Were you able to backtest any?
Were you able to backtest any?
1M & 5M Scalping System (Scalping Paradise) 21 replies
Dislikedi don't know if this has already been discussed or not, but i thought it's worth being mentioned: for those that use TP, there is a daily average indicator that you might consider when setting your SL and TP. give it a try and see how it suits you, i'm using it a lot these days because i don't have time to watch the market.Ignored
Disliked...Settings: enter at 23 GMT. If previous day is bullish, go long. If 3 days bullish, go short. Stop 40. First Target 60 pips. If target hit and position reversed, you go for Second Target 100 pips (recover the 40 loss and get the daily 60 target). Move stop to BE after +40...Ignored
Using the original rules with carryover positions, I was +80 pips for all of April. March was +4221. I like your system in this choppy market. If it starts trending again, I may go back to the original.
DislikedThanks for sharing. I tried this today (went long) and it worked great except I am leaning away from the 3 day reverse rule. I am having a little trouble following a couple of your suggestions. My questions are this:
- First (long) target is +60. If it is hit, you reverse immediately (short) at the +60 and set a +100 TP? Or do you leave your original 2nd postion order in place.
- When you move the SL to BE at +40, do you also move up your reverse order to the BE entry.
Using the original rules with carryover positions, I was +80 pips for all of April. March was +4221. I like your system in this choppy market. If it starts trending again, I may go back to the original.Ignored
Another thing I have noticed: almost every day at 8 GMT, around London opening, the traders buy the GY pair, so it goes up. I noticed this while backtesting the scalping method and wondering why all my short positions got stopped out during that time. I backtested it since 14 March and the outcome was around 1000 pips until April 30. The idea is to buy exactly at 8 GMT, stop 40, aim for 100 or 60 pips. The 1000 pips were taken using 100 TP, but also if u go for 60 only should be good. You should also move your stop to BE at +40. This can also be used as a filter, i.e. try to close your short positions before 8 GMT...Ignored
DislikedHere are all my trades,I entered within an hour or so of the close for the day and exited when my profit target was reached or I was stopped out or the day was near it's end.Times are EST which is GMT-5hrs.
1.GBP/JPY 15/05 00:40 HRS Buy 238.36 closed 15/05 15:21 HRS +38 PIPS.
2.GBP/USD 15/05 01:03 HRS Sell 1.9796 closed 15/05 06:25 HRS +46 PIPS.
Both these trades were entered late but this worked against me in terms of my return.
3.GBP/JPY 15/05 16:31 HRS Buy 238.66 closed 16/05 10:05 HRS +60 PIPS.
4.GBP/USD 15/05 16:36 HRS Buy 1.9852 stopped out -40 PIPS.
5.GBP/USD Entry order Sell 1.9812 (16/05 07:38 HRS) closed 16/05 16:29 HRS
6.GBP/JPY 16/05 16:36 HRS Sell 238.77 stopped out -50 PIPS.
7.GBP/JPY Entry order Buy 239.27 closed 17/05 16:06 HRS +30 PIPS.
8.GBP/USD 16/05 16:43 HRS Sell 1.9767 closed 17/05 16:01 HRS +20 PIPS.
9.GBP/USD 17/05 16:21 HRS Sell 1.9742 closed 18/05 16:35 HRS -11 PIPS.
10.GBP/JPY 17/05 16:23 HRS Buy 239.60 stopped out -50 PIPS.
11. GBP/JPY Entry order Sell 239.10 (18/05 05:12 HRS) hit target 18/05 06:59 HRS +100 PIPS.Ignored