Practice makes a person perfect
  • #46
  • Edited 9:26am Apr 1, 2022 9:13am | Edited 9:26am
Quoting simnz
{quote} If you can use your Excel expertise to create user-friendly visuals like this, that would be very helpful. Statistics for me are useful when I am able to find them for actionable use in trading. {image} Volatility for each symbol. No income can be generated on a daily basis for any symbol unless there is 2% movement in daily range of High Low. More the volatility, more the merrier because there will be more chances of finding exhausted or slowing down Sideways zones. We can not codify any rules as such for locating sideways zones. It is...
This is the spreadsheet being generated presently. The indicator generates raw data. If you can manipulate the data and generate statistics that will be great.
In which case only the modified spreadsheets generates reports.

Examples of useful visual information.

Excel should attempt to measure data in terms of Pips and time (bars) only. Waves should be measured similarly.

I am not fond of finding averages. Let each trader eye the side by side and similar visuals and decide by self which size suits him. Not necessarily it has to be an average size. Risk takers might choose Bigger Bars than the averaged sized bars.

Counting frequency or occurrence has always helped. For this the user should be able to input own thresholds in terms of > or < instead of having elaborate groupings and derive statistics which can be viewed visually to help decision making.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Coumns to be inserted for counting revisits and frequency of strong candles.png Size: 1.2 MB
Click to Enlarge Name: what counts for price hits at each price levels.png Size: 254 KB
Click to Enlarge Name: Side by Side graphs examples.jpeg Size: 73 KB
Practice makes a person perfect
  • #47
  • Edited 9:55am Apr 1, 2022 9:30am | Edited 9:55am
Quoting simnz
{quote}

We can not codify any rules as such for locating sideways zones. It is your experience that counts. Statistics will help boost your confidence when you realise sideways can generate on an average 80% of daily price moves distributed in 30 to 40 locations.

You have to classify range trading zones mainly in two :

(a) Sideways : The market makers use them without giving any notice. So no indicator can help you identify them.

(b) consolidation zones: Like economic calendar you can get a rough idea of the regularity of the consolidation moves happening as well as their timing with a sense of some certaintly. Like FOMC , Bank interest rate decision,s Job reports etc slows down hectic trading. If you can get some statistics on their frequencie and High Low range sizes, you can locate those zones...
I would like to try to code it out. I understand what you meant by experience, but I also wish to reduce that learning curve for others. And also make things faster/easier for myself.

Are you saying the difference between these 2 types (Sideways vs Consolidation), depends on if there is significant news ahead of time or not?
From a swing pattern point of view, and without any news data/information, I treated and traded these 2 types the same, using same logic for stop loss placement.
If that is the case, I would be more motivated to create news events + swing pattern correlation statistics.
This is an enhancement which I had been trying to crack my head to create correctly/properly for a long time.

It will not be easy from my experience as this may involve use of SQL, and I want to keep my statistics as lightweight as possible (use the ones that really matter)
As much as I like excel, nowadays I use them for initial testing and generate general statistics for exploration purpose.
I would then take the specific statistics, make them lightweight (csv files) for direct live use.
I also try to make these specific statistics self refresh after a period of time (every 5 days), plus self check if the edge is still valid (most difficult)
The current work you see in my MT4 is a result of that, but I do know you appreciate the general statistics.
  • #48
  • Apr 1, 2022 10:24am Apr 1, 2022 10:24am
Quoting simnz
{quote} NT means what? Is it a software or trading platform? How different is it from Excel ? By the way, are you referring to Ninja Trader? I also use Ninja Trader, MT4 and MT5 for analysing trades and designing trading system and ideas. With no Excel or any programming language knowledge, I just use them for watching price actions . I am totally incapable of programming any codes. Trading Platform is Interactive Broker's . I use it because of lower trading costs, reliability, transparency, and providing a couple of patented trade execution tools....
Yes, apologies, NT is NinjaTrader.

My situation is that I use NT for real time charting purposes. I also use it for building scripts, to EXPORT data from the chart, to play with in Excel.

I do not actually place trades in NT, as you cannot trade FX in NT right now it seems(no brokers that allow an API to trade through NT). For actual placement of trades, I use TradeView, linked to my broker. Currently I only trade FX.

I could trade Micro futures through NT... but I like FX because I can size appropriately. I actually trade a TINY fx account and have been for a long time, risking TINY money per trade. I appreciate being able to set my risk to whatever I want for each trade... whether that be $0.35 or $350.00.

In the future, if I understand what I am doing, I would likely build the bot for NT, and trade micro futures.

I do understand what you are saying about the trading bot though, as a means to place trades. See the attached image below(note the TINY size I trade)... I have marked the entry, and a partial exit. So the trade or why it was taken is not important here... but I was just sitting here thinking... "this thing has moved up an down about a dozen times... so Here I am looking for targets to be hit... but that same amount of pips has been traversed many times over as it moves up and down on its way to the stop or the target."
Attached Image (click to enlarge)
Click to Enlarge Name: 2022-04-01_101304.png Size: 20 KB



Attached is the trend indicator I spoke of. I never planned on posting it anywhere, so I did not build much customization into it, but you can take a look at it on a chart.
Attached File(s)
File Type: zip OTF.zip   3 KB | 493 downloads
  • #49
  • Apr 1, 2022 10:34am Apr 1, 2022 10:34am
Quoting Relativity
{quote} I would like to try to code it out. I understand what you meant by experience, but I also wish to reduce that learning curve for others. And also make things faster/easier for myself. Are you saying the difference between these 2 types (Sideways vs Consolidation), depends on if there is significant news ahead of time or not? From a swing pattern point of view, and without any news data/information, I treated and traded these 2 types the same, using same logic for stop loss placement. If that is the case, I would be more motivated to create...
Glad you want to reduce learning curve for intermediate traders. Your approach is correct. Imagine what you need and others too need the same.

Major events are a big source of timing certainty for assuming consolidation zones. Frequencies will also help define tradable size. Smallest tradable size is one that meets trading costs. This is very important. In a day, if you develop a knack for identifying locations of the scale lines which will not stay constant. It will be a kind of 10 minutes to 90 minutes hit and run. Scales will will keep moving while a trader has to always assess the situation whether it will turn ugly. That is , making a distinction between what could be a trending move. Trending moves will cause losses. You have to call off range trading when trending moves occur. And they occur without giving you a notice. Practice only will equip a trader with ways to deal with it. In my case that has been the case.

Certainty events like weekly futures options expiry is a pattern repeated on each Thursday and Friday (before the weekly expiry) is very important for collecting data. You can make even 30% of profit in a day only during this period. Market makers try to create panic among the sellers to close their deals by making hugging price moves. Your job is to identify such hugging or hippo-jumping moves. Why do you think on a Friday, I could make 10% profit (based on Margin capital used) ? It is largely because of using the machine (bot). Identifying the locations on Thursday and Friday is relatively easy. Market makers do cause surprises by changing the hours.

Dependency (or addiction to) on the use of either indicators or patterns or data cripples the brain's decision making ability and does not help the growth of a trader much. Brain can easily be managed by strictly following the Money Rules and trictly sticking to them - not breaking them - as long as you are using a machine to execute trades. I am totally against signal generators either by the machine or indicators or tipsters or technical analysts.
Practice makes a person perfect
  • #50
  • Edited 11:03am Apr 1, 2022 10:49am | Edited 11:03am
Quoting forrestang
{quote} Yes, apologies, NT is NinjaTrader. My situation is that I use NT for real time charting purposes. I also use it for building scripts, to EXPORT data from the chart, to play with in Excel. I do not actually place trades in NT, as you cannot trade FX in NT right now it seems(no brokers that allow an API to trade through NT). For actual placement of trades, I use TradeView, linked to my broker. Currently I only trade FX. I could trade Micro futures through NT... but I like FX because I can size appropriately. I actually trade a TINY fx account...
You got it right. The machine is needed to capture the surges which a naked eye could not discern it easily. But the surges for me are a major source of income.
The BR stats indicator shows 1440 minutes churning more than 99 times of the daily range pips (for DAX 40) when the hippopotamus-like jumps, made by the price movements, are counted.
MomOHOL is the total sum of all price movements pips made in 1440 minutes. High -Low can not total these kind of small surges. The 2002625 is total sum of points.
You can compare this with ADR measured in High-Low points for DAX of 20000 points
Attached Image (click to enlarge)
Click to Enlarge Name: Surges help generate income.png Size: 5 KB
Practice makes a person perfect
  • #51
  • Edited 11:17pm Apr 1, 2022 10:45pm | Edited 11:17pm
Quoting simnz
{quote} This is the spreadsheet being generated presently. The indicator generates raw data. If you can manipulate the data and generate statistics that will be great. In which case only the modified spreadsheets generates reports. Examples of useful visual information. Excel should attempt to measure data in terms of Pips and time (bars) only. Waves should be measured similarly. I am not fond of finding averages. Let each trader eye the side by side and similar visuals and decide by self which size suits him. Not necessarily it has to be an average...
The MT4 Indicator that generates csv/Excel spreadsheet uses the following terminology and the concept

Concept: High/Low values may fluctuate depending on the time zone, they are more meaningful as they show actual mathematical maximum or minimum for a period whereas Open and Close are just prices at some conventional moments of time.

1. MomOHOL is a sum of Open to High + Open to Low movements.
It is equivalent to High Low. The idea is to count the movements of OH and OL in detail.
HL does not give that insight.

2. MomRatio compares MomOHOL (HIgh-Low) with Open Close. in percentage terms to know how often both diverge or converge in M1 or any other TF up to H4 when selected.

3. Indicator is not analysing ticks volume. In the attached picture , 11,12, and 13 are to be included in the indicator to print the analysis of volumes based on the filters.

Attached Image (click to enlarge)
Click to Enlarge Name: BR Bar Stats v1.58_2 additional statistics needed.png Size: 198 KB


The Mt4 indicator BR Bar Stats exports raw data and reports stats in three ways:

 

  1. On the chart by way of comments.
  2. Text for easy reading for non-excel people like me.
  3. Csv (Excel) sheet that can be used for generating reports. It is here that I am looking for your help. Manipulating the raw data using filters and generating visualization for aiding quick decision making.

Logging the surges in consolidation or sideway zone is the key to fulfilling income targets by working for limited hours.

Surges like price crossings are an important element of sideways trading strategy using non-directional non-martingale grids.

Attached Image (click to enlarge)
Click to Enlarge Name: Price crossing drips and reopening previous TPs.png Size: 316 KB
Practice makes a person perfect
  • #52
  • Apr 1, 2022 11:34pm Apr 1, 2022 11:34pm
Quoting simnz
{quote} You got it right. The machine is needed to capture the surges which a naked eye could not discern it easily. But the surges for me are a major source of income. The BR stats indicator shows 1440 minutes churning more than 99 times of the daily range pips (for DAX 40) when the hippopotamus-like jumps, made by the price movements, are counted. MomOHOL is the total sum of all price movements pips made in 1440 minutes. High -Low can not total these kind of small surges. The 2002625 is total sum of points. You can compare this with ADR measured...
Counting of Surges during anticipated Consolidation times is the key to making income as well as knowing how much time will be required to monitor the consolidation period which may extend to a few hours rather than a few minutes for Sideways quickies.

Prices revising Price Levels repeatedly helps in achieving margin efficiency and growing the account quickly if the execution of trades is not executed by a human being but by an EA like Scale Trader.

Example: Consolidation zone of 50 pips lasts for a few hours before the major events of FOMC meetings and Jobs . Just by using 5 grids - each with 10 pips distance for increment or decrement and with 8 pips TP and with an option of allowing revisits (price crossings) after touching TP ( revisits can happen between 1 pip and 7 pips for a grid of 8 pips profit). Revisits (two-way surges) can cause loss if they can not cover trading costs in which case trading should cease.

My choice of futures and a futures broker like IB is mainly for the reason that it charges 0.40 eur commission, so both ways commissin is 0.80, which is less than 1 eur tick value. Which means as long as the price surge is more than 1 tick I am not likely to lose. But compare it with brokers (of CFDs claiming to offer futures and futures price feeds) who charge at least 10 times more brokerage by inflating the ask-bid spreads to cover it.
Practice makes a person perfect
  • #53
  • Apr 1, 2022 11:49pm Apr 1, 2022 11:49pm
Quoting simnz
{quote}
Dependency (or addiction to) on the use of either indicators or patterns or data cripples the brain's decision making ability and does not help the growth of a trader much.

Brain can easily be managed by strictly following the Money Rules and trictly sticking to them - not breaking them - as long as you are using a machine to execute trades.

I am totally against signal generators either by the machine or indicators or tipsters or technical analysts.

Quoting simnz
{quote}
Counting of Surges during anticipated Consolidation times is the key to making income as well as knowing how much time will be required to monitor the consolidation period which may extend to a few hours rather than a few minutes for Sideways quickies.

Prices revising Price Levels repeatedly helps in achieving margin efficiency and growing the account quickly if the execution of trades is not executed by a human being but by an EA like Scale Trader.

Example: Consolidation zone of 50 pips lasts for a few hours before the major events of FOMC meetings and Jobs . Just by using 5 grids - each with 10 pips distance for increment or decrement and with 8 pips TP and with an option of allowing revisits (price crossings) after touching TP ( revisits can happen between 1 pip and 7 pips for a grid of 8 pips profit). Revisits (two-way surges) can cause loss if they can not cover trading costs in which case trading should cease.

My choice of futures and a futures broker like IB is mainly for the reason that it charges 0.40 eur commission, so both ways commissin is 0.80, which is less than 1 eur tick value. Which means as long as the price surge is more than 1 tick I am not likely to lose. But compare it with brokers (of CFDs claiming to offer futures and futures price feeds) who charge at least 10 times more brokerage by inflating the ask-bid spreads to cover it.

I read you. I don't do signal generation, but I simply want to lighten the load of analysis as much as possible. So that the brain can focus better on MM.
But I also do not want to take away some of the core basics e.g. price action.

Here's how I define Ranging/Consolidation, purely from swing structure data.
https://www.forexfactory.com/thread/...4#post13954844

The idea now is try to couple this data with news release data, and see where the real difference is... if it indeed exists. e.g. what news is actually significant for specific pair.
Would give this a go after I have setup the news database.
Meaning....
Data for EURAUD <-> News Database with Timing + Numbers
Data for EURJPY <-> News Database with Timing + Numbers
  • #54
  • Edited 9:00am Apr 2, 2022 12:00am | Edited 9:00am
Quoting Relativity
{quote} {quote} I read you. I don't do signal generation, but I simply want to lighten the load of analysis as much as possible. So that the brain can focus better on MM. But I also do not want to take away some of the core basics e.g. price action. Here's how I define Ranging/Consolidation, purely from swing structure data. https://www.forexfactory.com/thread/...4#post13954844 The idea now is try to couple this data with news release data, and see where the real difference is. e.g. what news is actually significant for specific...
Yes, coupling this data with news release data for a symbol of currency, indices, and commodities like oil, gold, will help.

The choice of selecting the symbol be provided and the database is not restricted to currencies only. Though a start could be made with symbols which are affected by macro data events. Oil and gold have additionally supply and demand figures release data events.

Data events are used by the official market makers and investors to move the markets. So it will be worth having this database.

It will not be out of place to mention that the data events cease to be of any consequences when the government economy managers decide to release helicopters money to pension funds to hold the market from falling - like when Corona onset was detected. Pension funds ensured all global markets did not fall and to this day the slightly diminished bullish sentiment continues.
Practice makes a person perfect
  • #55
  • Apr 2, 2022 5:11am Apr 2, 2022 5:11am
Quoting forrestang
Just found my way here... man I love threads like this.... For the past few weeks, I have mostly been trying to trade AWAY from an average or midpoint. .
Yes, I too find what @simnz writes here (& elsewhere) interesting - tks, simnz.

The one thing I'd like to share concerning your post is a principle drummed into my head by my first serious futures mentor, over 20 years ago :

"Price moves from the centre to an extreme" & so it does, over and over.

I came out of my trading retirement a year or so back, unable to resist the lure of trading in Dutchy Daxy's private group (having always found his charts the best-formulated ever). After many months of experimentation, I have finally settled on trading MNQ during the European morning only : if it's a strong trending morning, as it occasionally is, trading is simple. But often it's sideways and I'm always bearing that simple principle in mind. DD has helped me immensely, even though I don't quite trade the same way he does.

I'm intrigued by simnz's tiny targets &, by my standards, very high frequency of trading ! I'm also a long-time NinjaTrader user, since v2.

Well, I'm no longer a regular here at FF, with no intention to be, but I wish you all the very best with your trading.

  • #56
  • Edited 9:38pm Apr 2, 2022 11:13am | Edited 9:38pm
Quoting jtrade
{quote} Yes, I too find what @simnz writes here (& elsewhere) interesting - tks, simnz. The one thing I'd like to share concerning your post is a principle drummed into my head by my first serious futures mentor, over 20 years ago : "Price moves from the centre to an extreme" & so it does, over and over. I came out of my trading retirement a year or so back, unable to resist the lure of trading in Dutchy Daxy's private group (having always found his charts the best-formulated ever). After many months of experimentation, I have finally settled on...
Tiny Target is meant to generate daily income and not make the trader chase the trends. .
It's high frequency of trading but conducted by a bot and not manually. Using the mind (brain) and the machine is the name of the game.
Important is to acquire patience and skills to pin down probable locations where the execution bot is turned on.
It requires lean pockets and quick entry and exits. My target is 3% daily of margin capital invested. Sometimes in an hour, it can be met. In any case the trader does not have to stare at screens for long hours. No position is carried forward.
Tiny targets need low-cost brokers and 2-way trading costs should not exceed 1 pip/tick of the symbol.
Practice makes a person perfect
  • #57
  • Apr 2, 2022 11:56am Apr 2, 2022 11:56am
Quoting simnz
{quote} Wanted a Scale Trading Coder If any developer wants to program a trade execution utility - Scale Trader for use on MT4 or MT5 or Ninja Trader , I am willing to share my real trading experience with them and help design it with rules and explain the whole system. Those wanting to develop it for generating signals as well to trigger trade entries are also welcome.
Yes, I will be developing everything for NT(NinjaTrader), as if I ever do have a tool to take trades so that I do not have to do it, I will likely do it through NT, as I can build whatever is necessary given enough time.

I'm still going over the thread, so I want to take it in b4 I throw out a bunch of questions that are already answered.

This was a spreadsheet I started on a long time ago, but never got around to finishing it, but it is of a similar idea of staggering trades. I really wasn't sure how to deploy it, so I never really worked on it more.

But I was thinking, of how one might trade the range, by just trading on a grid after you have identified the range, so VERY similar idea.

Idea, was to start with the TOTAL DOLLAR AMOUNT you are willing to lose, and place trades based on that. So if you follow along on the sheet....

1) We have chosen a dollar amount of $10.00
2) We set the RANGE here, a 50 pip range.
3) We want a grid with 6 entries, so we pick an increment of 0.0010 for the EurUsd
4) If price breaks out of the bottom side of the range, will stop at 1.1290, or 10 pips below the RANGE

note: since we are not martingaling, we set the "Increment%" to 0.00, so each level will be incur the same loss if price drops outside of the range

^All the above spits out our price levels, the pips rrisked from each entry to full stopout, along with the size required at each price level.

The NEXT steps was going to be to add in the particulars for the exit criteria... as you can see this is only the part of defining RISK, not profit.
Attached Image (click to enlarge)
Click to Enlarge Name: 2022-04-02_115158.png Size: 37 KB
  • #58
  • Apr 2, 2022 12:11pm Apr 2, 2022 12:11pm
KISS principle
From Wikipedia, the free encyclopedia

KISS, an acronym for keep it simple, stupid, is a design principle noted by the U.S. Navy in 1960. The KISS principle states that most systems work best if they are kept simple rather than made complicated; therefore, simplicity should be a key goal in design, and unnecessary complexity should be avoided. The phrase has been associated with aircraft engineer Kelly Johnson. The term "KISS principle" was in popular use by 1970.
  • #59
  • Apr 2, 2022 9:36pm Apr 2, 2022 9:36pm
Quoting forrestang
{quote} Yes, I will be developing everything for NT(NinjaTrader), as if I ever do have a tool to take trades so that I do not have to do it, I will likely do it through NT, as I can build whatever is necessary given enough time. I'm still going over the thread, so I want to take it in b4 I throw out a bunch of questions that are already answered. This was a spreadsheet I started on a long time ago, but never got around to finishing it, but it is of a similar idea of staggering trades. I really wasn't sure how to deploy it, so I never really worked...
You have broadly got it figured out correctly. Before I dwell further, you have to read it
https://www.interactivebrokers.com/en/index.php?f=1216

I am yet to find a scale trader or scale-trader like EA for MT5, a platform approved by the exchanges for the trading of futures. All the MT5 EAs I have found deal with normal grid building processes and yet focus on signal generation, rather than use it purely as a Utility or transaction execution tool.

Why MT5 and why not MT4?

MT5 is the Exchange-approved platform that can be used by futures brokers. A German broker and a few US brokers offer MT5 and low commissions. My trading style is to capitalize on the surges not discernible to naked eyes but detected by the machine and thereby improve capital efficiency and the win rate.

I have yet to find a coder or freelancer interested in it because it is an execution tool and not a signal generating algo and feel it can't be easily sold to others.

For the same reasons, you won't find such a tool developed by a NT or any other platform.

I have spent more than a year understanding its working and a 20-year experienced coder has almost done it 95% but only in MT4.

Unfortunately, MT4 bot will not help because I have yet to find any broker using CFD futures price feed and charging less than 8 pips (two-way brokerage) as the spread. Though it can be an ideal machine for trading pending orders with a large trading size that can cover the trading costs and generate at least 8 times more than gains.
Practice makes a person perfect
  • #60
  • Apr 2, 2022 9:37pm Apr 2, 2022 9:37pm
Quoting crow
KISS principle From Wikipedia, the free encyclopedia KISS, an acronym for keep it simple, stupid, is a design principle noted by the U.S. Navy in 1960. The KISS principle states that most systems work best if they are kept simple rather than made complicated; therefore, simplicity should be a key goal in design, and unnecessary complexity should be avoided. The phrase has been associated with...
I hope you will accept the challenge to code the MT5 EA.
Practice makes a person perfect
0 traders viewing now